Rising Real Estate Prices/Good or Bad for Natives (Charlotte: transplants, how much)

[The Native 1]

Just curious as to anyone's opionions out there in regards to rising prices of real estate in Charlotte. I, being native have mixed feelings about it but welcome comments from others.

[QC Misfit]

I'm with you. mixed feelings.

[TheEmissary]

Originally Posted by The Native 1

Just curious as to anyone's opionions out there in regards to rising prices of real estate in Charlotte. I, being native have mixed feelings about it but welcome comments from others.

You have to kind of read between the lines when it comes to trends in real estate. What may appear to be a rise in prices may only be a statistical fluke. Let me give you some examples.

Five houses are sold in Myers Park in February

$400,000
$400,000
$500,000
$700,000
$1,000,000

The median price, most often quoted in housing statistics is $500,000.
The mean price or the "average" selling price is $600,000.
The modal price or the most popular selling price is $400,000.

In March five houses are also sold

$400,000
$400,000
$500,000
$1,700,000
$1,000,000

The median price of a house (50% cost more 50% cost less) is still $500,000
The average selling price of a house is now $800,000.
The most popular price point is still $400,000.


Now April comes and another five houses were sold!

$300,000
$300,000
$500,000
$2,900,000
$2,000,000

The median price for April is still $500,000
The average selling price is now $1,200,000
The most popular price point is now $300,000

So for these three months the Charlotte Observer could come up with these headlines.

The best selling homes sold in Myers Park dropped $100,000 in the last 2 months!

or

The median price of a house sold in Myers Park is unchanged in the last 2 months!

or

The average price of a home sold in Myers Park doubled in the last two months! or

Yes, It's all true!!!

[groove1]

It is a mixed bag too from what I hear among my native neighbors in Fort Mill. On one hand, they like the demand which makes their property a little more valuable, but at the same time that gives new builders an advantage, making the property not as valuable for existing homeowners.

[DawnW]

We are always happy to see our home values rise.

Dawn

[Doorway]

Originally Posted by The Native 1

Just curious as to anyone's opionions out there in regards to rising prices of real estate in Charlotte. I, being native have mixed feelings about it but welcome comments from others.

Just curious? Would the "down" side of raised values be higher taxes?

[groove1]

Originally Posted by Doorway

Just curious? Would the "down" side of raised values be higher taxes?

New developments, more transplants, dissappearance of native culture (though none of us are truly natives here unless you're 100% Native American).

[mullman]

Native here in SE Charlotte.

Depends on how much equity, at least to us.
We nearly moved a few years ago as our home could be paid off in the short term, but we held off.

But at the end of the day it is a moot point since everything around us we would consider moving to rises and falls with the market. We will ride it out and see what happens.

Regarding the post on taxes: I sure do not feel I get my money's worth (I in in SE Charlotte within Hwy51) and do not use the local school system, will probably never ride light rail or visit the white water center, NASCAR museum, or Bob Cats arena...all things we are funding or shortly will be funding.

To be completely honest, I liked CLT much better before we decided to try and become a 'world class city'.
But I do love the daily Lufthansa flights to Munich which we use for business and pleasure.

[groove1]

Taxes often pay for things not everyone uses. I pay school taxes, but I don't have kids. The NASCAR HOF is being paid for by a 2% hotel tax. 99% of us would never pay to stay at hotel in Charlotte since we already live here. You may not use Bobcats Arena, but no one can argue that it is having a huge economic impact on the city and region, and in the current economy, we'll definitely be grateful for that. If you think you have it bad, move to North Charlotte.

[Doorway]

Originally Posted by groove1

New developments, more transplants, dissappearance of native culture (though none of us are truly natives here unless you're 100% Native American).

I hear ya, but the op asked how we felt about the rising property values not the growth. That is why I wonder what the down side of increased equity would be. Again, just curious.