Homes for Sale in Wendover Road and Providence Road Area (Charlotte: appointed, mortgage)

[NCmomof3]

I visited family and friends in the Providence Road and Wendover Road area over the past couple of days. I have never seen so many homes for sale in this area in the past 12 years. What is going on with all the existing and remodeled homes for sale. The thing we found really strange was the number of reclaimed lots for sale. Anyone know what is going on with this area of the Charlotte market? It looks very saturated and seemed like every 5th home was for sale.

[lisaf]

It's called Spring! That's when all the homes go up for sale! LOL!

[muse1110]

Not saying it isn't some kind of Spring boomtime, but...

is this really the sum of it? I see on the Raleigh Durham Cary forum, a person was very disappointed that there are no new homes for sale in April, as they had be told to expect.

Just wondering...

[NC_Investor]

This is more then spring selling season. The Wendover road and Providence road area is a pretty upscale neighbor hood ($300++). I have remodeled and flipped a few homes in that area a while back. I have recently had a few flippers that I have known for quit sometime contact me about the area. They want out! They are very afraid. Some hold several homes and are have trouble selling them throughout the Charlotte area. They are very concerned with the mortgage situation as many in the groups that they have sold to in the past can not get loans to buy. A few are even trying to sell partially remodeled homes. I visited one of the homes on Thursday, While traveling I saw a sign on corner of Wendover and Sharon for a home that was appraised at $675K and the owner was dumping it for $375K.

[muse1110]

Thanks for posting your experiences, NC Investor. Very interesting, indeed.

The estate agent we're working with has no shortage of 'upscale' homes to show us. Like no end to it, we could spend weeks looking at nearly identical home/development profiles in South Charlotte, Ballantyne.

Interesting times for buyers.

[HookEmHorns]

Originally Posted by NC_Investor

While traveling I saw a sign on corner of Wendover and Sharon for a home that was appraised at $675K and the owner was dumping it for $375K.

Got an MLS # on that one?

[Mr.Sippi]

yeah, no kidding.

Originally Posted by HookEmHorns

Got an MLS # on that one?

[reubenray]

How is the traffic on Providence Road coming from Uptown? Is it better or worse than I-77 or Hwy. 74?

[DUKE1989]

There are also a large number of new and remodeled for sale in the areas of Colony road and Carmel road. Many of the homes are new remodels at various stages of completion. Duke as you mentioned about the remodels running scared this is true. I know a few people that work in remodeling homes in the $400 K+++ range. A few have started to layoff subs, others are trying to dump lots or semi finished homes. They are worried about mortgage issues and the competition between builders in the $500K ++ homes throughout the region. Too many homes in the price range and too few buyers. Most remodelers and low volume construction companies can not afford to have completed homes sit on the market with no buyer.

[Charlottean]

The competition might be tough but if you saw the data showing the amount of homes in the $500K Plus that go under contract every week it might change your view.