Charlotte Off Topic

[atlrvr]

Any idea where our downtown Class A cap rate is? I'd guess about 7.5%?????

[SmellyCat]

Any idea where our downtown Class A cap rate is?  I'd guess about 7.5%?????

<{POST_SNAPBACK}>

yep - good guess...i'd say around 7.25% to 7.5%. I'd say more like 9.5-11% for the suburban stuff, higher in the university area. Vacancies still hovering near 25% there and the Highwoods portfolio sale apparently has fallen through.

[atlrvr]

Smelly.....by the way, what ever came of your driving tour? Are we going to be seeing any more relocations???

[SmellyCat]

Oh, the driving tour was a big success in my book. Most of my visitors couldn't believe the amount of development going on just in the Uptown area (due to time and attention span constraints, I was only able to do the uptown and South Park legs of the tour). One of the people visiting (a senior executive I might add) was so impressed that he said he would volunteer to move down here within the next year. This is a person who makes serious coinage, like $1 mil+. Luckily the weather was just beautiful that day as well.

I believe, on the whole, we will have at least a dozen more people from my little group moving into the area, although I would expect at least several will be attracted to Ballantyne "hell" (as one poster described it), because after all, they are from the northeast

[carolina_fan]

yep - good guess...i'd say around 7.25% to 7.5%.  I'd say more like 9.5-11% for the suburban stuff, higher in the university area.  Vacancies still hovering near 25% there and the Highwoods portfolio sale apparently has fallen through.

<{POST_SNAPBACK}>

I'm new to this, and a little slow. I think I follow, though. Cap Rate as a multiplier is 10-13 or as a divisor is 7.25-11% in these examples. NOI is in annual terms. This method assumes the value of the property is in the building/rental, and not the land. Am I correct?

[SmellyCat]

I'm new to this, and a little slow.  I think I follow, though.  Cap Rate as a multiplier is 10-13 or as a divisor is 7.25-11% in these examples.  NOI is in annual terms.  This method assumes the value of the property is in the building/rental, and not the land.  Am I correct?

<{POST_SNAPBACK}>

all correct, except that the land is included in the value.

If the land is not owned and there is a ground lease involved, the ground rent (often escalating each year tied to a CPI or other index) is an additional expense included in NOI, which will in turn decrease the value of the building.

[carolina_fan]

all correct, except that the land is included in the value.

If the land is not owned and there is a ground lease involved, the ground rent (often escalating each year tied to a CPI or other index) is an additional expense included in NOI, which will in turn decrease the value of the building.

<{POST_SNAPBACK}>

Unless the value of the property were in the land and not the building (i.e., buy to tear down the building and build something bigger and better).

[atlrvr]

http://www.news14charlotte.com/shared/poll....asp?PollID=475

Read some of these response about Meck/Charlotte tax rate. I really enjoyed the one that said the crime rate was high because taxes were so high that people couldn't afford food.

[peaceloveunderstanding]

hehee, they don't probably don't even pay the taxes.

Edited May 21, 2005 by moonshield

[cinco]

from my sources i am hearing news of a feature film that looks as if it will be shot in the queen city. it's going to be comedy staring will farrell called "talladega nights". will farrell doing a nascar comedy should be brilliant. sources say the chance of charlotte landing this is about 99%....however it is amazing how many tears have been shed because of that remaining 1%.

word.

[Raintree21]

So a movie is going to make fun of NASCAR and probably Charlotte right as we're trying to make the sport and the city look serious. Hope it doesn't do a Days of Thunder when the opening scene is a farm in the middle of nowhere with the caption "Charlotte, NC."

[cinco]

well, first off it's called "talladega" nights. i don't know if its supposed be set in charlotte or not. also, b/c it is a blatant comedy - one is going to see it to have fun. i haven't seen "days of thunder" but i don't think it was supposed to be a comedy...i can see how one might be offended. IMO nascar offers great fodder for comedy and shouldn't always take itself so serious (there have been comedies made about all major american sports). the bottom line is it will bring job oppurtunities and sweet moolah to the city. who will have the last laugh?

[SmellyCat]

imdb.com currently gives the project status as "filming" and it will be released in 2006. The writer/director is Adam McKay, who also directed Will Ferrell in Anchorman and the soon-to-be released Bewitched.

[appatone]

Have any of you heard about The Charlotte Region Civic Design Forum. Apparently they are meetings open to the public to discuss a wide range of development issues. I saw this on Center City Partners website.

The Charlotte Region Civic Design Forum

[krazeeboi]

Anybody know anything about the vacant lot at the corner of South and Remount? Anyone trying to develop it or anything?

[krazeeboi]

One of the topics discussed at the Charlotte Regional Civic Design Forum at the last meeting that I found of interest was, "Is there value in creating a Charlotte region identity?" What do you guys think about this? It's interesting that regionalism was one of the categories which determined which cities were most livable (and Charlotte made the list), at least according to Partners for Livable Communities.

[Miesian Corners]

Have any of you heard about The Charlotte Region Civic Design Forum.  Apparently they are meetings open to the public to discuss a wide range of development issues.  I saw this on Center City Partners website.

The Charlotte Region Civic Design Forum

<{POST_SNAPBACK}>

I go every month. Been a lot of fun. I highly encourage everyone to come. Also a good place to network if you're in the planning/development/architectural biz.

[NcSc74]

Hello I am fresh off of SSP. I always saw a link for your site but never thought of checking it out until yesterday I got fed with the city bashing SSP. I really like this site. It keeps me informed on the developments on NC's shining example of proressive growth. I am so proud of Charlotte and believe me people back east do appreciate you. At least I do. I am currently in Las Vegas and trust me I wish I was back home. The last time I was in Charlotte was 1987. We were on a family trip to Carowinds and I was so happy that NC had a city with tall buildings.

[cinco]

Hello I am fresh off of SSP. I always saw a link for your site but never thought of checking it out until yesterday I got fed with the city bashing SSP. I really like this site. It keeps me informed on the developments on NC's shining example of proressive growth. I am so proud of Charlotte and believe me people back east do appreciate you. At least I do. I am currently in Las Vegas and trust me I wish I was back home. The last time I was in Charlotte was 1987. We were on a family trip to Carowinds and I was so happy that NC had a city with tall buildings.

<{POST_SNAPBACK}>

ncsc74, welcome my friend. glad you joined us. we have good moderators and usually the bashing is extingquished quickly. come on back to charlotte, she has changed tremendously since 1987. hell, you wouldn't even recognize carowinds.

good to have you.

[atlrvr]

In case no one has checked the news today, the Supreme Court ruled that municipalities have a much broader ability to take properties through eminent domain than has been generally accepted. Property can now be taken for private development with the justification that there is public good in new jobs and greater tax revenues.

http://www.charlotte.com/mld/charlotte/new...ws/11966710.htm

As someone who tends to be more pro-property rights, I am HUGELY disappointed in this decision. Additionally, it biases development even more to favor large developers and against entreprenurial developers.

Edited June 23, 2005 by atlrvr

[f0xym0p]

I agree with you; this ruling is really unfortunate. I would hate to see people lose their homes so a mall or office park can be built.

[dubone]

Hello I am fresh off of SSP. I always saw a link for your site but never thought of checking it out until yesterday I got fed with the city bashing SSP. I really like this site. It keeps me informed on the developments on NC's shining example of proressive growth. I am so proud of Charlotte and believe me people back east do appreciate you. At least I do. I am currently in Las Vegas and trust me I wish I was back home. The last time I was in Charlotte was 1987. We were on a family trip to Carowinds and I was so happy that NC had a city with tall buildings.

<{POST_SNAPBACK}>

welcome to urban planet.

you would probably not even recognize charlotte after almost 2 decades of growth and changes. If you search for photos, there are some photo threads by me and a few others that could really show you how much it has changed.

[Sabaidee]

In case no one has checked the news today, the Supreme Court ruled that municipalities have a much broader ability to take properties through eminent domain than has been generally accepted.  Property can now be taken for private development with the justification that there is public good in new jobs and greater tax revenues.

http://www.charlotte.com/mld/charlotte/new...ws/11966710.htm

As someone who tends to be more pro-property rights, I am HUGELY disappointed in this decision.  Additionally, it biases development even more to favor large developers and against entreprenurial developers.

<{POST_SNAPBACK}>

Some states already have laws protecting property owners, the Constitution does not mention local governments and it is the state governments that grant city charters, the state will have to act upon this ruling rather than the local governments. By the way, North Carolina's property rights law exclude private development in its eminent domain powers.

[UptownGrrl]

In case no one has checked the news today, the Supreme Court ruled that municipalities have a much broader ability to take properties through eminent domain than has been generally accepted.  Property can now be taken for private development with the justification that there is public good in new jobs and greater tax revenues.

http://www.charlotte.com/mld/charlotte/new...ws/11966710.htm

As someone who tends to be more pro-property rights, I am HUGELY disappointed in this decision.  Additionally, it biases development even more to favor large developers and against entreprenurial developers.

<{POST_SNAPBACK}>

HA HA -- turnabout is fair play!

Hotel Lost Liberty; Just Desserts Cafe

[Miesian Corners]

HA HA -- turnabout is fair play!

Hotel Lost Liberty; Just Desserts Cafe

<{POST_SNAPBACK}>

They had me until I read the part about copies of Ayn Rand's The Fountainhead in every bedside table. After being forced to read it and Atlas Shrugged in high school, I'd be siding in with the Court rather than be faced with her drivel again.