Reports yesterday of a new luxury business opening along Hillsborough Street. That corridor has changed a lot since the roundabouts went in and it is not the student strip it was fifteen years ago.
From a housing angle this matters. Retail rents on Hillsborough tend to lead what happens to the rentals and small houses behind it. If you own near there, watch it.
the other side of the wall
And watch your revaluation notice. Commercial upgrades on a corridor have a way of showing up in the residential comps a cycle later. I appealed successfully once by arguing the opposite, that the street activity did not translate to my block, but you need photos and comps to make that stick.
ask me about comps
My tenants near there are all NC State staff, not students, and have been for years. The mix changed before the retail did.
character over granite
Every city I have lived in ran this exact play. It is not bad, it is just expensive later.
still learning the clay
Packapalooza on that street is going to look different this year.
Looked at a bungalow two streets off Hillsborough last year and walked because the numbers did not work. Feeling less bad about that now, honestly.
one and done
Luxury is doing a lot of work in that sentence until somebody says what actually opened.
not speaking for the board