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I was browsing some listings the other day and came across the Landing at South Point. They want 5% down for pre-construction. The development is less than 1 mile from the Streets at South Point (new mall). I am looking at a 2br/2ba condo, 1300 sq ft, fully upgraded, pool, gym, etc etc.
They want 245k pre-construction.
Is the south point area hot? Is it worth the investment? Is it a growth area? Is Durham county worthy of the investment?
The South Pointe area is near the RTP, (Research Triangle Park) which makes it a very attractive area. Yes, it is a growth area. Yes, Durham County is definitely worthy of investment. Durham has lots of unsold condo's that probably would be very competititive with the price you listed.
I was approaching this from an assignment perspective in the sense I wouldn't even be closing on the property, just assigning it when or before construction is completed.
I think that is WAY overpriced for a condo in that area. What sort of maintenance fees will there be? Will there be additional HOA fees, too?
I live in the Southpoint area. I think that Southern Durham is rather suburban in feel, so I don't think condos will do terribly well here. Especially when you consider that you could easily get a house with about twice the square footage for that price in that part of Durham.
They look to be lovely (I just googled) but the price boggles the mind. Mrs. Steel has it right - I could see that price in a more urban area, or an area near the water (not on it, but near it). I think the developers are way off base...$245,000 to live in a mall.
This is some text from the website: The Landing at Southpoint Luxury Condominiums offer cutting-edge residential living in the heart of the Southpoint Mall area of Durham, NC.
Feh, not a draw for that kind of money - families would want a house.
You're better off investing in condos in downtown Durham, there are a number of projects around
I agree with MrsSteel and Scorp's that the condo is pricey for the area. On the other hand though, the apartments are central to a lot of shopping and restaurants, and you don't have to have a family to enjoy that kind of thing, and SW Durham is a commuter's dream to get to RTP from. And luxury components can really add to the price of a home.
Luxury condos and townhouses around the mall in Northern Virginia where we lived previously were VERY pricey compared to the same type of thing a bit further from the mall, so maybe malls and restaurants ARE a draw to singles, couples, and smaller families? Not everyone likes the urban feel of a downtown
In general, my gut tells me this area will be seeing good appreciation. It has a great location, great shopping, and quality schools.
I was browsing some listings the other day and came across the Landing at South Point. They want 5% down for pre-construction. The development is less than 1 mile from the Streets at South Point (new mall). I am looking at a 2br/2ba condo, 1300 sq ft, fully upgraded, pool, gym, etc etc.
They want 245k pre-construction.
Is the south point area hot? Is it worth the investment? Is it a growth area? Is Durham county worthy of the investment?
Thank you for all of your time!
Vishal
I agree with other posters that this seems high. There doesn't seem to be a huge demand for condos in this part of Durham. I think a downtown loft has a better chance for appreciating.
BTW, in The Southpoint area I just found a listing for a Townhome in Wyndcross, 1680 sq ft, 2 bd 2 bt for 178K. Wyndcross is a mix of Townhomes and Single Fam homes. It has a pool. And it VERY close to Southpoint. You can easily walk to Southpoint from there.
PS. Southpoint doesn't have an e at the end of it. I see that spelling so often
That's right. And it's one word, too! I see that mistake quite often as well.
I agree that the southern section of Durham is ripe for growth and appreciation. The location is great for families as well as young professionals. But I don't think that particular location has earned those prices quite yet. Note that it's on Hope Valley Road between the 54 & I-40. It's very convenient for driving around the area, but most people would not consider walking anyplace from that location as it is now. Maybe it will be more attractive once the Harris Teeter is built down the road, but some sidewalks would have to be built, as well as a crosswalk. Hopefully someone out there has enough influence to make that happen. But even so, I can't imagine anyone walking to Southpoint Mall from that location.
Personally, if I were to buy a condo for that price, I'd expect to be in an area with better "walkability" ... something like Southern Village and Meadowmont in Chapel Hill. Those developments are extremely walkable, with restaurants, grocery store, and even professional offices built into the heart of the development.
I think you are all right, it's way too pricey for that area. I was very blinded by the "assignment" factor in which I would be able to assign the contract over to someone else when closing came near. How many people would pay 285 (finished condo) for a condo like that near South Point mall when they could easily get a single family for 250 that is twice the size?
Thanks so much for all of your help!
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