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Fifth and Poplar


Miesian Corners

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Who do you contact if you're interested in a purchase. Helen Adams?

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You can just swing by their office in the building and they've got a representative there. I know that Shane McDavitt, or whatever his name is, is selling them. I think he's Helen Adams, but I can't remember. Maybe Center City Properties?

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Just for shiites and giggles, I went over to the open house at 5th & Poplar today to take a looksee. Surprisingly, it was pretty bustling, about 15 or so people were there. The usual suspects - mostly 30something couples and older empty-nesters.

So far, 130 out of 304 units have been sold. Apparently several people are even buying side-by-side units and will knock down a wall and combine the units.

The one 1074 sq.ft. model they were showing was pretty impressive, overlooking the courtyard and with a skyline view (but only from the balcony, not from inside). The fit and finish were quite nice. That unit had already sold for - believe it or not - $401,000. That's $373 per sq.ft, kiddos. :blink:

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Just for shiites and giggles, I went over to the open house at 5th & Poplar today to take a looksee.  Surprisingly, it was pretty bustling, about 15 or so people were there.  The usual suspects - mostly 30something couples and older empty-nesters.

So far, 130 out of 304 units have been sold.  Apparently several people are even buying side-by-side units and will knock down a wall and combine the units.

The one 1074 sq.ft. model they were showing was pretty impressive, overlooking the courtyard and with a skyline view (but only from the balcony, not from inside).  The fit and finish were quite nice.  That unit had already sold for - believe it or not - $401,000.  That's $373 per sq.ft, kiddos.  :blink:

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Amazing. I wonder how long demand will stay this high.

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In a rapidly rising market like southern California and Florida, it can work. All the investor buddies of the developer buy in, then flip the units to public.

Considering how many new condos are going into uptown, and that you do still need to pitch the idea to the general public (face it, most families still want a 2000sf vinyl box with a garage and yard) I think you should only buy, if you plan to live there and pay down the mortgage.

More cautious investors can always step in a few years later, when more units are being resold, and the publicity buzz and new house smell is gone. <_< That's where the best buys are. I don't think "buy now or you can never afford it" applies in Charlotte.

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Yeah, there's just so much new construction outside the 485. In a small way, I'm surprised that condo sales are doing as well as they are. I can understand it better in Toronto / New York / San Francisco where the city fronts a waterline, and scarcity of land forces upward building.

Charlotte has lots of developable land all around. So people are truly buying condos as a lifestyle choice, or because they like the amenities in uptown.

I still mull it over from time to time. It'd be nice to not have to mow grass, trim shrubs, bag leaves, scrape rust, and paint.... and have a high view as a bonus. I might convert my own house to a rental in a few years, by choice.

But, I've traded jobs so many times in the last decade, it's hard to also imagine remaining at my uptown position for that long. -_- Just have to see how the future plays out.

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Yeah, there's just so much new construction outside the 485. In a small way, I'm surprised that condo sales are doing as well as they are. I can understand it better in Toronto / New York / San Francisco where the city fronts a waterline, and scarcity of land forces upward building.

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Chicago is a very desirable, cosmopolitan city which fronts a waterline similar to those cities you mentioned, but yet condo sales (and housing prices in general) have not kept pace with those other cities. It seems to always ultimately boil down to supply and demand. Chicago is not growing, demand has remained flat, yet much new supply keeps coming online.

On the flip side, Charlotte is growing fast and there apparently had already been a latent, pent up demand for urban/city living. And perhaps worsening traffic, hight gas prices and anti-sprawl talk has helped push up that demand up even further. In addition, there was never a big run up in house/condo prices in Charlotte that those other cities have been seeing since 1996. In fact, the yearly price increases here were teeny tiny by comparison.

And thanks to our brilliant urban planners who came up with the idea for a 277 loop, we do sort of have a man-made boundary and scarcity of limited urban land to develop. Now we often hear realtors talk of condo pricing "within" and "outside" the loop. That's why I hardly see the recent price increases in the area as a bubble and I think they are very much sustainable in the long term. Especially as more restaurants continue to open uptown and retail moves in.

Also, from what I'm hearing from some contacts, a healthy majority of the units being sold in town are or will be owner-occupied, unlike the spec bubble that's happening in South Florida.

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You know, as much as americans hate it gas prices will continue to go up and up and up. In europe they already pay about 5 dollars a gallon and China is growing so fast that the demand is going up while the supply remains the same (and cant really go up too much more). That only means on ething....our prices will probably hit (and remain) at 3.50-4.00 dollars or so per gallon. Personally that alone means that not only will charlotte's mass transit system become very popular in the decade or so after it is finished--but that more than 2% of the metro population will want to live uptown. In addition--the neighborhoods around uptown will continue getting more dense. I think there will be a lot more than 30,000 people living uptown based on simple economics. Also, remember that as charlotte continues to attract northerners in droves they may want more of an urban lifestyle that they're used to.

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Americans haven't been worrying about inflation as they did in the 80's when it hit its high at around 12%, our demand for gas is what driving up gas prices. This is very different from the early 80's, then it was a supply problem and gas prices soared to $8 a gallon in today's dollars. I wonder did the gas crisis changed how growing cities are developed in 80's?

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The 277 island effect is a good point. I can't think of a city anywhere that I've visited, with such a "tight" loop. I know from living in California that highways have important, dividing effects. The perception of the ocean side of 405 is very different than the land side, for example.

Maybe those of you who have said you'd like to see 277 "capped" should let things mature a bit. :)

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I beleive vue prices start from $375/sq ft. Fap start from $290/sq ft.

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Yeah, but I dropped in over the weekend at fap and it looks like there's a lot more overlap in the prices than that. Most are in the $350 range, which, when you compare everything the Vue has to offer, seems to make the Vue a much, much better deal. IMHO.

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3 BR units at the Vue are over 500.00 per foot.  :cry:

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Well, the way I look at it is you can get something 28 floors off the ground with a fantastic view for what you pay per square foot on FAP for something 4 floors with a partial view of what pokes up over the building from the courtyard.

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