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i have mixed feelings on currently owning in uptown or close to the city, as apartnents are popping up left and right. i wonder if owning in the heart of the city will only go up in value, as the city will continue to expand outward around it. or if all of these apartments will cause an oversupply and reduce the value of places in the city. whats your guys thoughts on
this?
I am not sure about investing but I am still wondering who is going to fill all of these uptown apartments. There are what 3-4 going up? I really think we will see a lot of supply, not sure about demand.
I am not sure about investing but I am still wondering who is going to fill all of these uptown apartments. There are what 3-4 going up? I really think we will see a lot of supply, not sure about demand.
Apartments in Uptown are at like at a high occupancy. I know for a while The Catalyst had a waiting list.
The other thing to consider is as Charlotte expands new residents will have to go into denser housing. Most of Charlotte is built out. Building 10,000 single family residences within a reasonable commute just isn't an option like it was from 1980-2010. Also, the new apartment buildings are large and impressive but there really aren't as many units as you might imagine. The 24 story SkyHouse is only 336 units. Assuming 100% occupation and 2 people per unit it would take about 30 SkyHouses to absorb a year's worth of Charlotte growth.
I'm amazed by the growth in apartments around the city. Where are all these people working? Detroit has emptied out, I guess there is a tsunami of people moving down from the north?...It's fascinating to watch the expansion, though I don't think it's a good thing...as far as investing, aren't we back to bubble valuations? Is this a primary residence or an investment?
I drive around the city a lot and condos are being built everywhere. Not sure if it's sustainable but from what I'm hearing all the young college graduates are talking about Charlotte being a cool city. One of them moves from Ohio and tells a friend or 2 and they follow them down and split the rent.
I have been is some areas I thought were "rougher" parts of the city and 2 streets over is a new development. The younger generation isn't afraid of a little grit.
I wouldn't buy new and rent it out but if I could find a fixer I would jump on it.
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