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Old 09-24-2015, 06:01 PM
 
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I always considered house flipping to mild renovation of an existing home. The tear down and rebuild activity taking place in Myers Park is well beyond that. Generally new housing, which is what this is, is not considered to be a "flip".

I predict that it will keep going up. They are tearing down 1M-3M homes on Mecklenburg side of Lake Norman to put up insane 10M+ homes these days.
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Old 09-24-2015, 06:39 PM
 
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Originally Posted by WaldoKitty View Post
I always considered house flipping to mild renovation of an existing home. The tear down and rebuild activity taking place in Myers Park is well beyond that. Generally new housing, which is what this is, is not considered to be a "flip".

I predict that it will keep going up. They are tearing down 1M-3M homes on Mecklenburg side of Lake Norman to put up insane 10M+ homes these days.

That's nitpicky semantics and has little to do with the OP question. We're not talking about Lake Norman.

What's important for the OP to recognize is that finding a home in Myers Park or Providence with 2k square feet for 300k-350k that could simply be "flipped" to a 400k home are hard to find right now. Looking at MLS right now, the Myers Park district only has a few available with that criteria, and they are not good lots. The Providence district may have some options, but in this buying range the homes are in pretty good shape and most renovation projects don't return 1:1 let alone make you money as an investment. I would lower the price range if shopping in Providence and look for a property that needs more help if they are intent on fixing up.

The key for the OP is buying right...and my point is there are a ton of people/business shopping right now in that area. Doesn't make it impossible if they get lucky knowing someone or can work off MLS. There are numerous recent stories of longtime homeowners being approached by builders looking to buy the lots. During some of the construction projects in Myers Park that I'm referring to they actually tear down everything but a small portion of a garage so that it can still be considered a renovation for ease of permitting. This could be considered a flip, or new construction. Either way, doesn't matter - it's a factor that will impact the OP buying market.

My main advice to take/leave is that the OP shouldn't buy a home they can't see themselves in if the plan doesn't go perfectly. It sounds like they are going to do some gradual improvements over time, which is great. I just would make sure and purchase a home that they can stay in if things aren't as simple and the market isn't as smooth as it seems. No one knows what will happen and it's nice to be prepared for the worst if you have to be.
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Old 09-25-2015, 02:05 PM
 
44,519 posts, read 17,771,709 times
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Originally Posted by Essequamvideri View Post
That's nitpicky semantics and has little to do with the OP question. We're not talking about Lake Norman.
But we were talking about prices.

The point is that prices have not crested in Mecklenburg county. At least not because of demand. (there is the issue of interest rates/bubbles but nobody can predict that)

I do however absolutely agree with you, there are no homes "to be flipped" in Myers Park. That activity took place decades ago when there were still homes there with boarded up windows and derelicts and drug addicts living in them. Those days are long gone and any renovation there that would be right for the market is going to involve a lot of money.

Furthermore, I would not buy a home in Mecklenburg because of the school district. It's a county wide system with no guarantees that zoning will be the same from year to year.

With that said, IMO, the best place to head with this kind of budget is in areas 4 & 5 around Wendover, Sharon Rd, Cotswald, and points near there but not North or even near Monroe Rd.
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Old 09-25-2015, 02:09 PM
 
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Fair enough.

It baffles me to think prices will continue to mature in the area the OP is considering, with a looming interest rate bump, but I've been wrong before about it and agree that both are just guesses. My advice was based on what seems like common sense given the current uncertainty. If we were talking 2 years ago I would be less hesitant.

FWIW, I hope I'm wrong about the cresting!
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Old 09-25-2015, 02:23 PM
 
44,519 posts, read 17,771,709 times
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Originally Posted by Essequamvideri View Post
Fair enough.

It baffles me to think prices will continue to mature in the area the OP is considering, with a looming interest rate bump, but I've been wrong before about it and agree that both are just guesses. My advice was based on what seems like common sense given the current uncertainty. If we were talking 2 years ago I would be less hesitant.
Common sense long since departed the housing market in the USA.
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