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With the loss of Wachovia and pending loss of Bank of America headquarters, Charlotte looks to be getting hit hard by this recession. Where are the jobs.
Charlotte housing market is taking a dive, with over 1,000 foreclosures per month. Housing prices are down atleast 20% the past 24 months. The majority of the builders in Charlotte either went bankrupt of pulled out of this market entirely.
The comercial real estate market bad, no one is willing to lend. We are heading into a major devaluation of this market. The house of cards is falling, who will be here to pick up the peices.
Democrat mayor, along with 9 out of the 11 city council votes being democrat, I just don't see Charlotte pulling out of this ant time soon.
Charlotte looks like someone who has spent a couple of decades of eating endless amounts of junk food and calling the accumulations of fat (around the belly, under the arms, hanging off the back), healthy growing. Now we are in cardiac arrest and the time has come to try and get the city back on a path that:
Focuses more than on just downtown.
Stops chasing trends and world class status
Realizes the last couple of decades was unsustainable and not good for the city.
The fact of the matter is the city, and especially over the last decade, has grown because of cheap money. It drove everything from the people downtown getting rich off of it, to the construction industry, real estate industry and big box retail. Cheap money is gone now and the result speaks for itself.
The bubble heads on the city council are not able to deal with these issues. They don't even admit they exist, and are still focused on such things as building street cars in a city with 1000 foreclosures taking place each month and close to 20% real unemployment. At least McCrory is gone, the leaderless leader, but unfortunately what got elected in his place isn't much different.
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Edit: I saw the comment about the "troll" after I posted this, and I think that is totally inappropriate as this is a valid discussion. It is unfortunately what normally happens in this town that if you bring up any criticism, you are automatically tarred and feathered. This pretty much sums up what I said. i.e. in order for change to happen, you first have to be willing to recognize there is something wrong. Keith as for a recommendation, I say pack your bags and head for Texas.
Edit: I saw the comment about the "troll" after I posted this, and I think that is totally inappropriate as this is a valid discussion. It is unfortunately what normally happens in this town that if you bring up any criticism, you are automatically tarred and feathered. This pretty much sums up what I said. i.e. in order for change to happen, you first have to be willing to recognize there is something wrong. Keith as for a recommendation, I say pack your bags and head for Texas.
I absolutely agree with most of your post lumbollo, but I refuse to believe the sky is falling.
Psst, CLT was here BEFORE the banks.
Read the OP's other posts, they are an out of work realtor.
' Housing prices are down at least 20% the past 24 months'?
Only true in pocket areas, not citywide.
It's always been about location, not McMansion, and people are rediscovering that now...
I absolutely agree with most of your post lumbollo, but I refuse to believe the sky is falling.
Psst, CLT was here BEFORE the banks.
Read the OP's other posts, they are an out of work realtor.
' Housing prices are down at least 20% the past 24 months'?
Only true in pocket areas, not citywide.
It's always been about location, not McMansion, and people are rediscovering that now...
Agreed - I continue to be amazed at the extreme comments on both sides of the "Charlotte has problems" discussion. One extreme is that the sky is falling, it's going to get even worse, and you'd be wise to get the heck out of here. The other side seems to have rose-colored glasses and thinks everything will be fine. I think the truth is somewhere in the middle. We obviously have issues, our local economy needs to diversify a bit more, the real estate market has dropped, etc.
My job frequently takes me to the NYC area, where people literally speak in panicked tones about the prices of their homes. I don't see that here. To say that we became "fat off of junk food" seems a bit absurd to me - home price appreciation here during the "bubble" was nowhere near what it was in many areas of the country. The speculation was not as rampant. Therefore, the drop on the other side is not as steep. So - yes, we have problems and I remain hopeful we can overcome them. Prices have ticked back up recently, which is something you can look at as positive without having rose-colored glasses. But we still have a long way to go.
Last edited by Gator803; 12-09-2009 at 06:46 AM..
Reason: typo
Thanks for your input. I am 20 year Navy veteran (Chief) who retired moved here in 2005. I got into new home sales and did well until my builder went bankrupt. I am in residental sales but who wants to tell people you will have to write a check at closing IF we can find someone who has a job to buy your house. This is why people are just leaving their homes right now. 50% of foreclosed homes in the US don't even try to contact the bank. I think that is just astonishing. But that is what you get when you only need 3.5% Down to get in a house.
Lumbollo is smart and correct. I can go to Charleston and get a military contract job. I worked on The Aegis Weapons System, currently the system on 25 crusiers and 50 destroyers. I don't see the military spending going down, OUR STRONG MILITARY IS THE ONLY THING THIS COUNTRY HAS LEFT!!!
Mullman, I respect your opinion but since 2007 average mecklenberg county sales price is down.
I picked the third quarter (last available stats) in mecklenberg county. In 2007, Q-3 average sales price was $285,000. In 2009, Q-3 was $231,000.
That is 23% or so, and I am bad at math. Don't forget the lowest interest rates in years and your $8,000 bribe from the government still can't prop up the market.
You are seeing a correction my friends. You can't afford to live in a $285,000 house working at Lowes or Home Depot.
Last edited by Keith Roe; 12-09-2009 at 07:34 AM..
Reason: spelling
Mullman, I respect your opinion but since 2007 average mech county sales price is down.
I picked the third quarter (last available stats) in mech county. In 2007, Q-3 average sales price was $285,000. In 2009, Q-3 was $231,000.
Where is 'Mech Co.'?
You cannot correctly spell the county in which you sell homes?
Fascinating.
Mecklenburg County, NC
Employment declined by 63 jobs in July and August. The job losses brought about an increase in the average monthly unemployment rate from 10.9% in the second quarter to 11.5% for the second two months of the third quarter. Job losses are ticking upwards, creating a drag on buyer confidence and demand in Mecklenburg County. However, historically low mortgage rates have created a favorable buying enviroment for those with a job.
...but who wants to tell people you will have to write a check at closing IF we can find someone who has a job to buy your house...
What's the alternative, tell them to write a check and you'll do your best? Close the deal or don't get paid.
Quote:
Originally Posted by Keith Roe
TYou are seeing a correction my friends. You can't afford to live in a $285,000 house working at Lowes or Home Depot.
You OP would suggest that you believe that leaving Charlotte is going to change this situation? Are you under the impression that the recession is limited or even worse in Charlotte than everywhere else in the country? A 20% drop when the avg home sell is around 180 doesn't compare with states like California where a 20% drop is hundreds of thousands of dollars.
Quote:
Originally Posted by Keith Roe
Employment declined by 63 jobs in July and August.
The sky is falling indeed...
To answer your OP, for you, it appears to be time to leave Charlotte.
I am no hater. My wife has a good job and I may stay. Just what is the next thing in Charlotte as far as jobs.
Charlotte trying to become the Energy Hub may work. (Wachovia building will now be the Duke Energy building). Cooking the books on global warming won't.
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