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Realtor.com Has Some Great Information On Property Values, And How The Market Is Fairing. As Far As Renting Versus Buying, I Agree You Should Look Around, To Make Sure You Are Buying In The Right Area.( For You). Onthe Other Hand, Who Wants To Give A Landlord All Our Hard Earned Money, Think Of Your Own Home As An Investment, Atleast If You Sell, You Will Get Your Money Back. Try To Locate Properties In Close Proximity To Your Work, Because Of The Growth In Charlotte And Surrounding Areas, The Commute For You Could Be Hellashius. Moderator cut: soliciting
Location: Sunny Phoenix Arizona...wishing for a beach.
4,300 posts, read 14,951,960 times
Reputation: 813
Quote:
Originally Posted by Anu2
What are the tell tale signs?
Excessive amount of people migrating from different states. In Phoenix it was people from California coming little by little. It was weird whenever California had a flood or fire we started to get a little more and a little more. We always had people from New York coming but not as many as California. Charlotte is reverse we have an abundance of people moving from the NE, NY,MA,PA,NJ these people are the main factors here. I said earlier they are not coming here to live the life of luxury but they are coming here out of survival. It's still close enough for them to visit family. Just like the people from California, it was easy for them to visit family so AZ was a prime destination for them. It seems once the flood gates open there is no stopping it. Florida has jumped on the Charlotte bandwagon too. Not to mention Ohio and others from the Midwest,I don't see this changing. Many investors are coming here because they know it means money. Millions are being invested in the Lake Norman area and the downtown area is under a major transformation.
As long as Charlotte has jobs, nice weather and is in driving distance to the hot spots of the NE and close to coastal areas including Florida it will continue to boom just like Phoenix did.
I am one of those boomers from NY. There is a joke that the last one to leave Ny needs to turn off the lights. THey are trying to make a comeback but the economy up there is terrible.
I have mixed feelings about owning/renting. I rent, but there are so many choices of places to live here. Union county is hot right now.
I'm not a Realtor in NC, I was in AZ years back. This place reminds me of Phoenix before the boom. It has all the tell tale signs.
I was lucky to get in to the Phoenix market about 10 years ago and out about 1.5 years ago. I think your right about the boom but you timing is off. The boom here start about 4 years ago and the build out really took place in the past 2 years. I see the building slowing in many areas now. I honestly believe Charlotte lags most other areas because the majority of the large businesses are banking related and last to see a downturn in a declining economy. As I stated before renting is definitely the way to go if you are new to the area. Learn the area then make the investment Moderator cut: removed
Location: Sunny Phoenix Arizona...wishing for a beach.
4,300 posts, read 14,951,960 times
Reputation: 813
Quote:
Originally Posted by DUKE1989
I was lucky to get in to the Phoenix market about 10 years ago and out about 1.5 years ago. I think your right about the boom but you timing is off. The boom here start about 4 years ago and the build out really took place in the past 2 years. I see the building slowing in many areas now. I honestly believe Charlotte lags most other areas because the majority of the large businesses are banking related and last to see a downturn in a declining economy. As I stated before renting is definitely the way to go if you are new to the area. Learn the area then make the investment
No I agree the boom has been underway for several years from what I've seen. The building I think is slowing because of the national market right now and I think that's a good thing for Charlotte. Phoenix was the same way we had a lot of action starting in 1997 as you know you invested in it that's when NW Phoenix exploded with Arrowhead Ranch and Pinnacle Peak, Care Free, The SE with Gilbert and Chandler. Then we had a downturn for a few years. I remember when I bought my house my whole neighborhood was for sale and their were many foreclosures and investors came and swooped those up. A few years later it hit and the property values doubled. As far as the Phoenix economy is concerned, Phoenix when you really look at it doesn't have that many national companies. I've seen many companies pull into town and pull back out within a few years. Despite low wages and the housing prices doubled.
I think Charlotte has a lot more going for it. The downtown area is a real downtown, it's ahead of Phoenix in that regard. Phoenix does not have a downtown area. Charlotte is attracting the attention of more businesses, not to mention the biotech center. Just wait and see, you'll see I was right. I say 5 years.
So, assuming Charlotte is not going to go down in value overall, will I be in a better negotiating position for houses if I wait for the Fall since there should be less buyers on the market then? Does anyone have Charlotte housing inventory figures--historical and current? Also, what data supports that the market should be strong until 2010?
Charlotte has not, and is not expected, to participate in the national housing recession because we never had the hyper-inflation of prices many areas did, just steady growth that continues. I have preliminary data for April, and the numbers are very solid. I think it is clear if you wait until the fall, you will pay more, not less, as its been the last 5 years.
I'm preparing a couple of market posts to my blog, here are the highlights:
1st, in S Charlotte, April 06 vs April 07,
in april 2006, 295 S Charlotte sales, average price 327, 398 on 2674 sf, or 122 per foot.
Indentical S Charlotte area, April '07, 228 sales, average price 390,589 on 2776 sf, or 140 per sf.
Average list price, same S Charlotte area
The best values continue to be in quality re-sales, new homes advanced 19% in 2006, "slowing" to around 9% 1st quarter 2007. There are deals in Inventory homes from the builders, as we continue to build inventory, unlike almost anywhere else in the country. There will be fewer buyers in the fall, but it is a strong buyers market here right now, so the relative gain will be small, vs appreciation which if history is a guide, will make you pay more.
PM me for more, I should have the blog posts up by tomorrow night, i can give you that url by PM, and there are other market reports there now.
tm
If you look at numerous area around uptown queens colloge, east 7 street, Sharon rd, Cottswald. etc you will see numermous areas that appreciated substantually. These are our housing bubble areas. These area had very high flip rates of the over the past several years. When the money runs out these are will see declines in these areas.
Looks like the National Association of Realtors has changed its mind. Here is an article that was just posted by NAR concerning HOME PRICES. I say to orginal poster just as before RENT and learn the area then make a move!
Hmmm, I definitely see some major price jumps on condos in uptown Charlotte over the past few years for the high-luxury ones. However, I'm pretty confused about pricing. On the one hand, I seem to be able to find 1,200-1,600 sq. ft. townhouses with one car garages (sometimes with a view) in the $250k-$330k range that are new, look nice (at least in pictures), and are in or very close to First Ward, Fourth Ward, Noda, Plaza Midtown, and Elizabeth. In these same areas, there are one floor condos around the same sq. ft. with better views and more luxury type feel inside but they are selling for $500k-$800k and they're often within just a few blocks of the cheaper places. What's up with that? Does it mean that the cheaper condos/townhouses are in a bad area, or are they a good value?
Also, does anyone know anything about Steel Gardens, Steelhaus, Elizabeth Court townhomes, or the M Street Condos? To me, they seem quite fairly priced but I'm coming from the Northeast so my idea of a good price may be totally out of whack.
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