Posted On: February 27, 2009 By: admin

Duke Energy has just signed lease with Wells Fargo to move most of its Uptown Charlotte operations to the new building on Tyron Street.  The Wachovia Tower, which is a part of the Wachovia Cultural Campus, is changing names.  The new building will be called Duke Tower.

Duke Energy is currently located on South Church Street and employees 3,000 in its current Uptown location.  Duke Energy will occupy 20 floors of the 48 story building.  The rest of the building will be occupied by Wells Fargo Employees.  The lease will give Duke Energy nearly 1.3 million square feet.

Category: Third Ward

Posted On: February 27, 2009 By: admin

On Monday, Charlotte City Council has approved an ordinance replacing old news racks with a more aesthetically pleasing modular news rack.  The ordinance also forces all Uptown Charlotte news racks to be at least two feet from the curb and at least for feet from fire hydrants and crosswalks. 

The new modular news racks will cost $260,000 and Charlotte Center City Partners and the Charlotte Regional Visitors Authority will flip the bill.  Tax dollars both contribute to both organizations.   The changes should come this summer

Category: Uncategorized

Posted On: February 20, 2009 By: admin

If you ever wanted to see if living in Uptown Charlotte was it for you, now may be the time to find a great deal.  With the recent recession many owners have opted to take their units off the market and turn them into rentals.  What does this mean for the consumer?  Great Deals!

It’s a buyer’s market out there; it’s also a renters market as well.  Everything in Real Estate is open for negotiations, so be sure you negotiating the best terms possible for you.  Remember these numbers when you are negotiating on a rental lease in Uptown Charlotte.

Currently properties for rent as of February 20th, 2009:

First Ward Charlotte:   21 properties for rent ranging from $835 to $2,800 a month.
Second Ward Charlotte:  0 properties for rent.
Third Ward Charlotte:  34 properties for rent ranging from $850 to $2,600 a month
Fourth Ward Charlotte:  50 properties for rent ranging from $775 – $3,900 a month

These numbers don’t include the 230 rental units that are about to come on the market from The Catalyst Condos.

Current market conditions should also reduce the rent on many Uptown Charlotte apartment complexes.  I recently had a client who was looking to rent out a nice 2 bedroom 2 bath.  He started to give his 60 days notice to the apartment complex and they lowered his monthly rent by over $150 a month!

Not only can you find great deals on renting, but buying as well.  As the uncertain market conditions continue, many units are just sitting on the market with little or no activity to them.  Only 5 units were sold this December 2008 and only 4 units in January 2009.

Currently properties for sale as of February 20th, 2009:

First Ward Charlotte:  32 properties for sale ranging from $166,900 to $659,900.
Second Ward Charlotte:  13 properties for sale ranging from $250,000 to $5,000,000.
Third Ward Charlotte:  66 properties for sale ranging from $164,500 to $689,900.
Forth Ward Charlotte:  161 properties for sale ranging from $145,900 to $1,500,000.

Category: First Ward, Fourth Ward, Second Ward, Third Ward

Posted On: February 6, 2009 By: admin

The recession has not halted another Uptown Charlotte Condo project, just cut it in half.   Novare Group is cutting The Catalyst Condos into half rentals and half condos.  The 27 story tower which has 462 units will be cut in half.  Units on floors 2 – 14 will be rentals and floors 15 – 27 will be condo for sale.  People under contract will have the option of buying, leasing or request a deposit refund.

In total The Catalyst will have 228 apartments and 234 condos for purchase.   Only 60 condos were under contracts which led to this decision.  The Catalyst Condos will be the only high-rise apartment in Uptown Charlotte. 

The Novare Group just recently completed The Avenue Condos in Uptown Charlotte.   Currently the only Condo project under construction in Uptown Charlotte is The Vue Condos which are located in the Fourth Ward.

Category: Third Ward

Posted On: February 5, 2009 By: admin

With the majority of the pre construction condos stalling due to lack of financing, there are a few in Uptown Charlotte Condos that are still being completed.  The Vue Condos is still on task to be completed in 2010 and The Catalyst Condos should be completed soon.  The word on the street is that Catalyst Condos, which should be completed soon, may be converted into apartments.   There is no official announcement as of today, but look for it to come soon from the Novare Group.

Another project that is looking to complete its funding is The Encore Condos located at Sixth and North Tyron streets.  The Pursuit Group, which just finished The Trust Condos,  is asking the city of Charlotte for another extension to try to find some last minute financing.  The deal would include saving The Carolina Theater and receiving tax rebates from the city. 

Another developer from Atlanta has shown interest in the property, but does not want to keep The Carolina Theater intact.   By doing so, this would erase more than $4 Million in commitments and rebates to The Pursuit Group from the city of Charlotte.

The Encore Condos is planned to be a 20 unit luxury tower with car elevators that takes their owners right to their very own doorstep.  The prices ranged from $1.75 million to $5 million dollars.  There are currently 8 units that are under contract.

Category: Fourth Ward, Second Ward, Third Ward

Posted On: February 3, 2009 By: admin

January 2009 Uptown Charlotte Condos Report!

There were currently 69 properties on the market with an average list price of $339,664.

2 Properties were conditional and 1 was contingent.

There were a total of 4 properties sold for an average of $1,099,903 and were on the market for an average of 50 days.

There were 23 properties withdrawn and 33 expired listings.

The four units that were sold for the month were located at The Trust Condos, The Trademark Condos, Fifth and Poplar Condos and The Avenue Condos.

Click Here to see Decembers Numbers

Category: Statistics