U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-16-2008, 11:14 PM
 
25 posts, read 50,281 times
Reputation: 14

Advertisements

We are entering the "peak buying season" for real estate and I've noticed that the upper end houses seem to be sitting with little or no activity. Is the Charlotte/Union County luxury market headed for a severe downturn in '08 (and '09)? There appears to be a real glut of luxury houses. Are bargains out there for buyers?
Reply With Quote Quick reply to this message

 
Old 03-16-2008, 11:30 PM
Status: "North of Palm Trees, South of High Taxes" (set 17 days ago)
 
Location: Noth Caccalacca
5,624 posts, read 6,707,817 times
Reputation: 4946
Quote:
Originally Posted by greenbayou View Post
We are entering the "peak buying season" for real estate and I've noticed that the upper end houses seem to be sitting with little or no activity. Is the Charlotte/Union County luxury market headed for a severe downturn in '08 (and '09)? There appears to be a real glut of luxury houses. Are bargains out there for buyers?
Charlotte is dependent on the Northeast and California for most of its high-end sales. It's the reverb of the housing implosion finally hitting Charlotte. Charlotte's housing prices are already quite low compared to the NE and West so I don't think they will drop all that much - they'll just sit!
Reply With Quote Quick reply to this message
 
Old 03-17-2008, 12:47 AM
 
25 posts, read 50,281 times
Reputation: 14
why wouldn't the prices drop? builders have to get rid of inventory and the already foreclosure market is forcing home values to drop. it seems like it is just a matter of time before the luxury homes collapse to pre 9/11 levels. Or am I missing something?
Reply With Quote Quick reply to this message
 
Old 03-17-2008, 06:35 AM
 
4,097 posts, read 10,182,177 times
Reputation: 1901
I think it all depends on where the house is and what type of land/house you have.

What do you consider "luxury?"

Dawn
Reply With Quote Quick reply to this message
 
Old 03-17-2008, 08:55 AM
 
Location: State of Being
35,885 posts, read 67,227,457 times
Reputation: 22380
Just my opinion based on my own research and nothing else! - but I think the houses over $700,000 now in inventory will have to drop in price to sell. I think there has been too much speculation by builders in that bracket over $700,000. Again, just MHO.
Reply With Quote Quick reply to this message
 
Old 03-17-2008, 01:44 PM
 
Location: Union County
5,789 posts, read 8,442,928 times
Reputation: 4818
The only "luxury" markets I can think of in the whole Charlotte area would be prime lake front and prime Uptown locations... what could possibly be luxury about UC except bigger houses and larger plots?
Reply With Quote Quick reply to this message
 
Old 03-17-2008, 02:03 PM
 
Location: State of Being
35,885 posts, read 67,227,457 times
Reputation: 22380
Quote:
Originally Posted by MikeyKid View Post
The only "luxury" markets I can think of in the whole Charlotte area would be prime lake front and prime Uptown locations... what could possibly be luxury about UC except bigger houses and larger plots?
I think most of us consider anything over $700,000 to be getting on up there w/ the concept of "luxury."
Reply With Quote Quick reply to this message
 
Old 03-17-2008, 02:05 PM
 
Location: Union County
5,789 posts, read 8,442,928 times
Reputation: 4818
Quote:
Originally Posted by anifani821 View Post
I think most of us consider anything over $700,000 to be getting on up there w/ the concept of "luxury."
I'm with you from that perspective!

haha
Reply With Quote Quick reply to this message
 
Old 03-17-2008, 02:09 PM
 
4,097 posts, read 10,182,177 times
Reputation: 1901
Yeah, I guess that is why I was asking for a definition.

There are homes near us that run into the several millions. I personally consider that very luxury, although the area may not be "luxury" like a million dollar lakefront property may be.

I hope homes are still selling in Union County. We may need to sell in the next couple of years.

Dawn
Reply With Quote Quick reply to this message
 
Old 03-17-2008, 02:30 PM
 
Location: State of Being
35,885 posts, read 67,227,457 times
Reputation: 22380
Well, where is our OP? Wondered how he defines the luxury market and what houses he is talking about . . .

Dawn - I have been thinking about this a lot . . . might want to write an article about it so have been doing some research . . .and it seems to me that the newcomer migration from the NE is not going to slow down . . . and relocations have been what has fueled the Union market. (Would everyone agree w/ that??? Would love to hear opinions)

If you are in NY or NJ and have been able to cash out w/ a good sale on appreciated property . . . you are coming w/ perhaps >$300,000 to invest. (Again - am I getting this right?)

However, I am curious to know what the realtors have to say about this. My research seems to indicate that most of the newcomers who have >$300,000 to invest in a new home want to build a custom home - are not interested in existing inventory. Is this a correct perception on my part???

I think the challenge is to get newcomers to buy into existing inventory, whether new homes or a re-sale.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 04:13 AM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top