In Charlotte, NC, City of the Future, Top Market in Real Estate in the country, we, too, are seeing the slow-down. In our case, and I speak for myself, the delay of some condo projects in our center city was wise. And this slowing down is still on a rapid track with a profusion of cranes in our uptown. So what’s happening in the Queen City? A major and most luxurious condominium project, One by Portman, was put on hold. For many reasons, the convergence of their opening announcement and the sub-prime news, maybe even their apprehension about being one of the most expensive projects, starting at 1.5 million per condo…but still wise. They can wait. Patience is good. Sometimes waiting gives us direction…redefinition. So good for Portman.
Another by Spectrum, 300 S. Tryon, has been put on hold. Also wise. Even though they say they had 72 units under contract. Again, waiting is good. Patience will pay off for both Spectrum and Portman and for the developers of the towers underway. And for the buyers on down the road…maybe not for the sellers of the then older units. In speaking with an agent in Atlanta about their market, she said they went gang-busters but then folks started to wait to see what the new ones would offer. This is what makes horse racing. For the moment we have some breathing room.
The third player has left the state according to the news. Beazer Homes had a significant community planned just blocks from center city. The land sits. All is quiet. But better to have not started than started and then left. Many of their communities were left unfinished or incomplete.
On our website, www.condocando.comeverything is listed for the completed condo projects in Center City Charlotte aka Uptown along with sales figures from units sold last year. We are parsing the market by area and hope to stay ahead of the curve in getting the news out to you as quickly as we can.
2007 statistics for real estate sales in Charlotte and our region will be out soon.
Thanks for joining us.Lynnsy Logue the Real Estate Lady® and CondoCanDo®.