boilerdown
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Posts posted by boilerdown
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Element is another condo tower Novare is building in Tampa, FL that was converted into apartments. It is set to move in its first residents in January, so pretty much the same time frame as Catalyst. From what I've read the Element condos went for $220k+, nearly 40k higher than Catalyst sold for so rents should in theory be lower only taking this into account even with the unique parking situation at Catalyst . From what I can tell they are not using another apartment/rental specialist to rent these units out. Intown group was already attached to the project when it was condos. So if their construction lender allowed them to do this in Tampa, why won't Wachovia allow it here in Charlotte? Perhaps they are worried about Novare spreading themselves too thing. Here's the site for Element:
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Is that also the case with Avenue?
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I checked a few days ago at the sales office, no word yet. I don't know this for a fact, but I suspect they will be extending everyone's contracts out 60 days at the end of the month to allow more time for their apartment conversion negotiations with their lender. In more positive news, I've been told that all of the heating and AC units have been installed and the granite countertops are installed as well.
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Thanks for the picture updates Mobuchu, always appreciated!
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I called in today again. Got the same story, decision is still being made. They reminded me they have a 30 day notification period and that they are also considering the option to extend everyone's contracts out while the decision is made. Theoretically we could be looking another another 150 days for people on the bottom floors who were supposed to move in in January. If they can keep it as a condominium the sooner they move people in the better of course. If they are going to go rental, the longer they hold onto the deposit money the more interest they earn on it.
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I called in to check up again on Catalyst. No decision on whether the rental conversion will happen, hopefully will know by the end of the month.
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Does anyone know if they are still working on the tower or have the workers started to disappear? That would be an indication on what is going to happen.
I don't think we'll be seeing a change in the construction schedule. Either way they have a vested interest in either closing the units for sale or finishing them so they can rent them faster and pay off their construction loan.
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Stopped by the sales office again today. Still no updates on the decision
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I was informed today that the Catalyst sales office has stopped signing contracts. They are currently in negotiations with their lender (Wachovia) regarding their options and will have a decision within two weeks supposedly.
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I called the Catalyst sales office to inquire about a possible conversion to rentals. Their response was that yes this is a contingency written into the contract that they are considering exercising. Because of January closing dates for the bottom floors of the building they will need to exercise this option within the next 30 days (end of November). If they do this all earnest deposits will be refunded. When I posed the question there wasn't any attempt to act surprised or to deny the rumor so I suspect they are leaning towards rental conversion. Right now they are sitting at about 70 units spoken for. The contract allows Novare to cancel the project if less than 150 units are sold up to 60 days before the first closing date.
3rd Ward Midrise Projects
in Charlotte
Posted
Thank you for posting these links, very interesting information. Let's hope they can get these renegotiations done sooner rather than later so all those invested can move on and we can get renters into this building.