Charlotte Real Estate Blog

New brick townhomes in the Ballantyne/Blakeney area of Charlotte, NC for under $150,000

If you are looking for a great deal in a rapidly growing and popular area in Charlotte, NC then you should visit the Cedar Walk community that is being built by Meeting Street.  Even with a slow market, this community has been very successful in putting most of their units under contract. 

Most of the townhome floor-plans have 2 master bedrooms on the second floor with a 3rd floor loft extension.  These townhouses have 2.5 bathrooms and are around 1400-1500 sq. ft. with fenced back yards. 

The brick townhomes are priced from $132,900 - $149,900.  They are a very short distance from a grocery store, restaurants/bars, boutique shops, and a farmer's market.

This is a great opportunity to live in new construction in south Charlotte for under $150,000.

Search for new construction in the Charlotte area

CNNMoney Spins June's New Home Sales Numbers to Sound Positive

If you were reading the headlines today on the CNNMoney website you may think that the new construction housing market has made a complete rebound.  The article I am mentioning has a headline that reads "New home sales rebound 24%"

This is great news right?  Well, yes it is great news but if you continue to read it also states that the new home sales in June represent the second worst month since the numbers have been tracked, dating back to 1963.  While 24% is a huge increase, you must understand how bad the month of May was to understand that this 24% increase may not be as large as you think.

As I blogged in an earlier post, our office sales numbers in May 2010 were the lowest they had been through the entire housing crisis.  These extremely low numbers were caused by the wave of first time home buyers taking advantage of a tax credit that expired at the end of April 2010 (April yeilded the highest level of sales since early 2007).  Everybody knew the numbers were going to dive, but everybody had hoped the numbers would hold stronger than they did.

It's a tough market for sellers who bought their house as an investment.  It's tough for buyers who want to take advantage of this market but have weak credit.  It's tough for real estate agents who have been use to skating through the job and always having friends and family that were interested in buying/selling real estate. 

I remember when I started in real estate in 2007.  Our leaders were telling us that the market would fall but would return within a year or so.  Well, its been three years and there is still a lot of doubt and skepticism about the nations real estate market.  At the time I felt unlucky about entering the business in a diving market.  Now I understand that this has made me a better agent and now I know that we as agents must adapt to what is happening in our markets.  The real estate agents that are complaining the most in this market are the ones that continue to implement the same marketing and networking strategies that were popular in the late 1990's. 

Charlotte Real Estate Update ~ Allen Tate | South Park Office Statistics

As Steve Harney would say, it's not good news of bad news... it's just "the news".  Take it for what it is and take advantage of knowing what is going on in Charlotte's real estate market.

The Allen Tate Company dominates the Carolina's real estate market, and the South Park office is the largest of Allen Tate's offices with over 100 agents.  These numbers and percentages come from the South Park office only, but given our size and sales strength, these should be pretty good indicators of what we are seeing in other parts of Charlotte.

Our office is currently holding over 530 active listings.  In 2007-2008 we were holding around 350 listings.  Obviously the listing inventory has gone up across the country and this has helped to pull down real estate prices (basic supply vs. demand).  It is projected that Charlotte's house prices will continue to drop through this year.

New construction inventory is at a 6 year low.  It seems that Charlotte's builders are holding less inventory and are waiting until the houses are under contract before they begin to build.

Decline in home buying has reduced among the young.  Young buyers took advantage of the tax credit or are having trouble getting financing and now agents are having trouble getting showings on their lower priced listings.  Our high-end market is seeing some action as investors and the rich are taking advantage of amazing deals.

Last year our sales price/list price was around 95%.  This year we have a SP/LP of 88%.  Buyers are putting in low offers and the houses that are selling have very compelling list prices.  Today's sellers should expect to receive a low ball offer unless you have a compelling list price.

The Allen Tate South Park office was very excited in March and April.  In these months, our units sold were at the highest point since June of 2007.  What happened in May and June of 2010?  Our sold units dropped to numbers lower than any of the previous 4 years for these two months. 

Interest rates are around 4.5%!!!  This is incredible.  I bought a house in February at 5% and felt lucky to receive that rate. 

So as I said before...this is not meant to be good news or bad news...this is just the news.  The fact is that buyers are in an extremely strong position, even if they have houses to sell.  If you are a move up buyer, meaning you are going to sell and purchase a more expensive home, then you are in a perfect situation to take advantage of this market.   

Have you been thinking about making your house GREENER?

I just finished a class on Sustainable Housing and Building Green and learned what it means for you to own a Energy Star house.  It pretty much comes down to how well the house is sealed. 

The normal buyer thinks that windows and doors are the only items that need to be sealed in order to keep the utility bills low.  Energy Star builders make sure that all of the seals around the air vents, attic areas that are adjacent to the house, attic access points and baseboards are properly insulated and sealed.  They bring in a separate inspector to pressurize the house to make sure that the house is sealed well enough to qualify under Energy Star's standards. 

What can you do to live GREENER?                

Here is what everybody heard for the last decade..."change your air filters, don't use the lights and preserve water!!!!!"  We have heard this so much that it has been drilled into our brains.

Lets talk about making our houses so energy efficient that they are eventually self sustainable.  (Wouldn't it be nice if the electric company paid you monthly for the excess energy your house produces)...learn more about self sufficient houses here.

Most of the energy that your house uses is coming from your HVAC system (over 60%).  If you have a  system that is more than 10 years old then you probably should get a new one.  The newer heat pumps and furnaces are much more energy efficient. 

New houses are more efficient because they are using sprayed insulation in the walls, the duct work is better/tighter and the appliances are more efficient.

Investing in new windows can help make it easier to hold a set temperature in your house.  This will keep your bills much lower.

Energy efficient washer and dryers are becoming very popular as well as tank-less water heaters. 

As an agent it is easier for me to see the changes that are taking place.  People are GOING GREEN and this will become an important factor to the normal buyer. 

Charlotte, NC was not supposed to be strongly affected by the housing downturn.  Everybody in Charlotte was told that we would be one of the last cities to feel the housing slump and would be one of the first cities to stabilize.  This has not played out theway that everyone expected. 

Worries about Charlotte's real estate market did not really scare the public until Wachovia was bought by the San Francisco based Wells Fargo.  Charlotte is known as a banking city.  The scare ooccurred again when there was talk of Bank of America being moved to New York.  Now that we have a new CEO located in Charlotte this has been forgotten.  The city has always attracted a large amount of young college graduates and has always had the jobs to support the growth.  Since Wachovia was bought by Wells Fargo it does not feel that this is the case.  Only recently has Charlotte been able to again attract the young/educated crowd because of new companies moving to the area because of Charlotte's affordability. 

Over the last several months the city has not grown as fast as it was projected.  Uptown real estate has felt the worst of the market.  The condo prices Uptown have dropped dramatically and there are still a lot of short sales.  In 2007 there were multiple sky-rises on the way up and there was talk of many more.  The downtown area was suppose to be getting a lot of retail on the streets to help support the living style of Uptown residents.  One of the condo buildings (The Catalyst) was unable to contract enough of the units so the building has turned into a rental high rise.  Another project (The Park at Caldwell and Third) failed and has been bought by a group of investors.  They hope to turn the building into a hotel/condo building.  The VUE is the other large building that looks to be almost complete.  The builders stopped building for about a month because they had not received money from the investors.  The building is under construction again and they hope to close several of these units in September 2010.  The VUE will be the tallest condo building in Charlotte. 

The Uptown condo market is projected to be the the area of Charlotte that appreciates the most over the next 10 years.  This is probably because this is the area that has taken the hardest hit and because the Charlotte Chamber of Commerce is continuing to lobby hard for Uptown retail. 

The housing market has seen declining prices over the past 2 years.  These prices are continuing to drop but it feels that we are finally starting to stabilize.  Buyers are still wanting to present low offers and they expect to have most of their closing costs covered.  With interest rates on the way up I expect to see some move up buyers dropping the prices of their houses so that they can lock in a low rate on their next purchase. 

High unemployment in Charlotte is the number one cause of the slow recovery.  Once the unemployment rate drops I expect the Charlotte housing market to be on the way up.

New Construction in Union County North Carolina

During the housing boom, Union County was the 5th fastest growing county in the country.  The area couldn't be built fast enough.  They were building a lot of new construction in the $400,000 and up price ranges.  Several of the builders have pulled out since then but there is still a lot of new neighborhoods and a lot of great opportunities for buyers that want a large house within 30 - 45 minutes of downtown Charlotte.  The area is very attractive to buyers because of the lower unincorporated tax rate (0.6650 in Union County as compared to the 1.0175 in Mecklenburg County).

The area has built several new outside strip malls throughout the northern part of Union County.  If you take Providence Road and go south to I-485 you will see that they are also widening the road to become a four lane highway.  Go just a little farther and you will begin to see the new strip malls and what use to be farm land being developed. 

You can find new construction in several different subdivisions.  Lawson is popular because of the amount of families that are living in the subdivision.  They have great amenities that include a club house, pool, recreation area, tennis court and walking trails.  Ryan, Pulte, Shea Homes, St. Lawrence and Orleans Homebuilders are still building in the subdivision.

Brookhaven is very popular and is being built by John Weiland.  He has a great reputation for building a well built home and is easy to work with if you want to do some custom upgrades.  The subdivision also has great amenities and clubs that the owners can join.  The subdivision offers sport clubs that you can join and it has become a good way for people to meet their neighbors. 

Hollister is a new community being built by Shea Homes.  The subdivision currently has around 50 home owners and there will be 250 houses once the subdivision is completed. 

Lake Forest is offering new construction by Orleans Homebuilders.

Cureton III has 2 houses on the market but M/I Builders have decided to put their project on hold...probably until the high end market starts to sell.  They are currently holding about 30 lots and they have every intention of building on these lots...it is just a matter of time.  One of the houses that they have for sale is the model.  It has all of the upgrades that they offer and is listed for $398,860.  This really is a great value for this house considering that the house across the street sold in the high 600's.

In Anklin Forrest you can find full brick houses around the $400,000 range being built by James Custom Homes and The Williams Company.  The houses have great curb appeal and the subdivision has a lot of mature trees left on the lots.  The inside of these houses have the craftsman feel that many buyers are attracted to.

Let me know if you have any specific questions regarding new construction in Union County.

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

Relocation and corporate properties in Charlotte, NC are enticing buyers to buy...often these properties are in great condition but are selling at short sale prices.  The Allen Tate Company has been managing a constant portfolio of relocation properties and corporate homes.

When you negotiate a corporate or relocation property you are negotiating with a relocation company.  This is very similar to negotiating a foreclosure with a bank. (The relocation company will at least get back to you in a reasonable amount of time)  The advantage of negotiating with a relocation company is also much the same.  They do not have an emotional attachment to the property and they are less likely to be offended by a low ball offer.  The relocation company wants to get the house out of its' portfolio and will often sell the house below market value. 

These properties have already had inspections and the relocation companies have completed most of the necessary repairs.  You are able to see the inspection while you are viewing the property for the first time.  I encourage buyers to get another inspection because the house has been sitting vacant for a while but at least they are able to get a better idea of the condition of the house prior to making an offer.

People hate to see a relocation property enter the market in their subdivision.  They will not help to increase the values for other houses in the neighborhood and they will be a low "comp." for the area for the next 6 months.  This hurts values because future buyers will argue that the value of the houses in the subdivision are at a price level around which the relocation property sold. 

Charlotte, NC has a lot of relocation properties on the market and buyers and investors should definitely take a serious look at these houses. 

Click here to see the Allen Tate Corporate Inventory.

Fifth and Poplar, located at the intersection of 5th and Pine, is a popular condominium complex located in Uptown Charlotte, NC.  The complex is known for its luxurious amenities.  The community is gated with security, there is a workout room, concierge service, Starbucks coffee bar, dry cleaning, putting green, pool, grilling area and outside bar area.  The HOAdues have recently been raised (some units are over $500/month) because they are having to repair a problem with the roof.  The dues are expected to be lowered once the repairs have been made. 

I prefer the units that have views into the courtyard.  During the summer months the area is busy and is a great place for the residents to make new friends.  The VUE is in the process of being built and is affecting the view of units on one side of Fifth and Poplar.  Some units will now be staring into the side of a taller condominium building.

There are several units in this complex that are on the market in a short sale situation.  The units sold a few years ago for over $400,000 and are now listed in the high $290,000's.  This is forcing several of the resales to drop their list prices and it is directly affecting the market value in this complex.

Check out what is currently on the market at Fifth and Poplar by clicking here.