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Thousands of condos coming to downtown


Spartan

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Once the market has adjusted, I think the next residential development should be similar to this, which is being proposed for Winston-Salem:

civic_plaza.jpg

That would be awesome! How many stories will it be? It reminds me of what they are doing at the Greenville Mall, just on a larger scale.

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It appears as though the condo market in Columbia is beginning to define itself as "steady." There is a trend of condos becoming second homes, with baby boomers and retirees leading the pack. The strongest pre-construction sales are of moderately priced two-bedroom condos, from $175,000 to $350,000. One-bedroom units are selling more slowly than anticipated.

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I think that this article is dead on. Columbia is not attracting that young professional creative class that they should. I fit into that demographic perfectly, and I simply can't afford a $400k place, or even a $190k place for that matter, though I would like to live in a place downtown. They need to build more reasonably priced one bedroom units to bring the young professionals to downtown. Perhaps once more untis come on line there will be more of this type of place available.

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This is great news, the condo business in Columbia is definitely heating up.. Concerning the Adesso, it looks like a very sharp development but I don't understand the term "tower" when the building will apparently only be 6 stories tall, unless the planned for height will be greater than what is being let on to at their website. It would be nice if some of these planned condos have some siginicant height to them.

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I think that this article is dead on. Columbia is not attracting that young professional creative class that they should. I fit into that demographic perfectly, and I simply can't afford a $400k place, or even a $190k place for that matter, though I would like to live in a place downtown. They need to build more reasonably priced one bedroom units to bring the young professionals to downtown. Perhaps once more untis come on line there will be more of this type of place available.
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I think that this article is dead on. Columbia is not attracting that young professional creative class that they should. I fit into that demographic perfectly, and I simply can't afford a $400k place, or even a $190k place for that matter, though I would like to live in a place downtown. They need to build more reasonably priced one bedroom units to bring the young professionals to downtown. Perhaps once more untis come on line there will be more of this type of place available.
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I'm not sure downtown condo prices less than $200K are reasonable. I'm not even sure how Vsion is offering their units at their price point. By the time you purchase land and build the "quality" construction we all love (ie Concrete or steel framed, multi story, with brick and/or glass facades) they have put out a lot of money. With construction costs at or above $100/SF a 1500 SF unit would cost $150K just to build. That's not including land costs, the cost of common/HOA areas, loan interest, and profit, etc. Annual income of $43 to $50K per year should put these units in range. Thats not (IMO) exessively expensive.

True you could get more land and more living square footag in the suburbs for the same price. But you are going to get track-built, stick-framed homes and you won't be downtown. Its a matter of preference.

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I agree. It is really difficult to build something that fits the 'urban' profile (nicer finishes, nicer appliances,etc.) pay uraban land prices and sell less than $150 per foot. And that's the floor, not the ceiling.

I have seen the Vsion floor plans and prices, and those 'affordable' units are around 500-600 sq. ft. The price per foot throughout the entire building is definitely 'up there', but not unreasonable for the circumstances.

What Cola is seeing is the same thing Greenville has been seeing for several years now. The young professionals DT are pretty few in number, it is mostly empty nesters and childless Yuppie couples in the DT residential units.

The Canalside numbers are pretty good though. They seem to have found the 'warm spot' in the market.

The Adesso numbers are kinda low though. That part of DT is a lottle removed from the DT 'hotspots'. People don't live where they work, they live where they play (golf course, lake, etc.). Other than the Koger Center, there isn't much 'play' available in that part of DT. At least not in walking distance.

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While it seems to be far from things, there is actually quite alot within walking distance of Adesso. There are a number of bars and restaurants along Main Street south of the capital: Immaculate Consumption, Tio's, Miyo's, Hunter Gatherer, California Dreaming, Nice & Natural, Cool Beans and a number of fast food places. You're also only a block from the Coliseum (hockey), 3 blocks from the Koger Center, 6 blocks from the Colonial Center and 8-9 blocks from the heart of the Vista. Five Points is also not that far (11 or 12 blocks). If you told someone who has been living in New York, Boston or DC that you'd be within 9 blocks of all that, they'd be delighted and wouldn't think twice about the walk. I know it's hard, and I'm just as guilty, but us South Carolinians need to start thinking like real pedestrians.
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I think you hit the nail on the head. 190K in the suburbs will buy you a lot more than 190K downtown. The percieved benefits of life downtown (and living in a condo) will have to overcome that difference. For me, I'd rather be in the burbs and pocket the difference.

Plus, the HOA fees on some of the new condos were higher than my car payment. No thanks!

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Affordable units at that price are pretty common. People who want to live in an urban setting wouldn't mind paying $120k-$190k for something that size because you are paying for the location. The notion that more space = better needs to go away. Why does everyone need 1000 sq ft for themselves? I would prize a great location within walking distance of all of my needs much more than a decent house for the same price that is out in the suburbs. I don't want a lawn and bushes and raking and driving everywhere (rather than some places) to take up all of my time as I do not value those chores.

Exactly. People in these places wouldn't think twice about walking a half mile or a mile to get to their destination. 2 blocks seems to be the limit in Columbia for some reason.

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Affordable units at that price are pretty common. People who want to live in an urban setting wouldn't mind paying $120k-$190k for something that size because you are paying for the location. The notion that more space = better needs to go away. Why does everyone need 1000 sq ft for themselves? I would prize a great location within walking distance of all of my needs much more than a decent house for the same price that is out in the suburbs. I don't want a lawn and bushes and raking and driving everywhere (rather than some places) to take up all of my time as I do not value those chores.

Exactly. People in these places wouldn't think twice about walking a half mile or a mile to get to their destination. 2 blocks seems to be the limit in Columbia for some reason.

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And you're absolutely right. Thats why we'll never see the suburbs dissappear. Some people just want their huge house on their acre of land in Blythewood, and thats fine. Just so long as you recognize that the opposite is true too. Its not just for rich yuppies. Right now you are seeing that 'yuppie' trend because its new. But go to larger cities with more established cores, and you will see more families around. This is expecially true when you have a more established condominium/townhome market (which also appreciate).

If $190k is affordable in the suburbs, then its affordable in town. You have to start thinking in terms of price and not just space. You just have to be willing to justify that in town you will get less space. And like I said, the trade off is lifestyle, location, urban conveniences, etc. Obviously you don't see value in those things, so its not for you. Personally, I'm on the other end of the spectrum.

Gameday condos are a different thing entirely. Those are specifially meant for rich alumni who can afford that type of thing. Those condo's look nice, but they are no better than an apartment complex in the suburbs.

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Oh, I don't even want a huge house, 1500 square feet is fine and fits our needs. The mega-mansion and the in town condo just aren't my thing.

You're right about the game day condos. I have two friends who live in older in town condos and the basically paid about what I paid for the house. Plusses for them are no yard work, but I could buy a lot of that for their regime fees. ;-)

Here's the kicker. I'm closer to the State House than one of them, so I enjoy the same conveniences, even more so probably.

I do seriously wonder if the market for condos is overcrowded right now.

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Oh, I don't even want a huge house, 1500 square feet is fine and fits our needs. The mega-mansion and the in town condo just aren't my thing.

You're right about the game day condos. I have two friends who live in older in town condos and the basically paid about what I paid for the house. Plusses for them are no yard work, but I could buy a lot of that for their regime fees. ;-)

Here's the kicker. I'm closer to the State House than one of them, so I enjoy the same conveniences, even more so probably.

I do seriously wonder if the market for condos is overcrowded right now.

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I think the market is there, but they need to build more at the lower end of the price range. Also, I think alot of people are forgetting about existing condominium projects, such as Park Circle, The Wilshire House and the ones in Five Points - any of those can be had for a song in comparison to the new projects.
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