SKYE Condominiums and Hyatt Place Hotel

[Charlotte_native]

They'll only make a ton of money if they flip...

You still "make" money with equity. If you buy and feel you have $200,000 in equity and buyers begin buying similar units at the price you think would yeild that value, you have effectively "made" that money and could tap it by selling or an equity line.

[monsoon]

You still "make" money with equity. If you buy and feel you have $200,000 in equity and buyers begin buying similar units at the price you think would yeild that value, you have effectively "made" that money and could tap it by selling or an equity line.

That sounds to me as if it will be the bank that makes money on the equity, not the person taking on the note.

[28202]

[Charlotte_native]

That sounds to me as if it will be the bank that makes money on the equity, not the person taking on the note.

Just because the bank makes some money, maybe 6 - 8 % on a equity line ONLY if you use the money doesn't mean anything really. The point was you can "make" money in other ways other than selling. There is access to it.

but if equal or better value can be generated using such funds(which are tax deductable) then it can be leveraged without selling.

Exactly, the interest write-off should offset the lender costs.

[uptownliving]

I walked by the site this morning and they were offloading what looked to be a new crane off of the flat bed of an 18 wheeler.

[monsoon]

The owner is the one with the equity on their personal balance sheet/in their net worth. Putting it to use using an equity line does have a cost that is a profit to the bank, but if equal or better value can be generated using such funds(which are tax deductable) then it can be leveraged without selling.

You really didn't need to provide the finance lesson in that I am sure that anyone here, including myself, understands this. The point, which I was agreeing with, was that this equity is just a paper until the place it sold. It assumes these property values will remain at these levels and I would contend if they can rise 200K in 4 years, they can fall just as fast. People don't like to believe it, but his city is full of hot properties from decades past that really didn't pan out to be what they though they would be.

The 200K is not yours until you sell and that fact seems to be most often by people who claim to be "experts" on the manner.

[NVQ]

Today they started with the supports for floors 13-16 or 14-17, not sure what floor one is. Just to let you guys know one of my family members purchased a unit at the Park back in 2000. I have been doing some market research for him lately and what the following numbers will tell everyone is that the residential market in Charlotte is going bonkers. Here are the facts. The unit that was bought in 2000 was around $280,000. The contract was altered in 2003 and the new selling price was $360,000 (still a great deal). That same unit today is being sold by the developers for $520,000. My family member stands to make nearly $200,000 before the front door is even put on the hinges. Since most projects are finished within 3 years and don't drag on for years and years you don't see this kind of information. I for one had been annoyed and impatient with The Park. Now, it looks like the buyers in 2000 who stuck around are going to make a ton of money. Anyway, as I said at the beginning The Park is progressing.

The steel supports are from floors 13 to 16. Trucks where seen from ground level driving up to the 9th floor. And then only one more support left from 17 to 19 to top out. 20 is the Penthouses and Rooftop Park. 21 is the private Gym in the sky.

On the contract issues.. The Observer had a past article on many of the Uptown Condo projects. It showed The Park as the most non investor kind contract, with full disclosure, must show up to closing or risk default, and developer has the "first right of refusal" to purchase for the first 12 months after closing. So your flippers did not buy. But those who bought way back and still have a contract, your are correct, they will make money. But the developer has put in provisions to make sure owners keep their value in the units.

[Mobuchu]

Some updates from this afternoon.

3-10-07

[A2]

Seeing truly is believing ! Thanks for the updated pics Mo! BTW, The Park is now clearly visable from the Uptwon loop (277). It is really nice since this tower will add to a "step down" effect from the highrses of the CBD. For years it has been such a tight bundled skyline when looking from the North. We are finally getting some breadth to a skyline that has remained linear for decades.

A2

[krazeeboi]

This was taken today from College Street:

[Neo]

Here is a shot from 4PM today from the Bobcats webcam. I had almost forgotten about that webcam but it offers a good view of the construction at The Park:

[rockhilljames]

Sweet find. I'm amazed the Arena cam is still working. Kind of like the Mars Rover.

[UrbanCharlotte]

On about floor 15~

[orulz]

Question. Do we know what this building will look like from the back yet? The front and sides seem like they will be decently interesting and have plenty of relief, but so far, the back looks like it will pretty much be a flat rectangle. I don't recall having seen a rendering.

[A2]

Just and FYI:

They are erecting the next level of steel. However, this set looks somewhat smaller than the last set of steel beams. These seem to only be 2 stories tall , as opposed to the earlier ones, which were three. I am not sure if they are just going to use two sets of two story tall steel beams to top this puppy out or what, but it is still climbing in height none the less.

A2

Question. Do we know what this building will look like from the back yet? The front and sides seem like they will be decently interesting and have plenty of relief, but so far, the back looks like it will pretty much be a flat rectangle. I don't recall having seen a rendering.

I would assume both back and front sides are identicle...

A2

[28202]

The back does not have the cantilever that the east side has, so it will be a flat version. The top starts to alter for the roof features so they probably don't need all the presently located beams to rise all the way to the top floors...

[UrbanCharlotte]

No updates in a long time.

A little more to go.

[cltheel.sdl]

Somehow I feel like the Park has some sketchy construction methods. I'm not sure if I'd feel safe living there. Maybe it's something about the lack of concrete/tower cranes that is scaring me.

[Guest]

Just so you know, the 1200 ft tower that has stood for over 70 years known as the empire statebuilding was built the same way. 102 stories never made me nervous, and 21 stories never will either.

[Raintree21]

Somehow I feel like the Park has some sketchy construction methods. I'm not sure if I'd feel safe living there. Maybe it's something about the lack of concrete/tower cranes that is scaring me.

They don't have very good luck with cranes if you recall their little "mishap."

[dubone]

I'd say this is just Verna using his expertise in structural engineering to do things less conventionally. I'm sure it will be safe, but it sure does further the image of this project as the red-headed-step-child of uptown highrise development.

[orulz]

How, exactly, is steel construction unconventional? This is completely conventional. They are probably able to use that kind of crane because the building is so narrow. In addition, steel construction weighs a great deal less than reinforced concrete, so perhaps that was a requirement for not overloading the foundations and supports of the parking deck.

The mishap with the previous crane was human error. Human error can bring down a tower crane, too (and the mess it makes would be much, much larger.)

[Route]

i remember when this was announced how exciting it was. Now it looks so rinky-dink compared to everything else.

[Mobuchu]

A shot from this morning.

5-13-07

[jednc]

What floor is this building up to? Hard to count in the pic, I don't trust my floor count at all. It's supposed to top out at 21 stories?