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Studio 56 Progress

vdogg

By vdogg
in Virginia Beach

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vdogg Megalopolis

vdogg

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I think i'm falling in love with this building. It looks awesome. Dare I say better in real live than the rendering portrays. I stopped by their sales pavillion and it looked like they had a couple of interested buyers in there too. I wonder what sales are like?

687749531_280f7f2309_b.jpg

687755105_818594022d_b.jpg

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Telmnstr Burg

Telmnstr

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I think i'm falling in love with this building. It looks awesome. Dare I say better in real live than the rendering portrays. I stopped by their sales pavillion and it looked like they had a couple of interested buyers in there too. I wonder what sales are like?

687749531_280f7f2309_b.jpg

687755105_818594022d_b.jpg

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spiker3 Hamlet

spiker3

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Who knows. There are so many high end condos on the market... there are only so many people willing to pay $400K+ for a small landless space. It's just good that they are past the point of no return (word to Expose from the 80s).
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Telmnstr Burg

Telmnstr

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Tel, i'm a devoted follower, and i hate to burst your 'bubble' (ha ha) but Studio 56 has been marketed at day one as more affordable living in Town Center, selling between high 200s and 400s, and generated a huge amount of interest. Granted they're small in size, but location location location. In comparison to downtown Norfolk, these and other condos they build in TC will have no trouble selling, where downtown Norfolk any additional inventory (GT, Franklin, James Madison hotel) is over saturating an already stagnant market.
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erdogs Burg

erdogs

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^^^I will agree with you if you are only talking about people who want to buy a home just to sell it in a few years. However, when buying real-estate the best thing to do is usually to hold onto it for several years, especially now. It's kind of like the stock market, panicking about what happen last year really is premature. The stock market is a long term investment as real-estate should also be considered. In the long run over a decade or more, the value of your property will go up as long as you keep your property up with maintenance and updates. If you want to own your own home, rather than throwing away rent money every month, then by all mean do so, but by being mindful of your own economic abilities to pay for it in down years.

Those who choose to buy in studio 56 or in any central hub of business will reap the rewards years down the road. Flipping brand new property makes no sense to me and those who look to do this are cutting their own throats for short term wealth potential. If you don't know how to play the game, stay on the sidelines and let the pros do their jobs. I suggest you buy something you can afford where the mortgage payment is close to what you are now paying in rent. This is not a hard concept to follow.

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Alpine757 Whistle-Stop

Alpine757

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I was just checking out the "Projects in Progress" portion of the Armada Hoffler website and noticed they've updated it to now include a few more projects, one of which being Studio 56. There's a pretty neat photograph on there now of the building, taken from high up on the Westin, check it out.

http://www.armadahoffler.com/portfolio_current.html

Not sure how to post photo's on this site... :)

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Telmnstr Burg

Telmnstr

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^^^I will agree with you if you are only talking about people who want to buy a home just to sell it in a few years. However, when buying real-estate the best thing to do is usually to hold onto it for several years, especially now. It's kind of like the stock market, panicking about what happen last year really is premature. The stock market is a long term investment as real-estate should also be considered. In the long run over a decade or more, the value of your property will go up as long as you keep your property up with maintenance and updates. If you want to own your own home, rather than throwing away rent money every month, then by all mean do so, but by being mindful of your own economic abilities to pay for it in down years.

Those who choose to buy in studio 56 or in any central hub of business will reap the rewards years down the road. Flipping brand new property makes no sense to me and those who look to do this are cutting their own throats for short term wealth potential. If you don't know how to play the game, stay on the sidelines and let the pros do their jobs. I suggest you buy something you can afford where the mortgage payment is close to what you are now paying in rent. This is not a hard concept to follow.

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