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: May 18, 2009 By: admin

Only 10 units remain at the Trademark Condos in Uptown Charlotte, NC.  The developer, Centro City Works has just recently reduced the prices of all the remaining units.  Some examples of the price reduction are.

Unit 1504 2/2 with Den 1192 Sq FT was just reduced from $658,900 to $633,900.
Unit 905   1/1 759 Sq FT was just reduced from $675,900 to $258,900.

This 28 story condo development located Charlotte’s 3rd ward.

To view availble units please click here

Category: Third Ward

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 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: January 19, 2009 By: admin

According to wscotv Wells Fargo has promised to finish the Wachovia Cultural Center located in Third Ward in Uptown Charlotte.  Many residents were unsure if Wells Fargo would complete the construction, since acquiring Wells Fargo several months ago.  Taxpayers were responsible to contribute $127 million towards construction costs.

Most of that money comes from rental car tax which has dropped 20 percent due do the recent recession.  City leaders will track the numbers and will have to make tough decisions in the up and coming months.  The Wachovia Tower Condos which were a part of the original plans have been put on hold.  They were schedule to be built on the Mint Museum and can be built at a later time.

Category: 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: January 4, 2009 By: admin

According to the Charlotte Observer the Charlotte Knights still believe there is a chance for them to move to Uptown Charlotte.  The minor-league team had wanted to play in Uptown sometime during the 2009 season.  After the country commissioners approved the lease for the proposed stadium, The Knights have yet to pay for the facility.

One of the reasons is legal fight from attorney Jerry Reese.  Reese has filed a total of five lawsuits challenging the baseball stadium deal.  Reese maintains that the minor league stadium isn’t good enough for Uptown Charlotte.    He contends that if Charlotte is going to invest in a baseball stadium it should be a major league one.

The proposed stadium would have 10,000 seats and would be bordered by Mint, Graham and Forth Streets and Martin Luther King Jr. Boulevard in the Third Ward.  A 2006 study said the project would cost about $750 Million.

Category: Third Ward

Posted On: December 19, 2008 By: admin

Looking for something fun and entertaining for the entire family to do in Uptown Charlotte during the Christmas season? Go ice skating at the WBT Holiday on Ice at The Ratcliffe on the Green in Uptown Charlotte.
 
The ice rink, which will be open until January 10, 2009, will give visitors approximately 5000 square feet of forgettable skating space. Rink admission is $7 and the skate rental is $3.
 
Sponsors for Holiday on Ice, include Lexus, Time Warner Cable and Wachovia Bank. The outdoor ice skating rink, which opened this season on November 26, is located directly across from the Charlotte Convention Center at 435 South Tryon Street in Uptown.

Category: Third Ward