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Conversion®
Oct. 13, 2004
Condos in Eastover move fast
Buyers sign up for 48 units within
48 hours of grand opening
DOUG SMITH
Converting Eastover Glen Apartments to condos looked
like a slam dunk when its investors announced the project in early
September.
But they weren't sure how successful it would be
until a week ago, when they began taking sales contracts at a grand
opening attended by 400 real estate agents and potential buyers.
Their heads are still spinning. Thirty-six of 128
condos sold the first day; 48 were gone within 48 hours and 60 were under
contract by Tuesday. Sales totaled more than $7.5 million.
Development manager Kevan Smith of LandSmith Real
Estate Services said they expected a good turnout but were surprised by
the strong early demand. He had projected 64 sales by Dec. 1.
In the world of condo conversion, Eastover Glen
definitely is on a fast track. Windermere on
Queens
sold out on grand opening day in 2002, but it was considerably smaller at
only 24 units.
This project is transforming the apartments into the
Villages of Eastover Glen at
Cranbrook Lane
and
Randolph Road
about 2.3 miles from The Square and near the Mint Museum of Art and
Eastover
Park
.
"You just can't beat that location," said
residential real estate analyst Emma Littlejohn of The Littlejohn Group.
"It should easily surpass 50 percent and continue selling at a good
pace because they've got such momentum."
The urban condo market -- fueled by low interest
rates and buyers weary of long commutes -- has gained steam during the
past year.
"A lot of projects have been announced, but
there's nothing close-in that's built, so you have to wait for
construction," Littlejohn said.
Conversion is under way at Eastover Glen, where the
lag between signing a contract and moving in will be relatively short by
industry standards. Owners will begin arriving in March.
Units, priced from $96,200 to $184,000, range from
605 to 1,037 square feet and include one bedroom/one bath, two
bedrooms/one bath and two bedrooms/two baths floor plans.
The ownership team consists of local development and
real estate investment veterans Roy Goode, Frank Martin and Steve McLeod.
They haven't completed the purchase of Eastover Glen.
But under their agreement with Atlanta-based owner Eaststone LLC, they
could begin accepting contracts this month.
The investors estimate the completed value of the
project will be about $12 million.
Eastover Glen, which includes nine three-story
residential buildings, a clubhouse, fitness center and pool, was developed
on 7.3 acres in 1987 by Charter Properties with E.C. Griffith Co.
The complex was designed by
Charlotte
architect David Furman, whose recent trendy projects can be seen in First
Ward, Fourth Ward and South End.
Eastover Glen's investors plan extensive renovations
and improvements to the clubhouse, pool and landscaping as well as to
individual units. Condos will have new hardwood floors, carpet, granite
countertops, cabinets, pedestal sinks, toilets and faucets.
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