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Hi,
We are looking to maximize our appreciation over the next 5-7 years with our upcoming Charlotte house purchase. We are looking to spend anywhere from $300k to $800k for our home. We have made 4 research trips to CLT over the past 1.5 years. We have looked at and like the Myers Park, Eastover, Foxcroft, and adjacent South Park areas. We also like the waterfront/waterview areas of Belmont, Mt Island Lake, Overlook, Cornelius, and Davidson. We are looking for a decent rush hour commute into the Uptown area. We are from Los Angeles, so we are familiar with really bad traffic. No need to worry about schools.
While I understand that no one has a crystal ball and can predict what any of these areas are going to be worth in 5-7 years, I would like to hear your thoughts about what area of Charlotte you think is going to best appreciate in the next 5-7 years, and why. Thanks for your time and thoughts.
You'll hear different opinions from realtors that are located in different areas surrounding Charlotte, but I may as well start off the discussion. I believe that South is the area to be. Charlotte is bulging at the seams and there has been a lot of expansion south. Ballantyne and Blakeney are two hot new areas that have sprung up just over the past several years. A modest home that sold for $175k two years ago could go for $225k today. South Charlotte is a beautiful, progressive area. Homes are conveniently located to restaurants, professional buildings, retail, and medical facilities.
There is a very helpful report on http://www.charmeck.org under the "Neighborhoods" link called the "2006 Quality of Life Study" that charts various dimensions of economic, educational, demographic, etc., stats in the Charlotte area. This is a good tool for measuring future projected growth and appreciation.
I think anything you buy between uptown and Ballantyne headed south on Providence or Park Rd would be a good investment. Feel free to access my website, under my profile, to view available properties. This will give you a feel for what's out there and help you know what to expect when you are ready to make a decision. Let me know if I can help.
This question can be answered in many ways. If you want to get a great return on your money and can deal with the transition look over towards Rozzels Ferry Road and W.Trade. You can still get homes there for around $50K that need work but investors are snatching them up fixing them up and selling up to right now anyways $350K. This area is the next no-da. Washinton heights,Biddleville and smallwood. All the places to be if you have the courage.
I would put my money on one of close-in neighborhoods like Dilworth, Elizabeth, Plaza-Midwood, Myers Park or Chantilly. Even at $300-$800,000 you might be hard pressed to find something in that range in the "heart" of Myers Park and Dilworth. Look at the fringe areas of those neighborhoods you should be able to find a nice home in that price range. I think most any neighborhood a short commute from downtown is a money maker. I have a house in Plaza-Midwood that has gone up almost 5X's in value since '88.
Good luck and let us know where you decide to buy.
Location: Sunny Phoenix Arizona...wishing for a beach.
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Originally Posted by businessperson
You'll hear different opinions from realtors that are located in different areas surrounding Charlotte, but I may as well start off the discussion. I believe that South is the area to be. Charlotte is bulging at the seams and there has been a lot of expansion south. Ballantyne and Blakeney are two hot new areas that have sprung up just over the past several years. A modest home that sold for $175k two years ago could go for $225k today. South Charlotte is a beautiful, progressive area. Homes are conveniently located to restaurants, professional buildings, retail, and medical facilities.
There is a very helpful report on http://www.charmeck.org under the "Neighborhoods" link called the "2006 Quality of Life Study" that charts various dimensions of economic, educational, demographic, etc., stats in the Charlotte area. This is a good tool for measuring future projected growth and appreciation.
I think anything you buy between uptown and Ballantyne headed south on Providence or Park Rd would be a good investment. Feel free to access my website, under my profile, to view available properties. This will give you a feel for what's out there and help you know what to expect when you are ready to make a decision. Let me know if I can help.
What's the deal with Ballantyne? It's a resort, a bunch of stores and restaurants and it doesn't look like a decent commute to uptown. It doesn't have a lake either. I'd put my money on the Lake Norman area. They are making two more exits off of 77, which will include water-front hi-rise hotels,upscale lakefront shopping and million dollar condos. I'm not a realtor but just sticking my 2 cents in for what it's worth.
I agree, keep it near Lake Norman. We went into contract on our waterview house in March 06, closed Sept 06 for mid 400's. We can sell it for 600K right now if needed.
What do you mean "If you have the courage?" Are those areas unsafe?
I wouldn't live there. The only reason they are good investments is because they're cheap. An investor could buy them and rent to someone who doesn't know any better. There are no bargains in Real Estate...you get what you pay for.
What's the deal with Ballantyne? It's a resort, a bunch of stores and restaurants and it doesn't look like a decent commute to uptown. It doesn't have a lake either. I'd put my money on the Lake Norman area. They are making two more exits off of 77, which will include water-front hi-rise hotels,upscale lakefront shopping and million dollar condos. I'm not a realtor but just sticking my 2 cents in for what it's worth.
It's just a matter of preference. If you want waterfront then Lake Norman or Lake Wylie is a better choice. There's a lot more to Ballantyne than stores and restaurants. It's a very convenient trip Uptown (30 ") and the drive up Park Road or Providence Road is beautiful. Have you ever driven through Myers Park? If you like beautiful old historic areas you'd love it.
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