New condo project near Highland Creek will add housing inventory

Why it matters: With inventory still at historic lows, 87 condos adds some new inventory to the Charlotte region in an outer-ring neighborhood that’s mostly known for single-family homes.

• Inventory has hovered around 3,000 homes the last few months, with about 0.6 month’s supply. That means if no more houses were listed after the point inventory was taken, all of the homes would be gone in about two weeks.
• With prices ranging from $275K to about $450K, Prosperity offers price points that are much lower than many of the luxury units going up around Charlotte.

What: The project is designed to create high-end condos at a more affordable price point than some other luxury listings, said David Hoffman, owner of David Hoffman Realty New Homes, who’s representing the community. The building will be six stories total with 10,000 square feet of retail on the first floor, and the condos occupying the five floors above that.

• The developer, Greenstone Group, led by John Wagener and Ann Festa, is no stranger to luxury. They’re the team behind the 41-story Park Plaza in Atlanta, one of the tallest buildings with residents like Oprah and Elton John, Hoffman said.

Prosperity will have studios up to 1,667-square-foot 3-beds. For the three bed, you could be looking at a mortgage payment around $2,100 a month. It’s difficult to find a newer 3-bed apartment in an amenities building close to the city for less than $2,500-$3,000 a month.

• Hoffman says he can see empty nesters and young professionals moving in, especially with light rail access nearby.

Pricing: 

• Studios: $275,000+
• 1 beds: 981 square feet, $295,000+
• 2 beds: 1,339 square feet, $359,000+
• 3 beds: 1,667 square feet, $450,000+

Design: Condos will have quartz countertops, marble tiling in baths, rain showers, in-wall electric fireplaces, 8’ solid core doors, 10-foot ceilings and Kitchen Aid appliances.

• The community will have a pool, dog park, fitness center, fire pit and BBQ stations, common rooms, secure mailroom and package storage.

Timeline: Hoffman said they hope to break ground within a month and plan to start pre-sales shortly after. After the ground floor is complete later this year, they’ll open a model unit and sales center in the retail space.

Renderings by TSW, courtesy of David Hoffman