That’s interesting. My father-in-law owns a condo at Myrtle Beach and I thought his $600 HOA fees to be mind boggling. Makes more sense now.
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For condo associations in places like Myrtle Beach, I can assure you that a huge part of an HOA budget is going to windstorm and flood insurance for the building(s).
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Also, many associations will enter into an agreement with a cable provider that gives discounts for base service for all units. This too gets rolled into the fees.
Wow, how did I miss this ? very impressive building. are there any plans for construction or is this in the planning stages ? just curious. it sure would fill in the skyline real nice.
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Another 20ish story glass building… original
We are not Manhattan. Hell, we aren’t Charlotte. It is not cost efficient to do anything else at this point.
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Yeah I would love someone to give an example of what they want.
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Wouldn’t mind having back what they tore down. Also wouldn’t mind having most of the buildings in Chicago, San Fran, etc… it would be nice to have something iconic. Something an architect would be proud to put their name on for years to come vs. just facilitating the need.
Don’t get me wrong… I think this will be a great addition to Raleigh… happy to have it… but like most buildings right now… I feel like we are just settling because we don’t have much.
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Durham?
Fayetteville St?
…color me confused…
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Was in reply to the (tangential) feed above re: condos in the downtown market. 
I love that neighborhood so much. I used to take walks through that neighborhood before class when I taught at Peace. I wish we had more neighborhoods like it in Raleigh.
2009 was a great time to buy. (That’s when I became a homeowner for the first time.) I’ve heard that folks who bought just a few years before that did not do nearly so well, though.
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2009 was a great time to buy - even here in semi-rural Alabama. We thought we would be priced out of the market in the 00s, prices were rising so quickly. We under bought for our income, and the Great Recession gave us the chance to move up into a dream house. I am gonna need another big real estate recession if I am going to retire to Raleigh - that and convincing the wife that’s where we should go. She keeps going on about living wherever our 1 child ends up . . .
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A little update on Fayetteville 121. I started reading PACs earnings call today, and came across the quotations below. Interesting comments and I’d love to know more about the backstory on how they acquired this parcel. I also like the dig on Raleigh’s restrictiveness to new development.
"In our office subsidiary, preferred office properties we executed three leases totaling 110,000 square feet with a total lease value of over $20 million over any project we own here in Atlanta. 150 Fayetteville in Raleigh North Carolina, the U.S. Attorney’s office took occupancy of 56,000 square feet and we continued our extensive updating of the lobby and common areas. Across the street from 150, we continued architectural design work for a proposed new office building on a site we obtained when we acquired the 150 Fayetteville Office building.
And at Downtown office market that is highly restrictive on new development despite being more than 95% occupied, we discovered in our due diligence this site was already approved for up to a 40 storey office building. In essence we got a prime development site for free."
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Good find!! I wasn’t aware that PAC already owns Wells Fargo building but that means it is the same setup with PAC as owner and Kane does the leasing&PM as what is proposed for 121 Fayetteville
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Simple…push your child to go to Raleigh.
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I am suprised that TBJ or N&O have not picked up on this story yet. the big question will be is a REIT going to build on spec in a “office market that is highly restrictive on new development despite being more than 95% occupied” or wait for an anchor tenant
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Well, don’t they actually have building rights already up to 40 floors under the current UDO? If they follow the zoning requirements, can’t they can give a big ole middle finger to the city and build it when they want to?
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That is my plan @John!! Time will tell how it works out.
Highly restrictive on new development This group clearly is aware of the Council of No. To me, this is a damning indictment.
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But seems like a jab. City Council has been restrictive but what do they have to do with a block already zoned to max? Are they suggesting they would try for more than DX-40? Build your building!
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