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Fifth and Poplar


Miesian Corners

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I just got an updated price sheet from Helen Adams Realty. email says 1/2 sold out and Price Increases coming.

The price sheet indicates 140 out of 304 units sold. they appear to be anywhere from 335 to 400 psf on what is remaining. interior courtyard 2bd 2bth condos about 1030sf w/ 80sf balcony price from 390K to 405K for a higher elevation.

I know someone who bought as an investor and is looking for a renter at a pretty high price. no doubt he is not alone.

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  • 4 weeks later...

I just got an updated price sheet from Helen Adams Realty. email says 1/2 sold out and Price Increases coming.

The price sheet indicates 140 out of 304 units sold. they appear to be anywhere from 335 to 400 psf on what is remaining. interior courtyard 2bd 2bth condos about 1030sf w/ 80sf balcony price from 390K to 405K for a higher elevation.

I know someone who bought as an investor and is looking for a renter at a pretty high price. no doubt he is not alone.

Wouldn't the rent have to be lower than the apartment complexes are offering? If price were equal, or even a little cheaper at a condo place, I'd probably still lean towards one of the Post or Summit properties. There's a lot of maintenence and a lot less hassle that come with an apartment over someone elses condo, imho. I guess the granite countertops make up for it?

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Investors have been able to buy units and not even bother renting them, when property appreciation is strong enough. But with rising interest rates, that strategy gets riskier each month...

I was looking at the MLS today of 5th and Poplars current listings. I'm assuming that those for sale are those ready to be occupied b/c I thought that they had more than that available. Anyways, I am quite surprised that these didn't sell out already. I think this is a great property with lots of amentities. I'm wondering if many people can't afford the prices. I know that the Avenue is cheaper yet it is a different bird and more enclosed than 5th and poplar without the nice courtyard.

I'm wondering what everyone's thoughts is on this project. I know a lot of the people buying in here are occupying. Which is a lot different than the highrises. I'm wondering what everyone thinks the appreciation is going to be here.

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I don't see how there can be any appreciation, when they are offering a mid-rise at $350 per square foot, with pretty poor floor plans, who would pay any more than that in 2 years when Avenue or TradeMark are available for less, or when the The Citadin midrise is $325 and the high-rise is $350-$375??? It seems like they are already priced to capture the "I will pay anything to down downtown now" premium.

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  • 2 months later...

Guys I went by the sales office and they have sold 180 of 300 units. A lot of those unsold aren't ready yet, they don't just have ready ones sitting around. It looks like this one is going to sell out this year.

Thanks for the update. Hopefully, with the more they sell out of these, the more capital Spectrum will have to invest in some of their other projects, like 300 South Tryon, Graham&Trade, and/or Second Ward, if the land deal is approved.

It is hard to get excited about the Fifth and Poplar project, as it is building that has been there for a few years, but what excites me the most is knowing that they will reinvest the earnings from that project.

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I think they sold out all the 1 bed room condos but struggling to sell 2 bed room condos. They are doing some neat tricks like combining 2 units into one and selling it as a Pent-house. They started the sales process in May of 2005. They probably are getting tough competition from Avenue and Trademark which are selling for less.

Here is my take on positive and negatives about FAP.

Positives:

1. It has 1.5 acre courtyard which is as big as avenue or Trademark.

2. Comes with bigger balconies

Negatives:

1. They still have the look of an apartment like having small windows in the bed room. (FYI: These are initially apartments converted to condos)

2. No floor to ceiling windows.

3. Mid-rise condos. If I am correct high rise condos command better price then mid-rise.

4. Pricier than both Avenue and Trademark.

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Thanks for the update. Hopefully, with the more they sell out of these, the more capital Spectrum will have to invest in some of their other projects, like 300 South Tryon, Graham&Trade, and/or Second Ward, if the land deal is approved.

It is hard to get excited about the Fifth and Poplar project, as it is building that has been there for a few years, but what excites me the most is knowing that they will reinvest the earnings from that project.

It does have Harris Teeter though and other established businesses and across the street is the 4th ward park. I have been through there and you should see what people are doing to the inside of those units. People are investing a lot of money after they buy it. It is looking nice.

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It does have Harris Teeter though and other established businesses and across the street is the 4th ward park. I have been through there and you should see what people are doing to the inside of those units. People are investing a lot of money after they buy it. It is looking nice.

Still doesn't justify the very high cost/sq foot and medicore floorplans, IMHO. Might as well get something with a bette view, windows and location in Trademark.

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  • 2 months later...

It look like this was a good investment for those who bought in. It is almost sold out - something like 30 units left, high demand still so F&P has risen the prices on those left.

If there were high demand those 30 units would be gone already. I want to see how they do percentage appreciation-wise five years out. Then we'll have the whole story. Right now, FAP has the advantage of little in the way of competition to make the initial sale at what I consider inflated prices. Of course, I'd be more than happy if things keep going up and up, being an owner in Courtside. It just seems that $300 to $400 per square foot doesn't leave much room for appreciation.

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If there were high demand those 30 units would be gone already. I want to see how they do percentage appreciation-wise five years out. Then we'll have the whole story. Right now, FAP has the advantage of little in the way of competition to make the initial sale at what I consider inflated prices. Of course, I'd be more than happy if things keep going up and up, being an owner in Courtside. It just seems that $300 to $400 per square foot doesn't leave much room for appreciation.

Well I don't think you can compare 4th ward anything to courtside. Plus F&P has the harris teeter, courtyard, and is near the 4th ward park. Not really apples to apples. I think comparatively to other 4th ward highrise projects, this has been the most successful so far. However, I agree, people won't be making any huge profits anytime soon in there --- but they can break even if they need to sell because people are still buying in there.

I liked Courtside initially; however, the finished product on the outside was lacking to me. It reminds me of a hotel in Myrtle Beach. Doesn't it look like it belongs on a beach somewhere? I think it is something about the balconies, but when I tell someone that and have them look at it when I'm downtown, they all agree.

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Well I don't think you can compare 4th ward anything to courtside. Plus F&P has the harris teeter, courtyard, and is near the 4th ward park. Not really apples to apples. I think comparatively to other 4th ward highrise projects, this has been the most successful so far. However, I agree, people won't be making any huge profits anytime soon in there --- but they can break even if they need to sell because people are still buying in there.

I liked Courtside initially; however, the finished product on the outside was lacking to me. It reminds me of a hotel in Myrtle Beach. Doesn't it look like it belongs on a beach somewhere? I think it is something about the balconies, but when I tell someone that and have them look at it when I'm downtown, they all agree.

Maybe that accounts for the $150 to $200 per square foot difference in price. Seriously, though, time will tell on FAP. IMHO, it is going to suffer when the resales from highrises with the same amenities and better floor plans hit the market. If I'd purchased one of the higher cost-per-square foot places in FAP, I'd be pretty naseous with the fear of losing my shirt.

Are you an agent?

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Here's my complaint about 5th & P. The building was designed to be apartments long-term, not condos. That's why the floorplans basically stink - there's about 156 different floorplans, certainly not typical for a condo building. And that's why it also has Motel 6-like thin walls.

Compare this place to Cotton Mills, which was designed to be a condo-conversion building (and I'm convinced will eventually be converted, especially if Camden is bought, which has been rumored). 5th & P feels flimsy compared to CM.

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Here's my complaint about 5th & P. The building was designed to be apartments long-term, not condos. That's why the floorplans basically stink

I think that's an important point that not a lot of people realize - just think about any apartment you've ever rented - slap down some laminate floors and some granite countertops and bam -- $350K? You still have your washer dryer in a closet in your galley kitchen with a breakfast bar. There's just something about it that doesn't work, particularly at that price.

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Well I don't think you can compare 4th ward anything to courtside. Plus F&P has the harris teeter, courtyard, and is near the 4th ward park. Not really apples to apples.

Well, maybe its more of a red delicious to a granny smith.

1st W has Reids, a rec center and access to the Greenway... When you look at future appreciation potential though, its obvious which area has more room to grow. In 4th Ward, you're paying the higher prices right off the bat. In 1st and 3rd Ward, there's more potential for growth since you're paying lower prices to begin with. Except for The Park, of course.

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  • 2 months later...

I visited the open house of Fifth and Poplar, and they currently have only 10% of the units left. They believe they will sell out within the next couple months.

Because this is just a conversion of an existing building, it isn't that exciting, but it is good to have these projects sold out.

I must say, there is something very cool about living in a project that is just like a hotel. It's not completely for me, but I can really see the draw.

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  • 2 years later...

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