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ncbrian

How healthy is Winston's condo market?

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There is a news wire story getting some play on various websites that talks about the multitude of condo developments that are being delayed or cancelled all together due to a slowdown in the new housing market. Many of these projects were speculative ventures in hot real estate markets like Las Vegas and Miami but there is a trickle-down effect in people's perceptions that if the housing market demand is slacking off, then as buyers they may hold off investing into a condo either as a primary residence or as income-generating/investment venture.

As far as I know, current demand for the condo developments in the Winston downtown area has been quite good with many developments having a high precentage of pre-sold units. Still there are several projects on the boards like the next phase of West End Village or the Civic and One Vista Place developments.

So my question will the housing slowdown at the national/regional level affect downtown development for Winston? What projects seem most at risk?

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i would say, possibly civic plaza would be at risk. i cant help but worry if the project is on the rocks since there has been no update for a while now. this is the most ambitious project proposed in downtown w-s and possibly the triad. i think the 4th and liberty tower is proposed for 100 units? thats a lot to absorb in a downtown thats still not quite there yet. but i guess we'll see. one could argue that theres a pinned up demand for downtown housing, and thats why these projects are doing so well. one could also argue that w-s's projects are small-medium which are much more easier to absorb.

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sometimes it takes a while to get projects off the ground. But I have no doubt that we'll see alot of condo development in downtown Winston as we see in Greensboro. Believe it or not it took about ten years all together to get Southside in downtown Greensboro off the ground. we are now seeing the fruit of the hard work and effort put into the development.

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I recall seeing on another thread how the condo price points in Winston-Salem tend to be more on the expensive side. I would expect to see the average unit price drop a bit, which would correlate with this national trend we're seeing. You might also see future residential projects include some single family homes, as developers consider those sure bets.

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Park Ridge Pointe, the 20 unit 'Green' condo development off Country Club is apparently in quite a bit of trouble. It sounds as if foreclosure is looming and the 5 current residents are having to pay out of pocket to finish their units. Some units have subcontractor liens of over $88K!!

Depending on how the sales contracts were done, prospective residents may have legal fights to get deposits back. The current developer is in jail for passing worthless checks in Davie and Randolph counties.

The residents and future owners are hoping for a foreclosure and that another developer buys the property to finish it as planned.

WSJ Article about Park Ridge Pointe.

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