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Interesting slide.. One has to wonder why it is so affordable when the rest of the country saw good gains? Also what will the thousands of homes that are currently being built in Charlotte do to the overall prices. To me it appears that Charlotte is getting very close to being overbuilt. I noticed many of the develoments are taking an extremely long time to fill up so maybe the market is already saturated? What is you take on this?
You know, you would think that. But as a South Floridian I have personally been witness to watching an area go from nothing to overbuilt over the course of years. You can look at an area and say they couldn't possibly build more here, and then 7 more condo developments go up. (You will also notice that every soccer mom gets a real estate license at the same time) I am moving to the Charlotte area fully expecting it to happen there too.
I agree with Dame. We are also from South Florida and we are moving in the next few weeks to Charlotte (Boy Are we stressed!) . My first visit to Charlotte was a little less than two years ago and we where taken back by how beautiful and cheap was Charlotte in relation to South Florida (housing and cost of living!).
The Charlotte market looks to me like South Florida did 7 years ago. The market was really flat, and all of the sudden it took off. The Real Estate is suffering through a very difficult time just about everywhere in the country but not in Charlotte. Prices seem to be a about 10% higher from the first trip we took a year and half ago and and prices in South Florida area about 10% lower than a few years ago (condos even worse!) . SO to think that the market is going up in Charlotte in a down market says a lot. The fact that many people are moving into the area is pushing prices higher. In addition, the cost of construction and materials is also higher thus pushing the market higher too.
The thing to keep in mind is that as the city grows into the surrounding counties or outside the "loop" (Union County!) , The Real Estate inside the loop (South Charlotte) will only become more valuable as more people will want a shorter commute. We have seen this in the past few years. Atlanta anyone? There is a lot of development outside of the loop and this will continue. But in the next few years people are not going to like to drive over an hour to get to work. People will want to move a little closer to the "city" and will be willing to give up a little more land for location.
I agree with Dame. We are also from South Florida and we are moving in the next few weeks to Charlotte (Boy Are we stressed!) . My first visit to Charlotte was a little less than two years ago and we where taken back by how beautiful and cheap was Charlotte in relation to South Florida (housing and cost of living!).
The Charlotte market looks to me like South Florida did 7 years ago. The market was really flat, and all of the sudden it took off. The Real Estate is suffering through a very difficult time just about everywhere in the country but not in Charlotte. Prices seem to be a about 10% higher from the first trip we took a year and half ago and and prices in South Florida area about 10% lower than a few years ago (condos even worse!) . SO to think that the market is going up in Charlotte in a down market says a lot. The fact that many people are moving into the area is pushing prices higher. In addition, the cost of construction and materials is also higher thus pushing the market higher too.
The thing to keep in mind is that as the city grows into the surrounding counties or outside the "loop" (Union County!) , The Real Estate inside the loop (South Charlotte) will only become more valuable as more people will want a shorter commute. We have seen this in the past few years. Atlanta anyone? There is a lot of development outside of the loop and this will continue. But in the next few years people are not going to like to drive over an hour to get to work. People will want to move a little closer to the "city" and will be willing to give up a little more land for location.
This is just my observation.
I agree with everything you said, EXCEPT this: "The Charlotte market looks to me like South Florida did 7 years ago. The market was really flat, and all of the sudden it took off."
The truth is, the market in Charlotte has not been "really flat" - there have been steady gains in real estate and growth for at least 20 years. We may be booming now more than ever, but we have grown continually the whole time. THIS is how we are different than Florida
I meant to say steady instead of flat. Prices in Florida have been pretty steady for years until about 7 years ago when the boom started. A couple of factors to consider. Florida was very cheap in comparison to many areas of the country ( Charlotte and the Carolinas in general is like that now) before the booming years. Many Europeans, South Americans, Canadians, and New Yorkers moved into the area in the past 7 years causing prices to go up. ( Just like in the Carolinas now) . The availability of cheap money caused a lot of people to invest in Real Estate and SPECULATE. South Florida ran out of Real Estate so everyone started fighting for the same houses. But two years ago, all these Hurricanes hit at the same time, the cost of insurance and Real Estate prices sky rocketed and Florida was not longer the cheap place to live like before. People want out
Charlotte has always been steady BUT it has always been cheaper than many areas of the country and it still is at least in my eyes. But I think that will change in the years to come. Prices will continue to rise steadily, but it will not reach the peak 20% prices increases per year we saw in Florida a few years ago.
I bought my house in the summer of 2001 for $385K. The seller had paid $320K two years prior. He moved to Alpharetta, GA to a brand New construction home which he bought for $320K in July of 2001. As I was cleaning up my files, I came across his new address in case he had some left over mail. I looked it up and I noticed that he sold his house for $399K in the summer of 2005 or what I would call pretty close to the peak of the RE market. That house is probably worth pretty close to what he sold it or maybe another $50K of so. We just sold our house for $710K. It goes to show you how inflated the market is South Florida or at least what the market has done. I also know our house could have sold for $50K higher and perhaps another $100K a year and half ago. Oh Well....I am not complaining.
We are looking to buy a house in the $450K range in S Charlotte, which basically will buy us a similar house and subdivision to the one we are selling here. Out intention was never to buy more or buy less. We wanted to move have a similar size house with similar luxuries and features. Actually, we might get a little more house in Charlotte (Land, wood floors, etc), but we are going to give up the pool.
I meant to say steady instead of flat. Prices in Florida have been pretty steady for years until about 7 years ago when the boom started. A couple of factors to consider. Florida was very cheap in comparison to many areas of the country ( Charlotte and the Carolinas in general is like that now) before the booming years. Many Europeans, South Americans, Canadians, and New Yorkers moved into the area in the past 7 years causing prices to go up. ( Just like in the Carolinas now) . The availability of cheap money caused a lot of people to invest in Real Estate and SPECULATE. South Florida ran out of Real Estate so everyone started fighting for the same houses. But two years ago, all these Hurricanes hit at the same time, the cost of insurance and Real Estate prices sky rocketed and Florida was not longer the cheap place to live like before. People want out
Charlotte has always been steady BUT it has always been cheaper than many areas of the country and it still is at least in my eyes. But I think that will change in the years to come. Prices will continue to rise steadily, but it will not reach the peak 20% prices increases per year we saw in Florida a few years ago.
I bought my house in the summer of 2001 for $385K. The seller had paid $320K two years prior. He moved to Alpharetta, GA to a brand New construction home which he bought for $320K in July of 2001. As I was cleaning up my files, I came across his new address in case he had some left over mail. I looked it up and I noticed that he sold his house for $399K in the summer of 2005 or what I would call pretty close to the peak of the RE market. That house is probably worth pretty close to what he sold it or maybe another $50K of so. We just sold our house for $710K. It goes to show you how inflated the market is South Florida or at least what the market has done. I also know our house could have sold for $50K higher and perhaps another $100K a year and half ago. Oh Well....I am not complaining.
We are looking to buy a house in the $450K range in S Charlotte, which basically will buy us a similar house and subdivision to the one we are selling here. Out intention was never to buy more or buy less. We wanted to move have a similar size house with similar luxuries and features. Actually, we might get a little more house in Charlotte (Land, wood floors, etc), but we are going to give up the pool.
We took advantage of the FL market in Pembroke Pines and around Tampa. We got out in the nick of time with a nice profit last June. Granted, we didn't have the investments that you obviously did but we were very happy with ours and what we could afford. I believe it will happen again here in Charlotte, too, and it's good investment property.
I don't blame you for not wanting a pool!
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Charlotte Market
FL market
