Comment to Sound Advice on Simonini

Since comments are not always as visible to readers as the posts, I like to move them to posts when I feel it is important that everyone see the content. The question was asked about evidence that niche products had fallen in price. Below is the response from Jonathan Osman, a realtor in Uptown whose site is at CharlotteHouseHunter . As I mentioned in previous posts, I am  very appreciative of the information Jonathan has shared with us and do want to remind folks that he is not taking a public position one way or the other in regards to purchasing at the Vue. I am hoping that at some point if I can ply him with enough wine he will provide me with his “private” position, but until then, thank you Jonathan for your feedback!

Comment reply:

Most definitely! The million dollar market in the Charlotte area. From January through July 2006, 242 homes sold above one million dollars and they did so at an average price per square foot of $267.99. During the same period but in 2010, only 171 units sold averaging $227.40.

In one of Simonini’s own neighborhoods, Heydon Hall, buyers paid $235.14 per square foot for one of their custom homes. Today, the same home can be had for only $199.53 (using the same January – July time period above). Our 4,011 sq. ft. home in that neighborhood, which sold new for $884k is now listed for $710,000 or $177 per sq ft.

If you were buying a condo in Uptown during the first seven months of 2006, you likely paid $299.87 per square foot (284 people did). Today, those same units are selling for just $216.54.

At the same time, your average single family home in Charlotte priced between of $200,000 – $300,000 still averages $108sq ft – the same as it did in 2006.

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3 Responses to Comment to Sound Advice on Simonini

  1. Bone says:

    I don’t see any condos in Uptown selling for the $216.54 per sq. ft. that he is quoting. Let me rephrase, at least not any that are close to the VUE in offerings. I will compare Avenue since it’s the closest thing we’ve got to the VUE. I believe we have only had (3) 2 bed/2 bath short sales in the building. Keep in mind these were short sales. To my knowledge these 3 are the worst prices that we’ve seen for 2 bed/ 2 bath at Avenue.

    $310,000 for 1,080 sq. ft. ($287 sq. ft. ) carpet – not full hardwoods – no city view
    $335,000 for 1,070 sq. ft. ($313 sq. ft.) bad floor plan – 2nd bed had half wall – tiny living room
    $410,000 for 1,280 sq. ft. ($320 sq. ft. ) largest 2 bed, upper floor, city view

  2. Bone says:

    Mistake: second example was 1,170 sq. ft., not 1,070 sq. ft.

    $335,000 for 1,170 sq. ft. ($286 sq. ft.) bad floor plan – 2nd bed had half wall – tiny living room

  3. Bone says:

    As you can see from the stats below, city view, the higher floors, as well as
    floor plan still have a great impact of price per sq. ft.

    Avenue 2 bed/2bath units sold in the past 9 months:

    unit 2914 $295 sq. ft. facing away from city
    unit 2707 $282 sq. ft. facing the city but really bad layout. The 07 units have been a hard sell from day 1
    unit 1307 $268 sq. ft. ” ”
    unit 1607 $292 sq. ft. ” ”
    unit 3407 $314 sq. ft. ” ”
    unit 3415 $273 sq. ft. facing away from city
    unit 3202 $323 sq. ft. facing the city

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