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Charlotte economy...

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I ha a friend who moved from here to Columbia for a job long ago. He invited me down for a weekend. It was summer. The city had improved a stretch of the Congaree in town as a quasi- park with trails and such so we planned a picnic. As we were enjoying some shade on a hot day we could hear distant voices. On our return to the car we went on another trail up the hill and found ourselves within sight of the perimeter fence of the Central Correctional or "the Pen". The photo is below. You see the large windows, and prisoners could pull themselves up to the sill and when they saw us the better lungs among them shouted to attract our attention. We could have had a conversation or thrown something over. I cannot recall what was said but it was creepy and we kept going and paid as little heed as we could.

Columbia SC, I dunno.

 

It was demolished in the mid 1990's

ccithepen.jpg.801a7e3dea77dedc7125e5a54c079eb4.jpg

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What do you guys think about the Multi-family report just released saying charlotte (and others) are in danger of too much Supply and not enough demand in the near future?

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19 minutes ago, Hushpuppy321 said:

What do you guys think about the Multi-family report just released saying charlotte (and others) are in danger of too much Supply and not enough demand in the near future?

I do think there is way too much supply uptown and they do have a 20% vacancy because of the high rents.  That being said in other parts of town there has been some construction but not as much as in the central core of Charlotte.   The supply and demand is more in balance.  And those apartments uptown and in the center city  are the most expensive with parking garages etc.     I think this is why you don't see a bunch of new towers announced uptown like at Legacy.   Even Northwood Ravin which owns the Polk Bldg site could probably get a better return and quicker lease up on a new complex at Ballantyne than another uptown site that would compete directly with their new 550 Stonewall.     High dollar apartments way too much supply;  more modest apartment complexes without wine bars, dog washes, free coffee,  free this and that and those are what is needed.    These apartment towers intown need to be more spaced apart timewise but if a bank lends them money it is like we need to start despite others doing the same.    Charlotte has had many booms and busts with apartments.  

Edited by KJHburg
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32 minutes ago, Hushpuppy321 said:

What do you guys think about the Multi-family report just released saying charlotte (and others) are in danger of too much Supply and not enough demand in the near future?

It doesn't help much with new construction but declining rents are the only thing that will make newer intown multifamily interesting places to live. Lower rents will be the best thing that could happen to sustaining intown development.

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Could anybody see Charlotte’s housing market crash soon? Outside of Uptown it’s a relatively healthy market. Whenever someone brings up the small possibility of something negative happening to Charlotte my brain explodes. 

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^^^   Keep watching job growth and as long as it stays very positive housing will continue to boom.  There is a SHORTAGE of homes under $250,000 in the metro area. Why? Almost No new single family construction in that price range due to rising building cost, land costs etc.    That segment of the market is the largest with the lowest inventory.  Plenty of homes over $600-700K and higher.  Plenty of construction in those price ranges plenty of resales.  Interest rates are inching upward but with rental prices out of sight in Charlotte it is cheaper to buy than rent.    All these comments are about the for sale market.   As I stated above rental market is strong except with the most expensive luxury apartments mainly uptown and in the center city.    People are still moving here and jobs are growing which all creates housing demand.  

Edited by KJHburg
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10 hours ago, KJHburg said:

^^^   Keep watching job growth and as long as it stays very positive housing will continue to boom.  There is a SHORTAGE of homes under $250,000 in the metro area. Why? Almost No new single family construction in that price range due to rising building cost, land costs etc.    That segment of the market is the largest with the lowest inventory.  Plenty of homes over $600-700K and higher.  Plenty of construction in those price ranges plenty of resales.  Interest rates are inching upward but with rental prices out of sight in Charlotte it is cheaper to buy than rent.    All these comments are about the for sale market.   As I stated above rental market is strong except with the most expensive luxury apartments mainly uptown and in the center city.    People are still moving here and jobs are growing which all creates housing demand.  

At what point does it become reasonable to tell someone if they don't have $250,000+ then they should stop looking at homes and focus on condos or townhouses?  Are we there yet?   That's the case in many other cities and Charlotte continues to grow.  

At what point does the floor for Charlotte get to rise and have that be somewhat socially acceptable?

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10 minutes ago, cjd5050 said:

At what point does it become reasonable to tell someone if they don't have $250,000+ then they should stop looking at homes and focus on condos or townhouses?  Are we there yet?   That's the case in many other cities and Charlotte continues to grow.  

At what point does the floor for Charlotte get to rise and have that be somewhat socially acceptable?

Sooner or later all prospering cities become victims of their own success. Then, hello super-commuting, followed by dislocation to smaller cities. In fact, it's no longer people moving from cities to like Chicago to cities like Charlotte. It's people moving to cities like Richmond and Louisville.

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Someone on city-data posted he moved to Charlotte for a job over a year ago and rents downtown for his downtown job. He and his wife had a child early this year and they are thinking of buying. He wants 30 minute commute maximum and has 350,000$. I looked at carolinahome.com and with that commute, including park and ride option, he was out of luck. I was surprised which shows how out of the loop I am. 

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1 hour ago, Dale said:

Sooner or later all prospering cities become victims of their own success. Then, hello super-commuting, followed by dislocation to smaller cities. In fact, it's no longer people moving from cities to like Chicago to cities like Charlotte. It's people moving to cities like Richmond and Louisville.

I think the biggest challenge for this is the idea that the region be centered on just one intersection.   All roads leading to Rome is the cause of the eventual downfall. That's the dysfunctional DNA in most cities.   Unlike most cities, it's not like Uptown is on the water, where there is a natural pull. 

 I think the future of Charlotte should focus on building multiple city centers spread around the region.  Take for example all of the underdeveloped lands near the Arrowood, I-485 and Sharon Rd West stations.   If we're talking about trying to plan for the next 50 years rather than the next 5, every effort should be made to try and redevelop this area into its own center.   

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I think that’s what Charlotte is trying to do. Develop a multitude of city centers that attract different types of people. For example, Take Southpark, an absolutely booming area of Charlotte aimed towards the wealthier and those who like shopping. Itself is an urban center. 

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8 hours ago, cjd5050 said:

I think the biggest challenge for this is the idea that the region be centered on just one intersection.   All roads leading to Rome is the cause of the eventual downfall. That's the dysfunctional DNA in most cities.   Unlike most cities, it's not like Uptown is on the water, where there is a natural pull. 

 I think the future of Charlotte should focus on building multiple city centers spread around the region.  Take for example all of the underdeveloped lands near the Arrowood, I-485 and Sharon Rd West stations.   If we're talking about trying to plan for the next 50 years rather than the next 5, every effort should be made to try and redevelop this area into its own center.   

Isnt building multiple city centers what Atlanta did and what lead to their horrific traffic problems?

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,^^^ We already have multiple employment hubs in Charlotte.  Uptown is the biggest,  2nd biggest is the University Research Park area (Wells, TIAA, Allstate,  Duke, Electrolux etc) 3rd biggest is the Arrowood area along Westinghouse Blvd then it would be Ballatyne.     Plus the airport is a huge an employment center.  Southpark is in the mix too of course.  Personally the more employers we can put along the LYNX line the better.  

In ATL Perimeter Mall area has more office space than downtown Atlanta and then there is Midtown, Buckhead, Cumberland Cobb Center area then Alpahretta then of course  the huge ATL airport.  

Edited by KJHburg
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Sadly, Having all of those employment hubs adds to traffic and sprawl. But, Those hubs can be beneficial as they transform to all become individual urban centers. Therefore, Having many employment hubs can help divide the amount of people going to one place and even help housing in some scenarios.

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12 hours ago, Nick2 said:

Isnt building multiple city centers what Atlanta did and what lead to their horrific traffic problems?

I am not too familiar with Atlanta but I am not sure it's comparable to Charlotte in that Atlanta is mostly spread over 4 counties.   Fulton, Gwinnett, Cobb and DeKalb all range from 1 million to 750k residents.  

Just looking at how that region manages transportation, Fulton and Dekalb run under Marta.  While Cobb and Gwinnett run under a separate system.  So by population, counties 1 and 4 work together and counties 2 and 3 work together...then you have to try and get those two authorities to work together.    Is it a shock that with 4 counties to serve and two transportation bodies up and running...traffic might get ugly?  Pretty sure that's a recipe for haphazard infrastructure planning.  

Edited by cjd5050

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14 hours ago, KJHburg said:

Of the 37  publicly  traded companies based in NC that have revenues of over $1 Billion  17 are based in the Charlotte area and 10 in the Raleigh Durham area.  Of the top 10 5 are  in Charlotte area and 2 in Raleigh Durham.   All this is from the Business Journal lists last week issue.  

One to note is Brighthouse Financial with almost $5 billion in revenue.  Hopefully as someone mentioned before they make it on the Fortune 500 next year.

Largest companies based in Charlotte you asked in order are       Bank of America, Lowes, Duke Energy, Ingersoll Rand, Nucor, Albemarle Corp, SealedAir, Curtiss Wright, Brighthouse, and Premier all in the top 25 of the biggest companies based in NC.  

and coming in #68 on the list is Charlotte based RumbleOn   https://www.rumbleon.com/

Charlotte's business community is much more than just financial as this list shows. 

Where have you gotten your information? Wanting to know because I've been trying to compile a list of $1billion Companies in NC for a while now, and doing so through NASDAQ and NYSE is such a pain haha. 

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1 hour ago, Rufus said:

Where have you gotten your information? Wanting to know because I've been trying to compile a list of $1billion Companies in NC for a while now, and doing so through NASDAQ and NYSE is such a pain haha. 

This current weeks Business Journal of Charlotte has the list of the top 100 publicly traded companies.  

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