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The Avenue

monsoon

By monsoon
in Charlotte

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sleightofhand Hamlet

sleightofhand

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i live in nashville but i'm a big fan of charlotte and and consider it one of only a few southern cities doing so many good things at the public and private level for the built environment. congratulations on all the success you've had to date. seeing the avenue thread discussion i thought i might be able to add some color to the discussion. might be apples and oranges but here goes anyway:

viridian, novare's first project in nashville had about 300 units and opened about 15 months ago. it had sold out but about 80 units immediately went on the market as re-sales. i presume these were mostly being sold by investor buyers. the first few units sold for a whopping $400/sf but sales soon slowed and have more recently been fetching in the $300-320/sf range, usually with lots of incentives (furnishings/prepaid hoa fees, etc.) thrown in. after 15 months only about 45 units have resold (about 3 per month) and there are still 45-50 on the market with the trend being falling prices.

novare is about to open its second project here called encore. it's the same soft loft cousin of the viridian, avenue, spire model they've done where most everything is cookie cutter concrete with either blue or green glass. the encore still had about 60 of its 330 units for sale last time i checked and there is ample speculation here that lots of early viridian investors jumped on the early $325/sf sales a year ago when viridian "appeared" to be reselling for over $400/sf. many here are anxiously waiting to see how many encore buyers will close and move in given the small 3% deposits novare req'd. obviously, novare's remaining encore stock and any investor units reselling will be competing with the very weary viridian buyers who have still been unable to sell.

all this will make for an interesting spring here in nashville but i thought some of this history might be interesting to a few of your recent avenue posts about resales.

thanks for the opportunity to share the info.

flowers

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mshook Whistle-Stop

mshook

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I worked with an Interior Decorator who recommended leaving the ceiling as is. Mentioned that all other options may likely worsen the appearance and that after the walls are painted and furniture is in, that the ceiling want draw your eye or even look that bad. I'm hoping that she is right. I'll know by Wed. Off topic, but let me know if you are interested in seeing the finished project.

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Andyc545 Burg

Andyc545

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I second that, turned out great. mshook, that is generally true in interior designing. If you choose a deep color on the walls, or a non-neutral color, you're probally better off leaving your ceilings alone. Of course you could always paint them like motopeepers did, since I think it turned out great. Me personally, if I had a condo there, I would leave it for a while until I settled everything in, filled the space and added all of the color that would be part of the place, then see if the ceiling needs staining or painting.

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dubone Megalopolis

dubone

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Does anyone know what percentage of the building is moved into at this point? This evening there were a minority of areas lit on a cold night that I would expect most to be at home. If only a minority of the units are being lived in, is that a bad sign, or are most units, in fact, being lived in and my sampling of the lights was a bad indicator?

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prowl Crossroads

prowl

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This week, I heard from one of the Novare people that about 67% of the units have Closed. They anticipate all units to be Closed in March (excluding the flips) and all residents (excluding flips) to be completely moved in by May/June. I would say the March date is accurate since several of the Novare staff that are temporarily stationed here will leave in late March then move on to the next project.

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atlrvr Metropolitan Area

atlrvr

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^ Right??? That agrees with what I said correct? Floor 30 closed a week or so before 31? Bottom to top?

Edit. Regardless, its filling up quickly, and it will be nice to have those new people on the streets. However, has anything EVER seen someone enter Courtside on foot?

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mshook Whistle-Stop

mshook

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I'm on 29 and closed on 12/31. I still haven't moved in. Many people have closed, but have scheduled painting and etc... so haven't moved in. I'm told about 130 people have moved in. 130 out of 365.

Also, they haven't finished the PentHouse level yet. They walk that floor next week.

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HopHead City

HopHead

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For those that live in Avenue, any chance that one of you could post some pics of your place now that it's probably finished/furnished? For the less fortunate like myself, I've very curious to see how they all turned out. I'm pretty interested in what your view looks like from your kitchen and living area. Based on the ceiling fixes shown, they look like pretty impressive units.

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dubone Megalopolis

dubone

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I went through the Avenue on Sunday for their open house. I have to say that I was greatly impressed. While I think that some units might have gotten some rough raw concrete, I think some of them look perfectly fine with the exposed concrete. I think it does add a different type of style that many are used to, but I could see how many people could make it work.

The floorplans all seemed very usable and even the smallest unit (660sf) did not feel that bad for a single person. I could see some areas of trade-offs, but not enough to really detract from anything. The views were unbelievable. Some of them have it all, BofA, the majority of the skyline buildings with a feeling of being among them, all the future 3rd Ward buildings, and for a while the park, the stadium, AND sunsets and the little bumpy foothills. The other views were not that bad either, viewing 4th Ward and its park and cemetaries, or First Ward and the North Tryon skyline.

The common areas really made a huge difference, too, and sort of made a strong case for surviving a tiny condo if you chose the lowest price point. The pool seemed decently sized and seemed like it would have sun for most of the day. There is a movie theater room with an old style popcorn maker. There was a pretty large lounge and game room, and then other outdoor lounge area and a fitness room. There are flat panel tvs everywhere you turn. All in all, quite impressive. I had known all of these things in my mind, but somehow the seeing of it really added significantly to the impressiveness. This really does not look like project with a lot of cut corners, which was my impression early on.

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