Investors would often purchase multiple units in a building, and then resell them before taking ownership, a neat trick during that time. When the recession hit, many investors found themselves with excess inventory and no buyers to take it, they then turned to the rental market.
Others who purchased found themselves out of work as a result of the recession, and were left with having bought high, and now having to sell low. The problem with that is that often it means that the seller would have to bring cans TO closing, not a very attractive proposition for most.
Some developments such as 210 Trade Street stopped construction, and others such as 300 South Tryon, and One Charlotte never started construction. Then there is The VUE, a condo project that has shifted to a rental project. The result of that is that from the over 400 units per year just 5 years ago, we will see 67 units from the SKYE condos hit the market in 2013.
Developers are finding that funding sources for new construction condo projects is very difficult to get,while multifamily projects do not share the same problems. Rental rates in general are rising, and developers are taking advantage of that market.
All that is forcing the existing condo market to become the only choice for many looking to buy downtown today.
Three separate projects are either currently underway,or will be shortly.
First, the Fountains. This development is taking the triangular shaped piece of land on the corner of McDowell and Stonewall Streets across from the Blake Hotel and developing it into over 200 apartments that will have an incredible view of the city skyline.
Second, another 250 unit apartment development at the intersection of Johnson & Wales Way and Fourth Street near the Doubletree Hotel. Work is underway to realign the roads to allow the project to go forward.
Third, previously mentioned here is the Childress Klein 21 story tower with 250 apartments next to the Catalyst and overlooking Romare Bearden Park.
All exciting, and all happening now.