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Unfortunately no one in this area is immune to the downturn.....South Charlotte for example is a bloodbath. Single family sold units are down 65% YOY and avg sold price is down around 20% YOY. ACTUAL % of list price sold is struggling to be around 90%. Part of the wild swings are due to the fact that the sample size is very small (only 57 homes closed which can make the # fluctuate.)
Home sales price, closings plunge in region - * Home Page Mapping | CharlotteObserver.com (http://www.charlotteobserver.com/597/story/408546.html - broken link)
Seeing the carnage in S Charlotte, I can only imagine what the #'s are for the outer burbs.....
It will be bad for a long time......but if new building keeps at a halt here, we'll only have to shake off foreclosures and absorbing exisiting construction......
Unfortunately no one in this area is immune to the downturn.....South Charlotte for example is a bloodbath. Single family sold units are down 65% YOY and avg sold price is down around 20% YOY. ACTUAL % of list price sold is struggling to be around 90%. Part of the wild swings are due to the fact that the sample size is very small (only 57 homes closed which can make the # fluctuate.)
Home sales price, closings plunge in region - * Home Page Mapping | CharlotteObserver.com (http://www.charlotteobserver.com/597/story/408546.html - broken link)
Seeing the carnage in S Charlotte, I can only imagine what the #'s are for the outer burbs.....
It will be bad for a long time......but if new building keeps at a halt here, we'll only have to shake off foreclosures and absorbing exisiting construction......
Come on Jack..."bloodbath" and "carnage"?? It's not quite THAT tragic. And I disagree that this will go on for a "long time". I'm betting on 2010 being a much better year So much of life is really what you make of it. If you are so busy looking down all the time you inadvertantly drag yourself down. I believe in looking up, always up
Come on Jack..."bloodbath" and "carnage"?? It's not quite THAT tragic. And I disagree that this will go on for a "long time". I'm betting on 2010 being a much better year So much of life is really what you make of it. If you are so busy looking down all the time you inadvertantly drag yourself down. I believe in looking up, always up
I agree totally. I always try to look at the positive. Not always easy as my husband tends toward pessimism. I think things will get better sooner rather than later. I also believe that negativity attracts the negative. I really enjoy your posts lovesmountains.
It's good to look at the positives in life in general and when going about your daily life, however when looking at things going on in the economy or financially you have to look at the facts.
The facts are house prices HAVE declined and will most likely continue to decline in many areas in charlotte and around the country. (Even the world! Take a look at UK, India etc, they all had housing bubbles and are taking a hit).
I get daily listings for certain areas of charlotte, every week I see price decreases on houses.
There's also data on the Federal Reserve website that says there is 40 billion dollars worth of Option Arms that are due to reset this coming year and 2010 (which is MORE than the combined subprime loans that started this mess a couple years ago). Couple that with the breaking news today that BofA is going to layoff 30-35,000 people in the next three years as well as Wachovia layoffs that are around the corner too I'm sure, we will be experiencing a painful future.
While I can be called out for being pessimistic, the information is reality. It's better to be aware of it, prepare for it (such as save money, get out of the stock market, brush up on skills, etc) and then go on your merry way! Why *not* be prepared for the worst?
Wouldn't we be better off not listening to the idiots on CNN and CNBC about buying and holding in the stock market last year? Or listening to someone saying it's such a great time to buy!
I'd rather look at all sides of a situation and then making a decision.
Come on Jack..."bloodbath" and "carnage"?? It's not quite THAT tragic. And I disagree that this will go on for a "long time". I'm betting on 2010 being a much better year So much of life is really what you make of it. If you are so busy looking down all the time you inadvertantly drag yourself down. I believe in looking up, always up
LM, I'm just keeping it real. Disect the numbers and see the concessions given. If you are a seller or a realtor right now, its extremely ugly.
Its not about being "negative" or "positive". Its about not burying your head in the sand, and treating the unlikely as impossible as many have done. What has happened since I said it was going to get alot worse around here a yr and a half ago? I was laughed at and riducled from mostly everyone saying "Charlotte is different", "We didn't have a bubble" "2007 was an aberration and prices will start to rise in 2008"...etc etc etc.....
If you look at all my post collectively, I'm not a negative person. Again, Its about being honest where this train is going and right now its derailed...
,
Last edited by CouponJack; 12-12-2008 at 07:43 AM..
LM, I'm just keeping it real. Disect the numbers and see the concessions given. If you are a seller or a realtor right now, its extremely ugly.
Its not about being "negative" or "positive". Its about not burying your head in the sand, and treating the unlikely as impossible as many have done. What has happened since I said it was going to get alot worse around here a yr and a half ago? I was laughed at and riducled from mostly everyone saying "Charlotte is different", "We didn't have a bubble" "2007 was an aberration and prices will start to rise in 2008"...etc etc etc.....
If you look at all my post collectively, I'm not a negative person. Again, Its about being honest where this train is going and right now its derailed...
,
Jack, I was simply taking exception to your colorful adjectives (bloodbath and carnage) - sounds like the lastest Terminator movie (due out in May, by the way!)
Charlotte WAS different - then other outside factors occured that even the best economists didn't see coming. But I really DON'T want to argue with you (you're younger and have more energy )
I just don't believe we need to continue to be beat upside the head with constant bad news. Right now, a lot of people are hurting financially, but in the end, you can't take it with you so it won't really matter. What will matter is how you lived your life in the face of adversity. How you DARED to dream, and hope and love, despite the world seeming to be falling apart all around you, and it's really not - though for many it sure seems that way at the moment.
Be "right" if it makes you feel better - but please just don't continue to hit us so hard while we're down
There are many cities that are doing worse than Charlotte...it is what it is and what you make of it. When life deals you lemons...make lemonade. GOD has brought me this far...he is not gonna forget about me now.
I'd also add (and I only speak for myself) that my real estate investments in the City of Charlotte and Mooresville (and I have several) have not depreciated anywhere NEAR the rate of my portfolio.
If there is a 'safe' place for money, I sure haven't found it... but until that time I'll suck up 1-6% recent losses on my real estate 'values' and consider myself fortunate to only be down that amount. And no matter what the appraisals say, when you consider the money that is saved by not renting, my paper-only losses seem trivial. At the end of the day, no matter what the papers say, I feel very good about my real estate holdings in Charlotte. Of course, I was never a 'flipper', and I haven't bought a single property that I don't plan on holding long-term... so obviously that skews my perspective.
For those that are worried about Charlotte real-estate values I'll provide my recommendation: Do your research, see the big picture, think about your needs and objectives and make a purchase that fits. If you do ALL that and still lose big, we are all in for bigger problems than losing a few tens of thousands...
They stated that South Charlotte/Ballantyne area has hag the greatest depreciation in the area at 27%. They also mentioned NW Charlotte at 21% and East Charlotte at 10%...anyone know about the depreciation in Uptown. I am curious to know about our investments. I am sure the news is not that great...but it is what it is.
here is a link to an interesting story that my friend from the NJ forum sent me...I have to agree and disagee, as they are anticipating this to get worse before it gets better, and they are predicting 2011 for possible recovery, now my 7 yrs in real estate Ive read things from this guy and they have been accurate all the time...
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So much of life is really what you make of it. If you are so busy looking down all the time you inadvertantly drag yourself down. I believe in looking up, always up 
