Sunday, April 11, 2010

Molly McPhersons Will Occupy "Big Daddy's"

New restaurants are beginnig to open. The Observer had an article on Sunday 4/11/10 talking about Jim Nobles new restaurant called "Kings Kitchen", and promises of a version of "Roosters" downtown by the end of the year.
Another planned opening by another group is Molly MacPherson's. "Our plans are to welcome you to our newest pub early July 2010! We are planning to take the space formerly occupied by Daddy's American Bar & Grill on the corner of W. 5th and N. Church. We hope it will become your new favorite place to hang, grab some delicious food, and enjoy a drink or three."
With Ri Ra's and Connolly's just up Fifth Street, we will have plenty of places to watch soccer on the big screen!

Tuesday, April 6, 2010

Signs Of A Turnaround

We have all been looking for positive signs that the economy has changed enough to feel better about our property values. Well, the 1st Quarter may have brought that to us.
The enclosed chart shows the sales history for 2009 vs 2010. During the 1st Quarter of 2009, only 8 properties were sold compared to 20 properties in 2010.
The size of the units sold in 2010 represents about a 10% increase in size, and an equal increase in average sale price.
An encouraging fact is that properties are selling at closer to the original asking price.
To be sure, some of the property sold represents foreclosures, short sales, or other repressed pricing from prior years. These sales are a necessary part of an “inventory clearance” process, not unlike what you might find in a department store at the end of a season. The sooner these properties are gone, the sooner we can return to a normal selling environment.
The good news is that Buyers are returning to the market. I have had a significant uptick in showings on my listings, even those listings that are labeled either contingent or conditional! This is also reflective of Sellers taking an aggressive view of the value of their property based on the current market conditions. The chart above shows that Sellers are getting 95% of their asking price, while the average $ per square foot has gone down. Clearly this is a market driven change. This market condition will not assume the same type of 6%—8% appreciation of prior years.

Thursday, April 1, 2010

The New Urban Century

This picture was taken from the intersection at Seventh and Tryon. It is a prime examples of what Michael Smith is talking about in an article published in the April 1st edition of CNN Living.
The picture is the recently completed renovation of St. Peters Episcopal Church with the looming presence of The VUE Charlotte behind it. The contrast of the 108 year old building and the still unfinished VUE speaks volumes to Charlotte being willing to keep what is good, and add to it.
If you look the other way from this intersection, you will see the rising structural support beams for the UNCC Uptown Classroom Building. It is about 3 floors from completion, and the visual impact that it is having on the city is incredible.
I believe that much like the changes that have taken place since BankofAmerica created the Gateway Village area, UNCC will pull development towards it, further expanding downtown Charlotte, and increasing property values along the way
"As you look at the cities that are going to thrive in the next century, there's a belief that we're entering the urban century," says Michael Smith in an article in USAToday. "There's a new urbanism that's not about cul-de-sacs or expressways. It's sidewalks, bike paths and parks." "We're creating infrastructure for human beings, rather than automobiles."