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Condo market booming in New Orleans

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Two major condo towers have been planned for N.O.(one of which will not be made public until late '05) One tower is supposed to be between 700-800 feet tall and the other would be somwhere between 800-900 feet tall.

And the plaza tower will be remodeled(there is a forum on this) and will have 350 condo units.

Nothing has really happened in New Orleans for a LONG time :unsure: , which is really a shame considering N.O. really does have potential, but now it seems something is finally working out for the city

BTW it would be great if people could give an update on any sort of new business in their city/state :D ..thanks

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Jacksonville:

Under Construction:

The Peninsula - 36 storys

The Strand - 28 storys

San Marco Place - 22 storys

Villa Riva - 13 storys (just completed)

Proposed/Approved:

Riverpointe - 48 storys (subject to change and could include a second tower)

Mixed used tower - 44 storys (probably will never be built)

San Marco Riverwalk -

---3 36 story towers

---2 28 story towers

---1 9? story tower

Jea Tower - 31 storys

Berkman Plaza II - 23 storys

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just look around in the various subforums. You will find news and updates on most every major southern city with big projects. In Charlotte we have two 50+ story towers going up (residential), along with a 28, a 36(?), a 18, and some others.

Miami is having a tremendous boom.

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Miami is off in some other dimension right now and won't be back to reality for some time.

59 Approved

51 Under construction

38 Proposed

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Miami is off in some other dimension right now and won't be back to reality for some time.

59  Approved

51  Under construction

38  Proposed

<{POST_SNAPBACK}>

:w00t: I knew Miami was in a building boom but wow!

How many of the buildings are major(30 sories+)???

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72 towers over 30 stories are under construction/approved/proposed.

<{POST_SNAPBACK}>

Watch out in Miami. They are in a serious Real Estate bubble. Even the Fed has made mention of Miami specifically in his comments regarding the Real Estate market. Miami's average price of a residence has doubled in the last five years and has been Red Hot, but it is unrealistic for it to continue. Most of the buyers are flippers (actually the number is scary. Fron many sources you see numbers as high as 50%-60 percent investors versus 40%-50% true buyers seeking a Home. I believe the boom will eventually have to fizzle. The real question is who will be left holding the bag??? I sure would not want to pay a cool million for a 1200 sq. foot loft in the sky, and then watch my Investment fall 50%. This is inevidable when flippers are involved. It is One big Pyramid. Those at the Top win the game. While poor shmucks are suckered in only to lose their shirt.

Remember Nasdaq 5000 in 00' (we fell to the 1000-1500 level in 02' and 03')

This is Miami in a nutshell.

:o

A2

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Huntsville is doing well for a city its size in terms of condo developments. There are 2 under construction (one is a hotel/condo hybrid) and there are at least 5 other condo developments proposed, the tallest is a 21-story building.

Under Construction:

Westin Huntsville- the first Westin to be made as a condo/hotel hybrid. It will be 12 stories, and it is part of the Bridge Street development in Research Park.

041405_westin.jpg

301 East- the first residential mid-rise in downtown in many years. The building will be 7 stores, with retail space and an upscale restaurant on the bottom floor, and a penthouse on the top floor.

Both of these buildings are still in the site preparation phase, and are expected to be completed next year.

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Huntsville is doing well for a city its size in terms of condo developments. There are 2 under construction (one is a hotel/condo hybrid) and there are at least 5 other condo developments proposed, the tallest is a 21-story building.

Under Construction:

Westin Huntsville- the first Westin to be made as a condo/hotel hybrid. It will be 12 stories, and it is part of the Bridge Street development in Research Park.

041405_westin.jpg

301 East- the first residential mid-rise in downtown in many years. The building will be 7 stores, with retail space and an upscale restaurant on the bottom floor, and a penthouse on the top floor.

Both of these buildings are still in the site preparation phase, and are expected to be completed next year.

<{POST_SNAPBACK}>

Interesting. B) Huntsville is truly a nice place. :) I am an Alabamian, but no longer live there. I used to go to Huntsville quite often as a kid to vist the Space Center. Have they done anything in that area as of late??? BTW, Huntsville is actually quite an educated city. It is listed as the 10th "smartest" cities in the nation. Pretty Impressive.

http://www.sirsi.com/Aboutsirsi/techvalley.html

I think both Mobile and Huntsville have been quite progressive over the last decade, while B'ham has stayed stuck in time. Both cities have gained in size, while B'ham has had a slow exodus to the "burbs". There are so many projects going on in both Mobile and Huntsville that is make an Alabamian proud. I wish B'ham (My Hometown) would get its "you know what together". It would be a target for Urban Renewal as the infastructure is already in place.

A2

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72 towers over 30 stories are under construction/approved/proposed.

<{POST_SNAPBACK}>

^^The only problem with all the building going on, whether it is in New Orleans or Miami is HURRICANES

TS Cindy just rolled threw N.O. early this morning causing alot of damage to the city itself and many cities along the coast. Remember, this was only a tropical storm, and now Dennis is being projected to hit anywhere from Lake Charles,LA to the big bend in Florida and it is only July.

I know all the cities in the south(espesially along the gulf coast) know how to deal with hurricanes and major tropical storms, so are all these buildings being built in Miami going to be able to support a major(cat.3-5) hurricane?

After andrew and ivan, evryone along the coast knows that buildings can be destroyed in a heartbeat, so does anyone know about how the buildings are being built to withstand a major hurricane?

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people really dont get how forums work on topics... lol. everyone is so eager to yell about how cool thier city is. I have heard stats about jacksonville in every thread in this region.

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people really dont get how forums work on topics... lol.  everyone is so eager to yell about how cool thier city is.  I have heard stats about jacksonville in every thread in this region.

<{POST_SNAPBACK}>

BTW it would be great if people could give an update on any sort of new business in their city/state :D ..thanks

<{POST_SNAPBACK}>

I run a forum network of over 13,000 members. I fully understand how topics work.

The topic creator requested that we present data on our repective locals.

I informed of both Jacksonville and Miami. Aside from your post and now mine, what exactly was off topic?

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Good.

I hear Tally is growing more than it has in recent times as well. Why don't you give us a rundown. Say as compared to previous decades.

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Downtown condo projects- 2 under construction (tennyson and Gameday)

6 are in various levels of preconstruction, (last total i heard was near 1000 units). The Condos are selling as good as we could ever want. The million plus dollar penthouses have sold on the plaza tower project which has yet to erect a crane. Tallahassee was lacking downtown in every aspect. Most of our downtown residents were in historic homes, not condos. now as plans for residence, resteraunts, and shopping engulf downtown, more investers are interested.

We have alot to offer as capital of Fl and with several universities. But our tourism sector needs to be re-invented. The tally forum is always full of ideas, but tis only a forum.

((ps. it does always help to know the forum b4 you post, eh Viper?)

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I hope miami has a population to fill those condos. I hope ther economy can handle a boom like this. No disrespect but that sound like to much for miami to handle can anyone tell me how large is there population.

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csmurphy8885, indeed it does.

Catdaddy, Miami MSA has over 5 million people but that includes all of Dade, Broward and Palm Beach counties.

Miami has only 350k people but it's city limits are vary limiting so those figures are irrelavent.

Miami should be very concerned that they will not have enough to fill them all especially considering that a huge chunk of buyers are investors and not people actually looking for a home.

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Here's a more accurate picture of Miami's urban development boom. Note this only covers the corporate limits of the city, and doesn't include the adjacent municipalities in the metro area, or the unincorporated parts of the county. Miami-Dade County has 2.3 million residents, and the South Florida MSA has 5.3 million residents and is the nation's 6th largest metropolitan area.

These are all the projects that require Major Use Special Permits in the city proper, with varying heights:

67 in preliminary stage

37 in application phase

79 approved

43 under construction

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Miami should be very concerned that they will not have enough to fill them all especially considering that a huge chunk of buyers are investors and not people actually looking for a home.

<{POST_SNAPBACK}>

I don't think the city or the county "care" if the units are occupied, so long as the property taxes on them are paid. If the owners don't live there, then they can't apply for homestead exemption so more revenue for the taxing authorities involved.

Besides, a smart investor would rent the units while they're sitting on them waiting to appreciate, so they will be occupied. Dade County alone gained more than 300,000 people between 1990 and 2000, and the latest 2004 population estimate shows the county gained 100,000 since 2000. There's a housing shortage (so much so that the Herald even reduced the amount of space allocated for listings for single-family houses), there is not much open land left, and the demand for housing is still high.

If there really is a "bubble" and it turns out nobody is actually going to live there, then there is no need to provide services to them, less need for policing, fire, less schools to build, etc., so less money to spend. People will then start buying up the deflated units and the cycle will repeat itself.

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^ Here here! I provided a rundown for Orlando in case anyone is interested:

High-rise Building Statistics for Orlando

52 completed

13 approved

12 proposed

12 under construction

Taken from Emporis.com - It should be noted that of the 13 approved and 12 proposed, none of the building exceed 450'. Still, it will be nice to see the Orlando skyline when all of these buildings are completed. :)

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