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^I'd take that article, and the comments by that attorney, with a big grain of salt. The attorney for the lender is the one speaking and was speaking in bancruptsy court. They could be trying to prove the need to move forward with the foreclosure and not get drug through the bancrupsy court as the lien holders are trying to force. I'm sure drywall, doors, and other items won't fare well in the elements, but the structure...come on. Perhaps there are issues, but i'd be surprised if they were as drastic as they are making them out to be.

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Charlotte Skyline at Sunset 37mm.3.2s.f9.iso100 by Los Tres Rios Great addition. Makes me excited for Childress Klein

When you compare it to the Hilton/Hampton Inn complex in the background it looks like a million dollars!

An even closer look......     Model Unit 14th Floor (Facing away from the City)    View from the 14th     Inside Fahrenheit   Penthouse Unit   Planter Boxes- They are saying for th

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Just to refresh everyone's memory... the upset bid came in around the 8th of August... allow ten days for close of upsets, that brings us to about August 18th. Statutory maximum of thirty days after that would be ... right about now.

Is the mystery investor group going to close on The Park? The news has been quiet. Maybe a curious reporter or blogger (hint) could go by the superior court records room to dig out the file, and see what's happened.

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Sale hasn't been finalized yet. It looks like the original high bidder will take the property and honor the contracts, though some lawyers for contract holders are trying to get their deposits repaid from the proceeds of the sale. I believe this issue is holding up purchase agreement from being finalized, and the court hearing will reconvene today to supposedly settle the issue.

Also, the buyer will be granted a 45 day window to close on the property, as opposed to immediate closing as was being sought by the trustee. This leaves the door open for additional lawsuits in the interim, or for the bidder to walk (but I believe they have a non-refundable $1M deposit).

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Sale hasn't been finalized yet. It looks like the original high bidder will take the property and honor the contracts, though some lawyers for contract holders are trying to get their deposits repaid from the proceeds of the sale. I believe this issue is holding up purchase agreement from being finalized, and the court hearing will reconvene today to supposedly settle the issue.

Maybe is missed something, but I didn't hear them say they would honor the contracts as they are now. Thought I heard (or read) they would try to work out a new deal contracted purchasers. I'm sure it will be some sort of "discount". Can anyone say free granite upgrade? ;)

Also, it could be just posturing of course, but wasn't surprised to see teh buyer trying to backout of teh deal and get their deposit back. Under a normal sale a refund wouldn't be possible, but at least in my opinion the BK hinders the trustee's ability to deliver title which could nullify the sale a result in a refund.

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Now that we will soon be heading into some inclement weather, are there any structural concerns with completing this project? I mean how long can a building in this stage of development be subjected to

the forces of nature before a great deal of work has to be re-done before you can even think about

moving forward with the project? At least TTT didn't have to suffer this same fate! What a mess.

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I hope the Park can be completed in a reasonable fashion, and sooner than later. I always admired the conceptual drawings of the Park. And it looked to me like (EFIS aside) the building was going to live up to the drawings.

The thing I like about the Park's architecture is that it reminds me of a building one would expect to see on Moorehead St. To my eye, it has that same Old World Charm character, albeit on a more massive scale.

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I wonder if this story has "made the papers" in Wisconsin. Most likely, The Park will be in the lender's hands in the end. Then it'll get sold off for under $10 mil.

Whoever finishes The Park will need deep cash pockets and lots of experience. Heck, just insurance and taxes alone must be a monster on a situation like this. What does it cost to insure a vacant, incomplete tower? 100K a year, maybe?

I remember the tallest building in Fresno, a 1920s Beau Arts type, selling for just $600K in the depths of the recession in 1992. BIG price cuts take place on unoccupied buildings in need of expensive upkeep, during weak economies.

Edited by MZT
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So they can't even sell it for 50% of the foreclosure price of 6 months ago. This should be a troubling fact for anyone contemplating buying property in or around downtown. i.e. The fact you have ~ $60M spent on a piece of property, property that some downtown boosters attribute having "old world charm" which is generally a rarety in Charlotte, yet they can't even sell it for $14M now.

Troubling indeed. I am predicting that in 2009, 50%+ depreciation on some downtown properties won't be uncommon. I know there were will be guffaws and catcalls at that prediction, but none the less this is my prediction. Anyone is free to disagree. I don't care. The results will speak for themselves. How far and how fast they will fall will mostly depend upon how much more money BofA and Wells/Wachovia can fleece out of the federal government.

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I think 50% depreciation is generous. I would even guess we'll see 85-90% depreciation downtown! We should demolish any building over 15 stories to increase the livability of downtown, banish all the banks from QC city limits, heck even Meck county and all contiguous counties, and rezone everything as farm land within the 277 loop.

We can build some modest workforce housing in the exurbs, say Anson and Cleveland counties. This is a much more desirable urban setup than these unsustainable behemoths in uptown. Then Charlotte will be on the right track! I am at mytownhome.com right now and I see 2br/2ba corner units at Ave and Trademark going for $25,000 with free HOA dues by next Tuesday. I think we can all agree Charlotte will be much better off without these 15+ story high rises or these evil Banks that have brought nothing but avarice and despair to our dear city. Good riddance I say!

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I think 50% depreciation is generous. I would even guess we'll see 85-90% depreciation downtown! We should demolish any building over 15 stories to increase the livability of downtown, banish all the banks from QC city limits, heck even Meck county and all contiguous counties, and rezone everything as farm land within the 277 loop.

We can build some modest workforce housing in the exurbs, say Anson and Cleveland counties. This is a much more desirable urban setup than these unsustainable behemoths in uptown. Then Charlotte will be on the right track! I am at mytownhome.com right now and I see 2br/2ba corner units at Ave and Trademark going for $25,000 with free HOA dues by next Tuesday. I think we can all agree Charlotte will be much better off without these 15+ story high rises or these evil Banks that have brought nothing but avarice and despair to our dear city. Good riddance I say!

:lol: love the cynicism.

So they can't even sell it for 50% of the foreclosure price of 6 months ago. This should be a troubling fact for anyone contemplating buying property in or around downtown. i.e. The fact you have ~ $60M spent on a piece of property, property that some downtown boosters attribute having "old world charm" which is generally a rarety in Charlotte, yet they can't even sell it for $14M now.

Troubling indeed. I am predicting that in 2009, 50%+ depreciation on some downtown properties won't be uncommon. I know there were will be guffaws and catcalls at that prediction, but none the less this is my prediction. Anyone is free to disagree. I don't care. The results will speak for themselves. How far and how fast they will fall will mostly depend upon how much more money BofA and Wells/Wachovia can fleece out of the federal government.

Monsoon, just for full disclosure, I'm curious what part of Charlotte you live in and what your prediction is for how you think that area will perform relative to the rest of Charlotte, particularly uptown. Also, whether you rent or own. Thanks.

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Sometimes freakish things happen in real estate markets, but they usually correct themselves in a timely fashion.

A good example is Seattle's Key Tower. During an economic downturn in the 90s, the owners and financiers of the building faced collapse and let the building go into foreclosure. The building cost ~$180 million to build, it was the third tallest tower in the city, and no one would buy it.

To keep the tower from sitting there unoccupied, the city purchased the building for ~$60 million and turned it into a municipal facility. The economy rebounded, and now the city owns a building for pennies, that has recovered it's value.

If prices at the Avenue, Trademark, et al collapse, they won't stay that way for long. Charlotte is too powerful a city to sustain a lasting real estate crash. Just my optimistic 2 cents.:)

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So they can't even sell it for 50% of the foreclosure price of 6 months ago. This should be a troubling fact for anyone contemplating buying property in or around downtown.

I think most would consider the fate of a half built project that has been troubled for 5 or 6 years, even during the 'good' times, that has pending lawsuits, and has had bad publicity out the wazoo to be a very different animal than a single property contemplated by an individual to live in. Considering that the pool of buyers is quite different (i.e. large developers or homeowners) and very few would want to jump into this cesspool of a project -- those that would will have cajones about as large as The Park. Using this property and its value as a barometer for the value of individual properties in uptown makes no sense. But if one wants to take any morsel of bad news and spin it into the fate of the entire area, they certainly can. Using that logic, Dee Dee's Hole in Gleneagles means that all of Gleneagles and the Southpark and Carmel areas must be in big trouble. The housing starts that aren't starting at countless planned communities must mean those areas are cratering. The foreclosures at The Peninsula mean that Lake Norman is about to see steep decline.

The Park is a single project that is really unrelated to most of what is happening in uptown or Charlotte for that matter, but if you overlook the problems of the developer (again, long before the downturn), the market during the downturn, the complexities of a foreclosure of a multi-million dollar half built project, I guess it might be making some statement about the overall picture.

The question that comes to mind is why is uptown always so bashed when sales slumps, foreclosures, and problems overall have hit every segment of the market. Seems that this area is singled out over all the others, even when problems are in the entire market, and sales prices for the uptown market, so far, have not shown a pattern of decline. This from data, not from opinion. That isn't to say they won't, predictions that they will may very well come true, but they are based on opinion, not on any trend that has yet to emerge.

Edited by Charlotte_native
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If prices at the Avenue, Trademark, et al collapse, they won't stay that way for long. Charlotte is too powerful a city to sustain a lasting real estate crash. Just my optimistic 2 cents.:)

So far, this year from last, the only building that has seen depreciation is Courtside (and in some cases its been pretty high amounts). These others have remained steady or have had moderate (under 5%) change in value up or down. Doesn't mean they won't fall, but it'll be a few months before we know.

I still think there are too many people who would give their right arm to live in an Uptown Charlotte condo, to contemplate prices collapsing in a major way.

Oh but they must be fools! Sensible people would never ever ever want a condo, even though they've been buying them... :)

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Oh but they must be fools! Sensible people would never ever ever want a condo, even though they've been buying them... :)

I'd never buy into condo living, there isn't enough room in the closets for my pitchfork and my ego.

I certainly do wish they would either get back to work on the Park, or just move the scaffolding. I am assuming this is holding up Caldwell from being finished. The medians have been poured for weeks.

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You guys have been pretty good so far with the guffaws and catcalls. That was easy enough to predict this was gonna come from the usual sources as is the prediction of the of decline residential properties. BTW, I never mentioned the word "condo" so I do find it interesting that you have called me out on that. I never said anything about condos so my guess everyone really knows it is coming, but still won't admit it.

As I said, the results will speak for themselves as they have so far. The Park, 210 Trade, the Catylist, the Encore, Trump, the unnamed 50 story building, Wachovia's 40+ story condo. All just bad memories now. More are coming.

Bookmark this post and if I am wrong, then I will admit it. See you in December 2009.

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You guys have been pretty good so far with the guffaws and catcalls. That was easy enough to predict this was gonna come from the usual sources as is the prediction of the of decline residential properties. BTW, I never mentioned the word "condo" so I do find it interesting that you have called me out on that. I never said anything about condos so my guess everyone really knows it is coming, but still won't admit it.

As I said, the results will speak for themselves as they have so far. The Park, 210 Trade, the Catylist, the Encore, Trump, the unnamed 50 story building, Wachovia's 40+ story condo. All just bad memories now. More are coming.

Bookmark this post and if I am wrong, then I will admit it. See you in December 2009.

You simply make it sound like what was expected -- throw out some bait and see who responds. We did, and so did you. Predicting 50% depreciation sounds more like something you hope for more than see evidence to point to it.

If you didn't mean condos, what properties do you expect to see this slashing with? The office buildings? Unbuilt buildings? If unbuilt they have no value so they can't depreciate. No one that I've seen has denied that projects have stopped, nor have they denied others have continued. Just as many have moved forward as you have named that stopped, they just aren't residential condos -- but I see we aren't talking about condos anyway. No one but you thinks this will happen, but if you are right, so be it, and if you aren't I guess we can all (I'd assume you as well) be happy that we weathered the storm without too much damage.

How is the Catalyst a memory? I can see it right now...

As for the ominous 'more are coming'...I don't know of any buildings announced that haven't been started that will be able to be cancelled. All that you named have stopped, others are already going up, none waiting in the wings that anyone else has seen. Which not-yet-started projects are about to be cancelled? Is there a secret list?

Still being built: Wachovia and the arts complex and museums around it, NASCAR HOF, The Trust, The Ritz, Epicentre (retail and commerical and hotel), Center City Green, 400 Church offices, multiple Southend apartment projects (one newly announced and just starting), The Vue, Catalyst, Garrison, Quarterside...all in motion with cranes moving.

Edited by Charlotte_native
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I dunno what was said, since I was in a restaurant and the sound was off... but The Park was featured on WSOC news Sunday night. Lots of shots of the building from different angles... I suspect it wasn't a positive report. :ermm:

Edited by MZT
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I say add the "ing" and call it a day. We need more garage space anyway.

That is a very good idea. Not as a final outcome but as an interim step to raise some money to enclose the building. Does anyone know what it would take to get a CO to open the parking deck while the rest is in disarray? Epicentre opened its deck a while before the rest was open so it seems feasible.

This thing not only has all the parking levels from the original deck but they added many stories of parking on top of that. I think it is at least 10 stories of parking available a block from the arena and the government district. Seems like a plausible source of income for the bank to recoup some losses while they figure the rest of the mess out.

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