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The year over year improvement is an encouraging sign for sales in the area.
“Home sales improve, but prices still weak” Home sales improve, but prices still weak | CharlotteObserver.com & The Charlotte Observer Newspaper (http://www.charlotteobserver.com/2011/08/10/2516048/home-sales-improve-but-prices.html - broken link).
As an outsider that lives in Indy. I consider Charlotte to almost be a twin city in many ways. However one thing that really screwed charlotte was the to rapid growth right before the recession. Once the recession hit Charlotte had to many people for its job market and to many houses so prices just plunged. However for Charlotte sales improving might be a good sign cause im sure the government benefits for buying homes ended last year. I wouldnt expect prices to rise in charlotte or Indy until some of the vacant homes are either demolished (Like what they are doing in Indy) or filled with people again. Ill be very interested to see how these two twin cities recover from this recession in 2 unique ways
As an outsider that lives in Indy. I consider Charlotte to almost be a twin city in many ways. However one thing that really screwed charlotte was the to rapid growth right before the recession. Once the recession hit Charlotte had to many people for its job market and to many houses so prices just plunged. However for Charlotte sales improving might be a good sign cause im sure the government benefits for buying homes ended last year. I wouldnt expect prices to rise in charlotte or Indy until some of the vacant homes are either demolished (Like what they are doing in Indy) or filled with people again. Ill be very interested to see how these two twin cities recover from this recession in 2 unique ways
But doesn't Indy have a huge problem with dilapidated homes in its central city area. I thought that was why they were tearing down all those buildings. Charlotte doesn't have that problem.
I'm curious to know if Charlotte prices plunged or if the fall was modest? Anyone have any info or opinions on this?
The worst-hit areas were the newest suburbs and half-built neighborhoods. Neighborhoods where 1/2 million dollar homes stopped selling and remaining lots are being built with a $299K product... you can imagine the hit those original homes took with comparative analysis.
From what I've seen, the urban neighborhoods fared very well (relatively speaking).
From what I've seen, the urban neighborhoods fared very well (relatively speaking).
I don't think so. As an example, The 50 story, The Vue, has had less than 20 buyers close on that 450 unit building. The Charlotte Observer has said for years this building was 50% sold. So much for reporting on the local housing industry.
This was hugely hyped as urban living in Charlotte and the New South. It's the tallest residential tower in the Carolinas, yet they can't get anyone to buy one.
Another was my neighbor who had her house on the market for $130,000 for three years & finally sold it last month for $80,000.
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