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It seems that now is a great time to buy in Charlotte? What do you think? We are looking at purchasing a condo 2beds/2baths in the uptown/myerspark area. I think it is a good area that we could turn around and rent and the values will go up in a few years if/when we decided to move to another city and we are selling. I know I have seen other posts about this but what is the feeling of the crowd.
It seems that now is a great time to buy in Charlotte? What do you think? We are looking at purchasing a condo 2beds/2baths in the uptown/myerspark area. I think it is a good area that we could turn around and rent and the values will go up in a few years if/when we decided to move to another city and we are selling. I know I have seen other posts about this but what is the feeling of the crowd.
Personally, I'd only buy (house or condo) if I KNEW I could keep the place a minimum of 7 years.
Now IS a great time to buy and find some great deals, but you must be willing to hold on to that property a while if you expect to see much equity. And remember, being an out of state landlord can have major headaches, unless of course you hire a management company - but that would eat into your profits.
Before you make a decision to do this, I would suggest you check with your realtor to make sure the going rental rates in the area will be able to cover your costs.
I personally think you'd be asking for trouble by buying a condo right now... There's several threads where we have been talking about this a whole bunch. One example:
It seems that now is a great time to buy in Charlotte? What do you think? We are looking at purchasing a condo 2beds/2baths in the uptown/myerspark area. I think it is a good area that we could turn around and rent and the values will go up in a few years if/when we decided to move to another city and we are selling.
Here's an answer:
Quote:
YES, condos in uptown are a good investment, in my opinion. The closer in you own property the better off you will be as the city continues to expand outward and people become more and more frustrated with long commutes. Owning uptown property is already a good investment, I can only imagine how valuable it will be in just 5 years!
I think DD's point was that in 2007 people were saying Uptown condos were a sure thing and to buy, buy, buy! That thread even said "Imagine what they'll be worth in 5 years!" - the answer is probably not as much as much as they were worth in '07. I'm assuming he was saying that now is *not* a good time to buy a condo in Uptown.
I think DD's point was that in 2007 people were saying Uptown condos were a sure thing and to buy, buy, buy! That thread even said "Imagine what they'll be worth in 5 years!". I'm assuming he was saying that now is *not* a good time to buy a condo in Uptown.
I just re-read and maybe the point was how wrong those posts were in 2007... How many people who bought in 2007 now think that was a "safe investment"? lol
Pretty sure how we had a recent thread about an Uptown condo complex going bankrupt.
I've been having a difficult time myself with deciding where to buy; I am first time home buyer and I've read every review and asked so much for advice on this investment. Location, home type, ect. And this is what I found out - prices are down, whether or not you want to believe it - it IS a buyers market. Some may disagree but prices can't get much lower than they are right now. Thankfully, Charlotte is still growing. Even with the economy not doing well, I see deleopment and plans still in action. Also there has been movement on future plans, Siemens just announced they are bringing more jobs here, Elextrolux is headquartering here, ect. With all that being said, I personally think that its still a great investment..of course check out the area and what the other rental properties are renting for, also check out crime statistics...but Myers Park is one of the most expensive zipcodes in AMERICA, I don't think you can go wrong. It's a great location...that's just my two cents but I don't believe this "don't buy" right now is good advice. The economy is at rock bottom but it is starting to look up.... Also, most importantly APR rates are VERY VERY LOW...they won't be at this forever...so I think as long as you aren't looking to sell it within a couple years, its a great investment for a rental property down the road. Lock in that APR rate and you'll be happy you did so.
I think DD's point was that in 2007 people were saying Uptown condos were a sure thing and to buy, buy, buy! That thread even said "Imagine what they'll be worth in 5 years!" - the answer is probably not as much as much as they were worth in '07. I'm assuming he was saying that now is *not* a good time to buy a condo in Uptown.
Yes, that is exactly where I was going. The OP still has the pre-2007 mentaility that prices will always go up:
Quote:
Originally Posted by verrocchio
...the values will go up in a few years if/when we decided to move to another city and we are selling...
In my opinion, if you are planning to stay put for 7+ years, then now would be a great time to buy. If you think you might move in less than 5 years, then you probably will be better off renting. You'd have to do the math yourself to see what would be best.
Last edited by DipDog3; 03-18-2010 at 05:18 AM..
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