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Old 05-18-2009, 04:30 PM
 
Location: Charlotte, NC
2,193 posts, read 4,534,900 times
Reputation: 1072

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What's the deal w/ the prices of the homes in these neighborhoods? I don't understand why in the world anyone would pay 250 - 300+ for these homes? (I'm sorry if anyone is offended).

Can someone explain why they are so expensive?

The area, I understand is convenient to everything, however the homes that I have seen are just so old and poorly maintained. Then many of them are flips so you see this great kitchen but then the rest of the house looks terrible (moldings looking awful, cracks in the wall, old windows, etc).

I don't get it, I can't imagine forking over 300K for these homes. I've seen homes from similar decades, similar price looking WAY better than these homes. (These homes that I'm talking about are over by Providence Rd, Carmel Rd, Park Rd, Southpark area etc).

So what's the deal, why are people paying so much for these homes?
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Old 05-18-2009, 04:44 PM
 
797 posts, read 2,979,136 times
Reputation: 211
One word: Southpark
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Old 05-18-2009, 05:47 PM
 
Location: Up above the world so high!
45,270 posts, read 88,294,482 times
Reputation: 39844
Quote:
Originally Posted by sheenie2000 View Post
What's the deal w/ the prices of the homes in these neighborhoods? I don't understand why in the world anyone would pay 250 - 300+ for these homes? (I'm sorry if anyone is offended).

Can someone explain why they are so expensive?

The area, I understand is convenient to everything, however the homes that I have seen are just so old and poorly maintained. Then many of them are flips so you see this great kitchen but then the rest of the house looks terrible (moldings looking awful, cracks in the wall, old windows, etc).

I don't get it, I can't imagine forking over 300K for these homes. I've seen homes from similar decades, similar price looking WAY better than these homes. (These homes that I'm talking about are over by Providence Rd, Carmel Rd, Park Rd, Southpark area etc).

So what's the deal, why are people paying so much for these homes?

It's really not so complicated...ever since the light rail began construction these older, established neighborhoods have been in demand.

The fact that people can walk to the light rail station, or have a very quick 5 minute car ride to the lots is VERY attractive to many people. In addition, the closer in toward uptown any neighborhood is, the more desirable it is across the board. Madison Park and Montclare are less than 5 miles from uptown - that alone makes them sought after, but once the light rail opened last year, their popularity zoomed even more. Those homes you've seen of the same age and style are even MORE expensive (sometimes twice as much more) because they've been better maintained and upgraded over the years, AND because of their proximity to South Park.

In a nutshell, location, location, location
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Old 05-18-2009, 05:58 PM
 
1,547 posts, read 2,169,269 times
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Its vicinity to SouthPark!
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Old 05-19-2009, 08:48 AM
 
257 posts, read 585,844 times
Reputation: 81
Location. The rise of housing has already hit Sedgefield and is now pushing south to Madison Park. Now you are sandwiched between two good areas and the prices go up! I would think this would extend west to the Light Rail at some point to, so the prices could go even higher.
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Old 05-19-2009, 04:24 PM
 
Location: Charlotte, NC
2,193 posts, read 4,534,900 times
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Ahh didn't think of Southpark!
Yes the location is pretty convenient. Not far from uptown, close to the airport and offices to the airport.
I'm very surprised at how the prices in that area have held very strong throughout this downturn.
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Old 05-19-2009, 04:40 PM
 
1,921 posts, read 2,618,450 times
Reputation: 1870
a lot of the homes in that area were really not that well built to begin with , a lot of homes were rentals for many many years , now suddenly it has turned the other way and gone up in value.
it is also one of the only areas where homes were reasonably priced in a super location during the hayday years. a lot were bought by speculators for turning a profit and that is the price range were there is activity right now. that bumps the price up a little.
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Old 05-19-2009, 08:20 PM
 
Location: Waxhaw
264 posts, read 764,935 times
Reputation: 81
I grew up there and don't remember that many rentals. I still visit the area and my old neighbors and don't really see that many rentals.
I love Madison Park and Montclaire. We just moved out of Madison Park this past Fall and my home there was only one mile from my parent's in Montclaire...I really miss the convenience of that area. Everything was close by...downtown, 77/485, SouthPark & other shopping areas, & now the light rail.
I recommend it to anyone and we actually regret moving away.
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Old 09-01-2009, 10:21 AM
 
1 posts, read 2,380 times
Reputation: 10
I recently just purchased a home in Madison Park and sure, we looked at plenty of homes in Huntersville, Ballentyne for the same price and most nicer, larger, newer, however, what sold me on this neighborhood is the location, location, location. It is close to Southpark, Dilworth, Uptown, I-77, Park Road Shopping Center, Southend but without the price tag of actually living in these areas. The large trees and established neighbors are also a plus.
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Old 09-01-2009, 01:54 PM
 
1,253 posts, read 4,160,031 times
Reputation: 622
Congrats!

We also looked at the same places as you and ended up buying in South Charlotte too. We comment all the time how happy we are with out location and so glad we did not by in Huntersville. Also, when you look at the recent home price data you will see South Charlotte performing a lot better then most other areas around the city.
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