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Royal Court


graydog

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  • 5 weeks later...

Maybe we can start getting a string of residential towers along Baxter between Royal Court and the new condo tower at Midtown.

Can you imagine how cool that would look when driving around the Inner City loop? Uptown on one side, with condo towers lining the side between Dilworth and Midtown. Awesome! You would be driving through a huge canyon of skrapers on either side. Sweet! :)

A2

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  • 3 weeks later...
  • 3 weeks later...

They're asking the city next Monday to abandon the public right-of-way between Royal Ct. and 277 that the developers need for construction....so while its moving slow, its definitely not dead.

First of all, I wanted to thank everyone for this incredibly informative website. Any updates on when construction will begin at Royal Court? I just drove by the site this morning and nothing has changed.

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First of all, I wanted to thank everyone for this incredibly informative website. Any updates on when construction will begin at Royal Court? I just drove by the site this morning and nothing has changed.

Great to have you on board CondoCarl...

Welcome to UP !

As for RC, it is all systems go. Last I heard is the developers are waiting on the city to move forward on some right-of-way issues. (see atlrvr's post above).

From many I have spoken to the project is simply moving slow, but it is definately getting built. I would suspect we see some real action later this winter.

:)

A2

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  • 3 weeks later...

I am second guessing my own post from above^^^. I am beginning to believe this project might be delayed yet even further. In a recent tour of the site, nothing has changed.

Any clues from others "in the know" as to when the start date is for Royal Court? I think it might be time to give another call to Kevin Thompson.

A2

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  • 2 weeks later...

Anyone know what the heck is going on with RC??? I called in today to check on the status of the project, but never heard back. :(

A2

Excuse my ignorance on new construction, but I did speak to someone at the sales office yesterday. He was very vague on the progress of the development other than to say they are doing "core samples" for the sewage system. I asked him about the building permit, in which he indicated the builder is still telling them the unit will be ready Q1, 2008 - I don't see how that can be true. He was touting the fact they hired an interior designer for their new sales office next to Longhorn, which will open 3/15/07. Definitely dissapointed someone in the sales office doesn't know or won't tell the public about the specific details of the building progress. On a side note, there are 31 units for sale on the multiple listing, with over 10 pending/under contract (about 20 units left unsold, which indicates some progress over the last 6 months).

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Excuse my ignorance on new construction, but I did speak to someone at the sales office yesterday. He was very vague on the progress of the development other than to say they are doing "core samples" for the sewage system. I asked him about the building permit, in which he indicated the builder is still telling them the unit will be ready Q1, 2008 - I don't see how that can be true. He was touting the fact they hired an interior designer for their new sales office next to Longhorn, which will open 3/15/07. Definitely dissapointed someone in the sales office doesn't know or won't tell the public about the specific details of the building progress. On a side note, there are 31 units for sale on the multiple listing, with over 10 pending/under contract (about 20 units left unsold, which indicates some progress over the last 6 months).

Thanks for the update CondoCarl.

A2

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They applied for building permits about a week ago.....

At least that is some good news. Thanks for the update atlrvr. Out of all the places going up, this is the one I am really thinking about possibly getting into. The views will be amazing.

A2

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  • 3 weeks later...

What you see there is a marketing ploy that the listing agent is trying to draw attention from people like you and me. I had my realtor check into this a while back and he came back with information that the unit you are referring to is actually a Penthouse unit with 2400 sq. ft. In addition to it being a Penthouse at the highest floor, the unit only one of two equipped with Viking appliances, designer lighting (Schenbek??, LBL, Fanimation), has a stone jacuzzi and granite sink vessels. Based on that information, it is more like $450/sq ft. which puts it on a more realistic level compared to the Vue. I'm surprised that the MLS service or another condo developer hasn't reported what looks like an obvious attempt to deceive in order to draw more attention. It's quite amazing what some realtors are doing these days to draw buyers' attention only to have them realize the listing isn't what it's said to be. Nowadays, I call the agent directly and make sure that the listings are accurate before I waste my time. Don't believe the hype in that listing, I'm sure it will be corrected sometime soon.

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What you see there is a marketing ploy that the listing agent is trying to draw attention from people like you and me. I had my realtor check into this a while back and he came back with information that the unit you are referring to is actually a Penthouse unit with 2400 sq. ft. In addition to it being a Penthouse at the highest floor, the unit only one of two equipped with Viking appliances, designer lighting (Schenbek??, LBL, Fanimation), has a stone jacuzzi and granite sink vessels. Based on that information, it is more like $450/sq ft. which puts it on a more realistic level compared to the Vue. I'm surprised that the MLS service or another condo developer hasn't reported what looks like an obvious attempt to deceive in order to draw more attention. It's quite amazing what some realtors are doing these days to draw buyers' attention only to have them realize the listing isn't what it's said to be. Nowadays, I call the agent directly and make sure that the listings are accurate before I waste my time. Don't believe the hype in that listing, I'm sure it will be corrected sometime soon.

Great info kennethlin! I am glad you were "wise" to it. Keeping an eye on what is going on is tough these days in a city that is sporting million dollar price tags on units proposed almost everywhere I turn. Crazy for sure. It is enough to keep us small timers at bay until reality strikes into the Uptown Real Estate market. I am hoping more 150K-250K units are littered around town. Not to mention seeing some highrise rentals come into the mix. Do all of these developers not see that the aprtment market is tight enough to warrant a tower of pure rentals? I know that many on this board claim that condos are all the rage and that price points don't allow for such a development, but I disagree. For one, some of the highest priced rentals in the city are going to be going up soon on the South End site by a Houston Developer. That same developer is completing what will be the HIGHEST rentals in the city with "The Residence" @ South Park. If they can build mid and high rise rentals in Southpark and Southend, why not Uptown????

A2

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You present a valid question A2, but to answer your question, I think one of the MAIN reason why the Uptown market is NOT exploring rentals is because the cost to do so would kill developers' profit margins. We all know for the longest time that developers are building at a breakneck pace in Uptown with these pronounced towers like The Vue, 210 Trade, 230 S.Tryon, Courtside, The Avenue, The Park, The Citadin, etc. because they believe the market can support all of those units. Let's say that one of these developers decided to take their units for 100% rental...what could happen is they can be at a perpetual loss for some time because the initial cost to purchase the land is absurd, and the cost to maintain each unit, personnel, upkeep, damage and repairs will greatly eat into their profit margins. While I am with you that we should have some rentals in the Uptown district, we will likely NEVER see one unless the city gives away land to a developer to build something like that to bring in more diversity in the commercial and residential space, but I don't ever think that will happen, given how valuable dirt is in Uptown now.

With that said, however, I do think there is a possibility that some of the named condo projects will see some rentals. I don't believe sales will be brisk enough to sell out inventory, especially when SO MANY projects in the making. With the prices people are paying for these condos, developers are making a ton of money, so they'd rather take the chips off the table, cash in and call it a day. Trying to rent out (even though it may be easier to rent than sell in areas like Uptown) on a project that cost $250-300 million may be deadly as the costs associated will take years (maybe never) to recover the costs of building and depreciation. And to build a 3/4 story apartment complex on an acre lot that cost $3 million will be impossible, as there won't be enough space to have guest parking, unless you build underground, which will cost you another few million dollars. That's why I believe you'd never see an apartment building (no matter how nice or expensive it is) unless we really begin to see that those highly touted high-rise projects have abundant inventory after completion.

On a side note, I read somewhere that Uptown land is now commanding $3-4 million/acre! That is another reason why we hardly see any single family homes being built in Uptown now. If the land cost allowed developers to build some more hi-end low rises and single family homes, Uptown would be nice little community of its own. Instead, while Uptown is nice, the ONLY thing I see are tall buildings, out of area businessmen and employees, restaurants, hi-rise condos, and clubs. There are practically no places to raise children or start a family in an area that is supposed to be one of the best to live in. Uptown planners seriously need to think about that.....so they need to start adding a REAL movie theater, a REAL grocery store, BUILD some family homes with an area park nearby so children can play, and I can guarantee that the land and property values will rise even greater because then, you'd have just about EVERYONE demanding to want to live in Uptown Charlotte.

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There is also a "git while the gittin is good" perspective downtown. While condo sales are hot, sell. When/if they slow down, develop rental. That is why you see projects like Fifth & Poplar being converted. The length of time that this building/buying boom will last is an unknown. They do "know" that rentals will work, but building rentals while sales are good might not make sense, in their eyes, right now. The market itself dictates most of this and smart developers follow it. None of this means I don't agree and wish a few rental towers were being built, but that is one of the main reasons they are not.

Good thing Alpha Mill is rental, but be assured if there weren't Historic Tax Credits being issued there would be a sales office on-site. And those run for five years, so get ready.

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