habarr

Is there list of confirmed retail in Metropolitan Midtown? Best Buy Target Home Depot West Elm Marshalls? Trader Joes? What else? Any book stores or coffee shops yet?

I have until mid-2008 to see what the market does. There is really no point in making any "decisions" at this time unless I move out of my current place. Materials will continue to get more expensive, so just building these places will have to cost more in the future. Not to mention the land. The frustrating part is that I decided to finally splurge and buy the best place Charlotte has to offer... only to feel like I'm making a mistake a year before it's even built. I also have a friend at the same condo high rise. And I agree about the parking. The gate is a pain! But once you are in and parked, the roof top and the view is very cool! We cook out up there on occasion. It's sweet! I'm sorry to hear about your friend. That is a very scary experience! That is my worst nightmare. I think the Met will have plenty of parking based on the retail. It's just a matter of how far the walk is from the parking decks to the condos. I will ask some questions about that. I guess buying a house in Plaza Midwood, SouthPark or Cotswold is a safer "investment" in this over-built condo environment, huh? Right now I live in a 1925 duplex in Dilworth. I love the ability to walk to places and the 2 mile commute to downtown. So maybe I will just stay here longer. Economically, I can afford to live there (or I would not have bought it). But if it's not going to go up in value, I would rather be somewhere that I know is appreciating. Even if I have to eat the 5% down payment. I think Charlotte has some awesome opportunity for increasing in value over the next 5 years. So I would rather enjoy that appreciation than live in the lap of luxury without appreciation. That's me... My real estate agent assures me that when completed, it will be "the place to be".

I'm wondering about the competition / future market value for the Met Midtown project. I have committed to buying a unit and I'm nervous that there is getting to be WAY too much competition. It might be a tough sale in a couple of years. Do you guys think there is an advantage to being just outside of the "downtown" condos potential glut? Or is it a disadvantage? Like why pay that much when you could get the same thing downtown? Also would you guys consider the the Lowes development the closest comparison competition for the Met? Is that a better value in the long run? Is it the rail value versus the greenway value? Do the specific retail stores add value?

Good Marketers in an understatement! Awesome Marketers! Blow your Mind Marketers! I was looking for a place close to downtown (but not in downtown) around the time that these were being sold... so I put my name on the "tell me when I can see more" list. I found something near southend and started the closing process. Then I got the call that I had a great spot on the lottery to have an opportunity to buy. Tuesday at 5:00. Lucky me! (part of the brilliant marketing) Sales started Monday, I think. By the time my lucky number came up over half were sold. It wasn't "if" you were going to buy, it was "which one". I'm a logical person who is generally slow to purchase, but I was TOTALLY sold! With the help of my girlfriend and a respected buying agent, I selected one of the best (albeit most expensive - per sq. ft.) units in the project. Ouch! It's a city view on the top floor of the lofts... and it was every bit of $400/sq. ft. But city view is worth it!! Now looking at the video, it looks like the terraces will be blocking the view of the city. What's up with that? The model they showed, had the terraces about two stories shorter than the lofts. Pretty smart... an easy way to up the prices of those upper floor units! Since then (around July) I have been reading this forum and getting buyers remorse. Of course that's my M.O. anytime I buy something big... Have I made a huge mistake? I'm curious if anyone else on this forum has purchased in this project. Just investors or people who want to live there? I'm still wondering if there is a rising demand for "living in" condos in Charlotte. It seems like they keep building and speculators keep buying... to make money - not to live there. Is anyone going to live in the MetMidtown places? Or will it just be the "what were they thinking" area of Charlotte? Currently I am still planning to live there, but I'm also really enjoying my location in Southend. I could eat my deposit and just stay where I am. I will pick out my "upgrades" on Wednesday. The assigned interior designer says that she thinks about half the people she has worked with are planning to live there. The other half are investors. Is that typical for Charlotte condos? Let's hope a rising tide lifts all boats... and the economy will allow Charlotte real estate to continue to perform! Here's looking forward to a big decision in July 2008.

Are the MetLofts sold out? Anyone know how many units are left? Did many people back out? In case you haven't seen this article... http://charlotte.bizjournals.com/charlotte...ml?surround=lfn Looks like Charlotte real estate continues to buck the national trend. When housing prices nationally start to rise again... LOOK OUT! We are sitting on some prime real estate here in Charlotte. I just checked out some floor to ceiling windows at Courtside. They are sweet! I can't wait to see them from MetLofts. Also, what are chances that the city view will be blocked by another construction project?

Thanks! I was looking for a place to hear opinions... I'm glad people are sharing. I look forward to the next two years of discussion about what's going on at MetMidtown... If Charlotte or the economy goes down the tubes, I can always walk away and just lose my deposit. I lost way more than that during the market bubble burst. I think interest rates will be most important to the value of any downtown condos... the second factor being over building beyond demand.

It's not the "bargoers" that bother me... I'm one of those too (just not downtown as much anymore). It's the cruisers and general loitering that concerns me. Just recently Tryon St. has started feeling less safe on the weekends. Am I the only one thinking that? I know the city / police are giving out a bunch of tickets and warnings, but I'm not sure that there is anything illegal about what's going on... it's just not desirable.

My place is in the Lofts. The cheapest terrace place during my appointment was $550K... with no view. The sales person said that mostly empty-nesters were buying into the terraces. My appointment was on Tuesday (the 2nd day) at 5:00pm. I think about half of the units were already sold. The interest rate lock idea is a good one... when I was there, they were asking for a $4000 fee (not used toward the purchase... just a fee) to lock the rate for 2 years. Ouch!! If I wait one year, I can lock the rate for a fee that will be used towards the purchase. That's what I'm thinking I will do. I agree that I have given the builder all of the appreciation for the next 2 years (and then some). And I also agree that this property is priced to perfection... and perfection is not realistic. Another negative thought is that to flip it I would have to eat about 8% in closing costs and realtor fees. So if I can only sell for my purchase price... I'm losing about 3% more than my 5% "non-refundable" down payment. I would be better to just forfeit the down payment. On the other hand, I'm being told that my roof top floor plan is sold out and there is a waiting list of about 30 people trying to get one of these roof top properties. The sales group was very friendly when I suggested that I may back out. They just said "No problem. There are plenty of people who would love to get it... just send something in writing". Which, of course, gave me that "lucky" feeling again. Like some other UP members, I just left my house in the 'burbs to improve my commute. I'm actually renting it now. If all goes well, I hope to rent the Dilworth place that I just bought too. It is very close to the rail line and I got it for only $150/ sq. ft. I'm hoping it will be close to $225/sq. ft. in two years. Then I will move into the MetLofts. Hopefully rising interest rates will not be the death of me. Another thought is.... has anyone been downtown after 11:00pm on the weekend? That made me decide to look for something slightly outside of downtown. Is there any discussion about what that is doing to the value / desirablility of Charlotte downtown real estate?

I'm curious if there are other buyers on this forum. I was one of the "lucky" lottery "winners". I must say that the marketing was EXTREMELY powerful! Once I had the "lucky opportunity" to buy, I felt like I would be an idiot not get in on the ground floor of this once in a lifetime project. So I committed to it. If there are other buyers, I would love to hear what kind of deals you got. I have to admit that I paid about $400/ sq. ft. My unit is a 2br/2.5ba roof top and it has a city view. I'm hoping in 2008 Charlotte will be THE city to live!! Did I get lucky? Or am I a "victim" of great marketing? One justification on the $400/sq. ft thing is that it will take 2 years to complete. So in 2006 dollars, at a 6% growth it's really closer to $355/sq. ft. Still not cheap.