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The Hudson

Justin6882

By Justin6882
in The NC Triangle

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ChiefJoJo Town

ChiefJoJo

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I wonder if Jack Hagel reads this board, because there often seems to be an article after someone posts on a topic here. I brought up the Hudson project last week, and here's the article.

In December, a partnership led by David L. Joyner bought 43 unsold units from Hudson developer Vaughn King, who had partnered in the project with Joyner's father. 319 Hudson Investors paid Hudson Developers at least $15.4 million for the units -- an average of $251 per square foot, according to county and state records. The new owner also assumed Hudson Developers' debt, which on Nov. 16 was at least $15.6 million.

319 Hudson has since unloaded at least nine condominiums at an average of $209 per square foot -- 16 percent below what the Hudson's first nine units cost in late 2005 and early 2006.

Joyner has boosted advertising and added amenities such as security and a fitness room. The courtyard now features barbecue grills and heated columns. The hallways feature original art.

I guess the prices are as low as they are going to get right now. Some of the ultramodern (stark?) "feel" issues were mentioned as detracting from potential sales. I have to think the open units will sell eventually as they are ready to be occupied versus others projects that buyers have to wait on for 18 months.

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Jones_ City

Jones_

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That price reduction is probably because Vaughn King does not have to be paid for his middle-man spot anymore. The Joyners always owned the building in a defacto sense anyway. Having suffered thourgh a King Development project myself, I can say without risk of libel, that he is an incompetant small time home builder at best. The Joyners had to straight up 'buy' several remaining Caraleigh Mills units as well all of which Joyner rents out now. To David Joyners credit, he is trying to raise his company's (his personal) profile in certain highly visible spots such as at the Boylan Apartments. Having scored tenants for the entire first floor of The Hudson probably enables him to make his interest payment on the entire building. The price paid for property from the City was a big time bargain...what 1.2 million for an acre or so? Land and condo prices must payoff 4-5million an acre now often without the commercial lease offset.

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Cecil Unincorporated Area

Cecil

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Just thought I'd throw in a post from a unit owner here at the Hudson.

As for the interior space, it's been really interesting to see how each person has modified their unit. I can see how there would be little appeal for one of these units without any color whatsoever, but that's partly what drew me to it.... that and the idea of being on Fayetteville St. and seeing everything grow around me. The concrete floor (which I realize isn't for everyone) is gorgeous once it's polished, and as someone mentioned, it's just a blank palette to begin from. Just paint alone makes such a huge difference to the feel of the interior. Most people have added raised bamboo flooring to differentiate part of their space which does a lot to change the acoustics and really warms the places up.

What I'm kinda shocked by is that the noise is almost imperceptible when the windows are closed. I have no idea what kind of Windows they used, but I can't hear any of the RBC construction right next door and I try to work from home several days a week. The only thing I've noticed was Sunday when they used a wrecking ball to tear up the parking lot across Wilmington St. I imagine that could have been heard at the Dawson! :) I do know the folks that lived on the second floor over the TV station had to request that the volume be turned down on the speakers for when they slept with their windows open at night, and when the blue lights were installed on the exterior, the barn doors needed some serious adjustment to prevent blindness inside the units. Seems like all that is resolved now though.

Anyway, I'm one of the unlucky ones that bought before the prices went down. On top of that, they are giving a $5000 upgrade allowance now. Had I known they were going do to such a poor job of selling them, I would have waited. The sales team was more than ready to let me walk away without finding me another unit when the one I wanted was all of a sudden reserved. There was one just upstairs for the same price, and had I not found that on my own, they would have just let me go away. Between their stellar sales methods and the fact that I had to do some serious homework to even find the construction was complete when I was ready to buy, I can understand why sales have been slow. Finally though, most of the units that aren't sold are at least reserved and we're all very ready to get rid of the interim property manager and begin our HOA.

I rarely post on here, but someone asked for an owners point of view so I figured why not. Hope it wasn't too rambling. Thanks for everyone's posts.... this is my favorite stop each day.

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Jones_ City

Jones_

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Interesting that all but one of the units facing Fayetteville st have sold. According to the website still 18 left, but considering the obstacles in the city center still, that is not too bad.

Could looking out on Fayettevile St be the reason? It is also my belief that west facing units sell better...

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RALNATIVE Burg

RALNATIVE

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Interesting that all but one of the units facing Fayetteville st have sold. According to the website still 18 left, but considering the obstacles in the city center still, that is not too bad.

Could looking out on Fayettevile St be the reason? It is also my belief that west facing units sell better...

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Jones_ City

Jones_

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Several units had major pluses.....the only true corner units face Wilmington (=windows on more than one face of the unit) and the second floor Wilmington units can walk out on the patio.....after touring the place I left thinking the Fayetteville St units would be a tough sell because there really was not a view to speak of, and without balconies people watching was minimal as well.

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thekitch Unincorporated Area

thekitch

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Just thought I'd post on the thread as I recently moved into the Hudson. My Wife and I snagged the second to last unit facing Fayetteville St. All other comments aside our reason for choosing the building was the interior design of the space. It is certainly a unique building that offers the style and design we were looking for. We chose Fayetteville St for two reasons. First of these is the floorplan, we felt that the Fayetteville st facing units offered superior floorplans when compared to the Courtyard\Wilmington St units. We also liked the view. Obviously it's not a skyline view at all, but it is a nice view of F street and even without the balcony you can certainly see some of the goings on outside.

We are very excited about Downtown living! We moved from a north raleigh single family home and welcome the new location. Should be very interested to see the area develop around us!

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Jones_ City

Jones_

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Just thought I'd post on the thread as I recently moved into the Hudson. My Wife and I snagged the second to last unit facing Fayetteville St. All other comments aside our reason for choosing the building was the interior design of the space. It is certainly a unique building that offers the style and design we were looking for. We chose Fayetteville St for two reasons. First of these is the floorplan, we felt that the Fayetteville st facing units offered superior floorplans when compared to the Courtyard\Wilmington St units. We also liked the view. Obviously it's not a skyline view at all, but it is a nice view of F street and even without the balcony you can certainly see some of the goings on outside.

We are very excited about Downtown living! We moved from a north raleigh single family home and welcome the new location. Should be very interested to see the area develop around us!

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Jones_ City

Jones_

Posted
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Interesting that all but one of the units facing Fayetteville st have sold. According to the website still 18 left, but considering the obstacles in the city center still, that is not too bad.

Could looking out on Fayettevile St be the reason? It is also my belief that west facing units sell better...

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Jones_ City

Jones_

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A friend of mine looked at the Hudson a couple of weeks ago, at which time the salesperson told him that the developer was taking several units off the market but she said he could still get one of these units if he wanted--she also said something about the other owners wanting to go ahead and form their condo association and a certain # of units had to be sold before that could happen. So will these developer buy-back units end up as rentals? Perhaps someone with more insight would know what's up with this.
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mikebeatty Crossroads

mikebeatty

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You only need a certan number of units sold to form you association free from developer control. I hope they are aware that the developer is supposed to be putting dues into the pot for unsold units but the developer still retains votes in the HOA for its unsold units. Since my complex and Hudson were developed by the same person, I suspect that some of these will indeed turn into rentals for a while....not a bad strategy for making some money instead of leaving all 9 on the market at once...also gives the perception that its about to sell out, when you are only marketing two or three.
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Jones_ City

Jones_

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W/regard to rentals, as a former owner in two other downtown condo projects, I prefer to see a low number of units rented, due to the perceived care and consideration given to the building, the grounds and the other occupants by the homeowners being higher than that of the renters (IMO).
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Keo Unincorporated Area

Keo

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Does anyone have any hard data on what units at the Hudson are renting for? (and how easy/difficult they are to rent out)

My wife and I like the development, but we would need to rent it out for a while if we buy now, since we are not re-locating for > 1 year

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