One of the condo projects smack up against the South Blvd. light rail line remains in limbo two months after the site was put back on the market. A slick Flash website still pitches the project as “highly evolved living” just a “short walk from restaurants, shops, entertainment, and the New Bern light rail station.” Yet the overgrown vacant lot shows no recent signs of construction activity.
Whoa! That’s unpossible. How could condos priced $150K to $1m. on top of the South line failed to have attracted buyers? Me caveman, me no understand. How could a property with a 2003 tax value of $737K sell for $1.9m. in 2007 yet fail to sell for $2.5m. in 2009? Don’t real estate prices always go up by 20 percent a year in Charlotte?
Me caveman, me no understand.
