Sunday, February 3, 2013

The State Of Center City

As we slowly creep out of the recession, it is important to look back and see how we are doing, and where we are going. Charlotte Center City Partners has done most of the heavy lifting for us with their State of the Center City 2012 report.  Please take some time and read this well written and informative report.

At times it looked and felt like everything was going bad, but it really didn’t as the report shows. The issues we face concerning Transit, and Taxes, and Infrastructure are all important issues in building our city of the future.

The real estate market will be affected by this as well. Density and urban living continues to grow, and the demographics of those leading it are mostly below 40. Currently, due to the financial markets being hesitant in lending to for-sale condo development, apartments have taken the center stage.

Over 700 units were announced in January between two projects. The building timeline for those two will be about 18 months. Couple that with the 2 other projects already under constructions which will hit the market in 12 months and our increased capacity for rentals is apparent.

With the exception of The SKYE Condominiums (67 units), there is no for-sale projects for that same period of time. This will change by late summer. I expect to see the Mint Museum Condominium project to re-appear. Additionally, the site located on the corner of South Tryon and Third Street should once again become active in the market.

The timing for these will push into early 2016. The rapid growth we saw during the first 7 years of the 2000’s will seem glacial by comparison to the next 7 years.

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