Eye on the Market

According to the Charlotte Observer the number of closings in the Charlotte area fell in the month of January. However, winter tends to be a slower time of year to buy and sell houses and there is good news. The number of contracts written in January increased from this time last year and the average sales price for homes was up 6% from January 2006! A small snapshot of current sales activity in the Charlotte.

Condos, Condos, and More Condos

An Atlanta based company is planning on building their own condominium complex atop the parking deck of the Westin Charlotte Hotel. The six-story deck will see a few more layers of parking and 90 condos. The average price for the exclusive condos is around $1,000,000 and residents will have access to Westin services. One area that is still uncertain is whether there will be offices in the mix somewhere in this project.

Mecklenburg Isn't Alone

Mecklenburg County isn't alone when it comes to growth in the Charlotte area. Cabarrus County which is Charlotte's neighbor is also seeing a boom. Concord, a city known to many race fans as home to Lowe's Motor Speedway (formerly Charlotte Motor Speedway) is itself beginning to blossom. With more and more residential growth in the area, especially near the Mecklenburg County line, the amount of commercial development is increasing as well. Many people are interested in living close to the city of Charlotte but at the same time staying out of the city limits, giving them more of a suburban lifestyle. With this draw to suburbia comes the need for shops and services for the growing population.

Charlotte's Trend

Living in the city of Charlotte as never been so in. With the Charlotte Collisium being turned into a 190-acre mixed use development of homes, stores, restaurants, and offices as well as the numerous proposed Condo towers that will be changing the skyline, city living is on the rise. Three residential towers are being built in the Third Ward and the South Park area will be turned into an "urban villiage" with the development of condos, apartments, restaurants, and hotels. South Charlotte may soon rival Uptown when it comes to hip new urban districts.

The Mecklenburg Boom

If anyone has any questions about whether or not the Charlotte-Mecklenburg area is growing, all they have to do is visit Charlotte's Chamber of Commerce. The Chamber reported recently that in 2006 they received plans from new and expanding businesses to invest almost 4.1 billion dollars into the community. In addition the same report also stated that over 800 businesses were planning to create more than 12,000 jobs. Although the plans are just that, according to past experience these projected numbers show a trend in the increase in commercial building, which could mean a boom in both the sale/lease of land as well as residential real estate.

A New Trend, Going Back to the Urban Core

On South Boulevard between Dilworth and South End will be a new type of mixed use development. A Lowe's Home Improvement store is set to be built, then hidden from its neighbors by having townhomes and Condos constructed around it, allowing for the character of the neighborhood to be maintained. The housing villiage will start being constructed in March and is set to be completed in Summer, 2008. The housing units will be priced from the 180's to the 500's. There will be 67 townhomes and condos measuring from 651-2,234 square feet.

Market Monday 2/12

A recent government study came out that could have sellers, buyers, and even some realtors a little nervous. The study reports that the number of vacant homes for sale is the highest it has been in 40 years. Currently the national percentage of vacant homes is 2.7% while a year ago it was 2.0%. This growing trend however is somewhat misleading according to our own mortgage expert at HomeBanc. With more and more people owning second and vacation homes as well as the increase in some areas of the country of new construction homes (builders will sometimes have unsold inventory) the percentage of vacant homes for sale is most likely inflated, although it is something to keep in the back of your mind.