Charlotte Real Estate Blog

Is the real estate market coming back anytime soon?  An area economist spoke at our office this week and explained the 3 possible scenarios.  The housing market will either take shape of a V, a W or a U.  Let's all hope that it is a V but for Charlotte they are predicting that we will experience a U.  We will get to a bottom and we will ride along the bottom for many months before the housing market begins to turn and before we will begin to see an increase in housing values.   

All signs indicate that we have reached a bottom in houses priced below $250,000.  The higher end houses are approaching a bottom, but expect to continue seeing these list prices drop as there are hardly any buyers in today's market looking at higher-end homes.  Don't expect houses over $1 million to begin moving before spring.

Houses and townhouses that are in good shape and priced below $250,000 are moving very fast and this is what area agents are selling.  Our office had 22 sales in the first five days of September and 17 of these sales were under $200,000.  This is a real indication of who is buying property in today's market.  IT IS THE FIRST TIME HOME BUYER. 

We are seeing a lot of activity with first time home buyers taking advantage of the tax credit that everyone knows about.  Renters with good credit and steady jobs are taking advantage of this market and are becoming home owners. 

We will not see significant signs that the higher-end real estate market is changing until early summer.  There are still many people unemployed, people with bad credit and so many more foreclosures still to occur before Charlotte's market will be able to completely recover at all price ranges.

Stone Orchard ~ Detached houses but still condominiums

I just put a house under contract in the Stone Orchard subdivision.  This subdivision is located in the Sedgefield area right off of Marsh Road in Charlotte, NC.  The community has a little over 60 detached houses but all of them are considered condominiums.  The HOA dues for this house are $220/month and this covers master insurance premium, real property taxes on the common areas, exterior building maintenance, exterior yard and landscaping maintenance, trash removal, water, sewer, pool maintenance and pest extermination.  HOA dues will be different for different condos.  The more square feet in the house the more the HOA dues.  This is the largest floorplan in the subdivision so some of the other houses in the neighborhood will have lower dues. 

Stone Orchard had an assessment about 3 years ago to pay for re-roofing all of the "houses" in the subdivision.  There is going to be a new assessment starting in January of 2010.  The assessment will add an additional $115/month to the HOA dues and will be used to replace the driveways, repair/rebuild the fences and to put new gutters on all of the units. 

William Douglas Management is managing the subdivision...their number is 704-347-8900

This house has 3 bedrooms, 2 1/2 bathrooms and a deep one car garage.  The kitchen has been remodeled with new cabinets and granite counter-tops.  The condo also has a private fenced patio and is located in a cul-de-sac.  The neighborhood pool is located just across the street.  The pool opens on Memorial Day and closes on Labor Day.

The main level of this house is tiled and there are hardwoods upstairs in all but one room. 

This condo is located in the Myers Park High School district and this is an important factor when it comes to reselling the property. 

Search for more houses @ www.showcasecharlotte.com

Two townhomes under contract this month so far.  Both are for first time home buyers.  That is really who is buying right now.  A lot of first time home buyers are trying to get into contracts so that they can close by December 1st and receive the $8,000 tax credit.  You must stay in the house for 3 years to receive the entire tax credit.

Both of these townhomes will be great for first time home buyers.  Both communities are located in south Charlotte and these buyers took advantage of the low market prices and low interest rates.  There are a lot of nice townhome/condos available in south Charlotte for under $120K and they are starting to receive more showings as we are getting close to the tax credit deadline. 

Buyer activity is increasing but not much is selling over $250,000.  Sale price to list price has dropped in the last year and the list prices have also been decreasing the last 12 months.  This time last year the sale/list price was about 95% and this year it is 91%.  This is proof that sellers are willing to negotiate to sale their properties even after they have priced their houses competitively.  Only the houses that are in great showing shape and that are priced right are moving. 

If you are a first time home buyer you should be under contract by the first of November if you want to close in time to receive the tax credit.  Let you agent know that there is certain verbiage that needs to be in the contract so that if you are unable to close before Dec. 1st to receive your tax credit that you will have the option of backing out of the deal.

MLS# 862851  Listed at $119,500                MLS# 862837  Listed at $95,000

                                        Both are pending closing.                                                     

Find more listings like these by searching the MLS through my website.  www.showcasecharlotte.com