Wegmans Superiority
6 Likes
I wish I may, I wish I might
Have the walkable grocery store I wish tonight
7 Likes
Plans have been filed for the Daycare Center expansion. The plan call for replacing a currently dilapidated SFH with a 3-story mixed-use building; 6 apartments, some daycare space and some retail space.
Unfortunately also a bunch of surface parking. 24 parking spaces seems like a lot for the proposed uses and size of the building. Super happy to see the daycare expanding and more retail over here though!
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Kinda interesting mix of uses, thereās also 6 apartments. So looks like floors 2 and 3 are residential and they have a rooftop patio. And then only the ground floor is the daycare and a small āretailā space.
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Movement on the Idyle townhomes
Some siding up on the second floor (first floor is garages around back)
A decent number of people on site today
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There is no replacing Wegmanās, especially with a Harris Teeter.
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I saw the Row 12 project over near the City Cemetery on Hargett has the entire development offered up for sale (10 units) as an alternative to purchasing single units. Looking at records, not a single unit has sold. When they originally offered these I was surprised they thought they could sell 10 $1.25mm units in a single area. I guess my surprise was warranted. The Dukes over on the west side are still trying to sell a few units 8 months after completion and the Idyle seems to not be attracting much excitement. I am pro-development, but wish these developers had focused on more āaffordableā housing in these spots.
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Ahhh, great, so these will just become forever-overpriced-rentals.
Ah, the 
italism of real estateā¦ 
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Its such a great investment opportunity with guaranteed incomeā¦please buy it from me and take it off my hands!
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Oddly enough we had friends rent out the corner unit this weekend on Airbnb. The top deck and views are incredible, but the portions and scale are terrible for 1.2M, so I understand why they arenāt selling. Thereās still better options at that price or cheaper.
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Interesting, so its a AirBNB/Model home.
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Share that listing ?
That is a fantastic view. We donāt see this view near enough on here!! I wonāt go on about the skyline, but the old BB&T building is still my favorite.
The view, and discussion, makes me think is this area is perfect for these size residential buildings @Seawell 's point is spot on, they clearly misread what would sell. More affordable row houses, and missing-middle/multi-family small buildings, are the way to go in my book. Of course, they all need roof-top areas so everyone can enjoy this view.
RAL_Skyline be like - Gap teeth inna mouth, so my 40 + stories gotta fitā¦
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Well, I suppose that we now understand what the sub-market breaking point is for a townhouse project in a transitioning area.
For comparison in an edge downtown location, one can get this new detached ārow houseā for $1.45M, and itās larger, has 2 garage spaces and an ADU. Itās also in Hayes Barton and is surrounded by other high priced real estate.
I think that developers can sell townhouses in the $600-700s all day long, but doubling that price is proving to be a challenge. I know that if I were dumping 1.25M+ on a townhome, Iād want the location to be excellent and already have all of the urban amenities. This location doesnāt even have a walkable grocery store.
5 Likes
āDevelopersā get a bad rap sometimes but, the speculation aspect of real estate is a rampant escalator in the marketplace. Even the project you posted, which is in a primo location with built in passive income opportunity, was already listed at a ridiculous high water mark thatās already seen price adjustment several times in a quarter plus of the calendar year. At some point, we have to right-size the ROI of investment for the builder versus the VOI for the buyer that resets the baselineā¦? More built housing helps, yes - but the value reaped (thereās an E) per transaction has got to come back to earth a bit. The gold rush is overā¦
1 Like
