Page 1

1 . C h a r l o t t e C o n d o m a r k e t O v e rv i e w (Helen Adams Realty 12/13/10) The Charlotte condo market continues its decline from a peak in 2007.

• 2009 Ave $/ft Sales Price dropped 12.8% from 2008. • 2010 YTD Ave $/ft Sales Price dropped 11.9% from 2009

Condo Months of Supply remains high with sluggish sales.

• 1 Bedroom Months of Supply = 14.08. Average Sales per Month = 4.83

• 2 Bedroom Months of Supply = 16.28. Average Sales per Month = 9.83

1 Bedroom Condo Statistics

In Town Condos - Built since 2000 (areas 4,5,6) Year # Sold Ave SP Ave Sq Ft Ave $/ft

2007 60 $216,959 789 $277.32

1 bedroom 2008 76 $234,747 844 $276.74

2009 60 $202,882 837 $241.37

2010 YTD 39 $175,056 837 $212.61

In Town Condo Stats 2010 Quarterly Absorption and Sales Statistics Search Criteria: Areas 4-1, 4-2, 4-3, 5-1, 5-2, 5-3, 6-1, 6-2 One Bedroom Units, List Price $125k - $275k Total Actives Total Solds YTD Ave Monthly Units Sold Months of Supply

64 46 4 16

1st QTR

2nd Qtr

3rd Qtr to date

YTD Sum

# Sold

8

17

21

46

Ave SP

$162,150

$168,789

$168,170

$167,352

Ave SP/Sq ft

$199.41

$199.45

$211.05

$204.74

Results as of 12/13/2010

1


(Helen Adams Realty 12/13/10)

2 Bedroom Condo Statistics In Town Condos - Built since 2000 Ave $/ft (2 bedrooms) $240.00 $230.00 $220.00 $210.00 $200.00

Ave $/ft

$190.00 $180.00 $170.00 2007

2008

2009

2010

In Town Condos - Built since 2000 (areas 4,5,6) Year # Sold Ave SP Ave Sq Ft Ave $/ft

2007 211 $313,114 1363 $227.74

2 bedrooms 2008 142 $282,132 1242 $229.71

2009 121 $285,018 1283 $221.41

2010 YTD 100 $260,508 1340 $193.64

In Town Condo Stats 2010 Quarterly Absorption and Sales Statistics Search Criteria: Areas 4-1, 4-2, 4-3, 5-1, 5-2, 5-3, 6-1, 6-2 Two Bedrooms Units, List Price $175k - $350k Total Actives Total Solds YTD Ave Monthly Units Sold Months of Supply

153 105 9.13 16.76

1st QTR

2nd Qtr

3rd Qtr to date

YTD Sum

# Sold

18

41

48

105

Ave SP

$232,953

$223,631

$232,489

$229,110

Ave SP/Sq ft

$192.50

$183.36

$184.45

$185.41

Results as of 12/13/2010

2


(Helen Adams Realty 12/13/10)

2 Bedrooms - Solds Year to Date

3


(Helen Adams Realty 12/13/10)

2 Bedrooms - Solds Year to Date

4


(Helen Adams Realty 12/13/10)

1 Bedroom - Solds Year to Date

5


2. Morrison Condos Review (Helen Adams Realty 12/13/10) Morrison Condo Sales Recap – Summary of Net Sales Year over Year

Summary - Net Year over Year $350,000 $300,000 $250,000 $200,000 Walden

$150,000

Granada

$100,000 $50,000 $0 2007

Walden Granada

2008

2009

2010

Summary - Net Sales Price Year over Year 2007 2008 2009 $244,589 $196,074 $159,097 $311,329 $234,465 $239,246

2010 $144,376 $180,645

Morrison Weekly Traffic Demographic Analysis: • • • • • • •

87% are age 35+ 93% are from the signs (walk-ins) 32% have buyer agents 46% expressed interest primarily in 1 bedroom 36% expressed interest primarily in 2 bedrooms 13% indicated no preference 5% interested in penthouse (5)

South Park area condo buyers are older, more discretionary in their habits. Morrison condos attract higher walk-ins due to mixed use, pedestrian friendly shopping. Morrison prospects most common feedback for available 2 bedrooms was negative reaction to site views. Total number of prospects since HAR began on-site (August 4, 2010 – December 4, 2010) = 136

Sampling of Reported Traffic: Charlotte: Paris, France: Florida: New York: Michigan: Alabama: South Carolina: Texas: Switzerland: Tennessee: California: Ohio: Outside of Charlotte/ Other NC:

75+ 1 5 4 1 1 3 5 1 1 1 1 6

Customer registrant’s expressed interest in 1 versus 2 bedroom units: 1 Bedroom = 46% 2 Bedroom = 36% Undetermined = 18%

6


3. Charlot te Condo Competition 1315 East

(Helen Adams Realty 12/13/10)

Located in the heart of Dilworth at the intersection of East Loft One Bedroom Two Bedroom Blvd and Scott and Kenilworth Avenue, 1315 East is a mid-rise condominium complex that previously was Sterling Dilworth # Sold YTD: 0 2 2 Apartments but went Ave Sales Price N/A $133,000 $205,950 through a conversion project N/A $169.24 $165.13 in 2006 to become “1315 Ave Price/SF East”. The building was Current Active 2 2 3 built in 2001. It is situated Listings in Latta Pavilion, a mixeduse landmark on East Blvd. featuring restaurants, boutiques, and convenient to Carolinas Medical Center and a local Harris Teeter. 1315 East offers 162 condominium flats in a combination of loft style, one-bedroom and two-bedroom floor plans, many which overlook a two-level landscaped courtyard with a waterfall and some featuring expansive views of the Uptown skyline. There are a total of 33 different floor plans. Amenities include a parking garage and fitness center, but no pool. All of the converted units have been sold and all current listings are re-sales. Sales have slowed year-to-date with only four units sold. Radon had been a past issue with the complex. There are seven active listings and out of the seven, three are short sales and one is a foreclosure.

Royal Court Located in Dilworth on the cusp of Uptown, Royal Court is an 11-story condominium building that was built in 2008 and combines a mixture of big city energy with lots of room to breathe. Royal Court is in attractive location right outside the I-277 loop that circles the downtown area. Features at Royal Court include downtown city views, Loft One Bedroom Two Bedroom tree-line views of East Morehead St and of Dilworth, a two-story entry way with # Sold YTD: N/A 8 16 a waterfall, concierge services, secured Ave Sales Price N/A $196,250 $244,618 parking garage, large balconies, roof Ave Price/SF N/A $203.37 $221.61 top swimming pool including a fire pit and grilling area, media center and Current Active N/A 4 18 workout facility. 26 units have sold Listings year-to-date and have been stimulated by price-reductions. Units have hardwood floors in living areas, granite countertops, and stainless steel refrigerators. Window in living area is floor to ceiling and all units have large balconies. www.royalcourtcondos.com

Dilworth Walk Located in the heart of Dilworth at the One Bedroom Two Bedrooms corner of East Boulevard, built in 2007. The 0 2 complex features 64 two and one bedroom # Sold YTD flats with garage parking and no amenities. Ave Sales Price $282,500 Attractively built, with spacious floor plans. $263.77 No negatives for views. A key factor in sales Ave Price/SF is the premier Dilworth location. Sales Current Actives 3 2 have stalled dramatically over the past 18 months (only 4 closed in that time period) as the developers chose not to chase the market down. Instead, out of the 10 builder units remaining for sale, 6 are rented and 4 are listed, including 1 pending. Showings are by appointment, with no on-site staffing. Average seller paid closing costs = $1,250. www.dilworthwalk.com

Latta Pavilion Across the street from Dilworth Walk, this is a past Grubb Property development built originally as apartments in 2006 then converted to condos. There are 165 total units – one and two bedroom flats and lofts with garage parking, a small fitness area and roof top grill area. Shortly after the conversion (2007) excessive radon levels were discovered and an expensive whole-building remediation was implemented. The condo sales were severely impacted and have slowly recovered momentum. www.lattapavilion.com

One Bedroom/ Lofts # Sold YTD: 3 Ave Sales Price $147,666 Ave Price/SF $170.67 Current Active 2 Listings

Two Bedroom 1 $165,000 $162.00 7

7


(Helen Adams Realty 12/13/10)

Tranquil Court

Complex is located in the “heart” of Myers Park and a short 5 minute drive to some of the top rated schools and Southpark Mall. Although it is not deemed a mixed use development, it is next door to 62,000 sqft. of commercial space and surrounded by One Bedroom Two Bedrooms restaurants, bars, coffee shops, and shopping. Built in 2009, the condo offers 104 units, nice # Sold YTD 8 3 finishes and open floor plans. Completed $216,993 $359,100 at the beginning of 2010, the complex does Ave Sales Price $302.22 $342.23 not have a laundry list of amenities, but does Ave Price/SF include a nice, private courtyard with outdoor Current Actives 6 4 living space (gas grills, fireplaces, fountains, etc.) and a gym. There is also an upscale gym in the commercial space next door. Negative variables include the small “smokers” patios, back-side of building views, lack of amenities, and price. www. tranquilcourt.com Supposedly, 50% of the units are under contract, but few have closed. It is speculated that they are having difficulty closing due to appraisals, and some potential buyers want to back out due to the significant loss of value since pre-construction sales. Total Units Sold - Past 12 Months: 11 Average Price / SqFt: $315/sqft Units Currently Under Contract: 37

Metropolitan Completed in 2009, The Metropolitan is located in Midtown, which is right outside of Uptown. The complex is also situated in a mixed use development with mid to high priced restaurants, a furniture store, Target, Best Buy, Trader Joes, and many more. www.metmidtown.com. Units range from 900 – 3,000 sqft. and offer Viking appliances, gas frill on each unit’s patio, floor-to-ceiling windows, and 10 foot ceilings. They have an indoor/outdoor club, MetClub, which each owner is a member to.

One Bedroom # Sold YTD 5 Ave Sales Price $290,340 Ave Price/SF $295.20 Current Actives 7

Two Bedrooms 6 $444,833 $253.65 17

Total Units Sold - Past 12 Months: 11 Average Price / SqFt: $273/sqft Units Currently Under Contract: 2

Southgate on Fairview Located at the corner of Park and the end of Fairview/beginning of Tyvola, built in 2007. Building is 1 mile from south park mall. Not a Mixed Use Development. There are no shops within reasonable walking distance and waste treatment factory is right next door. Balcony’s are very large. Bosch stainless appliances and granite counters. Unique and very large floor plans. A big drawback is its vicinity to park rd and the traffic/noise that comes along with that. There are only 47 units in the complex. There is also no workout area or pool. All of the units are sold out and are now all re-sales. www.southgateonfairview.com

One Bedroom Two Bedrooms # Sold YTD 2 11 Ave Sales Price $165,000 $261,500 Ave Price/SF $166.00 $172.60 Current Actives 1 1

Piedmont Row: Piedmont Row is located in Piedmont One Bedroom Two Bedrooms Town Center, adjacent to South Park # Sold YTD 0 3 Mall. Piedmont Row is surrounded by $212,267 great shopping and dining options in Ave Sales Price addition to the restaurants and shops Ave Price/SF $188.25 in Piedmont Town Center. The complex Current Actives 5 8 was built in 2006 and includes fine dining options like Brio, Del friscos, Terrace cafe, and Taco Mac. Piedmont Row has almost the exact same amenities (pool, exercise, and kitchen). There are 145 units in the complex which range from a smaller one bedroom to large three bedrooms and even a few penthouse floor plans. There has been a lot of talk about the stability of the HOA and the amount of questionable investors. Six of these units are for rent as of now. There are twelve one bedroom units; however they all closed over two years ago. www.piedmontrow.net 8


(Helen Adams Realty 12/13/10)

1 2 34 5

6

9 7

8

Locator Map: Condo Competition 1. Royal Court

6. Tranquil Court

2. Metropolitan

7. Southgate on Fairview

3. 1315 East

8. Piedmont Row

4. Latta Pavilion

9. Morrison Condos

5. Dilworth Walk

9

2010 Condo Market Overview  

Overview of the Condo Market in Charlotte NC. Compiled by Helen Adams Realty.

Read more
Read more
Similar to
Popular now
Just for you