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Old 04-21-2011, 09:33 AM
 
6,269 posts, read 9,977,263 times
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From the "O" today:
Quote:
Charlotte turned heads among national investors when the Catalyst uptown sold recently for a record-breaking $103.3 million, or $223,500 per apartment unit - the highest sale reported in the Carolinas.
Quote:
Originally built as a for-sale condo building, Catalyst turned half the condos to rentals in February 2009 and later converted the remaining units to rentals as the housing market weakened. The lenders took ownership in fall 2009. The building has leased well and is nearly full
Quote:
Uptown apartment vacancy rates fell sharply during the past six months, dropping to 5.9 percent from 15.6 percent.
Catalyst fetches record price - sign of investor confidence | CharlotteObserver.com & The Charlotte Observer Newspaper
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Old 04-21-2011, 12:21 PM
 
Location: Crown Town
2,742 posts, read 5,979,162 times
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I imagine now we'll see The View flip to all rentals too. That's really the best market for that building right now.
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Old 04-21-2011, 01:10 PM
 
1,661 posts, read 2,780,602 times
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I'm not sure if the Charlotte Observer could be considered a comedy or a tragedy in it's endless attempts to spin the negative into the positive when it comes to uptown Charlotte business interests. Hmm. I should correct myself, that would imply some sort of intelligent constuct meant for people who appreciate such things.

Somehow they seem to completely miss the fact that this value/apartment is about 50% of what these units were built to sell for.
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Old 04-21-2011, 01:50 PM
 
11,836 posts, read 25,409,905 times
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I wonder how many units are being left open for section 8?
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Old 04-21-2011, 03:36 PM
 
900 posts, read 1,392,829 times
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A great investment for that buyer. I believe they are like 97% full and have a waiting list on some of their units.
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Old 04-21-2011, 05:54 PM
 
Location: Crown Town
2,742 posts, read 5,979,162 times
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Quote:
Originally Posted by yantosh22 View Post
I'm not sure if the Charlotte Observer could be considered a comedy or a tragedy in it's endless attempts to spin the negative into the positive when it comes to uptown Charlotte business interests. Hmm. I should correct myself, that would imply some sort of intelligent constuct meant for people who appreciate such things.

Somehow they seem to completely miss the fact that this value/apartment is about 50% of what these units were built to sell for.
Are you serious? The original sales prices were overvalued, that's the reason it flipped to a rental property. The building only cost around $30 million to build. By selling for $100 million someone came out pretty good. That's why this is front page news. This was a very good sale for the property owner and for other Uptown real estate owners.
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Old 04-21-2011, 06:05 PM
 
1,661 posts, read 2,780,602 times
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Quote:
Originally Posted by Carolina Blue View Post
Are you serious? The original sales prices were overvalued, that's the reason it flipped to a rental property.....
Isn't this stating the obvious about the entire property market in uptown Charlotte. This represents a 50% decline in the price of those units. The buyer bought the place from the bank that took the failed project over in the first place. If I owned property there, I would not consider this to be good news.
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Old 04-21-2011, 06:21 PM
 
Location: Crown Town
2,742 posts, read 5,979,162 times
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Quote:
Originally Posted by yantosh22 View Post
Isn't this stating the obvious about the entire property market in uptown Charlotte. This represents a 50% decline in the price of those units. The buyer bought the place from the bank that took the failed project over in the first place. If I owned property there, I would not consider this to be good news.
What are you talking about? Nobody owns property there. Its an apartment building. You're comparing apples to oranges. Just because somebody tried to sale the condos at around $300K to $400K a unit, doesn't mean they should sale that high as "apartments". You have to look at the overall costs of the building, verus what overall apartment buildings are selling for. When someone tries to sale their condo in a market, you don't use "comps" of apartment building sales. This was a very good sale for the market.
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