Don't know who you are Lookingup....but growup a little. Yeah, I'm back.
I don't work for Novare or any commercial lender period or even in condo/residential/highrise living construction. I DO have friends that live in Metropolis, Spire, Eclipse and waiting on a unit for Realm in Atlanta. All these buildings are nice/fine condo buildings with good amentities. Futhermore, the're all FINISHED! I myself would never live in a condo because I have a single family home and walk to Braves games and the zoo just blocks from my home. But you....let me say you are the most negative pessimistic sucker I've ever ran into in a forum.
Once again study your facts man... actually go to globest.com, the business chronicles for different cities, etc. Don't get on hear spouting ideas as if they were fact. I was looking because the newest highrise in Atlanta on Novare's site is about to break ground. Since I'm on this website because I am a skyscraper enthuasist and work in project management for a construction company (outside of residential), I happened to click on 360 and I've been following the project for over a year now through various construction sites and business journals. I really don't give a damn what you feel as to whether the units will be luxury or apartment. I simply know that Novare does do its homework in other southern cities. Seems to me from the other forum users the price points in Austin are almost identical to the majority of other southern cities. This being from $250 to $350. Now where in the hell you are getting this magical $400 number you keep quoting as if it's fact and from God, I remain baffled. Also, if you do know so much about highrise financing as you seem to think you do, YES, as a building rises, each floor becomes progressively more expensive. Hmm, could this be views? Could this be just common sense prevailing. I DO know here in Atlanta, once you go above the 10th to 15th floor of condo buildings, the prices typically increase between $2,000 to $5,000 per floor. This said, if a unit on the 10th floor was to cost $200,000. On the 20th, the same unit would be between $220,000 to $250,000 if not more. Hmmm, let me see, could this be because yet again in real estate, people pay for LOCATION. Last time I checked here in Atlanta and I'm sure Austin is the same, a 20th floor view is slightly more beautiful then a 10th floor view.
Futhermore, who has claimed any of these buildings being discussed here are LUXURY? Seems like they are all very standard grade in finishes and in construction materials used. Also, if you'd take 5 minutes to leave this site long enough to not gripe and attack, the websites that people list on here all pretty much say that the buildings under development and under construction all contain the same price points, finishes and amentities.
The question I was responding to was one raised by you as to whether Novare had financing. The answer actually appears to be unanswered, but also let me state, construction has definitely begun on 360. It's in many construction journals this month. Futhermore, I do know that Andrews teamed with Novare on this project. You yourself stated, that the land was provided by Andrews.....also let's see, you claim to be in finance....right? Well, hmm, usually land is the 1st prerequisite for obtaining financing. Go figure....yet again?! Furthermore, construction documents are required by lending institutes to perform appraisals, land values, expected sales, expected construction costs and so on. Furthermore, building permits definitely require completed construction documents....not to leave myself open for yet another one of your off the wall attacks and for those not in construction. Construction docs completed does not mean on a per unit 100% detail completion basis. However, it does mean complete land/site development, storm water (in big cities), structural, fire safety, MEP's and so forth.
I wish all the projects in Austin well. Luckily Atlanta has been spared cyclical real estate for most of its 140 year history, so I really can't comment on unbuilt facilities and high rises.... I only know of 1 in Atlanta that was started and sat vacant for about a year before another company came in and completed the condo midrise (12 floors) as apartments.
Now whether Novare has financing, Lookingup, I CAN'T tell you yes. All I was doing was giving my opinion of what Novare has done in Atlanta and that construction has begun without a doubt. As to Novare's internal workings and whether they finance initial construction costs I can't even begin to answer those questions. However, I believe they are a public company and would have to disclose such information in their quarterly statements, so being in finance, do a little research if you are capable and report back to the forum since it bothers you so much. If they aren't a public company, then I guess you'll just be unsure for a while.
As I stated, Austin will be happy to have this building on its skyline. One last note, in Atlanta, Novare never begins selling units until construction is well underway and the building is clearly out of the ground with cranes high in the air listing a website address down the spine of the crane. My
opinion as to why, is because they use the rising building as it's own advertisement to generate buzz thus controlling their initial advertising dollar. Hmm, word of mouth, could that be it? Excitement about a new high rise, is that it?? I don't know, but I for one would feel better about placing a deposit on a condo (if I were going to) that was 10 stories high before sales began then on putting my money down because someone had a sales office and a picture of a building 'coming soon' with a bochure of how great the place was going to be.
My interest in Novare is because they have 6 building under development now in Atlanta. They are changing my city's skyline and I hope they continue to succeed so none of these projects are jeopardized because I love Atlanta and all the new highrises here. Their Centennial Hill development with twin 39 story towers and a 16 story hotel in the middle is in the smack middle of downtown coming into town on the connector and will be a huge addition right as you take the curve after 10th street. I want to see it finished and see what it adds to the city not to mention their many other buildings reshaping midtown. Given this is a skyscraper website, I would think that would be everyone's motive for discussions on here, but I guess being naive, other's MUST have hidden agenda's as you claim. Sorry to burst your bubble, but I'm just an enthusiast and was trying to be nice. My first trip to NY was tear filled last summer with 4 straight days of WALKING all of lower manhattan just looking up at all the tall buildings, that's why I'm here. THAT'S MY INTEREST AND MOTIVE LOOKINGUP! Thanks but I think you've pretty much proven your worth and leanings without typing anything further. In the future I'll try and remember not everyone is here because of a love of highrises and development.
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Geez - Jerk alert!
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