Uptown Charlotte Outlook

[Found in Uptown]

Hello Folks,

Long time reader, first time poster.

What are your thoughts on the pros and cons of living and owning in uptown?

I'm getting ready to sign a contract on a high-rise condo in uptown, and I'm getting the last minute jitters.

My thoughts:

Pros

1. 2nd largest banking city in the nation with a number of other Fortune 500 companies.

2. Growing population in a rather under-developed uptown means lots more room to grow.

3. Decent night life, great restaurants and developing necessities (e.g., Target near Kings Dr. and entertainment center in the Epicentre).

4. At $300-$500 per sq ft now, relatively well-priced and should appreciate well in 5-10 years.

5. Great sports and arts around uptown means there is a lot to do for all types of folks.

Cons (Risks)

1. Is $300-$500 per sq ft really well-priced?

2. Risk of one of the two banks leaving - although unlikely, but could Wachovia be bought and moved?

3. Is Charlotte in general a growing story of Atlanta 5-10 years ago or a bubble story with too much residential development?

I would greatly appreciate your comments on these thoughts or your new ideas!

[Justadude]

I think, to Charlotte's credit, that it will never end up as badly planned as Atlanta. Uptown is already a pretty healthy district in its residential portions, and most of its missing pieces are currently being put into place. The pricing issue is definitely going to be a story to watch, but in general I'd say that investing in a home Uptown is a pretty good idea at this point. If you wait much longer you'll be paying even higher prices and potentially facing a much tougher buyer's market (considering how many projects are selling out, and how much pricier the district will be once it gets proper retail).

Even if the market bubbles in the short term, you're still buying into an extremely livable area that will positively get better in the near future. Assuming you're buying at fair market value, there's not all that much risk involved.

[lukedog]

Hello Folks,

Long time reader, first time poster.

What are your thoughts on the pros and cons of living and owning in uptown?

I'm getting ready to sign a contract on a high-rise condo in uptown, and I'm getting the last minute jitters.

My thoughts:

Cons (Risks)

1. Is $300-$500 per sq ft really well-priced?

2. Risk of one of the two banks leaving - although unlikely, but could Wachovia be bought and moved?

3. Is Charlotte in general a growing story of Atlanta 5-10 years ago or a bubble story with too much residential development?

I would greatly appreciate your comments on these thoughts or your new ideas!

[Idaho]

Hello Folks,

Long time reader, first time poster.

What are your thoughts on the pros and cons of living and owning in uptown?

I'm getting ready to sign a contract on a high-rise condo in uptown, and I'm getting the last minute jitters.

My thoughts:

Pros

1. 2nd largest banking city in the nation with a number of other Fortune 500 companies.

2. Growing population in a rather under-developed uptown means lots more room to grow.

3. Decent night life, great restaurants and developing necessities (e.g., Target near Kings Dr. and entertainment center in the Epicentre).

4. At $300-$500 per sq ft now, relatively well-priced and should appreciate well in 5-10 years.

5. Great sports and arts around uptown means there is a lot to do for all types of folks.

Cons (Risks)

1. Is $300-$500 per sq ft really well-priced?

2. Risk of one of the two banks leaving - although unlikely, but could Wachovia be bought and moved?

3. Is Charlotte in general a growing story of Atlanta 5-10 years ago or a bubble story with too much residential development?

I would greatly appreciate your comments on these thoughts or your new ideas!

[monsoon]

As far as Fortune 500 companies are concerned in regards to downtown, only BofA, Wachovia, and Duke are located there. The rest are in suburban Charlotte. In other words, downtown's prosperity pretty much depends upon those 3 companies and if any of them decide to re-locate then it will have an effect on downtown. I think for the next 20 years, Wachovia is here to stay, BofA could move to NYC, and Duke could possibly merge with another energy company and that HQ disappears.

[Charlotte_native]

From someone who just moved to uptown here is my take (leaving out predictions of prices rising -- to much of a guess for anyone). I wanted more activity than where I lived, I've found it. Even in this cold weather its been fun walking all over, going out to eat without a car, and meeting LOTS of neighbors. This past weekend my building had a big superbowl party, lots of folks from the building and the friends we all invited -- it was fantastic, lots of fun. It has been fun, even on nights we decide to stay home, to see activity going on outside, even if it is just traffic. I feel much less sluggish hanging out at home and looking out the window if I see activity (people, music wafting through the air from Limjerbou's weekend party, music from Liquid Lounge, trains, traffic, lights zooming by on the interstate) than watching a couple people all night walk their dog by my house and my one neighbor having their cracked-out friends over. It is just a different lifestyle and, for me -- I don't speak for anyone else -- it is great. I'm also very happy that there is only more coming -- if I like it now, I'll love it when there is a new park, more restaurants, and eventually more retail.

I would caution anyone to beware buying JUST to hope for appreciation. Buy your home to enjoy it and be delighted if it goes up in value, but don't make that something that MUST happen, too many elements of that investment are out of your control.

[SmellyCat]

Hello Folks,

Long time reader, first time poster.

What are your thoughts on the pros and cons of living and owning in uptown?

I'm getting ready to sign a contract on a high-rise condo in uptown, and I'm getting the last minute jitters.

My thoughts:

Pros

1. 2nd largest banking city in the nation with a number of other Fortune 500 companies.

2. Growing population in a rather under-developed uptown means lots more room to grow.

3. Decent night life, great restaurants and developing necessities (e.g., Target near Kings Dr. and entertainment center in the Epicentre).

4. At $300-$500 per sq ft now, relatively well-priced and should appreciate well in 5-10 years.

5. Great sports and arts around uptown means there is a lot to do for all types of folks.

Cons (Risks)

1. Is $300-$500 per sq ft really well-priced?

2. Risk of one of the two banks leaving - although unlikely, but could Wachovia be bought and moved?

3. Is Charlotte in general a growing story of Atlanta 5-10 years ago or a bubble story with too much residential development?

I would greatly appreciate your comments on these thoughts or your new ideas!

[sleightofhand]

From someone who just moved to uptown here is my take (leaving out predictions of prices rising -- to much of a guess for anyone). I wanted more activity than where I lived, I've found it. Even in this cold weather its been fun walking all over, going out to eat without a car, and meeting LOTS of neighbors. This past weekend my building had a big superbowl party, lots of folks from the building and the friends we all invited -- it was fantastic, lots of fun. It has been fun, even on nights we decide to stay home, to see activity going on outside, even if it is just traffic. I feel much less sluggish hanging out at home and looking out the window if I see activity (people, music wafting through the air from Limjerbou's weekend party, music from Liquid Lounge, trains, traffic, lights zooming by on the interstate) than watching a couple people all night walk their dog by my house and my one neighbor having their cracked-out friends over. It is just a different lifestyle and, for me -- I don't speak for anyone else -- it is great. I'm also very happy that there is only more coming -- if I like it now, I'll love it when there is a new park, more restaurants, and eventually more retail.

[uptownliving]

I have lived Uptown for over 4 years now and don't regret it at all. I paid about $170 per sq ft for my place in 2003 and back then that was considered expensive...now that would be considered a bargain basement price. As has been stated before on here, if you are coming downtown to live on a long term basis then I would not be as concerned about future escalation of home prices.

I lived in the suburbs of Charlotte for 18 years, so I did my duty out there and I don't miss it at all.

[Found in Uptown]

Thanks everyone for your enthousiastic responses.

You have been very helpful.

[Nomanizan]

BofA could move to NYC....