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.

Charlotte's City Center

The pace of development in the center of Charlotte seems to be on a hot streak. With a variety of Condo/Townhomes and mixed use sites plus the arrival of NASCAR's prestigious Hall of Fame, and of course the possibility of the Charlotte's baseball team, the Knights, actually having a field in Charlotte to play on, the city is exploding. The expansion and rebuilding of Charlotte's center gives new vision to the Queen City. The plan is to make Center City more friendly and liken it to the metropolis' of New York and Chicago. The closest thing that we have in Charlotte to that is Uptown, which due to its own boom has seen prices in the area sky rocket and the amount of space available dwindle. Charlotte's center is a new hot area, which developers hope will be the next Big Thing.

The Vue

According to the local paper Charlotte will be seeing a new kind of development. The Vue is a 50-story condo tower which is planned for the city's Fourth Ward. The tower will have 403 unites with prices are propsed to start in the $200's and is scheduled to be complete in 2010. This is the second 50-story condo tower that will grace the skies of Charlotte. The EpiCenter is a mixed use building that is currently being constructed, and is located at Trade and College.

Evergreen Homes

Evergreen is a home builder in the Union County area. They have a great English Countryside style community. With homes starting in the low 200's this builder has an eye for detail!



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Real Estate News 2/7/2007

Unlike other market places across the country that are seeing a slowing of the real estate market, Charlotte North Carolina is maintaining its growth. With a banner year in 2006, 2007 is expected to be even better. The Charlotte area has a lot going for it, which may be why we are not being affected by the downturn being seen in other cities. With large corporations such as Bank of America, Wachovia, Lowes Home Improvement and NASCAR making their home here it is no surprise that the number of people moving here is increasing every year. Many new homes and communities are currently being built to try to keep up with the pace of growth. Areas such as Mooresville, which is the heart of racing country, and Ballantyne are seeing population explosions. Which is good for both the first time home and investors. How is the market in Charlotte? In one word, Unbelievable!