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Charlotte's Urban Lowe's Home Improvement


monsoon

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Are there any concerns that there will be a pocket of Eastland-style low-end real estate around there? The Village at Southend is nice, with some higher-priced condos in the complex, but Atherton Heights and Southborough have such low price points.

I live nearby, I would much prefer occupied condos to empty condos regardless of price point. No matter what they sell for Southborough is a vast improvement over the previous low end business park and handful of rundown 800 square foot houses.

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I live nearby, I would much prefer occupied condos to empty condos regardless of price point. No matter what they sell for Southborough is a vast improvement over the previous low end business park and handful of rundown 800 square foot houses.

That makes sense. I didn't remember what was there before. I also own a place around there (as an investment) and am just always watching property values and trends.

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That makes sense. I didn't remember what was there before. I also own a place around there (as an investment) and am just always watching property values and trends.

The good news is there are a surprising number of teardown / rebuilds over on McDonald, Winthrop and Diana. The cheaper houses have also started to sell again. I think things are starting to look a little better in the hood.

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  • 3 weeks later...

Today's business journal has a fluffy article on Southborough. Some remarkable sales figures are included

July 28, realty firm My Townhome closed on the sale of the final unit at Southborough....

That’s 48 units sold in nine months, or an average of five condos every month.

The article says that units were discounted about 30% from their original lists and the realtor claims “We came very close to list price on every sale,”

http://www.bizjourna...at.html?s=print

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Today's business journal has a fluffy article on Southborough. Some remarkable sales figures are included

The article says that units were discounted about 30% from their original lists and the realtor claims “We came very close to list price on every sale,”

http://www.bizjourna...at.html?s=print

My husband and I looked at them ourselves and all three options (modern townhouse, traditional town home and apartments were pretty quality products so I'm not surprised.

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Today's business journal has a fluffy article on Southborough. Some remarkable sales figures are included

The article says that units were discounted about 30% from their original lists and the realtor claims “We came very close to list price on every sale,”

http://www.bizjourna...at.html?s=print

As an owner of property in this area, I'm thrilled that they have sold all of these units. It's that more occupied units. My wife and I looked at some as well and definitely liked them, just not their price tag when they were first on the market ~2 years ago.

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  • 11 months later...

This project has already received a large amount of national press in planning and real estate journals.....I think we will start to see this as the rule rather than an anomoloy within 5 years.

Reading through this thread, this quote made me kinda sad.

There was a great deal of fear of Lowes damaging Dilworth due to traffic generation and light pollution. As a resident of Dilworth I'll say that none of those problems have emerged. Lowes has been a fine neighbor and is a much better landuse than the warehouse space it replaced.

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On the flipside, the parking on the roof is somewhat absurd. I have been to this Lowe's quite a bit in the last few years, I have driven to the roof lot a few times just for the heck of it, but it almost never has more than a few cars, while the modest sized lot is no more than 1/2 full.

I don't know if that is a function of home improvement stores doing far worse than they used to during the boom years or whether the parking requirement was purely a function of faulty city zoning policies about square footage presumably needing a high number of parking spaces. Obviously all the bugaboos that Dilworth was worried about were totally unfounded, but I even wonder if it could have been developed with an exemption to allow just the smaller parking lot.

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On the flipside, the parking on the roof is somewhat absurd. I have been to this Lowe's quite a bit in the last few years, I have driven to the roof lot a few times just for the heck of it, but it almost never has more than a few cars, while the modest sized lot is no more than 1/2 full.

I don't know if that is a function of home improvement stores doing far worse than they used to during the boom years or whether the parking requirement was purely a function of faulty city zoning policies about square footage presumably needing a high number of parking spaces. Obviously all the bugaboos that Dilworth was worried about were totally unfounded, but I even wonder if it could have been developed with an exemption to allow just the smaller parking lot.

Agreed, the small ground lever lot is plenty big for the store.

The High Cost of Free Parking (by Donald Shoup) does a really nice job of documenting the total lack of research behind parking minimums. In short, the handbook which is used to design zoning ordinances is based on a VERY limited number of observations of specific landuses in suburban areas. He makes a good case that the planning status quo on parking minimums has done more to damage urbanism than anything else.

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  • 1 year later...

Beacon Partners continues to hoover up midtown area office space, the purchased the office / retail building at Southborough from a subsidiary of Lowes (I didn't realize that they owned it) for $3.88 mill. I was surprised to hear that the building is 80% occupied (it doesn't look it).

 

http://www.bizjournals.com/charlotte/blog/real_estate/2013/08/beacon-purchases-mixed-use.html?ana=e_du_pub&s=article_du&ed=2013-08-27&u=jDmEk+CKbYnAvaVfOFOlFGXcGSC&t=1377634568&page=all

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