3rd Ward Midrise Projects

[JonesQC]

^ I'll be interested to hear what you find out. There seems to be a lot of confusion about this issue even though I think it will have a very big impact on the future values of these condos.

THought I might add that Catalyst threw in a non-financing contingency in the new contracts. If the purchaser is unable to get financed all earnest money comes back.

[monsoon]

... If the purchaser is unable to get financed all earnest money comes back.

Isn't that what is normally contained in standard sales contract anyway?

[JonesQC]

Isn't that what is normally contained in standard sales contract anyway?

Yes, but this language was not standard in the original contracts and now is.

[Charlotte_native]

Isn't that what is normally contained in standard sales contract anyway?

With conditions. Normally a sales contract used is the standard North Carolina Bar Form. It has places to fill in for financing contingencies and the ability to get a loan. There are dates to be met and typically the contingency goes away after a negotiated period of time after which the earnest money is either the buyers, the sellers, or will be disputed.

In the case of most new projects the developers attorney drafts a contract to be used. They are generally stacked in favor of the developer (where the state form is intended to be fairly even to both sides, but generally in favor of the buyer). Most have somewhat early dates for earnest money to go hard so if the buyer can't close the seller/developer keeps the deposit. In this case it seems they are aware that a lot of folks might have trouble getting financing, or at least the buyers might feel they will, so they are easing this part of the contract so more buyers might decide to try and buy without as much risk of losing a few thousand bucks in deposit.

[atlrvr]

440 S. Church and the awning between the parking deck and Catalyst. I assume they are going to place glass in this...???

It looks to me that just the thin, ribbon-like, floor is left to pour before this is topped out.

[JonesQC]

Supposedly this is the first week of leasers moving in. Anyone heard how leasing / sales were going?

[WestCoastNC]

I hear first renters are moving in in the middle of this month.

[tozmervo]

Actually, from where I sit (quite literally, in this case), it looks like there are some random windows on the upper floors that are lit. The lighting along the top of Catalyst is also on (for the first time?)

[TONYCLT]

Topping out ceremony for 440 S. Church is scheduled for tomorrow.

[tozmervo]

I went today to check out the model apartments at Catalyst. They have some really sharp units and some magnificent views, although vertigo caught me off guard with the floor-to-ceiling glass (the model units are on floor 14). I was told leasing tenants will begin moving in next week. Purchased units won't be occupied til the end of August.

[krazeeboi]

Taken today:

[eastsider]

[AuLukey]

wow eastsider, that's a great shot! Finally some density on this side of town! Just think, nine years ago only one highrise would be in this picture.

[cha]

that curb gives the allusion of how great the park would look right there!

[dubone]

That shot reminds me that I like that little 1920s brick building which will be toast whenever the park bonds can be sold.

It is nice to see the facade for 440 S Church become a little more evident. This part of town really gives you a lot of views where all you see are buildings from the last couple years.

[InitialD]

I've noticed that although 440 S. Church is officially topped out, they are still working on the "S" shaped "ribbon" floor. Is it an actual floor, or (more likely) just decoration or enclosing part of the HVAC system?

Edited March 11, 2009 by InitialD

[2hearts]

They do not have specific lenders set up for buyers to use. They have somehow legally separated floors 15-27 as a condominium. The amenities on floor two are jointly managed somehow. The sales staff did not seem to have all the answers. I am in the process of confirming financing with a major bank and will let you know what I hear about whether it is a viable property for a commodity mortgage that can be sold off to FNMA.

Has anyone been able to deterimine whether or not you can get a conforming loan for a purchase ?

Here is an article from yesterday that speaks to the new changes related to presale requirements. It went from 50% to 70% as of March 1.

http://online.wsj.com/article/SB123733304341863319.html

Edited March 24, 2009 by 2hearts

[monsoon]

^It's an interesting article. I don't think it changes things much at this complex as since they are going to no doubt turn the thing in to a huge tenement.

I think this is more interesting news for The Vue however because this changed knocked that building out of the running for these types of loans too. It's no doubt a good move from the point of losses the government might end up with in either complex.

[Charlotte_native]

Has anyone been able to deterimine whether or not you can get a conforming loan for a purchase ?

Here is an article from yesterday that speaks to the new changes related to presale requirements. It went from 50% to 70% as of March 1.

http://online.wsj.com/article/SB123733304341863319.html

If they have, or are getting, the 'for sale' part of the project FHA approved then buyers won't have to get FNMA loans. I think all of these are in the local FHA threshold in terms of pricing, so my guess is they are going that route. If not it will be interesting to see how people are able to close. Bets are on FHA though.

[WestCoastNC]

Aren't all condo buildings tenements? I don't quite follow this line of thought. It's a beautiful building and it's not going anywhere. I suspect the whole thing will go rental by the end of the summer and it will go through conversion back to condo ala Fifth and Poplar in the future.

[monsoon]

Aren't all condo buildings tenements? ..

No. A tenement is a building where the units are rented by the building owner. A condo, by definition, is the opposite of this. Individuals own the units.

[krazeeboi]

From earlier today:

[AuLukey]

Taken today:

[InitialD]

"Novare Group, one of the leading developers of urban residential communities and commercial real estate in the United States, is celebrating the grand opening of its new 27-story residential tower in Third Ward, Catalyst. This newest Novare Group property in Charlotte includes 462 attainably-priced one- and two-bedroom apartment and condominium homes. Catalyst is Novare

[New Name]

This building went 100% rental didn't it?

What does everyone think will happen to Twelve? Will it get built, scaled down, abandoned?

Edited April 14, 2009 by The Escapists