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I own a condo uptown and am looking to rent or sell it. Does anybody know how the uptown condo market is going with either rentals or sells? I'm sure it's not great, but I'm wondering how bad it really is. Thanks.
Odu, the market is terrible for buying. It's so bad that some of the new properties are now renting because they can't sell. I would imagine that uptown is not doing great for renters, but I don't have any stats.
Here's some information from Charlotte Observer:
Home sales in Charlotte area down sharply | CharlotteObserver.com (http://www.charlotteobserver.com/business/story/774102.html?q=condo - broken link)
Fat City Lofts will become rentals | CharlotteObserver.com (http://www.charlotteobserver.com/business/story/788001.html?q=condo - broken link)
Empty condos give schools new dorms | CharlotteObserver.com (http://www.charlotteobserver.com/business/story/753422.html?q=condo - broken link)
High-rise dreams hit low point | CharlotteObserver.com (http://www.charlotteobserver.com/business/story/753318.html?q=condo - broken link)
I own a condo uptown and am looking to rent or sell it. Does anybody know how the uptown condo market is going with either rentals or sells? I'm sure it's not great, but I'm wondering how bad it really is. Thanks.
Things are bleak if you are a seller. Some on the forum beg to differ and think the uptown market is "healthy" right now.....
I have some friends looking for a 3br condo/apt uptown for August 1st. When helping them out, I've found that the rental/lease rates are still as high as ever and the management companies are not open to negotiate. I was surprised at this especially when every type of unit is available in pretty much any complex. There seems to be a surplus but you can't tell it by the prices when shopping.
Thanks folks. I do believe the uptown condo market is horrible. I think my unit is worth about 10% less than I paid for it not even a year ago. Hopefully the condo market will turn around in the not too distant future. The new building supply has slown down with most projects converted to rentals. For that reason I personally have found rentals to be cheap when trying to determine rental comps. M&M2Clt, have you checked Craigslist? You should be able to negotiate with an owner moreso than a property management company. I can't even rent my place out for near what my expenses are. I guess I'll just have to stay put and ride it out.
People that paid the market price on homes or condos as little as a year ago are learning the market has taken a nose dive and its inposible to sell them now and break even much less make money. I know a gut that paid 350k for a so called reduced price home 18 months ago. Market value today is only 270k and theres nothing he can do about it.NOTHING
It thoroughly sucks. I had told myself I would never buy again but I thought the uptown condo was a good investment so I bought. Now I regret it. I know it will come around, but I hate feeling "stuck" in a home. Fortunately, I'm not in a position where I have to move, so I guess I'll have to just ride it out. It will just take me a few years to break even again, when I thought it would take me just a few years to make a nice profit.
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Have you tried sublet.com?
