Uptown Living Blog

Uptown Value in Springfield Square

There is still value to be had in Uptown Condos, even in desirable Fourth Ward. Springfield Square has 90 units that range from the high $100,000’s to the mid $200,000’s. They don’t come up for sale often, but there is currently one home on the market that you could snap up listed at $199,900.

Springfield Square was built in 1982 and features one and two bedroom units with one full bathroom or one full, and one half-bathroom. All of the units have fireplaces and many have been upgraded to include hardwood floors. Many of the units have had complete makeovers in recent years to modernize the interiors and make them work for today’s lifestyles.

Spacious porches are included in all units in Springfield Square. Many have skyline views making your porch an urban oasis. Full sized laundry inside each unit is an unexpected luxury for an uptown space.

Located at the intersection of 8th and Graham, Springfield Square is right next to Fourth Ward Park. Most of the units have a great view of the park, and the park helps to make it seem like you have a large backyard. Residents also enjoy a central courtyard with a community pool.

Walkability is great from Springfield Square. There are countless bars, restaurants, museums, offices, nightlife venues, sporting events, grocery stores, parks, and more within a short walk of the complex. There are also assigned parking spaces for residents and quick highway access

In the past year, homes in Springfield Square have sold for between $172,900 and $241,000 with an average sale price of $208,538.

Scott Russo earns internationally recognized achievement for performance in luxury real estate.

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Russo earns internationally recognized achievement for performance in luxury real estate.
Charlotte NC | 5.8.2017

Scott Russo with The Mcdevitt Agency recently earned The Institute for Luxury Home Marketing’s Million Dollar GUILD™ recognition for experience, knowledge, and expertise in million-dollar and above residential properties. Russo is a Certified Luxury Home Marketing Specialist™ (CLHMS), an exclusive group of real estate professionals who have completed The Institute’s training and have a proven performance in the upper-tier/luxury market.

“Agents who have earned the CLHMS designation are performing at the highest level in their community,” said Diane Hartley, president of The Institute. “It takes a superior level of service to be successful and consistently close sales at or above one million dollars. We want to recognize this performance, and give these elite professionals the earned distinction that they are the agent of choice for affluent buyers and sellers.”

The specialized training and ongoing membership with The Institute provide Russo with the knowledge and tools to better serve his luxury clients. The GUILD recognition provides evidence of the successful commitment to service at the highest level.

July Market Report

The Charlotte Regional Realtor Association released their monthly housing report this week. They show that the housing market in Charlotte continues to be strong. Sales are up 3.1% year over year, home prices are up as supply stays historically low with only 2.6 months of inventory. There were 12,685 homes on the market in July of 2016 and we are down to 10,174 in July of 2017. This represents a decline of 25.7% year over year. New listings are up 5.9% and pending sales are up 16.1% giving every indication that the market is going to continue along the current trajectory.

When you look just at Uptown Charlotte, the numbers can be a little bit misleading. Much of the reason for that is figures can sometimes look extreme due to small sample size. For example, there are right around the same number of homes for sale this year as last. In 2016 there were 95 homes for sale and in 2017 there were only 91. This gives Uptown Charlotte only a 2.6 months supply of inventory compared to 3.2% last year. This small sample size means that the difference year over year is -18.8%.

New listings, pending sales, and closed sales were all up year over year in Uptown Charlotte. Average sales price dipped slightly (5.1%) from $302,041 to $286,758. Due to the small sample size, average sales price can swing substantially from one month to the next if a penthouse unit sells.

Uptown Charlotte has been an interesting market in recent years. Most of the new projects are luxury hotels, office towers, or luxury apartment buildings. Almost none of the new construction is for sale to consumers in the form of single family homes, townhomes or condominiums. This leaves a mostly fixed inventory for the area, making it harder for the market to recover from the historically low inventory we have been suffering. Prices will probably continue to rise as a result.

First Ward Project coming next year

Another new project is coming to Uptown next year. This time, First Ward is going to receive 548 apartments and 19,585 square feet of retail. LMC, the multifamily division of Lennar Corp is developing the project that fronts Market Street on the Lynx Blue Line.

Market Street is an interesting project. The street will have the ability to be shut down for farmers markets, concerts, street parties and more. The balconies from this project will be able to overlook the action. This bird’s eye view will be a great bonus for the apartments facing Market Street. For residents worried about potential noise factor, there will be many units facing away from Market Street.

The boundaries of the parcel are the Lynx Blue Line extension, East Eighth, North College and East Ninth streets. The purchase of the property was completed in January. LMC recently filed with the city planning department for the project which also includes 885 parking spaces. The plan calls for a mid-rise building with 180 apartments, ground-floor retail and three sides of parking deck. There is also a 33-story tower facing College street with the remaining 368 apartments and additional ground floor retail. The tower will have four floors of penthouse units averaging 2,000 square feet. The top floor will be reserved for amenities like pool, fitness center, lounge and private dining. It is unclear at this time if the units will be in the luxury range as many of the other recent projects Uptown.

The multi-phase, mixed-use development does not have a formal name yet and is still in the planning stage. Details could change as the process comes closer to breaking ground. The start of building the first phase is expected to be July of 2018 with completion pegged for July of 2020.

Carolina Theater Makeover Funding Confirmed

Funding has been confirmed by Charlotte City Council and we will have a made over Carolina Theater. This project has been years in the making, but Monday night the rest of the funding has been confirmed for the $51.5 million makeover. Most of the money has come from private sources, but the balance, $4.5 million comes from public money.

This project is exciting for a few reasons. First, the theater itself will bring in tax revenue for the city, paying back the investment in the long run. Second, there will be many uses for the theater from film festivals, lectures, speeches, musical performances, comedy shows, plays and more. Third, it brings culture and cachet to Uptown adding to a long list making Charlotte a destination city.

Fourth, and maybe most interesting, there will be a privately funded 270-room InterContinental Hotel built above the restored theater. This will join a host of other hotels in Uptown catering to luxury tourist trade.

The Carolina Theater was sold four years ago to the Foundation for the Carolinas. The Foundation has raised 90% of the money for the renovation. The remaining money comes from existing taxes on hotel rooms and rental cars. This money will come back to the city with the addition of more hotel rooms so the investment is a safe bet.

There were more problems with the derelict theater than was originally expected. Mold, asbestos remediation and removal of lead paint have complicated the project making it more expensive than originally planned. The theater was originally built in 1927 and has been closed since 1978.

The revamped Carolina Theater will be a showplace along North Tryon Street. We are looking forward to all of the local, regional, and national acts it will bring in.

To read more about the Carolina Theater, check out the Charlotte Business Journal and the Charlotte Observer.

Ascent and Museum Towers now Leasing

Two new luxury high-rise towers are now open in Uptown Charlotte. The towers are hoping to lure people who could afford to purchase their own home by offering every amenity you could ask for. They have been modeled after the finest resorts and hotels to convince residents to lease instead of buy.

Museum Tower

The Museum Tower stands 43 stories on top of the Mint Museum. Strict attention to detail keeps the aesthetic of the Museum Tower in line with the Mint Museum downstairs. Childress Klein created 394 luxury units including one, two and penthouse apartments. Units command luxury prices as well, but that is not stopping potential tenants from signing on the dotted line. Many of the units are already leased. Expect to pay in the range of $1,920 for a 710 square foot one bedroom all the way to $6,725 for a 42nd floor penthouse with sweeping skyline views from multiple separate balconies.

Units all have high, 8’ or 10’ ceilings. Whirpool stainless steel appliances, Nest thermostats, and glass tile backsplashes are standard. Premium units have top of the line Viking appliances, rainmaker shower heads and surround sound standard.

Sample Floorplan in the Museum Tower

Amenities in the Museum Tower include a 24-hour concierge, pet spa, complimentary Starbucks, fitness center with both spinning and yoga, and a mailroom-tech lounge hybrid.

The rooftop has a heated saltwater pool surrounded by an ice bar, TV’s, lounge chairs, and cabanas. Residents can also rent out an apartment for out of town guests for $200 per night.

Ascent Tower opened on June 19th and is also in high demand. Greystar put together this project over the course of two years at the corner of South Poplar and West Third street in Third Ward. There are 300 luxury apartments and 22,000 square feet of amenities in 33 stories.

Ascent Tower

Amenities are on the top two floors and include a three-room fitness center, sky lounge, pet spa, pool, community kitchen, private workspaces, lounge spaces and multiple entertainment spaces. There is ground floor restaurant space for residents to enjoy as well.

Ascent Tower has studios, one, and two bedroom units ranging from $1,435-$4,055 per month. Units include Nest thermostats, bluetooth enabled locks, a chiller boiler system providing hydro-powered heating and cooling. Washers and Dryers are standard in each unit as well as floor-to-ceiling windows, USB charging outlets, walk-in closets and top of the line kitchens.

These towers join with many others that have been remaking the rental market Uptown. It will be interesting to see how long it takes for the towers to reach full occupancy. There is no denying that they are attractive, convenient, and luxurious.

June Market Report

Home sales were down again this June in the entire Charlotte region compared to last year. 4,719 homes sold in June compared to 4,904 this time last year. This represents a decline of 3.8%. These numbers all come from the monthly report from the Charlotte Regional Realtor Association. The report is based on data from the Carolina Multiple Listing Services Inc.

The supply issues we have been tracking continue as well. There is a 2.5 month supply of homes on the market in the entire Charlotte region as of June. Last year at this time we had a 3.5 month supply. This means just 9,967 homes are on the market compared to 12,592 last year. This represents a decline of 20.8%. It is up from last month when only 9,795 homes were on the market.

When we look at just Uptown Charlotte, closed sales were way up year over year with 53, a 39.5% increase.  Homes commanded an impressive average of 97.4% of the list price. But the supply woes are the same as the entire region. A 2.5 month supply of homes leaves sellers with more power in transactions. A balanced market is generally considered to be a 6 month supply.

As is typical with supply and demand, when there is less supply, demand goes up driving prices higher. Median sales price in Uptown Charlotte area rose from $250,500 to $265,900. Much higher than the entire region at $245,000. Average sales price also rose from $276,791 to $303,242 representing a rise of 9.6%. Homes are selling quicker than last year, averaging 91 days from listing to closing.

Pending contracts on homes were up 11.8% year over year. Pending sales show that there is still strong demand for home in the area and is a good sign for closed sales to be up next month as well as these contracts head to the closing table.

There were 35 new homes listed in June, a decrease of 18.6% year over year. To solve our lack of supply, we will need to see this number increase drastically. With so many new apartment projects in Uptown, we are less likely to see new condominium builds to boost supply. This means the Uptown market may take a longer time to recover from its supply woes.

Second SkyHouse Tower Now Open

This month marked the grand opening of the second SkyHouse Tower in Uptown Charlotte. The first tower opened in 2015, so today it is joined by it’s mirror image twin. The parking deck and private park opened last year. The SkyHouse Towers in Charlotte join 16 others in cities across the country including Atlanta, Dallas, Austin, Houston, Tampa, Denver, Orlando, Nashville, and Raleigh.

Development partnership Novare and Batson-Cook Development of Atlanta are the masterminds behind the project in conjunction with Charlotte’s Grubb Properties. SkyHouse consists of two towers, and a parking deck between topped with a nearly 1-acre rooftop park (SkyPark) open only to residents.

Each 24 story tower has 336 apartments for a total of 672 studio, one-, two-, and three-bedroom units. The towers feature floor-to-ceiling windows with skyline views, private balconies, generous closet space, modern wood cabinetry, granite countertops, stainless steel appliances, washer and dryer, hardwood flooring in living areas and tile in bathrooms.

The SkyPark private park for residents contains a tennis court, athletic fields, grilling stations, fire pits, putting green, pergolas, walking trail and bocce ball courts. There are also dog parks for large and small dogs complete with washing station.

Additional amenities include complimentary guest parking, 24-hour concierge, wi-fi in common areas, controlled access parking garage, environmentally conscious design and construction all in a pet friendly community. A rooftop skydeck boasts outdoor firepit and grilling stations. SkyFit on the 24th floor has club-quality cardio and strength equipment by Life Fitness, yoga, pilates, and cross training room with AppleTV. SkyLounge is a rooftop lounge with billiards, fireplace, and large flat-screen TV’s, complimentary coffee bar, and catering kitchen. The pool deck is a saline pool with uptown views and two covered poolside lounges. The project is full of green features as well for an environmentally friendly impact.

Units can be secured right now with special pricing available. Some units are eligible for up to six weeks free rent right now. Studio units start at $1,292 and three-bedroom units start at $3,525.

Located on North Church Street between Ninth and Tenth streets, SkyHouse is part of a larger development plan for the area bounded by I-277, Sixth, Poplar, and Caldwell Streets. Expect many additional projects to join SkyHouse in the near future.

300 South Tryon Lights Up Uptown Charlotte

The Charlotte Skyline has changed substantially over the years. New buildings have changed the view from all vantage points. The newest office tower at 300 South Tryon is changing the view yet again.

Innovative lighting has graced many buildings in Uptown Charlotte. From a parking garage that lights up and plays music, to the Duke Energy Center flashing blue when the Carolina Panthers score, to the many holiday shows, the lights in Charlotte are spectacular.

300 South Tryon is upping the game yet again. The LED lighting down the side of the building can change colors, form patterns, and can also spell out words. The words scroll all down the side of the 25 story building.

We’re sure to see support for all of our local sports teams, but it will be interesting to see what else will scroll on the huge marquee. Congratulations for graduates? Marriage proposals? It will be interesting to see what we will be reading on the side of the building, but it will definitely draw all of our attention.

The building will be open later this year, the first tenant should move in in August. A new hotel, The Kimpton will open next door later in the year. I’m sure happy hour at the rooftop bar will be more fun while watching so see what the building next door will say next.

New project underway at Uptown 550 at Stonewall

Rendering of Uptown 550 at Stonewall

Stonewall Street has been undergoing much change over the last few years. It is one of the busiest streets for construction right now with many exciting projects coming to change the skyline of Uptown Charlotte. Uptown 550 at Stonewall is one of the projects to be most excited about.

Located at Stonewall and Caldwell Streets, Uptown 550 at Stonewall is a large project with two separate buildings. The Northwood Ravin project will have 421 apartments and ground floor retail in a 20 story tower and a 4 story building with parking deck.

The 20 story tower is slated to have first floor retail, a gym on the third floor, a fourth-floor dog park, and a rooftop bar. Units in the tower will have balconies with skyline views. The tower will house 143 units.

The four story building will have three stories of parking, and an elevated pool and lounge deck. There will be 278 units in this building.

Homes in Uptown 550 at Stonewall will be a mix of studios, one, two, and three bedrooms. There are many luxury features that will be standard across all of the units including:

  • Quartz countertops
  • Rain shower heads
  • Outdoor gas fireplaces
  • Designer lighting
  • Custom cabinetry

A central courtyard plaza is planned that will include green space, urban garden, fountain, and walking paths. Other amenities for residents will include a full-sized golf simulator, game room, lounge space, and indoor resort-style spa and sauna. Planned completion is for August of this year.