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SkyHouse Charlotte, Publix and 10Tryon Tower in 4th Ward


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8 hours ago, ricky_davis_fan_21 said:

The hilarious thing is its much harder to get financing for hotel than a apartment tower. LOL. Wonder what their lender things about this.


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The lender doesn't care.  This is fairly common for apartments to do, though maybe not quite to that extent.  Lyric is in the Corporate Housing sector, and in that sector pricing isn't all that great for short term (a few days) stays (though it is available), it makes much more sense though  for 10 days and up stays.  IIRC the average length of stay is something like 10 or 12 weeks.  

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16 hours ago, KJHburg said:

^^ If you get caught in a new well managed apartment complex Airbnbing your unit they can cancel your lease and evict you.  You see some in condos but many of those are in violation of their own HOA documents.    NC was one of the first states to require Airbnb to collect and remit taxes on every rental in the state.  Most states have followed us recently SC did about a year and half ago.     

I think these Skyhouse rentals will do great and it looks like that company works with some of the top landlords like Camden too. 

I've got a condo in southend that I've looked in to renting out on airbnb, but every few months I get an email from HOA threating fines up to 100$ a night on short term rentals such as airbnb

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15 minutes ago, Mgelbach said:

I've got a condo in southend that I've looked in to renting out on airbnb, but every few months I get an email from HOA threating fines up to 100$ a night on short term rentals such as airbnb

They should.  People are often scofflaws about rules like these, especial when they are already renters.   But the powers that be should be enforcing their rules and fining if need be.   There are enough problems in dense shared spaces to need to deal with added complexities of complete strangers renting for 2 days.  

 

When I rent out my condo in Florida, they have rules for a minimum of 3 months and they do a background check on each renter.  It is a pain as a landlord, but it is the rule and helps everyone trust that others are doing the same.    Apartment towers like Skyhouse already seem to constantly lose tenants due to the behavior of their neighbors (everyone I know who has lived there never renewed), so that likely is even worse for short term airbnb renters. 

I do think the rules should be written in a way where it should simply be a fee or commission, but if they have the rule, they ought to enforce it. 

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I AirBnB in Montréal late 2016 in a downtown 20 story condo building, new-ish and it seemed mostly renters not owners, though just my eyeball test so bias in several dimensions. My "host" had several units in the building and a staff to deal with issues. I check and units were for sale.

I also owned a condo in Montréal (I love it there) and I had long term renters but the building had an issue with things such as 3 day bachelor party rentals and the like. New standards were distributed and enforced.

I AirBnB another time in Montréal and my host did live there some of the time though he travelled much of the time. He told me to never say I was a short term renter but to say I was a guest of his. The HOA meeting was in the lobby Saturday afternoon when I was there and I had to pick my way through the management and owners in the lobby. I was quite uncomfortable and pretended to speak no French, and to others to speak no English. Script writers use this comedy gold freely. 

Edited by tarhoosier
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  • 4 weeks later...
1 minute ago, jordan704 said:

Publix has upped their $ commitment to get things going. Also hotel for one tower and they have several leases in the works for the office tower. So we could see some movement sooner than later. 

Looks like I'll be making some calls. I wonder if Hotel Indigo is back. 

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2 hours ago, jordan704 said:

Publix has upped their $ commitment to get things going. Also hotel for one tower and they have several leases in the works for the office tower. So we could see some movement sooner than later. 

Great news for N Tryon! This and Lennar ...

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7 minutes ago, tarhoosier said:

Mert's Hert and Soul Restaurant started in the Days Inn, as I recall. I ate there 20 years ago.

Really? I had no idea. I thought I knew about it when it first opened and the first location I remember is its present one. Glad something good lives on from that Days Inn.

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1 minute ago, jednc said:

Really? I had no idea. I thought I knew about it when it first opened and the first location I remember is its present one. Glad something good lives on from that Days Inn.

http://www.charlotteobserver.com/news/business/small-business/article9118979.html

This tells the story. It was  Georgia on North Tryon as the first name and later Mert's. I ate at the first place and it was super low budget. They used outdoor furniture for seating inside and my impression was it was recycled from the hotel pool and patio. It was TOTALLY about the food. N. Tryon was homeless central at the time, with no shelter or food kitchen for the rough sleepers, druggies, alkies and whatnot they roamed freely. A brave and fearless family that has earned all they have and more.

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1 minute ago, tarhoosier said:

http://www.charlotteobserver.com/news/business/small-business/article9118979.html

This tells the story. It was  Georgia on North Tryon as the first name and later Mert's. I ate at the first place and it was super low budget. They used outdoor furniture for seating inside and my impression was it was recycled from the hotel pool and patio. It was TOTALLY about the food. N. Tryon was homeless central at the time, with no shelter or food kitchen for the rough sleepers, druggies, alkies and whatnot they roamed freely. A brave and fearless family that has earned all they have and more.

I just ate there last night and inside they still have a sign that says "Georgia on Tryon". I just didn't get the reference!

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4 hours ago, dubone said:

I feel like condos are going to seemingly never come back, unless they are apartment conversions.   Hotel and Office with the grocer at the base seem to be to be the very best combo for this site considering the 2 Skyhouses already there.  

I actually get a feeling that the CCCP's North Tryon Vision and the public and now private projects coming together will hopefully give this area some momentum.  It would be great if it has Bearden-area momentum, as it really is the next urban zone with developable parcels with all the basic urban benefits of light rail station, park, exciting public facility redos (Library/Discovery Place/Hal Marshall).   

As a 4th Ward resident, I've been excited to get to actually use the Publix, but in general, to finish this block will be very exciting.   

Flashback:  Days Inn.  It could stay an open lot for 10 years and be better than that was!  

In my opinion most buildings would be really hard to convert to something that justifies the uptown $/sq ft. They aren't large enough, mid range fittings etc... I think the View is the only possibility.

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1 minute ago, elrodvt said:

In my opinion most buildings would be really hard to convert to something that justifies the uptown $/sq ft. They aren't large enough, mid range fittings etc... I think the View is the only possibility.

Disagreed. Only take about 20k per unit to upgrade enough for condos. When people spent only 150k-200k per unit to begin with, still a healthy ROI there. 

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1 hour ago, ricky_davis_fan_21 said:

Disagreed. Only take about 20k per unit to upgrade enough for condos. When people spent only 150k-200k per unit to begin with, still a healthy ROI there. 

They're too small. Plus 20K, really? I need to talk to your contractor. Where's the 200K come from?

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Liz Lemon in 30 Rock lived through her apartment being converted into condos, so I know it's a real thing that happens.

Also they were combining her unit and the neighboring apartment, so I can say on good authority that that's a thing, too.

Edited by SgtCampsalot
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Sure, and in the end you've got a really expensive place which might not qualify for conventional financing (another hurdle to consider). I'm not saying it's impossible. I doubt it happens though unless there are a lot of Liz Lemon's moving here. :tw_grin:

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1 hour ago, ricky_davis_fan_21 said:

Disagreed. Only take about 20k per unit to upgrade enough for condos. When people spent only 150k-200k per unit to begin with, still a healthy ROI there. 

I think 20k assumes the apartments were built worth a damn to begin with. I would want to know that the acoustic separation from units to the sides, above and below is excellent, that the exterior wall isn't rusting or rotting away (often the case in apartment construction), the elevator isn't the cheapest slowest one that would fit, etc etc. 

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I think 20k assumes the apartments were built worth a damn to begin with. I would want to know that the acoustic separation from units to the sides, above and below is excellent, that the exterior wall isn't rusting or rotting away (often the case in apartment construction), the elevator isn't the cheapest slowest one that would fit, etc etc. 

Someone institutional with their own crew could get a large scale upfit done for a low price. That said, I think maybe 3 rental buildings in all of Charlotte would qualify for this kind of upgrade. Vue, Ashton and maybe Museum Tower.


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6 minutes ago, ricky_davis_fan_21 said:


Someone institutional with their own crew could get a large scale upfit done for a low price. That said, I think maybe 3 rental buildings in all of Charlotte would qualify for this kind of upgrade. Vue, Ashton and maybe Museum Tower.

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Maybe - it just seems like the risk of massive HOA assessments to repair terrible apartment-developer-level construction (from waterproofing to HVAC systems) would be enough to scare off potential buyers or - more importantly - lenders. I can certainly see arguments to be made for properties like Vue and Ashton that have some age now and Museum Tower that is supposedly of good build quality.

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Another tower that is rental that could convert some day is the 27 story tower  Catalyst as it was built for condos by Novare then quickly converted to rentals as the market crashed.  I think  you will see a condo conversion in uptown before you will see a new high rise condo being built.  And there is some NC liability law that plays into this and the period I think is 7 years after construction.   A few and I mean I think 2 apartment towers in Atlanta are being converted one being the 46 story Atlantic at Atlantic Station which was built as condos then all converted to rentals now going back to condos. 

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