2014 Appreciation in Sedgefield Makes National Top Ten List
Sedgefield – A HOT Charlotte Neighborhood
We’ve been telling you about Sedgefield for sometime now, here and here– it’s booming. This past week Sedgefield gained some national recognition on Redfin, listing Sedgefield as a top ten neighborhood in the nation for appreciation. Those of you who know me, know I put my money down here and moved in October of last year and began remodeling. We compared other Southend local neighborhoods recently, and it stood out again. I’ve observed it with my own eyes, but I decided to take a closer look – whats behind the numbers, and how does it compare with NODA and Midwood? And what of the future?
What Is Your Sedgefield Home Worth?
By the numbers… (Chart Above Median Sales price/sf) Average Square foot, Average Sales Price per Square Foot, % increase from 2013, and the Average Sale Price All numbers as of Mid-August. In Sedgefield, there have been 27 closings, and there are 5 Under Contract and 9 Active listings. The average sales price increased to $320,000 from $265,000 a year ago. And the pace of sales? Dizzying. This year half of the sales were in 30 days or less. In these first 8.5 months of 2013 there were 8 sales under 200k, in 2014? There were just 3. The last 90 days, things have been even more brisk, with 12 (of the 27) sales and the average price topping $360,000. 200/sf + is the new normal. Lets see how it compares to those other Hot Charlotte neighborhoods, NODA an Midwood.
|Neighborhood||Avg SF||Avg SP/Sf||2013%||Avg Sold Price|
|NODA -Arts Dist||1638||$188.0||12%||$311,000|
So, measured by Sales Price per Square Foot ($SP/SF) or Average Sold Price, Sedgefield is the new “IT” Neighborhood in Charlotte Why? There are lots of reasons, but the old axiom works here- location, location location, but here is how I mean it… Charlotte is a young town, youthful.
- Location- For nightlife, nothing beats being walking distance to Southend AND the Light Rail- LynxBlue Line
- Location– Sedgefield is a ten minute drive to Uptown, Southpark, or the area hospitals
- Location– A 5 minute drive to Southend, Freedom Park, or Montford Dr.
So why else? Magnificent trees! Sedgefield “is a mature forest” according to Heartwood Tree’s Patrick George, with a “tree canopy on par with Myers Park, Eastover, and Dilworth.” Sedgefield is affordable for the young professional. If you are renting at one of the more expensive places in town, you can probably afford to buy your first place in Sedgefield. Today’s low interest rates make it possible! After your mortgage interest deduction, it is often a net plus on your cash flow to own! Since 40% of Charlotte’s home buyers are first home buyers (NAR 2013) many have lived in Southend, so this is Southend, well a 15 minute walk or 3 minute train ride away, but with yards, privacy and a lot more space than the pricey apartments they are leaving behind. Sedgefield has green space with two parks: Sedgefield Community Park connects Sedgefield and Dilworth, ball fields for the Myers Park Lacrosse and Field Hockey teams, and a 3rd is being planned.
Sedgefield in the Future
One of the reasons people fight for rail lines and stations is because they are permanent improvements to the infrastructure. Rail lines create development and value in real estate. The Blue Lynx Line currently is 9 miles long, from Pineville through Southend to Uptown. But it is being extended, through NODA, and on to the University of North Carolina at Charlotte. Ridership is sky high surpassing 2018 projections! It is popular, and the new ” Rail Trail” a walking and bike riding park along the rails is under development and will extend from Uptown to the New Bern Station- Sedgefield. Marsh Properties has announced their proposed plans to re-develop South Blvd and the entry to Sedgefield with a $190 Million dollar mixed use development that will include restaurants, a new Harris Teeter, and nightlife, plus more hi-end apartments along South Blvd. Removing the old duplexes and replacing them with higher density mid-rise apartments, they are retaining our trees ( the original plan lost 2 trees) and building another park near Sedgefield Community park as well. These will become our future homeowners! A few months ago I was in a gathering of several hundred Realtors, and a city councilman was talking development, and he called South Blvd, “Our Bethesda.” He was referring to Bethesda, MD, a close in suburb of Washington DC that has the Metro’s Red Line, and stations through the center of it, and it has exploded in growth over the last 30 years. The rail line was the jet fuel behind the development. If you are considering your first home, and want in town living, big trees and affordable homes, with upside, Sedgefield is a wise choice. If you are downsizing, and empty nester’s like my wife and I, but want to be near the city and where the action is, come and have a look. Coming from out of town, moving to Charlotte? See more about Sedgefield and Charlotte schools here.
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