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Old 12-30-2008, 03:12 PM
 
Location: Huntersville
1,852 posts, read 4,663,628 times
Reputation: 525

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Well, we aren't doing horrible. (I know these numbers aren't perfect), but we dropped 4.4% second best of top 20. It's as I thought, Dallas and Charlotte, never saw the boom. Phoenix, Vegas and SF, OUCH!@

Charlotte home prices fall; still among best markets | CharlotteObserver.com (http://www.charlotteobserver.com/597/story/442823.html - broken link)
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Old 12-30-2008, 03:14 PM
 
Location: Uptown CLT (4th Ward)
2,560 posts, read 7,703,913 times
Reputation: 423
Quote:
Originally Posted by Whytewulf View Post
Well, we aren't doing horrible. (I know these numbers aren't perfect), but we dropped 4.4% second best of top 20. It's as I thought, Dallas and Charlotte, never saw the boom. Phoenix, Vegas and SF, OUCH!@

Charlotte home prices fall; still among best markets | CharlotteObserver.com (http://www.charlotteobserver.com/597/story/442823.html - broken link)
Charlotte was the 2nd best out of the larger metro areas...could have been alot worse. Some were 30% & higher...OUCH! is right!
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Old 12-30-2008, 07:12 PM
 
Location: Charlotte, NC
7,041 posts, read 13,096,045 times
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As a mortgage underwriter, let me caution you not to be too complacent in those stats. I have seen some houses in some areas; Huntersville for one and Fort Mill for another...drop their values by 30% (or more) in the last year. So, be careful and don't lull yourself into believing that YOUR house has not reduced in value or has raised in value. It is rough out there.
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Old 12-30-2008, 07:21 PM
 
Location: Noth Caccalacca
5,547 posts, read 6,657,397 times
Reputation: 4833
San Francisco may have dropped 30%, but a house there with the same square footage as one in Charlotte is still three times the cost!
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Old 12-30-2008, 10:06 PM
 
1,343 posts, read 2,911,785 times
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I was shocked to see SF down that much. But it must have been way high. Just for yucks I checked a house in Oakland that I owned up until 1992, when I sold it for $299,000. Zillow thinks it is worth $828,000 and from the picture it looks like heck.
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Old 12-30-2008, 10:10 PM
 
Location: Noth Caccalacca
5,547 posts, read 6,657,397 times
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Quote:
Originally Posted by XcapefromNJ View Post
I was shocked to see SF down that much. But it must have been way high. Just for yucks I checked a house in Oakland that I owned up until 1992, when I sold it for $299,000. Zillow thinks it is worth $828,000 and from the picture it looks like heck.
Just out of curiosity, what was the square footage of your old house?
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Old 12-31-2008, 11:51 AM
 
2,825 posts, read 4,125,730 times
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If you bought a home/condo in the Charlotte area in the last 3-5 years - it is likely worth less (sometimes much less) than you paid. None of us want to believe this but we need to face the facts. Many of the new home builders have significantly reduced prices on new construction - therefore, the resale homes are worth even less (not many people will buy a resale home when similar new construction is available). Check out the recent sales in your neighborhood (if you have even had recent sales - many homes/condos are just sitting on the market). Be sure to verify the sales information. I have had people tell me 'the house across the street sold for $xxx only to find out that the seller paid $15,000 in closing costs, etc. Also, check the current listings in your neighborhood. If a similar home is listed for #xxx you are not likely to get more than that for yours! Hopefully, we will see values increase in 2009.
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Old 01-01-2009, 11:53 AM
 
Location: Huntersville
1,852 posts, read 4,663,628 times
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I don't think anyone is saying Charlotte hasn't lost value, what is slightly "positive" is we have lost as much percentage wise as other places. I would prefer no one lost, but I will take 5% versus 30%. And yes SF has insane prices, but in reality, I ignore SF and NY in any comparisons. Phoenix and Vegas, where I have lived, both went up way too quickly and had nothing to support it. I also lived in Dallas and I compare it to Charlotte quite well, you still get great deals there. A lot of land and expansion ability, plus unlike Vegas and Phoenix, more industry and you don't have only one location for high end businesses. A bit off topic, but I think one thing that will keep Charlotte prices low is if they put some expansion in more places outside of uptown, such a nice business park in Huntersville, INdian Trail, FortMill etc.

Again, not complacent in stats, but there is enough information out there to know that it's not the world is falling.. Let's just hope 2009 starts to even out.
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Old 01-01-2009, 12:50 PM
 
1,343 posts, read 2,911,785 times
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Quote:
Originally Posted by TheEmissary View Post
Just out of curiosity, what was the square footage of your old house?
530 Valle Vista Avenue, Oakland, CA
Public Facts:

  • Single family
  • 4 beds
  • 1.5 bath
  • 2,392 sqft
  • Lot 4,680 sqft
  • Built in 1915

It was a neat house with some beautiful features (wainscotting, sliding wood/glass doors between rooms, large built in furniture/shelves) and a very convenient neighborhood, but it was never considered a real "good" neighborhood and probably remains so today. The photo on zillow shows the front yard in horrible shape. The only thing missing would be a junk car.

hey... wait a sec... 1.5 baths? Back in 1985 or so we created a master bath between 2 of the bedrooms, so it should be 2.5 baths.
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Old 01-01-2009, 12:56 PM
 
Location: Noth Caccalacca
5,547 posts, read 6,657,397 times
Reputation: 4833
Quote:
Originally Posted by Whytewulf View Post
I don't think anyone is saying Charlotte hasn't lost value, what is slightly "positive" is we have lost as much percentage wise as other places. I would prefer no one lost, but I will take 5% versus 30%. And yes SF has insane prices, but in reality, I ignore SF and NY in any comparisons. Phoenix and Vegas, where I have lived, both went up way too quickly and had nothing to support it. I also lived in Dallas and I compare it to Charlotte quite well, you still get great deals there. A lot of land and expansion ability, plus unlike Vegas and Phoenix, more industry and you don't have only one location for high end businesses. A bit off topic, but I think one thing that will keep Charlotte prices low is if they put some expansion in more places outside of uptown, such a nice business park in Huntersville, INdian Trail, FortMill etc.

Again, not complacent in stats, but there is enough information out there to know that it's not the world is falling.. Let's just hope 2009 starts to even out.
Whytewulf - Well Said! San Fran's median values have declined by just about what the median value of home in Charlotte is! The NY area has been a little more resistant to declines than the "left coast". The best thing you could say currently is:

Charlotte area housing - We don't go up much and we don't go down much!

Things could be much bleaker. I'd rather be living in the Charlotte metro area than the Detroit metro area!
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