210 Trade | EpiCentre

[atlrvr]

While its great that 210 Trade is selling so quickly, is there any cap on the investor share? My gut is that at least 75% of the units sold so far have been to investors, both flippers and for rental purposes.

[almondjoy]

While its great that 210 Trade is selling so quickly, is there any cap on the investor share? My gut is that at least 75% of the units sold so far have been to investors, both flippers and for rental purposes.

I doubt it. In the contract it says you can't assign it and you can't advertise it in any way (except word of mouth) prior to closing. Plus it's 10% down for investors.

I believe that would discourage most speculators as they actually have to close on the unit...

Edited June 17, 2006 by almondjoy

[metropolitan]

Don't you guys think the Vue and 210 Trade appeal to slightly different demographics? Some people want to be downtown, but yet not in the middle of the nightlife of downtown. I just see Vue appealing to more urban-type empty-nesters while 210 would hit a younger (but still well-heeled) group that truly wants the pulse of the city at their fingertips. I think the same demo that bought into the original Church St condos, would lean more toward Vue. I don't think it's an issue of 210 kicking Vue's butt.

[UrbanCharlotte]

Almond, when did you reserve? Was it packed? I haven't had any time to make it over there to check it out. What kind of information did they tell you?

[atlrvr]

I doubt it. In the contract it says you can't assign it and you can't advertise it in any way (except word of mouth) prior to closing. Plus it's 10% down for investors.

I believe that would discourage most speculators as they actually have to close on the unit...

Well not being allowed to assign it or advertise it is the rule on everything in Charlotte. 10% down is certainly the standard for developers that chose to discern between investors and owner-occupants.

If there is no cap on the number they will sell to investors, then I'm even more certain that a majority have been investors so far.....CLTfanatic....can you give any insight on this?

[almondjoy]

Well not being allowed to assign it or advertise it is the rule on everything in Charlotte. 10% down is certainly the standard for developers that chose to discern between investors and owner-occupants.

If there is no cap on the number they will sell to investors, then I'm even more certain that a majority have been investors so far.....CLTfanatic....can you give any insight on this?

I don't think it's the rule on everything...a few of my friends have flipped contracts at several developments around town.

Regardless, it is a built-in disincentive, but we'll see how it turns out...

I reserved yesterday, it was packed with people, and sales are exceptionally strong. I think they did an outstanding job of creating the right mix of floor plans and pricing it very well.

[Charlotteman]

This rapid interest in buying at 210 Trade is truly fantastic and who would have ever thunk it would be so intense!

210 Trade has broken ground. Land is being excavated, work is progressing nicely for the whole world to see.

The Vue has not broken ground. When it does, perhaps there will be lines to see agents there as well.

I personally think that is the difference.

[TowerRooster]

This rapid interest in buying at 210 Trade is truly fantastic and who would have ever thunk it would be so intense!

210 Trade has broken ground. Land is being excavated, work is progressing nicely for the whole world to see.

The Vue has not broken ground. When it does, perhaps there will be lines to see agents there as well.

I personally think that is the difference.

I think you have hit it on the head. If the Vue just starts digging, their sales are likely to spike.

[skylinedrive]

I think the reason that the VUE has been slower to sell than other projects is due to its high price point. It really is at the upper limits of what Charlotte can support.

[Rickydavisfan21]

Epicenter is just as expensive as the vue for the most part.

[atlrvr]

Epicenter is just as expensive as the vue for the most part.

Are you sure? I was under the impression that the majority of the units were in the $375 psf range, while the average Vue unit is over $500 psf.

Can anyone who has seen a 210 Trade pricelist comment on what seems to be average?

[Rickydavisfan21]

I thought it was 375 at two ten trade and 400 at vue

[atlrvr]

400 will get you about th 10th floor with a skyline view or about the 30th floor with a non-skyline view at the Vue.....corner units and higher floors I believe are all over 500 psf.....PH units with large balconies I believe are over 600 psf.

I think part of the Vue is to appeal to people who are concerned about who their neighbors are.....they are selling to people who are glad that the units can't reasonably be sold as rental units.....perhaps its the high-rise equivalent of a gated community, where lots sell for a premium far exceeding the cost of the gate.

210 Trade on their other hand seems to be selling flash. A 50 story Avenue with additional amenities. Nothing is wrong with that, and it will of course appeal to a much broader market.

I think that most people assume that if two buildings are 50 stories and 400+ units then they must be directly competing. That's like saying that all new subdivisions in Union county with 400+ lots are directly competing.

I believe that both will happen, though my thoughts are that if anything kills the Vue, it will be permitting issues rather than sales.

Edited June 18, 2006 by atlrvr

[CLTfanatic]

Alright, last update I got was that the building is now 75% sold!

Also on an interesting note, I don't know if im reading to much into this, but on my parents contract when it states what unit they purchased, It says 1-####. To me this sounds like they could possibly have more than one tower if things go well, which they are. Don't have anything to back this up, but just seems odd to me.

[UrbanCharlotte]

At this pace, it probably took longer to open their sales office than sell out.

EDIT: Is it too late to add more floors to this?

Edited June 18, 2006 by UrbanCharlotte

[AuLukey]

EDIT: Is it too late to add more floors to this?

Haha, why not? It would probably make the penthouse owners much happier but the people just below the penthouse units extremely mad.

Can anybody say Signature?

To back up atlrvr, going along with the gated community idea, I get the impression that the Vue will be nicer inside than Epicenter. I feel like it is more for the "classy" uptowners and 210 is more for the "hip" youngsters. It may just be the price, the full glass walls, the fact that it is stand alone (as opposed to being adjacent to Epicenter and aLoft,) or the advertising they use that gives me that feeling, I'm not sure. Something about it just gives it an edge on the sophistication scale.

Edited June 18, 2006 by aussie luke

[monsoon]

I think part of the Vue is to appeal to people who are concerned about who their neighbors are.....they are selling to people who are glad that the units can't reasonably be sold as rental units.....perhaps its the high-rise equivalent of a gated community, where lots sell for a premium far exceeding the cost of the gate.

Hmm...... Seems that we had a thread on this... Vertical McMansion.

[atlrvr]

I think I might agree that the Vue qualifies there, at least on some levels.

[atlrvr]

So.....does anyone have updated sales number? Specificallly what % have been sold to investors? So far I've heard of a lot of people who have bought units, and 100% have been investors.

[Charlotte_native]

I'm not sure what is less upper end about 210 than The Vue other than maybe some blue granite. You can opt for very similar upgrades that will make the units virtually the same as far as finish and quality goes.

Supposedly there will be a few floors that are going to be the new hotel concept from "W" hotels, a "W Loft" that will be part of the building and will serve residents as well as guests.

I think someone above hit it quite right, price points are virtually the same, a friend of mine reserved a 210 unit that was close to $500 per foot...

My friend that reserved intends to live in the project -- not an investor. The day I was at the sales office they were limiting sales to 2 per person so that limits investors to some degree.

[almondjoy]

Supposedly there will be a few floors that are going to be the new hotel concept from "W" hotels, a "W Loft" that will be part of the building and will serve residents as well as guests.

The hotel will be a separate building along 4th street, and not part of the condo tower.

http://www.theghazicompany.com/images/futu...mplex_large.jpg

[CLTfanatic]

Your not gonna get an updated number on the amount of investors buying. Even those who are doing this as an investment, are saying that they are going to be residents so they only need 5% down, and of course they can only sell after closing.

[moving uptown]

so my wife and i went by 210 trade this afternoon to buy a condo. i was out of town this past weekend so i missed the opportunity to buy at the beginning. I went in there looking to spend up to 400k so i figured i could get the large 1 bedroom (the one with the den) or a small two bedroom. I was sorely mistaken. All the 1 bedrooms were sold out except for a handful of the 1 bed with den. The cheapest 1 bed w/ den was 450k on the 7th floor. There were no two bedrooms below half a million left available.

Sadly, i wont be moving to 210 trade, but the project is still amazing and will add greatly to not just the skyline but the urban fabric of charlotte.

ps its amazing that so many people in charlotte can afford these types of condos

[unccmyway]

No kidding...I wish I could afford it. I went by there at 5:00 today when I got off work and there were probably 10 people in there looking at the model.

Edited June 21, 2006 by unccmyway

[turbocraig]

so my wife and i went by 210 trade this afternoon to buy a condo. i was out of town this past weekend so i missed the opportunity to buy at the beginning. I went in there looking to spend up to 400k so i figured i could get the large 1 bedroom (the one with the den) or a small two bedroom. I was sorely mistaken. All the 1 bedrooms were sold out except for a handful of the 1 bed with den. The cheapest 1 bed w/ den was 450k on the 7th floor. There were no two bedrooms below half a million left available.

Sadly, i wont be moving to 210 trade, but the project is still amazing and will add greatly to not just the skyline but the urban fabric of charlotte.

ps its amazing that so many people in charlotte can afford these types of condos

Wow, that is impressive from a sales perspective. Have you considered the Vue as an alternate? Maybe you could infiltrate the ranks and give us the low-down! Seriously though, I'm curious as to how many people are cross-shopping these two products.