Wednesday, February 8, 2012

Condo price tag creating sticker shock

Some uptown Charlotte condos are up for sale again, but the prices are causing some sticker shock.

The Garrison on North Graham Street is nestled between the Brookshire Freeway, a gas station, a plant, and train tracks. 

It is six stories tall and the condos start in the $200,000 range, but the penthouse is roughly $1 million. 

Compare that to The Vue a few blocks away. Its penthouse is around the same price, $1.3 million, but much higher and even it has not sold.

"That's entirely too much," passerby Leon Crisp said about the Garrison's penthouse. "Absolutely. I'm astonished, really."

The Garrison's sellers said they could not talk about the price Wednesday.

A realtor familiar with the building admitted the location is not great, but said the Garrison's price per square foot is less than many condos and that the million-dollar penthouse has one of the biggest terraces in Center City. 

A website shows uptown Charlotte penthouses and how they range in price from roughly $600,000 to $3 million. That's why Maggie Wyman, who lives in uptown Charlotte, heard the Garrison's price tag and thought it was reasonable.

"I guess I'm not very surprised considering there's million-dollar townhomes all around," she said. "It sounds about right to me."

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