These comps should help us at the Fairweather keeping in mind stick vs concrete of course.
1 Like
Back before the pandemic hit, they actually had 12 or so under contract. But they had all fallen out by mid 2020. They had to start all over with getting interest and contracts. I really hope this project gets traction again. It’s a good use for that property and adds to the density in this part of downtown.
1 Like
9 Likes
Price per sq ft is stupid for that donut box, but to each persons own. NYC prices in Raleigh, maybe the quality is first class.
2 Likes
I know it was hyperbole, but we’re quite a ways from NYC prices:
Note that the average price per square foot of a Manhattan condominium in Q4’2020 was $1,898, representing a significant premium over the condo/coop average shown in the graph.
Read the latest Manhattan property market report
1 Like
Adjust fir location and it’s the same , pretty much. I which I had a bunch to rent to transplants, I would surely work them over for some extra cabbage. They will pay anything to be cool.
1 Like
It’s impossible to compare apples to apples when it comes to NYC and DT Raleigh real estate.
As for these prices, and why there’s a market for these high $/SF condos, I can only presume that it’s a result of them being new and particularly styled for their target buyer with a few cool features like the Centor door system, and sleek kitchen/bathrooms. Even then, The Lynde has also thrown in a $5000 designer credit for purchasers to get even more bling that their buyers have likely seen on HGTV or touted by an “influencer” on their favorite social media platform.
I’ve been watching the resales on existing condos downtown, and it seems that those that sell and get higher dollars are doing much of the same with updates carrying a lot of weight. If I were buying a condo downtown right now, I’d find a good quality building that’s run well, pick up a unit that needs some cosmetic work, and do it myself to my specifications. It just seems like there’s more value in that approach. Alas, it doesn’t seem to matter with many buyers who just want it done for them, while they can spread that cost across 30 years at very low interest rates.
5 Likes
According to Loopnet it appears the site of the Lynde has just been listed as For Sale. Sounds like the project known as The Lynde may have been scrapped in favor of selling the land.
5 Likes
Really interesting here. All bids must be received by March 4.
Definitely can tell they’re saying Phase 2 is bigger than Phase 1, but it could be bigger. I’m also seeing hints of apartments.
If nothing else, there is a really good and interesting set of development projects listed throughout downtown – including maybe some newer renderings??
I tried to upload the brochure, but it was too large. If interested, go to the loopnet link above and download the PDF.
That’s actually good to see. As a neighbor, I’m very hopeful that the project proceeds as planned.
So what’s the deal with the Loopnet posting? Seems to be a disconnect between that listing and if they are in fact, still pre-selling units
They might just be selling the land that a future phase was initially planned to occupy?
Sound like the advertisement is for someone to take over the land and plans and move forward with the same project.
mighty bold move there!
1 Like
I didn’t see any new renderings in it; a couple are even outdated.
The exception is this project, which I hadn’t heard of before.
12 Likes
Fat Boy’s cousin???
2 Likes
Thats the location of the gravel parking lot in front of legends. 40 story rezoning for a 20 story project, though? This is either an old proposition or typical Highwood non-starter.
1 Like