Construction on The Fulcrum, a new 45-unit condo building in South End, starts this month. And 15% of the homes have already been purchased.
Why it matters: There are few opportunities to own in South End, and Fulcrum’s price point is aimed so mortgages will be similar to typical rent payments for the area, Fulcrum partner Shawn McAllister said.
The price point, $305,000+, provides a relatively affordable option for those who want to live in the neighborhood but don’t want to rent.
- For comparison, small homes in surrounding neighborhoods like Wilmore and Dilworth regularly sell for more than $500K.
The Fulcrum team is also scouting sites for six of its other planned buildings in Charlotte. “We are currently looking at other sites in South End, but the mission of Fulcrum is to provide the opportunity to buy in diverse areas of both Charlotte and across the South East,” McAllister said.
Fulcrum South End options: There are two one-bedroom layouts, from 719 to 780 square feet and three two-bedroom layouts at 1,072 to 1,220 square feet.
Cost: One bedrooms range from $305,000 to $334,000, and two beds are $391,000 to $449,000. That means your estimated monthly mortgage would be $1,700 on the low end and $2,300 on the high end.
Price comparison: The cost of owning a Fulcrum condo is comparable to and even cheaper than rent at many of South End’s apartment complexes.
- For example, one-beds at Camden Gallery, one of South End’s more affordable luxury complexes, ranges from $1,279-$1,439 a month. One-beds at Novel Atherton are $1,575-$2,310 a month.
- The price tag is also slightly less than other condos currently on the market in South End; including a couple in the old Lance building — starting at $425K for a one-bed — and at The Arlington, the pink glass building, — starting at $349.5K for a one-bed.
Design: The vibe they’re going for is “industrial chic” with brick backsplashes and butcher block islands in each of the units. Also expect 11-foot ceilings, open floor plans, and modern white cabinetry. Each floor will also be designed to have a neighborhood feel.
- The building also has some features South End renters are used to, like controlled access to the building and parking, a package drop off area, dog-friendly green space, electric vehicle charging stations, storage units, and a courtyard.
Timeline: Units should be complete by the end of 2021.
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Editor’s note: This article was first published in August 2020 and has been updated to reflect the latest information about The Fulcrum.