Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
They should just convert all the units to apartments. They'd fill up quickly with Campbell Law next door. There's such a need for more rentals downtown. Hue in my opinion is not condo quality. It looks cheaply built. It's got an apartment feel to it.
It's hard to believe not even 1 single person bought (and actually moved in) a condo @ hue.
That's pretty telling about the development.
It's not just the development. It's a circular maddening situation that resulted in it being delivered at just the wrong time.
Buyers couldn't get loans because not enough people had committed to owning there. People wanted to own but couldn't because the developer couldn't hold onto their buyers until they had enough people under contract to reach a minimum threshold that banks required to actually close on loans. I know people who got fed up with the circular financial situtation and jumped to other projects.
The situation is even more dire in Miami. There are dozens and dozens of buildings that sat absolutely empty while others sold because buyers actually can get loans for those properties. Now, investors are buying units for 50 cents on the dollar but they are all cash deals.
They should just convert all the units to apartments. They'd fill up quickly with Campbell Law next door. There's such a need for more rentals downtown. Hue in my opinion is not condo quality. It looks cheaply built. It's got an apartment feel to it.
Though the building may appear cheap based on finishes you see, it is not constructed as apartment quality. For instance, the framing of the building is concrete and steel while apartment construction is typically wood frame. 712Tucker is wood frame and Hue is not.
I think it has to be apartments to start and then converted somewhere in the future should the owner of the property choose to do so.
It's hard to believe not even 1 single person bought (and actually moved in) a condo @ hue.
That's pretty telling about the development.
It was because they were not allowed to buy and move in to the condo. I have a friend who waited for over a year for their finances to be straightened out so she could move in, but obviously, it never happened.
Though the building may appear cheap based on finishes you see, it is not constructed as apartment quality. For instance, the framing of the building is concrete and steel while apartment construction is typically wood frame. 712Tucker is wood frame and Hue is not.
I think it has to be apartments to start and then converted somewhere in the future should the owner of the property choose to do so.
Yeah I realize that. I saw them both being built. However most people base first impressions on the "finishes you see" in terms of investment. Talk about underlying structure could come much later, if even brought up at all.
In my opinion I would rather buy in 712 Tucker and rent in Hue. The 712 Tucker building is more aesthetically pleasing than Hue to me.
In the end if your "finishes" look like crap, who wants to buy and have to upgrade that?
I agree with you though that they should just start out with apartments and later allow for people to purchase units if they so chose. At least they'd be getting income for the building to pay back loans to some degree.
It was because they were not allowed to buy and move in to the condo. I have a friend who waited for over a year for their finances to be straightened out so she could move in, but obviously, it never happened.
same with my friends. not a year, but for about six months or so they tried to get the financing angle in place in order for them to purchase. i just sent them a link to that article for a good chuckle.
If they are serious about buying, I would definitely think buying into a building that already has a substantial number of residents would be a safer bet.
+1 to you. This is a very smart comment. Those who are stuck as one of the only few in a stagnant development have had things EXTREMELY rough. It is 10 times worse in a condo, where so much of your maintenance depends on the assessments coming in from your (non-existent) neighbors.
It's hard to believe not even 1 single person bought (and actually moved in) a condo @ hue.
That's pretty telling about the development.
Well, it not too much better, but they supposedly had 17 or 20 people who had agreed to buy one. The only problem is that they would not have sold any of them until they had a certain number of reservations, so even a willing buyer who had everything lined up had to wait until the sales were actually opened.
One more thing about buying in a condo building that is vastly different than single family or even normal townhouse style condos.
There is no way I could disagree more. You really think the majority of people want to live in a condo in any downtown? That is 180 degrees from the truth. The majority of people buying prefer single family houses. Some of these people settle on a condo or townhouse because they are first time buyers and can't yet afford a single family house. There is a very small portion of buyers that prefer downtown condos. For them, the lifestyle can't be beat. If you have enough of them in any given area, prices can be justified. If not, condos sit on the market, prices drop and they become apartments. See Atlanta and apparently Raleigh.
Quote:
Originally Posted by vasdawg
I respectfully disagree...Buying a condo or a townhouse is more about lifestyle than it is about money. I would say that people usually go this route because they don't want to upkeep a yard, don't have kids, have to travel a lot, etc. Besides, single family houses aren't always more expensive than condos/townhouses. In many cases, the sometimes crazy HOA fees jack up the total monthly payment of a condo or townhouse to well past that of what you would pay for a single family house. I would say that very few people "settle" for condos when they really want a single family house--they usually simply find a cheaper single family house. With that said, there are definitely other reasons why condos downtown aren't selling...for example, for most of the 200-300k condos downtown, it would be hard to justify dropping that kind of coin on it (future ROI questions, location benefits, square footage, etc). My 2 cents...
Having the "option" to buy one is different than "wanting" to buy one.. Obviously, the price per sqft would be a lot higher in DT--thus more expensive in a sense. But yes, it's all in YOUR preference to either live where everything happens or in BFE.... I'd prefer a balance of both.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
