Posted On: May 17, 2010 By: admin

Another chapter goes down in the books as The Park Condos gets “OK” for hotel rooms.  The Park which is located in 2^nd Ward, was one of the earlier projects during the economic boom, however was never completed.  Many buyers lost their earnest money and have sued the developer to reclaim lost funds.   Due to the developer filing chapter 7, it is highly unlikely they will ever seen any return of their monies. 

According to recent reports the Charlotte City Council has approved hotel rooms and a rooftop restaurant to the unfinished condo tower.   The new zoning calls for up to 148 hotel rooms and 74 residential condo units. 

The building is currently 70% complete and would take up to 20 months to finish once construction begins. 

We have also blogged about The Park Condos in these related stories.

On May 25^th, 2009 – The Park Condos Developer Files Chapter 7

On August 19^th, 2009 – Park Condos in Uptown Charlotte get a buyer

Category: Second Ward

Posted On: March 25, 2010 By: admin

Uptown Charlotte Second Ward Calendar Year Activity for 2009.

During the calendar year 2009 Second Ward struggled with sales.  By the last day of the year, 4 townhouses/condos had sold. These 4 townhouses were on the market an average of 80 days. The average heated square footage of these 4 units was 3,557 square feet.  The average list price was $1,528,750, and the average sold price was $1,491,653.  These properties sold for an average 95% of the list price.  The four sales were spread out over the year, with one sale being in January, the next sale in March, the third sale being in August, and the last sale being in November.

The previous numbers are skewed by the two sales in January and August.  These condos sold for $3,195,614 and $1,525,000 respectively, and the square footage of each is 7,000 and 3,565 respectively.  Compare these two condos to the two other sales in Second Ward being 1,756 and 1,907 square feet at a sale price of $580,000 and $670,000 respectively, and you can see the broad price range in this particular area.  The two more moderately priced condos that sold are located at The Ratcliffe, and the two more luxurious condos are located at The Trust.

Looking at 2010 year to date, Second Ward currently has three condos on the market. Two are $1.5 million, plus, and the third is priced at $289K. They have been on the market an average of 319 days. There are no closed sales year to date in Second Ward.

Category: Second Ward

Posted On: October 11, 2009 By: admin

It’s not looking good if you have a deposit for a unit at 210 Tradein Uptown Charlotte.  On October 2nd, Flaherty & Collins filed for Chapter 7.  The proposed 48 story, 419 unit tower will have to wait a while before being built.

According to court documents, there are over 300 creditors seeking an estimated $52.54 million in claims connected to 210 Trade.  The general contractor R.J Griffin & Co is owed $9.77 million for unpaid work.  R.J Griffin & Co is also the general contractor at The Vue Condos.  The Vue Condos was behind in payments but have recently paid.  R.J. Griffin & Co. will resume construction again.

There were a total of 265 buyers under contract at 210 Trade.  It’s highly unlikely these buyers will receive their earnest money back.  The Park Condos had 80 buyers under contract who lost their deposits.  The Park Condos was recently purchased by a developer from Florida and hopes to finish the tower soon.

Click here for Charlotte Condos For Sale

Category: Second Ward, Third Ward

Posted On: August 19, 2009 By: admin

Small Brothers Charlotte which is a subsidiary of Florida developer Small Brothers LLC, has purchased The Park Condos in a private auction that started last month.  The Park’s lender BB Syndication Services of Wisconsin sold it for an undisclosed amount.

The building has been sitting dormant for 18 months with no siding and has been exposed to all kind of damage due to the natural elements.  The 21 story, 106 unit luxury tower was built during the condo boom in Uptown Charlotte.   Many of the 80 buyers put several thousand of deposits down, from which they will probably not recover those lost funds.

The new owners plan to resume construction in six months time.   Plans are to complete the tower as a for-sale condominium.

Category: Second Ward

Posted On: May 29, 2009 By: admin

The developer of the poplar unfinished eye sore in Uptown Charlotte has filed for Chapter 7.  Last year the developer, Verna lost control of The Park Condos after defaulting on a construction loan.   The lender foreclosed on the property and BB Syndication Services Inc purchased the property for 14.2 Million at auction.

We had previous blogged about The Park Condos back in August.

Category: Second Ward

Posted On: April 9, 2009 By: admin

There are only two units remaining at The Trust Condos, which is located in 2nd Ward in Uptown Charlotte.  The building contains 8 custom designed homes with a boat load of luxury amenities.  The former Home Federal Savings and Loan Building is finishing up the roof as well as the basement social room and win locker area. 

The Trust units range from 3 to 4 bedrooms and 4 and 2 half baths.  The units range from 3,200 to 7,000 Sq Ft.  Prices start out at 1.5 to 3.9 million.  There is one contingent and one pending offer.  Every unit is one of a kind featuring Viking appliances, high ceilings and tall window walls.

The two units at The Trust Condos are currently on the market are:

Unit 3B
3600 Sq Ft
4 Bed – 4/1 Bath
$1,550,000

Unit 7A
3200 Sq Ft
2 Bed – 2/1 Bath
$2,025,000

Category: Second Ward

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 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: January 7, 2009 By: admin

What happened to the condo boom?

The condo boom, which started in 2007 and continued through early 2008, cooled quickly because of the collapsing economy and nervous investors.  Though it once had one of the best real estate markets, Charlotte started to feel the ripple effects the rest of the country felt in earlier months.
One of the first condo casualties in 2008 was One Charlotte.

One Charlotte  was a proposed luxury tower in second ward, but its construction never even started.

One development that finished construction but had trouble selling units was the Enclave.  As a result the Enclave was turned into an apartment complex in first ward.  In third ward, The Catalyst Condos, a high-rise tower, also had problems preselling units and may possibly cancel all the pre-sold units and return the earnest money if 150 units are not sold by end of January 2009.

And the news doesn’t get much better:

*210 Trade Condos was going to be a fabulous high rise at The Epi Centre, but after the developers started suing each other, construction went to a halt and never resumed.

*300 South Tyron was put on hold, and the once-dirt parcel of land has been paved for parking.

*The Park condo tower declared bankruptcy and was eventually auctioned off to the highest bidder.  Then the lawsuits began as contractors wanted to get paid for work done.

*The Citadin lost its funding and never began construction.

But not all the news was doom and gloom:

*The Wachovia Tower, which may eventually be called Wells Fargo tower, is still being constructed, but the plan to build the condos on the Mint Museum has come to a halt.

*The Vue Charlotte is scheduled to be completed in 2010 and is building a floor every 10 days.

*The Trust Condos residents started moving in in October, and the other units should be finished very soon.

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

Posted On: October 30, 2008 By: admin

Chima Brazilian Steakhouse, an elegant Brazilian restaurant will have its grand opening on Monday, November 10, 2008 in Uptown Charlotte. Chima, (pronounced She-ma), serves over 15 different meats, including Brazilian pork sausage, filet mignon, smoked salmon and a plethora of salads, fine wines and deserts. Diners are served by a wait staff dressed in authentic Brazilian attire. Bruno Silva, Owner and Managing Partner, says, “Chima is more than just a restaurant, it’s a passion.

The Brazilian culture is intoxicating and vibrant. I wanted to share this excitement with everybody and the best way to do this was to create an authentic Brazilian Steak house. I am proud to have another Chima opening – Charlotte is the perfect city to enhance all that Chima has to offer.” With locations in Atlanta, Fort Lauderdale and Philadelphia, Chima has been featured on Fox Good Day Atlanta, CBS Better Mornings and the Miami Herald. Atlanta Falcon’s, Ovie Mughelli, touts Chima’s as one of his favorite restaurants:

The restaurant is named after chimarrao, an authentic drink from Brazil and its first location opened in Uberlandia, Brazil. Chima will be located on the first floor of The Trust Condominiums which is located on the corner of Trade Street at 139 South Tryon in the Second Ward and will serve dinner nightly.

Category: Restaurants, Second Ward