A little about myself & what I'm looking for! (Charlotte: transplants, real estate)
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Faires Farms is a great location to buy/rent. The prices are cheap, we are on the upside of some crime...the University City police officers have done an outstanding job of clearing it out. (for the most part). There are 1000 homes here, many different subdivisions within the subdivision. The area around Baxter Caldwell is very different from where I live in The Meadows. So, there really are tons of choices.
Still a lot of foreclosures here, but, in our neighbourhood's case, it is for our benefit. Well, not in property values, obviously, but, in the fact that it is weeding out the ones that ...well, let's just say, many of them were bringing the area down. Since mortgage standards are now more difficult, the new residents are of a higher quality.
Not familiar with Franklin in Columbus, but i lived not too far from Livingston Ave, which I was thought was the roughest part of Cbus. Of course I was ALOT younger.
I don't think those houses you listed are TOO bad. You certainly could do a lot worse. However, if you are interested in buying I would be very weary as these neighborhoods are rife with foreclosures and I only see them getting worse over the next 10 years. Yes, Is aid TEN years!
The massive building of substandard starter homes with pie in sky financing is giving us all ringside side seats to the formation of tomorrow's ghettos.
Thanks CC I was hoping you would chime in on Faires Farms. The neighborhood was definitely hit hard these last few years but overall should be one that recovers well once things settle down. Being located so close to UNCC is something that sets it apart from most areas. Also even at the worst of times I always "felt" safe. I've said before, it was a place I would never dare leave my purse or laptop in the car overnight but I also felt fine taking a walk late at night all by myself. I think as far as having lots of foreclosures sure it did and does now but as long as the person buying makes an intelligent decision as to offer price then I see it as a good future investment. For instance if you can get a Faires Farm home for $70K you could eventually rent the home out for almost double your mortgage payment to some college kids.
I think as far as having lots of foreclosures sure it did and does now but as long as the person buying makes an intelligent decision as to offer price then I see it as a good future investment. For instance if you can get a Faires Farm home for $70K you could eventually rent the home out for almost double your mortgage payment to some college kids.
However, what do you think will happen to values in a neighborhood where people have to drive by a hosue that spews half naked college kids very Sat and Sun morning? Not to mention the 200 empty PBR cans in the lawn.
You probably would double it at least in the beginning, but then yr neighbor has the same idea and undercuts yr rent while further turning the once "family" neighborhood into franternity row.
However, what do you think will happen to values in a neighborhood where people have to drive by a hosue that spews half naked college kids very Sat and Sun morning? Not to mention the 200 empty PBR cans in the lawn.
You probably would double it at least in the beginning, but then yr neighbor has the same idea and undercuts yr rent while further turning the once "family" neighborhood into franternity row.
I came to know Faires Farms originally during my college days when several friends rented/bought there. This was back in 1993 - 1997. The senario you paint is not as it actually was. Plus Faires Farms is a little different that most neighborhoods regarding college renters... Because of it's proximity to campus it is not a shock and actually part of what attracted buyers ther originally. I believe families who bought and will buy into Faires Farms expect UNCC students to be part of the mix.
My husband expected it when he bought his home in 1999. Maybe other FF residents can speak to this as well but the UNCC renter I knew and as aware of were never consider a nuisance.
I came to know Faires Farms originally during my college days when several friends rented/bought there. This was back in 1993 - 1997. The senario you paint is not as it actually was. Plus Faires Farms is a little different that most neighborhoods regarding college renters... Because of it's proximity to campus it is not a shock and actually part of what attracted buyers ther originally. I believe families who bought and will buy into Faires Farms expect UNCC students to be part of the mix.
My husband expected it when he bought his home in 1999. Maybe other FF residents can speak to this as well but the UNCC renter I knew and as aware of were never consider a nuisance.
Renters, in general, are not looked upon favourably. And, yes, many of the university renters have been a huge nuisance in the past. Some have been just fine. It sometimes takes a few visits from CMPD to explain the local ordinances, but, in the end, they come around. Currently, the biggest nuisance on my street is a homeowner that is a DJ Wannabe and thinks that all the world is his stage. (and plays his music accordingly) And, no, he is not a university student.
Actually, it is a nice area to simply live. The values will certainly rise with the completion of the light rail & 485, and once the foreclosures are all sold and that mess is settled. The location is perfect, and the neighbourhood just needs a little TLC. I can already see the improvement in the residents and it is a relief. Again, the community police officers are to be commended as they are sticking to the criminal element like a bad rash and watching everything that they do; arresting them as they mess up. It's not perfect, but, certainly better and improving. The church has made a big difference, too. And, that is certainly welcome!
Welcome, iwantyall2know. I'm a Midwesterner from MI by way of OH that has been in Charlotte for about 1.5yr now.
First, need to correct your statement. You're a "northerner" not a "yankee." Yes, there is a difference. Charlotte is now a transplant city rather than a southern city, and a lot of the stereotypical ideas associated with southerners vs. northerners is not a huge factor within the city. Many areas are welcoming to folks who are friendly and willing to adjust accordingly to their new area. Sounds like you'll fit in just fine.
Second, housing...
1. While the prices are low right now, they will be going lower as unemployment continues. There are a couple really crazy things going on down here that you are not seeing in Ohio. The biggest issue -- they are still building new housing developments. No big deal, right? HA! This means as the market floods with foreclosures or folks vacating for moves elsewhere, we're also over saturating the market with new builds that are similar in price to the existing open houses available. This is only driving prices lower, and I promise you will not be missing the bus on the market over the next year.
2. Neighborhoods and crime rates. Many people have already touched on this, and you have a hard time believing it can be true. To sum it up, certain investors came down and purchased entire brand new neighborhoods. Then they turned said neighborhoods into section 8 housing. You will find many, many newer developments that look like decent houses in an area that you are going to assume is nice based on how old the house is. These places are in section 8 neighborhoods, and they very much live the section 8 lifestyle - crime, drugs, criminals, etc. If considering a house, you really need to investigate thoroughly if the price is extremely low. This kind of thing is unheard of in Ohio since newer neighborhoods are associated with higher standards of living.
3. Quality of house -- big factor as a buyer. So many neighborhoods were built so quickly and inexpensively that newer houses are turning into money pits. The building codes in the south are not as strict as the north, and an 'inexpensive' house purchase may turn into a major unexpected investment if the builder cut corners to save on time and money. Remember, 10 yrs ago this area started hitting a boom for transplants, and housing needed to go up quickly to accommodate.
4. Overall crime - while you say crime isn't a big issue for you now, I promise it will get old later on. Most of the crime I dealt with living near Cleveland was crime against folks that had a pre-existing relationship. The crime out here is random and regular. This is the first city I've ever lived in that I felt a necessity to having an alarm system at home. The subdivision that is 1/8 of a mile from me has break in's all the time (Per CharMeck police officer I spoke with), and the Pizza Hut less than 1 mile from me had a robbery with fatal shooting in the past year. And, I live in a really nice area with $1 million homes less than 1 mile away.
As for areas to look into. There are many small, older homes that are priced reasonably in the Oakdale area (but, again, be mindful of near by subdivisions). If resale value is a factor, you'll need to purchase in a 'high demand' area to ensure a better chance of selling later on.
Last edited by dragon_fly_12; 12-21-2010 at 10:04 AM..
Welcome, iwantyall2know. I'm a Midwesterner from MI by way of OH that has been in Charlotte for about 1.5yr now.
First, need to correct your statement. You're a "northerner" not a "yankee." Yes, there is a difference. Charlotte is now a transplant city rather than a southern city, and a lot of the stereotypical ideas associated with southerners vs. northerners is not a huge factor within the city. Many areas are welcoming to folks who are friendly and willing to adjust accordingly to their new area. Sounds like you'll fit in just fine.
Second, housing...
1. While the prices are low right now, they will be going lower as unemployment continues. There are a couple really crazy things going on down here that you are not seeing in Ohio. The biggest issue -- they are still building new housing developments. No big deal, right? HA! This means as the market floods with foreclosures or folks vacating for moves elsewhere, we're also over saturating the market with new builds that are similar in price to the existing open houses available. This is only driving prices lower, and I promise you will not be missing the bus on the market over the next year.
2. Neighborhoods and crime rates. Many people have already touched on this, and you have a hard time believing it can be true. To sum it up, certain investors came down and purchased entire brand new neighborhoods. Then they turned said neighborhoods into section 8 housing. You will find many, many newer developments that look like decent houses in an area that you are going to assume is nice based on how old the house is. These places are in section 8 neighborhoods, and they very much live the section 8 lifestyle - crime, drugs, criminals, etc. If considering a house, you really need to investigate thoroughly if the price is extremely low. This kind of thing is unheard of in Ohio since newer neighborhoods are associated with higher standards of living.
3. Quality of house -- big factor as a buyer. So many neighborhoods were built so quickly and inexpensively that newer houses are turning into money pits. The building codes in the south are not as strict as the north, and an 'inexpensive' house purchase may turn into a major unexpected investment if the builder cut corners to save on time and money. Remember, 10 yrs ago this area started hitting a boom for transplants, and housing needed to go up quickly to accommodate.
4. Overall crime - while you say crime isn't a big issue for you now, I promise it will get old later on. Most of the crime I dealt with living near Cleveland was crime against folks that had a pre-existing relationship. The crime out here is random and regular. This is the first city I've ever lived in that I felt a necessity to having an alarm system at home. The subdivision that is 1/8 of a mile from me has break in's all the time (Per CharMeck police officer I spoke with), and the Pizza Hut less than 1 mile from me had a robbery with fatal shooting in the past year. And, I live in a really nice area with $1 million homes less than 1 mile away.
As for areas to look into. There are many small, older homes that are priced reasonably in the Oakdale area (but, again, be mindful of near by subdivisions). If resale value is a factor, you'll need to purchase in a 'high demand' area to ensure a better chance of selling later on.
Idk, because it seem's to be that Southerners pretty much consider anybody from up north to be a Yankee rather they be from NY/NJ or OH/MI. I have to ask what side of town do you live? When you talk about the crime there I picture most of it being on the Westside/Eastside, some in the North and very little in the South part of the city. Overall, good posts, thanks for the information. Btw, Did you happen to see how for 9 times in a row now the BUCKEYS kicked Michigans ass in this years football game.
Idk, because it seem's to be that Southerners pretty much consider anybody from up north to be a Yankee rather they be from NY/NJ or OH/MI. I have to ask what side of town do you live? When you talk about the crime there I picture most of it being on the Westside/Eastside, some in the North and very little in the South part of the city. Overall, good posts, thanks for the information. Btw, Did you happen to see how for 9 times in a row now the BUCKEYS kicked Michigans ass in this years football game.
I live on the very north side near Mountain Island Lake.
And yes, there is a difference between Northerners and Yankees. Trust me.
Sure, the Buckeyes have won against Michigan - but, in recent years, they only have a 7 game win tally. That said, Michigan still has the overall win over OSU score since they first started playing ... maybe we're just letting you all play catch up.
Oh, and what is that about Pryor and 4 others .. suspended for the fist 5 games of the 2011 season?
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in the end, they come around. Currently, the biggest nuisance on my street is a homeowner that is a DJ Wannabe and thinks that all the world is his stage. (and plays his music accordingly) And, no, he is not a university student.
I'm a Midwesterner from MI by way of OH that has been in Charlotte for about 1.5yr now. 
