Jump to content

Who is going to buy all the Condos, (Part II)


monsoon

Recommended Posts


Basically Archer Daniel Midlands and their mill is saying we don't want a bunch of townhomes this close to our facility where there is noise 24/7  and I dont blame them.  They know these home buyers will complain non stop  even though this mill has been there.  I had someone looking at one of the condos at Fourth Ward square and she asked me if that noise was going away.  I told her probably not anytime soon and she looked elsewhere.  Surely  Lennar  can find another site that is not next to an industrial facility that is probably not moving anytime soon.  They are at the junction of 2 major highways and 2 crossing railroads why would they move?   If they the developer wins the rezoning  ADM should erect a banner on the side of the storage silos that says this is a 24 hour 7 day operation that makes noise just to let you know.   Not to mention so close to active heavily used freight lines.  

https://charlottenc.gov/planning/Rezoning/RezoningPetitions/2021Petitions/Pages/2021-238.aspx

https://charlottenc.gov/planning/Rezoning/RezoningPetitions/2021Petitions/Documents/Community_Meeting_Reports/2021_238_CMR.pdf   page 32 look at the townhomes location compared to ADM 

Edited by KJHburg
  • Thanks 2
  • Haha 2
Link to comment
Share on other sites

In the 1800's with the age of steam and coal steam engines, expensive homes were never by the rail line. The shower of sparks from the locomotive stack and the smoke from the boiler firebox meant there was fire risk and soot as a constant companion. The vibration of passing trains made a less than solid structure subject to premature failure. Modern diesel electrics have reduced the first risk but the second is still an issue. Plus the noise which can be a thrum resonating throughout the structure not including the train horn, the clang of cars clattering over rail connections, and all the rest. In the childhood of my parents time no one bragged about living by the railroad.

 

edit typos

Edited by tarhoosier
  • Like 2
  • Thanks 2
Link to comment
Share on other sites

CONDO news yes this is about Condos being built albeit pricey ones in Myers Park.

""John Tammaro, owner and CEO of Simonini Homes, said high demand for luxury living prompted the company to build more upscale condos in Myers Park. Construction is slated to begin on Echelon on Queens in the second quarter of 2023. The project, which includes a gated parking deck, totals 73,792 square feet and is expected to cost about $22.4 million.   Echelon will include 17 two- and-three-bedroom condos that range from 2,029 to 2,537 square feet. The units are priced starting at $1.5 million. Two top-floor penthouses, spanning more than 4,500 square feet, will have three bedrooms, three-and-a-half bathrooms and include additional amenities like a study, an expansive balcony, a chef’s kitchen and a wine cellar.  This isn't Simonini's first luxury project in Myers Park. Construction on 1500 Queens, a 14-condo project at the corner of Queens Road and Pembroke Avenue, began in October 2020 and is expected to deliver in the next eight to 10 months. Tammaro said it was the high demand there that made the decision to build Echelon an easy one.""

https://www.bizjournals.com/charlotte/news/2022/06/10/simonini-homes-myers-park-luxury-condos-housing.html

  • Like 2
Link to comment
Share on other sites

What’s the likelihood of those condos by the boardwalks in the university being developed someday? I know those have been there forever, but I feel like that this will be a super prime spot someday with the current revamp of the area and proximity to jw light rail station. Just a thought, possibility nothing will happen. 
C0501605-43D4-4CC2-BB7B-7194AE0C824A.thumb.jpeg.12ec296af9f9bf00b79b9ebd357ea9dd.jpeg

  • Like 1
Link to comment
Share on other sites

20 minutes ago, CharlotteWkndBuzz said:

What’s the likelihood of those condos by the boardwalks in the university being developed someday? I know those have been there forever, but I feel like that this will be a super prime spot someday with the current revamp of the area and proximity to jw light rail station. Just a thought, possibility nothing will happen. 
 

I would say highly unlikely.  Given individual  ownership of condos it is hard to put together an assemblage like that but the Trianon in southpark has done it.  But I would say don't hold your breath. 

  • Like 3
Link to comment
Share on other sites

Charlotte ranks in the top 5 nationally in new home construction per capita and in the top 10 of cities with the most apartments per capita being built. 

More supply of SF homes and townhomes and rental apartments helps with affordability.

https://investors.redfin.com/news-events/press-releases/detail/727/redfin-reports-austin-raleigh-and-other-popular-sun-belt

Raleigh is #2 per capita in new home builds

https://www.redfin.com/news/metros-building-new-construction-Q1-2022/

  • Like 2
Link to comment
Share on other sites


  • 2 weeks later...

Year over Year Rental Lease Price increases being passed onto Charlotte Area Renters is just sick.  100 to 200$ per month Rent Increases are totally ridiculous but I fear are being done because of the strong In Migration of Renters to the region.

Link to comment
Share on other sites

17 minutes ago, Hushpuppy321 said:

Year over Year Rental Lease Price increases being passed onto Charlotte Area Renters is just sick.  100 to 200$ per month Rent Increases are totally ridiculous but I fear are being done because of the strong In Migration of Renters to the region.

Unfortunately that is happening in most of our peer cities Raleigh Nashville Atlanta Florida cities.   I do believe this will moderate in the next year because of the national economy. 

  • Like 2
Link to comment
Share on other sites

  • 2 weeks later...

Investors still some of the biggest buyers of homes in this area from this 1Q 2022 data.  I do think this will be slowing down as the year goes on. 

These investors are pushing aside owner occupant buyers and more neighborhoods are putting rental restriction in like wait a year after buying a home and then you can rent away.   Covers the owner occupant who needs to sell but maybe the market is not good and they could rent.  Berewick has a newly enforced policy only one rental investment home per purchaser.  That means big corporate owners not welcome.  

From the Biz Journal

""Investors were responsible for 32.2% of home purchases in the Charlotte market during the first quarter of 2022, according to the Redfin study. That's down 19.1% over the quarter but up 44.4% over the year. In the first quarter of 2021, investor purchases here made up a 23.1% share. Local homes purchased by investors during the first quarter of 2022 had a median price of $306,000 and totaled $1.15 billion in value.  Of the markets included in the study, Charlotte logged the third-highest percentage of investor-purchased homes in the first quarter of this year, following Atlanta, with a 33.1% share, and Jacksonville, Florida, with a 32.3% share.""

https://www.bizjournals.com/charlotte/news/2022/07/05/housing-market-investor-activity-q1-2022.html

  • Thanks 2
  • Sad 1
Link to comment
Share on other sites

  • 2 weeks later...

who is going to rent all these apartments?  this should lower rent increases with so much new supply.  

from the Charlotte Ledger this morning:

""Building boom: Charlotte has a record number of apartments under construction
You’re not imagining things: There really are a lot of apartments being built in Charlotte.

In fact, there are more apartments in Charlotte under construction now than at any time in the city’s history, according to a new report from real estate data service CoStar.

Figures from CoStar show that there were nearly 20,000 apartments in Charlotte under construction in the 2Q of this year — the equivalent of more than 10% of all the apartments in the city. Apartments are going up all over the place, but the biggest concentration is in … drum roll … South End, which has more than 2,000 under construction at the moment.

New starts slowing, rents moderating: Demand, though, seems to be cooling off, and groundbreakings have slowed since April, wrote analyst Chuck McShane. But there will still be a ton of apartments coming on the market in the next couple years, which should lead to lower increases in rent.

And by lower, we mean less than the 14%-18% annual increases of the last few quarters. —TM""

 

  • Like 1
Link to comment
Share on other sites


28 minutes ago, KJHburg said:

who is going to rent all these apartments?  this should lower rent increases with so much new supply.  

from the Charlotte Ledger this morning:

""Building boom: Charlotte has a record number of apartments under construction
You’re not imagining things: There really are a lot of apartments being built in Charlotte.

In fact, there are more apartments in Charlotte under construction now than at any time in the city’s history, according to a new report from real estate data service CoStar.

Figures from CoStar show that there were nearly 20,000 apartments in Charlotte under construction in the 2Q of this year — the equivalent of more than 10% of all the apartments in the city. Apartments are going up all over the place, but the biggest concentration is in … drum roll … South End, which has more than 2,000 under construction at the moment.

New starts slowing, rents moderating: Demand, though, seems to be cooling off, and groundbreakings have slowed since April, wrote analyst Chuck McShane. But there will still be a ton of apartments coming on the market in the next couple years, which should lead to lower increases in rent.

And by lower, we mean less than the 14%-18% annual increases of the last few quarters. —TM""

 

Last I read, Charlotte need about 12,000 a year to keep up with demand. But the MSA needs 30,000 apartment units. So 20,000 under construction makes sense since they are staggered. 25000 moving into Charlotte metro alone per year. And most are seeking rentals.

  • Like 1
Link to comment
Share on other sites

I’d love to know what the annual Single Family Home construction is for Mecklenburg County - seems like Wake County dominates in SFH construction in the State which makes since due to its vast size and available land.  People in CLT do need homes to own though, I guess Townhomes / Triplexes/Quadplexes will be the main thing built in the future since land is not that available in large parts of Mecklenburg.

  • Thanks 1
Link to comment
Share on other sites

  • 3 weeks later...

This must be why I’m seeing apartments being constructed along Tyvola Rd and along Woodlawn Rd.  The Blue Line Corridor Apartment growth seems to be spreading to these areas as well since they’re both within 1/4 Mile of those Station’s.

  • Like 3
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.