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Not sure if this is where you got your facts from http://www.businessweek.com/investin..._dr_horto.html and http://www.forbes.com/feeds/ap/2007/03/09/ap3503191.htmlbut (broken link) there was no mention of the Charlotte market, just the market in general. Please post your sources as I am curious and concerned about your statements. Thanks in advance.
This past week has really confirmed that our move to lease a luxury condo is the correct move. I mean I have a realtor screaming that my husband is crazy and needs an education because we want to lease instead of buy. The end of cheap loans to anyone with a heart beat via the FED, Fannie Mae and the meltdown of sub-prime lending. The likely bankruptcy of New Century Financial and Freemont General Corp. and many others. The closing of Charlotte based Ameritrust Mortgage Company's sub prime division. The huge layoff at Charlotte based Wells Fargo. Oh and don't forget the homebuilders. Dr Horton executive says “2007 is going to suck” while posting huge losses along with Hovanian, Centex, MI, Lennar, Toll Brothers and many more. Ya, loves maybe the word for 2006 was sold, but the new word is likely to be bankruptcy, foreclosure or the phrase “here's the keys back “. Now can we get back on topic. Does anyone have any suggestions for luxury apartments.
Charlotte is not one of the areas having the real estate problems that your DH is concerned about. Charlotte is a very healthy real estate market and you will be kicking yourself for renting a luxury condo. We came up from a volatile market in FL and we got out luckily just in time. Housing there was experiencing $100k appreciation in some areas in a year. We didn't experience quite that appreciation but we did very well with our real estate investments, can't complain...
Rosedale is in Huntersville and what you were considering buying a condo for, you could get a whole house with a yard, 2900 sq ft. I can't help you with a luxury condo but good luck...
Charlotte is not one of the areas having the real estate problems that your DH is concerned about. Charlotte is a very healthy real estate market and you will be kicking yourself for renting a luxury condo. We came up from a volatile market in FL and we got out luckily just in time. Housing there was experiencing $100k appreciation in some areas in a year. We didn't experience quite that appreciation but we did very well with our real estate investments, can't complain...
Rosedale is in Huntersville and what you were considering buying a condo for, you could get a whole house with a yard, 2900 sq ft. I can't help you with a luxury condo but good luck...
Nik, some people just can't be helped, but at least we tried Kicking themselves is putting it mildly (plus, I find it interesting hubby's opinion is the only one that counts!)
Hi All, I am sorry to say that I have decided not to purchase a house at this time. As I mentioned before DH was very reluctant to purchase now and wants to rent a luxury condo until the markets gain better vision. After seeing all the bad news since I last posted. The home builders with impairment write-offs in the billions and huge misses in earnings. The bankruptcy many sub prime mortgage lenders. The crash of the ABX indices which has spilled over into the Alt A and AA loans. The coming cash crunch due to Fannie Mae no longer taking on high risk sub prime loans. New home sales falling 18% this past quarter. And the flat sales numbers for existing homes if you undo the “seasonal adjustment” in the NAR data. Just a few things my DH pointed in the past weeks. By the way it is difficult to tell a very well educated man that he needs get educated. He asked me to pass the above notes on for those that are also on the fence. So does anyone have any recommendations to an luxury condo's outside the beltway or maybe in the Lake Norman area?
you are absolutely right in your decision-making process. the reasoning to hold out until the mortgage meltdown scenario id fully exposed is a sound one. indeed, you might find that a year from now, the banking industry in Charlotte will have been so severely exposed to bad paper that the local economy in Charlotte will be subsequently affected. it is not too much to presume a debacle in banking that could result in the layoff of numerous people employed in that sector in charlotte, the result of which might be a fire sale on their housing as they either leave or are forced to sell.
realtor boosterism only made realtor boosters rich...those days are over and people are beginning to see that through this ponzi pyramid scheme...the bubble is bustin' out ALL OVER people!
I dont see any bubble burstng in charlotte anytime soon as prices arent inflated and wont be, like the northeast, and in the very desired areas prices are going up but once again not too much...I agree with TB and there are alot of very narrowed minded people, without facts just anger in what is happening....I guess you either learn to deal with it or leave...that is what people are doing in NJ....
I rented for a year, moving in May/June to a new house.
Between Feb - Dec 2006 I saw the following, the number of prexsiting houses matching what I was looking for dwindled drastically, I discovered on average the differnence between Feb & Dec was approx 15-20K, on new construction the price difference is approx 8K - 20K depending on the builder, development etc.
I see no bubble here, in Miami I had been thinking off buying a 2 bed Condo we decided to wait a year in that year the price had gone up by $132K now that is a bubble at that point I refused to pay 1/4 million for a rabbit hutch of some sorts.
Charlotte will contunue to grow maybe not as high as last year, in fact I think it will remain fairly stable for the next year and then start growing again.
What ever happens I may lose on my house I may gain, I am just going to be happy to stop paying rent.
The neighborhood I reside in has had 3 homes sell over the past 2 months. All were sold for about 25% more than what was paid for 3-4 years ago. The county website is very useful for seeing what prices were paid compared to the prices sold.
This past week has really confirmed that our move to lease a luxury condo is the correct move. I mean I have a realtor screaming that my husband is crazy and needs an education because we want to lease instead of buy. The end of cheap loans to anyone with a heart beat via the FED, Fannie Mae and the meltdown of sub-prime lending. The likely bankruptcy of New Century Financial and Freemont General Corp. and many others. The closing of Charlotte based Ameritrust Mortgage Company's sub prime division. The huge layoff at Charlotte based Wells Fargo. Oh and don't forget the homebuilders. Dr Horton executive says “2007 is going to suck” while posting huge losses along with Hovanian, Centex, MI, Lennar, Toll Brothers and many more. Ya, loves maybe the word for 2006 was sold, but the new word is likely to be bankruptcy, foreclosure or the phrase “here's the keys back “. Now can we get back on topic. Does anyone have any suggestions for luxury apartments.
Two that come to mind immediately are:
Piedmont Row (a Crescent Community) located next to SOuthpark Mall. There are retail shops & restaurants on the street level with a fountain in the center. Health Club as well. Easy access to I-77 and Park Road leading into downtown. I found a rental online @ 704-560-0888. There are probably other though in the Charlotte Observer in this brand new complex.
Also, Post Park @ Phillips Place. 704-430-5538. These apartments are next to Phillips Place shopping (Dean & Deluca, movie theatre,The Palm restaurant,Restoration Hardware & many otherr small shops). It is centrally located in SOuthpark.
If you are interested in urban living-try 5th & Poplar (thats the name of it). These are luxury condos right downtown,pool, concierge (with a Harris Teeter grocery on the street lever). You can often find a rental in the newspaper for on of these. Several of my friends have lived here while awaiting renovations of Myers Park homes.
Good luck!
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Areas having problems...
Kicking themselves is putting it mildly 
(plus, I find it interesting hubby's opinion is the only one that counts!)
. Just a few things my DH pointed in the past weeks. By the way it is difficult to tell a very well educated man that he needs get educated. He asked me to pass the above notes on for those that are also on the fence. So does anyone have any recommendations to an luxury condo's outside the beltway or maybe in the Lake Norman area?
Housing
