Union County (Charlotte, Monroe, Matthews: comparable sales, short, 2009)

[MikeyKid]

I've spent quite some time over the past couple of weeks doing internet research on South Charlotte and landed on Union County to concentrate the search... I've also been consulting with my in-laws who are up in Mooresville and considering a move. That's what really started this search as I previously was concentrating up North. I've been absolutely amazed at the sheer amount of choices that seem to meet our requirements.

I compiled a list to act as a starting point and was hoping to get feedback. In general, our criteria was:

- Schools... Union County seems to have that covered across the board and did not eliminate any area in UC for schools.
- 300k"ish" price point for 3ksqft or $100sqft... I generally tried to keep the list inclusive of subs that have some availability at or below 300k. Admittedly some of these subs either have short sales or pre-foreclosures at that price point and I did include some subs that haven't come down quite that far, yet. Based on the amount of inventory, I feel it's a safe assumption that things will continue to come down. Even as a proud card carrying Doom n' Gloomer, I have to admit it's bottoming out. But plenty of signs point to continued slippage - it's foolish not to think you can't get some people at 330k down 10% to 300k.
- Lease options... I'm not entirely comfortable with the weekend selection of a house and leaning heavily to a 1 yr rental to really get the lay of the land. I don't want this to turn into a lease v. buy debate. I understand both sides of it. On this criteria I would just eliminate HoAs that don't allow rentals.

Beyond that you get into ranking. Nice to haves and potential trouble spots.
- Property... 1/3 to a 1/2 acre plot being ideal. No desire for condo type living with houses on top of each other and not much desire to mow a full acre.
- Amenities... Could be anything from bells and whistles of kid's slides at the pool to wooded lots. Nobody really prefers zero trees. Proximity to downtown/shopping/etc.
- Builders... Homes weren't built by Joe Bob or other poor reputation builder.
- Bang for the buck... stone/brick exterior, extras, upgrades, etc.
- Commute is largely unimportant as I would get to work from home most days.

Anklin Forrest - Waxhaw
Barrington - Waxhaw
Berkley Pointe - Waxhaw
Briarcrest - Waxhaw
Cureton - Waxhaw
Glen Trace - Waxhaw
Hunter Oaks - Waxhaw
Lawson - Waxhaw
Millbridge - Waxhaw
Prescot - Waxhaw
Providence Place - Waxhaw
Providence Grove - Waxhaw
Providence Glen - Waxhaw/Marvin
Quellin - Waxhaw
Silver Creek - Waxhaw
Somerset - Waxhaw
The Reserve - Waxhaw
Weddington Trace - Waxhaw
Wesley Oaks - Waxhaw
Annandale - Indian Trail
Bonterra - Indian Trail
Brandon Oaks - Indian Trail
Glendalough - Indian Trail
Lake Park - Indian Trail
Sheridan - Indian Trail
Stoney Creek - Indian Trail
Taylor Glenn - Indian Trail
Bickett Ridge - Monroe
Brook Valley - Monroe/Indian Trail
Glen Meadows - Monroe
Old Gate - Monroe
Savannah Way - Monroe
Smith Field - Monroe
Stonebridge - Monroe
Winding Creek - Monroe
Brookhaven - Matthews
Callonwood - Matthews
Chestnut - Matthews
Shannamara - Matthews
Chestnut Oaks - Stallings

[sophialee]

You can add Demere in Waxhaw to that list, I have a friend that lives there and there is a rental available in there too. Seems to fit what you want

[sheloveslife]

Shannamara is Matthews mailing address, however some houses are in Union, some in Meck . . . and the schools are zoned likewise with some (most) being in the Stallings Elementary, Porter Ridge Middle/High zone and a handful in the CMS system (not sure which schools, though).

[ZnGuy]

Originally Posted by MikeyKid

I've spent quite some time over the past couple of weeks doing internet research on South Charlotte and landed on Union County to concentrate the search... I've also been consulting with my in-laws who are up in Mooresville and considering a move. That's what really started this search as I previously was concentrating up North. I've been absolutely amazed at the sheer amount of choices that seem to meet our requirements.

I compiled a list to act as a starting point and was hoping to get feedback. In general, our criteria was:

- Schools... Union County seems to have that covered across the board and did not eliminate any area in UC for schools.
- 300k"ish" price point for 3ksqft or $100sqft... I generally tried to keep the list inclusive of subs that have some availability at or below 300k. Admittedly some of these subs either have short sales or pre-foreclosures at that price point and I did include some subs that haven't come down quite that far, yet. Based on the amount of inventory, I feel it's a safe assumption that things will continue to come down. Even as a proud card carrying Doom n' Gloomer, I have to admit it's bottoming out. But plenty of signs point to continued slippage - it's foolish not to think you can't get some people at 330k down 10% to 300k.
- Lease options... I'm not entirely comfortable with the weekend selection of a house and leaning heavily to a 1 yr rental to really get the lay of the land. I don't want this to turn into a lease v. buy debate. I understand both sides of it. On this criteria I would just eliminate HoAs that don't allow rentals.

Beyond that you get into ranking. Nice to haves and potential trouble spots.
- Property... 1/3 to a 1/2 acre plot being ideal. No desire for condo type living with houses on top of each other and not much desire to mow a full acre.
- Amenities... Could be anything from bells and whistles of kid's slides at the pool to wooded lots. Nobody really prefers zero trees. Proximity to downtown/shopping/etc.
- Builders... Homes weren't built by Joe Bob or other poor reputation builder.
- Bang for the buck... stone/brick exterior, extras, upgrades, etc.
- Commute is largely unimportant as I would get to work from home most days.

Anklin Forrest - Waxhaw
Barrington - Waxhaw
Berkley Pointe - Waxhaw
Briarcrest - Waxhaw
Cureton - Waxhaw
Glen Trace - Waxhaw
Hunter Oaks - Waxhaw
Lawson - Waxhaw
Millbridge - Waxhaw
Prescot - Waxhaw
Providence Place - Waxhaw
Providence Grove - Waxhaw
Providence Glen - Waxhaw/Marvin
Quellin - Waxhaw
Silver Creek - Waxhaw
Somerset - Waxhaw
The Reserve - Waxhaw
Weddington Trace - Waxhaw
Wesley Oaks - Waxhaw
Annandale - Indian Trail
Bonterra - Indian Trail
Brandon Oaks - Indian Trail
Glendalough - Indian Trail
Lake Park - Indian Trail
Sheridan - Indian Trail
Stoney Creek - Indian Trail
Taylor Glenn - Indian Trail
Bickett Ridge - Monroe
Brook Valley - Monroe/Indian Trail
Glen Meadows - Monroe
Old Gate - Monroe
Savannah Way - Monroe
Smith Field - Monroe
Stonebridge - Monroe
Winding Creek - Monroe
Brookhaven - Matthews
Callonwood - Matthews
Chestnut - Matthews
Shannamara - Matthews
Chestnut Oaks - Stallings

Not familiar with some the the subdivisions listed but just advise that Brookhaven (Matthews) the homes start at mid-$400s and smallest home is about 3650 sq ft. You might find a one or two that seller might rent. It is a great neighborhood though.

[Charlotteborn]

ZN - I found 9 sales in Brookhaven that sold since 1-01-2009 under $400,000. Lowest sale was $275,000 (1022 Forbishire). There are currently 3 listings in Brookhaven under $400,000.

Mikey - If you do decide to buy - with all of those possibilities I would look for a home in a neighborhood where there is no new construction available (and no new construction or vacant land available in surrounding neighborhoods either!). If you decide to sell anytime in the next 10 years just imagine all the competition you will have.

[89quattro]

You may want to consider removing some from your list:

Briarcrest (north)- McCar Homes is the builder, there has been some chatter here about them going under. Good point is their pattern of completing amenities up front, so your pool, tennis courts, basketball, ect, are all up and running. Downside is that you will be looking at acres of bare, unbuilt lots...sales are very slow.

Millbridge - still a few builders there, but there is the uncertainty of what will happen in the future due to the developers defaulting a few months back. Amenities completed, but still looking at acres of bare earth.

Sheridan - Builders come and go. Westport came in last year, offering full brick for about 300K. No amenities except for a pond or 2 that look more like retention areas. No trees, from looks like a dried up lake bed with a scattering of homes.

Take a look at the link below for reference, you can search for comparable sales in Union County by subdivision.
http://taxweb.co.union.nc.us:8080/EG...on/CSSearch.do

Good luck in your search.

[ZnGuy]

Originally Posted by Charlotteborn

ZN - I found 9 sales in Brookhaven that sold since 1-01-2009 under $400,000. Lowest sale was $275,000 (1022 Forbishire). There are currently 3 listings in Brookhaven under $400,000.

Mikey - If you do decide to buy - with all of those possibilities I would look for a home in a neighborhood where there is no new construction available (and no new construction or vacant land available in surrounding neighborhoods either!). If you decide to sell anytime in the next 10 years just imagine all the competition you will have.

You might be right on some of the earlier resales. The neighborhood is 90% built (500+ homes) and I might had been considering new construction price pts. The first homes in 'the Village' started in the $300s when neighborhood started 5+ years ago. The $275k was a distress sale. I did find a couple sales this year below $379k which are hard to come by there.
Carolinahome | Sales Search page

[CouponJack]

Originally Posted by ZnGuy

You might be right on some of the earlier resales. The neighborhood is 90% built (500+ homes) and I might had been considering new construction price pts. The first homes in 'the Village' started in the $300s when neighborhood started 5+ years ago. The $275k was a distress sale. I did find a couple sales this year below $379k which are hard to come by there.
Carolinahome | Sales Search page

Brookhaven also has its development across the street from the main subdivision....

[car421]

I think it would be tough to get people down 10%. Weekly there are recent home sales listed in the paper showing both asking price/selling price and the difference is usually 3-5% max, and the 5% is pushing it. Homes are not dropping like they were and builders are getting busier, not like it was 2-3 yrs ago but busier.

I also made the move from LI 3 1/2 yrs ago and am very happy here in Union county.

[Zatol]

Bickett Ridge is a nice subdivision. We were looking to buy a lot in there before the downturn. The lots may be closer to an acre though and I don't think it has any amenities. Probably no HOA though which is great!