News
MULTIFAMILY SURGE CONTINUES
March 13, 2012
| The hits just keep on coming. A slew of new multifamily rezonings just arrived at the Charlotte-Mecklenburg Planning Dept. (You may have missed them—they were wedged between some parking permits and a Land's End catalog), furthering a trend that CRE experts fear could eventually glut the market. | ||
 | ||
| Among the larger recent filings is a 400-unit complex in multiple buildings at Quail Hollow Road and Bridgewood Lane. Faison-Hollow, an LLC affiliated with Charlotte-based Faison Associates, filed the petition. It's scheduled for public hearing May 21. A Faison official could not be reached. | ||
 | ||
| Market watcher Real Data?s Charles Dalton Monday released his latest Charlotte multifamily update. Predictably, it shows that developers are more than meeting apartment demand that for years has gone unanswered. Current figures show 8,000 proposed units, compared to 2,100 proposed a year ago. About 3,100 units are under construction, compared to 500 a year ago. Meanwhile,vacancy has dropped to 6.7% from 9% for the same period, as average rents rose to $786 from $733. ?The market appears to be trying to overheat itself,? Charles tells us. | ||
 | ||
| Construction company Samet Corp has jumped in head first on the multifamily trend. It's currently under way with Langtree at the Lake in Mooresville, New Bern Station in South End and hopes to launch a new project in about a month at 330 W Tremont Ave. Samet?s Charles Blankinship tells us he believes there's at least another five years? worth of strong multifamily demand. Younger working adults today, he said, want the freedom that goes with renting, rather than getting tied down to a house and the responsibility of a mortgage payment. ?Plus, trying to get a home loan now is very difficult.? |
