Fourth Ward Square Condominiums

[New Name]

I hear there's only two units left in the first phase as of this afternoon.

[Spartan]

Obviously 20 years is a bit out of reach of obtaining social goals now, but the urban form of the city will fill far outlive any of the current or future residents.....condos are just, so, permanent. In fact, they are probably the most permanent buildings anywhere, so I like to see them done right.

[AuLukey]

IMO 20 years is not a "reach" because of what you just said. The things we build now will outlive all of us, so now is our opportunity to do it right. The era of rapid redevelopment within the city cannot last forever. Every building we allow to be built in a way that is undesirable is just one more black eye on the city that will never be repaired. This is precisely why Charlotte needs something like the City of Raleigh's Urban Design Center. These folks are going great work over there, and have made measurable improvements in Raleigh's urban form. I wish Charlotte could operate something like this. It probably doesn't hurt that Raleigh is home to North Carolina State, which has a good architecture/urban design program.

[SmellyCat]

But it keeps some more affordable housing options in uptown. We often decry everything being all shiny and new and expensive...

[tthornburg]

The first two buildings are sold. A third was opened Saturday morning and was half gone Sunday night.

BYW, when the Historic District Commission considered the rezoning for Citadin it voted that The Fourth Ward Square had historic significance. For many years, until Fifth and Poplar, TFWS was the largest residential community in downtown.

[monsoon]

This is a very good point Charlotte_native. How many times have I read posts here from people whining about how there are no affordable housing options in Uptown.

[gman430]

This is a very good point Charlotte_native. How many times have I read posts here from people whining about how there are no affordable housing options in Uptown.

[Charlotte_native]

There are affordable housing options in uptown Charlotte? Could of fooled me. Every condo available seems to go for at least $300,000 at the cheapest rate.

[SmellyCat]

I don't know how many times you might have read a post such as this. If you would care to point them out, we can discuss their merits. (preferably in the topic where they were posted) I suspect that you won't however because you are basically doing what you accuse others of.

[Charlotte_native]

Article in the O today says they now have 58 of these units under contract.

[monsoon]

.....

There has often been a misconception about what price points are uptown -- last year a local real estate consultant was quoted in an Observer story as saying there was a lack of condos uptown under $500,000 -- a quick look at actual numbers showed that over 80% of the condos uptown were priced under that number, with most of those being under $300,000.....

[Charlotte_native]

^I was simply responding to a comment that was made about how many condos were or weren't under $300,000 and pointed out that it was all i was doing.

What you've pointed out is your opinion about what is reasonable. A lot of people obviously have a differing opinion and I'm sure plenty share your opinion. Fact is people are paying these prices whether our personal opinions feel they should or should not.

[Charlotte_native]

When you see condos get closer to $100K you might see some normalcy return to the market.

[monsoon]

^I was responding to your comment about Uptown condos/market. If you want to have a wider discussion on the price of real estate in general Charlotte, this really isn't the topic for it.

[voyager12]

According to the article the majority of owners so far are former tenants who bought in. It's a good deal and they get to stay in their homes. Having more affordable condo options in Uptown is a good thing.

[atlrvr]

When you see condos get closer to $100K you might see some normalcy return to the market.

[Charlotte_native]

A friend stopped by today to check these out. Sales staff was closing the sales office because all of the first 90 units are now under contract.

[SmellyCat]

1/2 million dollars or anything close to it for real estate, is simply unobtainable by the vast majority of Americans in this country. $200,000 for a condo is simply unreasonable as well and the days when these are consumed like potato chips are gone. When you see condos get closer to $100K you might see some normalcy return to the market. The only exception to this of course is the huge borrowing now taking place by the govt. If the 2007 $ turns into 50 cents then all bets are off.

[JonesQC]

I have been told that all units have been sold at Fourth Ward Square Condominiums, formerly the Fourth Ward Square Apartments and the cancelled site for the Citadin. Supposedly there was a lottery of 100 individuals for the last 15 units which went under contract yesterday.

I also heard that they should have the construction and renovation loan released to begin the heavy work (new roof, replacing siding, start on club house, etc) by mid May but they can begin gutting the interiors of the unoccupied units as soon as they want.

[Charlotte_native]

but they can begin gutting the interiors of the unoccupied units as soon as they want.

[CLTMichael]

I have been told that all units have been sold at Fourth Ward Square Condominiums, formerly the Fourth Ward Square Apartments and the cancelled site for the Citadin. Supposedly there was a lottery of 100 individuals for the last 15 units which went under contract yesterday.

I also heard that they should have the construction and renovation loan released to begin the heavy work (new roof, replacing siding, start on club house, etc) by mid May but they can begin gutting the interiors of the unoccupied units as soon as they want.

[sleightofhand]

I have been told that all units have been sold at Fourth Ward Square Condominiums, formerly the Fourth Ward Square Apartments and the cancelled site for the Citadin. Supposedly there was a lottery of 100 individuals for the last 15 units which went under contract yesterday.

I also heard that they should have the construction and renovation loan released to begin the heavy work (new roof, replacing siding, start on club house, etc) by mid May but they can begin gutting the interiors of the unoccupied units as soon as they want.

[UrbanFuture]

For someone that hasn't really done any extensive research on the project it almost seems too good to be true. I keep waiting on the catch.

[JonesQC]

I looked back through the thread briefly, because I can't remember if I had mentioned it here or on another forum. I didn't see anyone else mention it either.

The reason they can/are/did sell these for 100k (as a starting point, they hit 220k at the top of the range) is due to a few reasons. One, the developer own them outright and has for a while, two, they are IKEA products from floors to cabinets to vanities to lights (not a bad thing at all, it looks good, just a fact), and three, the renovations they are doing are not that extensive for the price point/profits on each unit.

I think the buyers of the units will be happy if they were searching for a good looking condo with an Uptown address for under $150K-$200K

[UrbanFuture]

I forgot one thing. When I toured the places, they were specific that there were no upgrades, everything you see is what you get. (includes everything seen in the pictures on their website)

This reduces cost of construction because there will be no change orders, no one-off construction items in random units, and they will get a bigger volume discount on every building material.

Hope this project works out well for everyone involved, I am sad that, as mentioned before, this effectively ruins any chances of a full redevelopment of that block.