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Proposed:
1. Camperdown mixed use development. Approval slated for May 2015. 150,000 square feet of office space, 140 room hotel, 40,300 square feet of retail/restaurant space, 30,000 square foot movie theater, 30,000 square foot fitness center, 241 unit apartment building, and 900 space parking garage. Construction starts July 2015: http://x.lnimg.com/attachments/DFF54...9D5AC9E654.pdf
2. Greenville Gateway apartments. 176 units. Approval slated for April 2015. Construction start date TBD: Charlotte developer scopes out Memorial Auditorium site - Upstate Business Journal
While not purely new construction, there's extensive renovations to the 3 story building at Brown/Coffee Streets, as well as the 4 story building at Brown/North Streets. Both will provide new retail tenants and ground level activity.
I think Cancer Survivors' Park is another development worth adding to the proposed/approved list.
So, am I the only one who doesn't feel like there is enough people to move into all these new apartments/condos? I mean, that's 2036 units that are going up in the next couple of years. That seems like an insane amount for units that probably won't be cheap enough for the people who want to move into them.
So, am I the only one who doesn't feel like there is enough people to move into all these new apartments/condos? I mean, that's 2036 units that are going up in the next couple of years. That seems like an insane amount for units that probably won't be cheap enough for the people who want to move into them.
You are not the only one. We feel the same way. It is going to be interesting.
I am told the real estate market is about as hot as it has ever been. In fact, I am told it is not uncommon for multiple offers to come in on a single property, some higher than the asking price. Unless you are involved in the real estate market, what you "feel" is happening does not matter. What is actually happening matters. For the condo and apartment markets, I agree with redcliffe, the developers and the bankers have done their homework. Nothing is going to be built that does not make sense.
I am told the real estate market is about as hot as it has ever been. In fact, I am told it is not uncommon for multiple offers to come in on a single property, some higher than the asking price. Unless you are involved in the real estate market, what you "feel" is happening does not matter. What is actually happening matters. For the condo and apartment markets, I agree with redcliffe, the developers and the bankers have done their homework. Nothing is going to be built that does not make sense.
I absolutely believe the real estate market is HOT. I am not sure the same can be said for the rental market, but, what do I know.
I am told the real estate market is about as hot as it has ever been. In fact, I am told it is not uncommon for multiple offers to come in on a single property, some higher than the asking price. Unless you are involved in the real estate market, what you "feel" is happening does not matter. What is actually happening matters. For the condo and apartment markets, I agree with redcliffe, the developers and the bankers have done their homework. Nothing is going to be built that does not make sense.
Anyone remember 2008?
Overbuilding is not a foreign concept. One was overbuilt because Certus had larger ambitions than reality. Many folks on here argued at the time that Certus was about to be a big SC bank because the bankers said so. It happens all of the time, developers are not immune to making mistakes and in fact are notorious for overbuilding.
The fundamentals of Greenville suggest that office is definitely overbuilt, rising vacancy rates, slower rental rate growth, very low absorption rates and large blocks of sub leased space.
Fundamentals also suggest that apartment and hotels are getting frothy.
But, developers always feel like their project is special and immune to the market so they build until it crashes, file for bankruptcy and reorganize into a new company to start all over.
According to Census estimates the population of Greenville County has been increasing about 8,000 per year this decade. Those people need to live somewhere. There are also probably people living in apartments on the outskirts of town who might prefer to live downtown in a new place.
Remember that for the first few years of this decade there was a sharp drop in new construction of housing around the country. Greenville County went from averaging around 4000 new housing units per year to only about 500 a year from 2010-2013. This apartment boom may be just catching up to demand.
I absolutely believe the real estate market is HOT. I am not sure the same can be said for the rental market, but, what do I know.
The rental market has even higher demand right now.
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