July 19, 200519 yr Just emailed with Chip Hunter (the broker guy), asking if there was a target date for completion. His reply: Estimating late Summer 2006. Interested in purchasing? We'll give incentives to early buyers! ...if the incentives were $400K off your first purchase of $500K or more, that might work! Anyway, as long as I'm here, a post-demo shot: ...the road was closed this morning, so I don't know if that means some new project today, or if they just had to shut it down to haul off the equipment - I'll swing by tonight...
July 22, 200519 yr These just went on sale recently, and it doesn't appear that many have been snapped up yet. They start at $500,000 and go all the way up to $1.5 million. The prices are spread out pretty evenly between those values, I presume being dictated by both floor and what side of the building the unit is on.
July 23, 200519 yr I'm not sure that it's actually all that slow - it looks like they went on sale on July 13th. I believe there's supposed to be 28 units, and since they're only listing 24 units (I went here and searched Street Name = Luray), that probably means they've sold four of them in ten days. Given that there were a couple months of noise about this, I don't know if that's actually a fairly slow start out of the gate or not, but they do seem to be moving. Here's the prices of the 24 listed: $500K $550K $575K $625K $650K $700K $700K $750K $750K $800K $825K $850K $900K $900K $950K $950K $1MM $1MM $1.05MM $1.05MM $1.1MM $1.1MM $1.5MM $1.5MM ...I would guess that means they've sold an $800K, an $825K and an $850K, as well as a lower-priced unit - maybe there's a $525K or a $600K.
July 24, 200519 yr Actually, that probably would be a pretty impressive rate, if only there were 28 units for sale! They're building 24 units, so listing 24 units, none of which show as "under contract", seems to indicate a rate of sale significantly lower than I'd thought - not 4 units in 10 days, but the rather smaller 0 units in 10 days...oops...sorry 'bout that!
August 1, 200519 yr Interesting...just ran across this listing: http://www.huff.com/web/search/SearchDetails.asp?prop=1112630 It's 2145 Alpine (the address for the Overlook at Eden Park is 2145 Luray), asking $925K, with this line: "Value is in the land not the house. Full set of approved plans for 10 story 29 unit condo tower w/parking garage. Tax abatement on new project." It looks like this is actually a combination of three lots (an empty lot, then houses at 2142 and 2150), all purchased by "Cosmic Ventures LLC" in 1997 and 1998 - lots outlined in red, with the Overlook project in the auditor's yellow/green hashes highlighting: ...asking a little more than the Overlook folks paid for their property, for less land (.57 acres instead of .841), for a spot with a view that will be obstructed by the Overlook...you thinks folks will wait to see if the Overlook properties start to move first before investing in that property?
August 2, 200519 yr Wow...either that just came on the market within the past couple of weeks, or I missed it completely. It certainly bears watching!
September 4, 200519 yr I don't know how many of you have seen this, but here is the site plan. Nothing spectacular, but parking in the back: They also show what kind of views you can get from each floor. Does anybody care to guess from where these were taken?: First Floor - Bah, not very special. Seventh Floor - Better...actual stuff to look at. Eleventh Floor - I think this is my favorite of all of them. WOW!!! Thirteenth Floor - Kentucky, the river, the Big Mac, and downtown peeking through. You can see all of them here: http://www.theoverlookatedenpark.com/views.htm#
September 18, 200519 yr it looks like they have started some excavation up there...and construction trailer
October 13, 200519 yr The first unit has moved - the cheapest one (the $500K 2nd floor unit - first floor is common area): http://www.huff.com/web/search/SearchDetails.asp?mls=952469&prop=1110586. I would post some pictures of the site, but 1) there isn't a ton to see yet, at least to my untrained eye - lots of working (starting at 7 in the frickin' morning, with digging and pounding and beeping), but mostly all that's happened is removal of demo debris, pounding some I-beams in, and grading the space. Two construction trailers sit on park property across the street, on a gravel pad with a fence around it - not too attractive, but temporary. Oh, and 2) I hosed my computer up a few weeks back and haven't fixed it yet, so I can't download pictures very easily...but soon...
October 13, 200519 yr looks nice and sharp to me. only one question or quibble, from the one rendering i saw it seems to be in a style that anticipates more towers near or next to it. that is, for a tower in a park style i would expect more glass around it to take better advantage of the views. what do yous think? are there other renderings?
October 13, 200519 yr Don't know as far as the design, but the site is pretty landlocked by the office-mansion on the south and homes on the north and west.
October 13, 200519 yr From this post earlier in this thread: Interesting...just ran across this listing: http://www.huff.com/web/search/SearchDetails.asp?prop=1112630 It's 2145 Alpine (the address for the Overlook at Eden Park is 2145 Luray), asking $925K, with this line: "Value is in the land not the house. Full set of approved plans for 10 story 29 unit condo tower w/parking garage. Tax abatement on new project." It looks like this is actually a combination of three lots (an empty lot, then houses at 2142 and 2150), all purchased by "Cosmic Ventures LLC" in 1997 and 1998 - lots outlined in red, with the Overlook project in the auditor's yellow/green hashes highlighting: ...asking a little more than the Overlook folks paid for their property, for less land (.57 acres instead of .841), for a spot with a view that will be obstructed by the Overlook...you thinks folks will wait to see if the Overlook properties start to move first before investing in that property? The Cincinnati Kid's right - the Lunkenheimer Mansion is just south of the site, and there's no way that's going anywhere. And the hill really starts dropping to the north, where the five houses on Luray are - you'd be starting probably 30 feet lower. But that property up on Alpine could definitely be a possibility - it's a good 30 feet higher than the Overlook's ground level. The listing is still active...
October 14, 200519 yr I would post some pictures of the site, but 1) there isn't a ton to see yet, at least to my untrained eye - lots of working (starting at 7 in the frickin' morning, with digging and pounding and beeping), but mostly all that's happened is removal of demo debris, pounding some I-beams in, and grading the space. Two construction trailers sit on park property across the street, on a gravel pad with a fence around it - not too attractive, but temporary. Yeah, I've been by the site a couple of times recently and I was going to post some pics. But then I thought "Why bother?".
October 23, 200519 yr If the cheapest one is going for $500K then I can kiss my dreams goodbye of owning a condo at "The Banks" :(
October 26, 200519 yr ^ lets hope so, the banks is doomed to fail if they cant find a way to get affordable housing in there.
November 7, 200519 yr has anybody seen any action up there recently? i try to drive by once a week but it doesnt seem like anything has happened for a couple weeks now. they are pretty far along with excavation but it seems like work has been halted
November 7, 200519 yr I drive past it every day, and can hear the construction sounds from my house when they start up at 7:30am, and can report that they haven't done much of anything in probably more than a month. Last week one day I heard what may have been some pounding, like someone driving a metal pole into the ground with a sledge hammer, and since it was 7:30, I thought it might be construction related, but it stopped right away. That's all I've heard or seen in a long time now.
November 8, 200519 yr RiverViewer, I did some digging around and it looks like they're having problems with their building permit, like their plans aren't up to snuff. The most recent review was four days ago. So maybe they have to get that squared away before they can continue.
November 8, 200519 yr Wow, thanks for digging that up. Hope it gets cleared up soon...I'll report on here the first day I hear anything happening...
December 6, 200519 yr I emailed Chip Hunter: I see that construction has stopped. Someone thought there were building permit issues...is that what's the hold up? Any idea when things might beging moving forward again? ...and he replied within a half hour: Construction is on hold only because we are waiting to get the required number of presales for the bank. There are no building permit issues. The site work done this Summer was just to get the area prepped so we can move ahead quickly when the presales are met. Behind the scenes the project is actually going very well. My reply: That's fantastic! Glad to hear there aren't any problems and things are proceeding apace. I've seen one unit go under contract - how many need to go to hit the target number? ...and his reply: It's more related to a dollar volume, but approximately eight. We are close with about four more It's great to see him so responsive to someone who's told him flat out that I ain't gonna buy a unit, just looking to be a good neighbor to them...
December 6, 200519 yr cool...they must be pretty confident that it will fly. it sure would be horrible for that site to be a crater for the next 20 years. but it does seem like they might be having trouble selling it. I mean how long has this thing been talked about and the dont even have 8 units sold? I gurantee if this thing had a little more flash it would be sold out or darn near close to it (ascent)
January 5, 200619 yr I drove by there on Monday and the sitework looked like it was in progress. There was fresh earth turned and several large pieces of equipment were on the site (idle as it was a holiday).
January 5, 200619 yr I haven't heard or seen any work on it for a long time now, but I could have missed some prep stuff that The Cincinnati Kid mentions - moving gear there and such...but yeah, nothing big going on for a while now...
January 5, 200619 yr Their price points are pretty ambitious. $500k to start, and not even many units at that price.
January 6, 200619 yr Another unit just went pending - they've now sold the $500K 2nd floor unit and the $575K 3rd floor unit...just 20 more to go! And probably 7 more to pick up construction again, though maybe they need something short of "sale pending" to move forward...
February 17, 200619 yr So I checked the MLS on these at the end of last month, and found only two units listed, both Sale Pending, so I emailed Chip Hunter to ask him about it: I just did a search on Luray on a couple MLS-connected sites, and the only properties that are appearing are the two that are under contract - the $500K unit and the $575K unit...is there a hold up of some sort, or were these dropped from the MLS in error, or something else? I just wanted to email you about it in case there was a problem of some sort...hope all is well! Chips answer: The good news is that we actually have 3 sold now. The bad news is that Sibcy Cline has the listing now and I am sure they will have them back in MLS shortly. ...they're not on the MLS yet...I did see someone over at the temporary construction office stuff yesterday afternoon, locking up the gate...
March 20, 200619 yr So there are now 9 total units up on the MLS - the three Chip Hunter sold ($500K, $575K and $625K, all listed Sale Pending), then six listed under Sibsy Cline, listed at $625K, $650K, $725K, $875K, $950K and $2.9MM! Looking at the details on the $2.9MM one, it's 6400 square feet, which is about twice the size of each of the lower units, and offers "360 degree views" - so they just combined the two $1.5MM penthouses from before. Then I'm going to guess that the other remaining units are ones Chip has at least gotten a nibble on, so that he'll get to pursue that lead for some period of time before the units are released to Sibsy Cline...that sound logical? The HOA fees are apparently decided: $480/month...I mean, $480/month will pay an $80K mortgage at 6%...some people've got jack. They've changed the naming convention on the units (from 301/302 to 3N/3S - I'm assuming North, with the less-kick-ass view, will be the cheaper units), it looks like Chip has a sale pending on one of the same units Sibsy Cline has listed (Chip's 302 probably = Sibsy's 3S), and the prices have changed, so I might not have all of this correct - if you see any errors, please let me know! Unit / Current Disposition / Original Price 1N / Sold for $500K / $500K 1S / ----Limbo---- / $550K 2N / ----Limbo---- / $575K 2S / ----Limbo---- / $625K 3N / Sold for $575K / $650K 3S / Sold for $625K / $700K (Sibsy lists as For Sale $625K) 4N / For Sale $650K / $700K 4S / ----Limbo---- / $750K 5N / ----Limbo---- / $750K 5S / For Sale $725K / $800K 6N / ----Limbo---- / $825K 6S / ----Limbo---- / $850K 7N / For Sale $875K / $900K 7S / ----Limbo---- / $900K 8N / ----Limbo---- / $950K 8S / ----Limbo---- / $950K 9N / ----Limbo---- / $1MM 9S / For Sale $950K / $1MM 10N / ----Limbo---- / $1.05MM 10S / ----Limbo---- / $1.05MM 11N / ----Limbo---- / $1.1MM 11S / ----Limbo---- / $1.1MM 12 / For Sale $2.9MM / $1.5MM 12S / Combined with 12N / $1.5MM
May 23, 200619 yr Stirrings! Late last week a couple large pieces of earth-moving equipment (big-assed buckets) were dropped off at "the mud hole" (you know, they'd better get a move on with this thing before the entire site erodes down the damn hill). Then I was woken up this morning at 6:30am (also known as "six f*cking thirty? What the f*ck?") by the sound of a grinder thing of some sort. For a while it sounded like a jack hammer, but now that I'm up and in a room with open windows, it sounds a little grinder-like again, although more like a sewing machine - a huge metal sewing machine with a harpoon for a needle and sheet metal for fabric, perhaps? Checked the MLS, and nothing's changed as far as I can tell. It's been at least three months since Chip lost the listings, maybe more, so I'd have expected stuff to fall out of limbo by now, but I guess not...or maybe it has and Sibsy Cline is slow in getting the listings up? I've gotta say, the marketing on this building hasn't been worth a damn yet. I think my neighbor had noticed that, and he's right - other units have ads in magazines and newspapers, and billboards, and tv or radio spots - this place got an MLS listing and that's about it...
May 23, 200619 yr Holy cow there must be some rich SOB's floating around. I make good money and I couldn't touch those units. I guess salary isn't enough these days, you need to be land rich. People apparently can afford these units based on previous real estate moves of buying and selling homes every couple of years.
May 23, 200619 yr ^Yeah, a guy I worked with got moved to San Francisco in the late 90's, pocketed probably $400K+ from appreciation on that house, then got another $250K-$300K when he left Evansville, IN...when you've accrued $700K in capital-gains-free appreciation, a $250K mortgage will just about buy you a $1MM unit...
May 24, 200619 yr i drove by the site to check it out...looked like the pile of rocks was a little taller!
May 29, 200619 yr ahhh i get it now! after looking at the jashuaone website it all makes sense to me - The Overlook is THE EXACT SAME building as Waters Edge...just taller. Lazy lazy lazy
June 5, 200619 yr Sounds like jack-hammering going on there this morning. As PhattyNati observed, they sure built up a hell of a pile of rocks over the past couple weeks! Heard construction equipment working most days, starting probably around 7:30, though as long as it's not that loud grinding, it won't wake me up, so it might be earlier.
June 8, 200619 yr drove by the site today on my way up to mt adams for lunch and there was all sorts of activity mainly dealing with removal of excavated rock...but progress none-the-less
June 9, 200619 yr Sounds like jack-hammering going on there this morning. As PhattyNati observed, they sure built up a hell of a pile of rocks over the past couple weeks! Heard construction equipment working most days, starting probably around 7:30, though as long as it's not that loud grinding, it won't wake me up, so it might be earlier. No, they're definitely on a 6:30am schedule...might have been loading dump trucks this morning? Something involving metal and rocks meeting one another...but hey, I'm not going to complain if it's actually being built!
June 9, 200619 yr No wonder their charging so much for these condos. Theres only 80 units in the building that looks to be about 15 stories tall with an extnsive foundation system. At say $500,000 a piece, thats only $40,000,000 in total sales which doesn't appear would come close to covering total construction cost with materials and labor.
June 9, 200619 yr Actually, it's even more extreme than that...23 units, total asking price of $21.2MM. Here's a post from upstream in this thread that outlines the prices and units, best I could figure them.
June 9, 200619 yr ^Exactly. Thats the way it has to be however. For a building that size with that few units. Pre-Sales requirement to get the construction started must have been tough to meet. Probably had to sell close to half of the units prior to start date.
June 9, 200619 yr Oh, 23 units total for the entire building. Something doesn't seem toadd up. Thats 2 units per floor.
June 9, 200619 yr Yes, two units per floor, each about 3200 square feet, if I remember correctly. I was told they had to presell 8 units before they could start construction. If you read back through the thread, I think everything we know about the deal is in here, including emails with realtors and all that...
June 27, 200618 yr They've got themselves a big-ass hole in the ground now: ...every morning, by 7:30, the dump trucks are hauling the dirt away, and jake braking right out front of our house. It's like being woken up by machine gun fire. It's worth it, but damn...
July 6, 200618 yr A friend of a friend has a contract on one of these units; he said they gave them a move in date of August 2007. Seems a little tight to me, but we will see.
Create an account or sign in to comment