Monday, November 13, 2006

Would you pay $3,200 a month in rent?

When it opens to the public Thursday, Charlotte's new Crate and Barrel store will be the latest addition to the ever-changing SouthPark mall. But what I'm really waiting for is the opening of the building under construction beside the store - four stories of luxury apartments atop more stores and restaurants, scheduled to be complete in April.

It's going up on the corner of Sharon and Morrison roads. For years, that spot was empty grass except when it was home to the Summer Pops concerts of the Charlotte Symphony and the holiday tree-lighting at the mall each Thanksgiving. The opening of Symphony Park behind the mall has moved those events, and the new development seems to be a positive addition to the area. But I'm really curious to know who's going to be paying those luxury rents - averaging $3,200 a month.

Here are links to this morning's WCNC report and my column on the development. What are your thoughts on that rent figure? Does it make sense to pay that much for a prime location next to a luxury mall? Let me know.


Anonymous Anonymous said...

$3,200 is not that much for many of charlotte's senior banking residents who can easily make annual salaries starting at $300,000+. A busy, fast paced lifestyle leave little room for home maintenance. They expect luxury living however and that is how I see places/rents like this being able to sustain.

8:30 AM  
Anonymous Anonymous said...

My rule of thumb is not to pay Manhattan prices for an apartment unless I'm living in Manhattan. This rule is especially followed when there are $600 apartments less than a mile away. Each to their own I guess.


9:49 AM  
Anonymous Anonymous said...

As Anonymous said at 8:30, this is fine for the "Senior Banking Residents" but this represents how the overall Housing Market in Charlotte is tailored to the upper middle class. Unless you want a Townhome, you can't get new housing that is affordable for young professionals.

11:07 AM  
Anonymous Anonymous said...

That is the equivalent of a mortgage on a grand, spacious million-plus home of which there are many within a stones throw of the mall. And if you can afford 3000 a month you can a afford a yard service and a housekeeper. I can barely stand to shop at the mall - I can't imagine living on top of it -- of course you would have a great view of the Harris Teeter. Talk about "white trash with money..." Gross. To paraphrase anon #2 - Manhattan it 'ain't!

3:20 PM  
Anonymous Anonymous said...

The more these ridiculously overpriced places sell/rent, the more city planners and builders will think that Charlotte WANTS more places like these, and the more average rent in Charlotte will go up as a result.

IF they are selling/filling, then simple economics will tell you that this probably indicates that there is a market for luxury housing in Charlotte.

However, it puts the average person, who seems to be largely ignored by city planners hell-bent on attracting elite residents, between a rock and a hard place when there is nothing to choose from in the Charlotte housing market between the very expensive and the very poor.

3:26 PM  
Anonymous Anonymous said...

Not everybody in Charlotte is a senior banking executive. And as others have said, this isn't New York City. $3,200 a month in rent is ludicrious for Charlotte.

3:29 PM  
Anonymous Anonymous said...

I would take Charlotte over Manhattan in a second. Convenience is key, and I would live there.

5:39 PM  
Anonymous Anonymous said...

Yeah Daniel, but would you pay $3200 for an apartment here????

6:27 PM  
Anonymous Anonymous said...

How does Charlotte have more convenience than Manhattan? Are you an idiot?

7:04 PM  
Anonymous Anonymous said...

I wouldn't pay 50 cents a month for rent to live in Charlotte...

7:06 PM  
Anonymous Anonymous said...

There is a zero percent chance that this development will have average rents of $3200/month. Make no mistale about it, these are condos. Calling them apartments is a financing strategy. This is Hanover's M.O. all over the country.

7:46 PM  
Anonymous Anonymous said...

$3,200 a month gets you a two bedroom apartment in Hoboken, across the river, and NOT Manhattan.

If the market accepts it then great. The builder thinks so. Personally, I wouldn't think that amount is outrageous in uptown but might be a little high for South Park. At least now. Over time when Charlotte gets built up more then $3,200 will seem like a bargain for being that close to the city.

10:42 AM  
Anonymous Anonymous said...

I was on the apartment association tour earlier this year, which included these apartments, and they said that the average rent quote factored in the 2b & 3b 2-story townhomes as well. The building has quite a few 1b apartments that won't be priced anywhere near that number. I would definitely live there - it's like a hotel.

10:50 AM  
Anonymous Anonymous said...

If you let me live there for a free, I'd do it for a year.
Otherwise, the city life isn't my style.

For $3,200 per month? Give me 2500 square feet on five acres. I can stomach the traffic and I would be far enough from the critics that I wouldn't be able to hear them.

11:57 AM  
Anonymous Anonymous said...

Hanover regularly builds these "apartment" complexes, fully intending to turn them into condos within a few years. I have heard that this is the intent for these. It won't be long until you see "FOR RENT" signs popping up in the windows of the Villages.

3:42 PM  
Anonymous Anonymous said...

Lets get one thing straight and lets start relying on facts not opinion.

-There is obviously a market for this type of real estate. I doubt they would build if there wasnt. Also, There are plenty of much less expensive places for us young professionals with smaller salaries(me included)! There are also plenty of places for even lower incomes. Charlotte is flooded with apartments/condos!

-3,200 a month will NOT buy you a grand, spacious million-plus home! $3,200 is basically enough to cover a 500k-600k mortgage however does not factor in things like maintenance/repairs.

-$3,200 in Manhattan is barely enough to afford a decent 1 bedroom. that may be stretching it, a studio is probably more realistic. Also you will not get anything remotely luxurious. You are lucky to get something barely liveable. If you dont believe me, check out and do a quick search.

8:21 AM  

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