Archive for April, 2008
Charlotte Real Estate|Home Prices Rise In South Charlotte in First Quarter
April 29th, 2008 Categories: Buy A Charlotte Home, south charlotte
1st Quarter South Charlotte Home Prices Rise, Demand Remains Strong, Unit Sales and Appreciation by Subdivision
Frequent readers notice I enjoy writing about a number of south Charlotte Communites- subdivisions with character, charm and attraction. In the chart below you’ll see the All South Charlotte Results- with home prices up over 4% this first quarter, even as sales dipped 29%- and stretching from Myers Park (closest) to Ballantyne, then, because averages can hide so much, I’ve broken it down by subdivision, starting with the closest to Charlotte, moving South to the subdivisions just beyond Rt 485 (our “beltway”) Ballantyne Country Club and Cady Lake. Compare your favorite to the All South Charlotte numbers to see how you stack up. If your subdivsion isn’t listed, I’ll be posting more next week when I get my Google map features figured out… or send me a shout and I’ll check it for you.
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Charlotte NC|US Olympic Trials at the US National Whitewater Center
April 28th, 2008 Categories: Charlotte News and Politics, Things To Do Charlotte
Charlotte was the center of the international whitewater racing world this past weekend- 12 nations, 135 men and women competing for their national Olympic teams in 3 days of racing at the US National White Water Center in Charlotte NC. What a weekend of racing!
The US National Whitewater Center, the only man made white water park in the US and the largest in the world, was the host of its first international competition- the Pan-Am Games, and simultaneously part of the selection process for 5 Olympic kayak teams. Paddler’s from Brazil, Argentina, Ecuador, and Columbia were here- as well as Ireland, Czech Republic and Canada. It was a 3 day, combined score event, for the national teams.
Here’s a clip from Sunday’s all important runs, the last 3 gates for Canada’s Pierre Levesque
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Myers Park, Charlotte NC Values Up, A Look at the Over $1M Market
April 24th, 2008 Categories: Buy A Charlotte Home, south charlotte
Charlotte Real Estate Market Report- Myers Park, A Blue Chip in All Seasons, 1 st Quarter ‘08 Sold Prices up 8.7%
In a first quarter that saw Charlotte home prices fall 2.3%, in the wake of a 28% drop in demand (unit sales), there were a number of stand outs firmly in positive territory, and Myers Park was one with Average Cost per SF of Sold homes rising 8.7%, to $313/sf for the quarter. A very popular suburb, close to town, the reason is obvious if you live in an upscale suburb in most any “Big City, USA”- 313/sf is still relatively cheap. I filmed an early video of Myers Park and its arts and crafts neighbor Dilworth last fall. Now for the exact home sale numbers, 1/1/07- 3/31/07 compare to 1/1/08 to 1/31/08. All numbers are from the Carolina MLS.
Over 1 Million Home Sales Myers Park
| 2007 | 2008 | % change | |
| Unit Sales | 10 | 11 | 10.00% |
| Cost Per Sf | 288 | 313 | 8.70% |
| High | 1725000 | 2700000 | na |
Here is a closer look at the market today, how the homes for sale prices break down- there are multiple
“markets” within Myers Park.
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Charlotte, NC| US Olympic Team Trials Come to Charlotte For The First Time
April 22nd, 2008 Categories: Things To Do Charlotte
Canoing/Kayaking Olympic Trials in Charlotte
This weekend (April 25 – 27) the US Olympic Team Trials will be taking place in Charlotte at the US National Whitewater Center (USNWC). In addition to the US Team Trials there will be 5 other international events with athletes from 13 other countries: the 2008 Canadian Olympic Team Trials, the COPAC Pan-American Championships, an International Canoe Federation (open to all paddlers) and the Americas Olympic Continental Qualifier. Over a 130 athletes are expected to compete in the events. The US has already secured spots in the men’s and women’s Olympic kayak events. Approximately 60 athletes will be competing for 15 spots on the team. The US Team will also be trying to secure spots in the men’s and women’s, single and doubles canoe events.
The USNWC opened in August of 2006 and is the world’s only re-circulating multi-channel whitewater complex. The $38 million facility sits on 307 acres and includes many biking and hiking trails, a ropes course, and a rock climbing center. There is also an outfitters store and a large indoor/outdoor restaurant for those who need a bite to eat before or after 
their trip. The actual whitewater course consists of Level II, III and IV rapids and is quite a ride. Trips last approximately 2 hours, including a 20 minute safety talk. For the Olympic Trials next weekend the Competition Course will be closed but eager speakership’s and rafters will still be able to use the Freestyle Course.
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Charlotte Real Estate- 1st Quarter Home Prices Lose Ground
April 20th, 2008 Categories: Buy A Charlotte Home
Charlotte Home Prices Fell 2.3% in the First Quarter of 2008 versus First Quarter 2007, as Unit sales dropped more than 28%.
The national housing recession-depression which began in some parts of the country in the 4th quarter of 2005, expanded through 2006, compounded by the sub-prime mortgage mess in 2007, has reached Charlotte- first through a major slowdown in unit sales which began last summer, followed grudgingly by lower Cost Per Square foot Sold prices in 2008, as compared to the same period in 2007. See previous reports- Case Shiller 2007 -Charlotte Appreciation and similar one from earlier in 2007
But before you panic, consider this:
Case Shiller’s monthly index of home prices- the industry’s best regarded measure of the top twenty markets in the US, began declining in July 2006, 18 months ago… but in 2006, Charlotte was in the top three in appreciation, and, in 2007, led the nation, first of twenty, according to Case Shiller, at 2.3%, while 17 other cities lost ground for the year.
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Luxury Home Communities In Charlotte|The Club at Longview
April 18th, 2008 Categories: Union County
Custom Homes, Luxury Living at the Club at Longview
Where to start? Is it the Jack Nicklaus Golf Course? The 28,000 square foot clubhouse? Or the location, just minutes to the Charlotte Airport, but in low tax Union county, the fastest growing county in North Carolina.
Maybe it is the unbelievable custom homes available in Longview- the finest custom homebuilders in Charlotte build here.
Village homes- smaller lots, elegant custom from $1.2-1.8. Custom Estate Home prices start from 1.5M and range to over $3M and there isn’t an established top end. There is one home that is in the $8-10M range- it is under contract and construction; in the last year, 2 homes have sold over $3M, and 5 over 2M.
Of all the homes for sale, the median home price is $2.49M, has about 7000 sf, and is on the 6th fairway. There are new inventory homes available, re-sales, and “buy a lot and build” opportunities. The home below? About $2.6 M, and we could do some what better.
About the club:
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Charlotte NC|Recession, No Recession, Charlotte Moves Forward
April 16th, 2008 Categories: Charlotte Business, Charlotte News and Politics
Charlotte Business Says No To a Recession
By all accounts -except for a few Washington bureaucrats, our country is in a recession. Started by the crash in housing that began late in 2005, then the financial markets that began in late 2006, but really tanked in 2007, our country is an economic downturn, most experts are calling a recession. Recently, top bank economist went on the record saying they don’t see an end until the national housing market “bottoms out” most likely late in 2008 or sometime in 2009.
The Charlotte Chamber announced yesterday that first quarter job creation, was identical to first quarter 2007, at about 3000 jobs. Forbes noted last year that the three cities with the healthiest real estate- Charlotte, Portland and Seattle, all created jobs faster than the national average. In Charlotte, our real estate home sales have slowed down, but prices have remained remarkably steady (rising 2.3% according to Case-Shiller in 2007 to lead the nation’s major markets) as sellers who “have to move” have been able to find the buyers they need.
As I’ve written before, our downtown (uptown) has a multitude of cranes- 2 office towers, including massive Wachovia
center with more square footage than the Bank of America tower, a 32 story BOA office tower,a Ritz-Carlton Hotel, a boutique hotel, the Nascar Hall of fame, between 10-12 hi-rise condominium projects, and the just completed Metropolitan Center which brought Target, Home Depot and other major retail to our uptown area.
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Luxury Charlotte Real Estate|Comparing Custom Homes at The Sanctuary, Longview, Skyecroft and Highgate
April 12th, 2008 Categories: Buy A Charlotte Home, Lake Wylie NC and SC
Custom Home Communities Of South Charlotte
This is the establishment–if folks ask me for South Charlotte’s most exclusive custom home communities, we would look at The Sanctuary, Longview, Skyecroft and Highgate. There are many others along Providence Road, and some exclusive sections of Ballantyne… also newcomers like the Palisades have a lot to offer in the way of lifestyle and amenities (I’ve written about the new homes at Palisades here)… but this post is about the first of the “blue chips, ” The Sanctuary The blue chips south of Pineville-Matthews road, south “south” Charlotte, The Sanctuary in Mecklenburg County, and the other three in close-in Union County.
The Sanctuary, what’s in a name? The folks at Crescent Communities, Charlotte’s premiere waterfront developer, would have you believe Everything is in the name… after you look at the slide show below, you may feel the same way. Each time I visit, it feels more and more like a neighborhood with a feeling of serenity like no other.
The Sanctuary are on estate lots, from 2.5 to 10 acres, most will accommodate more than one home. 188 Homesites on 1300 acres of land, figure it out! The land is hilly and densely wooded, 3 separate streets makes up the Sanctuary joining Shopton Rd to the water. The land is interconnected by more than 20 miles of paved sidewalks and mulched hiking trails.
There are always homes available here- at the Sanctuary, to be a part of the “Builders Guild” you must keep an inventory home going at all times… yes even in slower times like today. You may select a lot and build a custom from plans, but there are exciting homes ready to move in this summer.
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Charlotte NC|Stated Income Loans- Not Quite Dead Yet.
April 10th, 2008 Categories: Real Estate News
Stated Income Loans Live in Charlotte NC…
but just barely!
Stated Income products have gotten a really bad name lately. This is partly due to real abuses of the product and partly due to the over-hyped under-researched rants of the national news media. Just like any story there are always two sides.
Stated Income loans were designed to help self-employed borrowers qualify for mortgages even though they might not be able to show ample tax documents to verify their income. They weren’t meant to be used as a way to lie about or “inflate” the income. Many people don’t realize how strict and precise the guidelines are for self-employed borrowers. It can be very difficult for a very creditworthy home buyer to prove their income.
Fannie Mae and Freddie Mac have recently retired their stated income programs. Fortunately, we still offer stated income verification for self-employed borrowers only. I don’t know how much longer it will last, but the program is alive for the moment. The good news is that the rates are very good! I just quoted a customer a 30 Year Fixed Rate loan with stated income verification 5.875% with 1 discount point. That is not bad at all!! Rates change daily and every situation is different, but if your credit is strong and you have at least 10% for down payment, you can estimate your rate should be somehwere between 5.875% to 6.75%.
The most important point is that if you’re self-employed and might need stated income verification… act now! Tomorrow may be too late.
Olan Carder
Myers Park Mortgage
Thanks Olan- quality Stated Income loans fill a real need– us Real Estate folk like their ability to get good credit customers loans at reasonable rates… I’m glad they are still here.
Moving To Charlotte, Considering a Move? Please Search For Charlotte Homes here.
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Charlotte Home Prices Remain Aloft in 2007
April 10th, 2008 Categories: Real Estate News
Charlo
tte Home Prices Increase 2.3% in 2007
In the face of a deepening national crisis in housing, Charlotte NC home prices led the country in home price appreciation in 2007 with average home prices increasing 2.3%, according to Case Shiller from Standard and Poor’s. Portland at 1.2% and Seattle at .5% were the other two cities with gains, the other 17 markets fell many fell dramatically, with Miami, Las Vegas and Phoenix “leading” in price drops in the mid teens for December 2007. The overall market showed a 9.8% decrease in housing prices in the 4th quarter of 2007.
As it has through all of 2007 and 2006, the Charlotte real estate market has bucked the national trends. Our modest 2007 price increase was in the face of a 13% drop in demand, as we sold 13% fewer homes and condos… price increases in Charlotte just underlined the good values to be found here.
I think there are 3 reason for this:
1st is the city’s overall affordability: by any index, Charlotte is one of the most affordable major metropolitan areas in the nation. Housing prices? Yes. Insurance costs? Yes. Taxes? Yes. Our home prices never ran up the way some did in the lat 1990’s and early part of this decade- just steady appreciation, year in year out.
2nd-What do Portland, Seattle and Charlotte have in common? Robust local economies that are adding jobs faster than the nation’s anemic job growth. Housing economists know that job creation increases housing demand– the rule of thumb, for every 2 jobs created, you’ll need one house.
3rd- The steady influx of new people into Charlotte. The Chamber calculates 80,000 people will move to Charlotte in 2008…this on top of the 80,000 that came in 2006, after a 2007 of another 35K.
So, despite the doom and gloom, despite a slowing market, our home values in Charlotte remain strong. Even in the face of a 30% decline in the number of sales in February 2008 vs 2007, it still means 7 out of 10 homes sold. So if you are going to put your home on the market, resolve that it be one of the 7! Make sure it is in tip top condition, price it right, and use a qualified tech savvy Realtor to list your home.
Considering buying or selling a home in Charlotte? You may Search All Charlotte Homes here, or Call me direct at 704-351-1519.
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