Why are so many for sale in Waxhaw? (Charlotte, Gastonia: best neighborhoods, real estate market)

[Seattlemom]

As I was looking at homes in the South Charlotte area, I came across Waxhaw. The homes look beautiful as well as the area. I was wondering why there seemd to so many (new & resale) homes for sale in that area. Are there traffic problems for those who have to commute to Charlotte? What are the best neighborhoods/developments to live in Waxhaw? Best for commuting to 485? Average rush hour commute time?

[stmaarten]

I think some of those homes are for sale due to the sub-prime mortgage mess. A lot of people from out-of-state bought big homes thinking they would be able to afford them, only to come down here and realize that their earning potential is a lot less than in some other major metro areas such as NYC.

[damaranicole]

Commute isn't as bad as everybody says that it is to uptown. Even if I leave my house at 7:00 AM, it takes about 40 minutes to get to the north side of uptown. Too many houses being built despite the influx of people. And, people are getting scared that they're house is going to go under what they paid for it, so they're trying to get out of them now IMO.

[threesons]

Waxhaw has a huge influx of new home buyers for the past 2-3 years -WHEN THE MARKET WAS GREAT. There are so many builders that jumped in. But everyone knows that the real estate market is going down down down. So I would think logically sales are slowing down in general everywhere. As for resales, these houses were probably put up when the going was good and they got greedy so now they are just going to sit. Just like that in the North.
I recently closed on a house which I built. So I contracted last year. At the high! Makes me sick to see the free stuff they are including. But on the other end I sold just in time in the high in NY.
Either way you are going to pay.Cant sell in high and buy in low unless you can hold out and rent (which cost $) or live with relatives (which could end you relationship,haha).

[Charlottean]

Lots of inventory available. Very tough competition to get your home sold.

[yrgm]

You may be seeing a large number of homes for sale because in general, Waxhaw is a large bedroom community. If you have a Waxhaw address your children may attend any of three (soon to be four) high schools. I do not know this for a fact but, if you consider all dwellings, I would bet that the percentage of homes for resale would be normal.

[bmd69]

Charlotte-Gastonia-Concord, NC-SC



Population: 1.6 million
New Home Sales: -61.3%**
Existing Homes Sales:
-17.2%**

[Burgi]

There are 22 homes for sale in our neighborhood. 5 of the 22 are under contract. Over 800 homes in the neighborhood. I would think that is close to the norm. Any realitors have an opinion?

[threesons]

Originally Posted by yrgm

You may be seeing a large number of homes for sale because in general, Waxhaw is a large bedroom community. If you have a Waxhaw address your children may attend any of three (soon to be four) high schools. I do not know this for a fact but, if you consider all dwellings, I would bet that the percentage of homes for resale would be normal.

What is a "bedroom community"?

[cabercro]

"Bedroom community" is a term for a suburb that develops almost solely to provide more housing for a city. AKA people live (and sleep - hence the bedroom part) in that town and work/shop/eat/play in the city.