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Old 02-12-2007, 08:53 AM
 
1,453 posts, read 4,687,886 times
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I think the reason that Charlotte hasn't feel the "bubble burst" is that it was never over inflated. We've had a steady appreciation rate over the last four or five years, hovering around 8%. It's the areas that had double digit appreciation that you'll find are bursting. It had to happen sooner or later.
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Old 02-12-2007, 08:54 AM
 
227 posts, read 219,894 times
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FWIW, we bought in the city back in Sept. We got it for 5% less than they were asking. It had been on the market for 100 days or so. I know there are homes that were on the market then that are still listed, and they have dropped the price.
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Old 02-12-2007, 12:10 PM
 
56 posts, read 46,386 times
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Flycessna, I think you will have many opportunities in the future to buy at current price levels and below in all parts of Charlotte and the surrounding area. I have several rentals in the area and in the past several years have flip several houses. I bought and flipped few houses off of East 7th street over the past 3.5 years. The price of houses in this area rose quickly from $60-$80 sqf and have peaked at $200 sqf The market is currently saturated with sellers. I know a few people in this area that will be upside down very soon. I also turned 2 houses in the Queens college area. The conversion to $1+ million in this area has also caused the prices to rise significantly. The conversions in this area has slowed significantly. These are our bubble markets. I also have a few houses in the southwest quadrant that I rent (paid for many years ago). These have had very little appreciation in the past ten years may 3%. If you would have bought these houses in the past couple of years. You would waste money as a rental due to upkeep, taxes and the high percentage of building. Take a ride through our high end developments such as Sanctuary and those of Rea and Providence road. You will see $1 million plus houses in all states of build that have been on the market for months. People who speculative bought in these areas are also dumping unbuilt lots. Normie real estate is slumping across the county just look at the numbers the home builders and sub prime lenders are turning in each quarter and statements of “no bottom in sight”. Check out the foreclosure sites and you will see Charlotte has held the highest foreclosure rate in the state for the last 2 years. This may sound like gloom and doom, but prime mortgages are just beginning to reset to the higher interest rates and will present may good buying opportunities in the future for those that can and are willing to wait!
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Old 02-12-2007, 12:48 PM
 
1,735 posts, read 4,222,897 times
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Every new development I have been to in the last month are offering major incentives. Several have delayed new phases because demand isnít there.
A number of lots that were shown as sold in Nov. and Dec. are available now because the buyers canceled. Most of them couldnít sell their homes and had to cancel or face paying two mortgages.
I have been through many resale homes in the last four months and many of them are still for sale.
Maybe there wasnít a bubble here, but the problems in other states are definitely effecting things here.
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Old 02-12-2007, 01:00 PM
 
Location: Cypress, TX
268 posts, read 254,267 times
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That's good to know RedNC and NC_Investor. It just seemed everyone was buying, buying, buying...
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Old 02-12-2007, 02:35 PM
 
4 posts, read 6,812 times
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Default been looking

Quote:
Originally Posted by fbf2006 View Post
That's good to know RedNC and NC_Investor. It just seemed everyone was buying, buying, buying...
I have seen the samething . the high end homes ( The Point, Farms and Sanctuary) homes i've been in on april of 06 are still on the market.
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Old 02-13-2007, 05:32 AM
 
Location: NC
531 posts, read 1,863,564 times
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I have been in Union County for 2 years now. We just refinanced and had our appraisal done again. Our apprasial went up $30,000 from the one we had done in Jan. 05. I do not know how the appraisal would translate into $$$ in the market. The houses in our area are selling for $15,000 - 20,000 more than when we purchased our house. Hope this helps a little.
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Old 02-13-2007, 12:36 PM
 
40 posts, read 189,670 times
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The problem with appraisals is that they use data from market activity that is not really current. An appraiser will pull data from very similar homes that have sold in the past 6 months within one mile- usually within the same community if possible. Even if they use a comp that sold yesterday - that means it went under contract at least 45 days ago - maybe more. In a declining market, the data will obviously be higher. In a rising market, it will be lower. Relo companies use the same formulas. Today's actual market is meassured by what is going under deposit today. Hope this helps to clarify
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Old 02-13-2007, 12:45 PM
 
Location: Cornelius
2,314 posts, read 2,108,237 times
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Higher end homes typically take longer to sell anyways due to the fact that middle America cannot afford these homes. The same with lower end homes. Investors pass them around to each other until the new guy comes along and pays full market value. If you stay in the first time home buyers and middle America's price range you should not have any problems selling your home. It when you go to one extreme to the other it becomes more difficult.
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Old 02-13-2007, 01:05 PM
 
Location: Charlotte, NC
3,356 posts, read 8,865,387 times
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Quote:
Originally Posted by CharlotteAgent View Post
Higher end homes typically take longer to sell anyways due to the fact that middle America cannot afford these homes. The same with lower end homes. Investors pass them around to each other until the new guy comes along and pays full market value. If you stay in the first time home buyers and middle America's price range you should not have any problems selling your home. It when you go to one extreme to the other it becomes more difficult.
What are the first time home buyers & middle America's ranges?
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