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Old 02-27-2010, 01:01 PM
 
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Hi all,

We're considering moving to Charlotte from upstate New York, and found a couple of properties that are super modern:

4551 Craig Avenue, Charlotte NC - Trulia

I think the price is certainly reasonable compared to properties in greater Albany area, but is this too modern for the neighborhood and will we have trouble selling it later?

Also there's a lot of concerns about buying property in the Charlotte area (predictions of 10% further decline and more) especially with the Bank of America and Wachovia - what are your thoughts?

Any help will be greatly appreciated!
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Old 02-27-2010, 01:50 PM
 
Location: Ayrsley
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I like em. They remind me of another development. I think it was called Celedon.
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Old 02-27-2010, 02:07 PM
 
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My first instinct is to laugh at "too modern for Charlotte" when the city seems to bull doze anything that isn't modern. More seriously though I would check it out and see how it blends with the neighborhood. It looks beautiful but it could stick out like a sore thumb. I saw a house like that in Plaza Midwood which is a neighborhood of art and crafts style house. You also don't want to buy the most expensive house in the neighborhood.

As for your other concern, if you are buying to fip in a short period don't bother. Those days are pretty much gone everywhere and personally I think that is a good thing. If you plan to stay there awhile I think now is a good time. The price of that house is affordable to most people living in the city. It is not like some of the $10 million uptown condos where you had to wonder "who the heck buys that"? As far as the bank woes most of that risk is priced in already. Charlotte is a vibrant and very corporate town. It has too much going for it to roll over a die. I've been pretty pessimistic that past couple of years but something in my gut tells me the worst is behind us.
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Old 02-27-2010, 02:27 PM
 
17 posts, read 39,225 times
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Quote:
Originally Posted by viajero8 View Post
My first instinct is to laugh at "too modern for Charlotte" when the city seems to bull doze anything that isn't modern. More seriously though I would check it out and see how it blends with the neighborhood. It looks beautiful but it could stick out like a sore thumb. I saw a house like that in Plaza Midwood which is a neighborhood of art and crafts style house. You also don't want to buy the most expensive house in the neighborhood.

As for your other concern, if you are buying to fip in a short period don't bother. Those days are pretty much gone everywhere and personally I think that is a good thing. If you plan to stay there awhile I think now is a good time. The price of that house is affordable to most people living in the city. It is not like some of the $10 million uptown condos where you had to wonder "who the heck buys that"? As far as the bank woes most of that risk is priced in already. Charlotte is a vibrant and very corporate town. It has too much going for it to roll over a die. I've been pretty pessimistic that past couple of years but something in my gut tells me the worst is behind us.
Thanks jiajero8.

We're definitely not in it to flip - in fact to say for a minimum of 5 years or so, and am looking for a home to have a family (and a dog!) after a long city living.

After checking out the neighborhood via Google street view, boy it does stick out like a sore thumb. Every other house in that neighborhood is transitional / traditional single homes. And they indeed are the most expensive houses in the neighborhood as well.

It's good to hear that the prices have reflected the banks situation - it's just nerve wrecking to see that a big part of the economy depends on a single industry (and a couple of corporations).
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Old 02-28-2010, 05:40 AM
 
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My husband and I like modern very much. In fact when, we moved here over 30 years ago we were very disappointed that we could not find a contemporary house. We ended up buying a cape cod which we, over the years, have come to love.

That being said, out of curiosity we visited the Element a month or so ago and were shocked at the shoddy construction (cracks in the concrete floors) and lack of attention to detail. I am surprised that they are selling at all in this market. It's a great concept, but needs a lot of work before it will sell here.
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Old 02-28-2010, 06:23 AM
 
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Not sure how it can be "too modern for Charlotte" since it is in Charlotte. If your question is instead "is it over priced?". Then I would say yes. The prices in Albany are irrelevant when considering property costs in Charlotte and good luck with selling anything there. (though it is a town and of and by government spending)

It says it is in Sherwood Forest which is a 1960s ranch house neighborhood where houses were selling in the low $100s just a decade or so ago. It's prices were run up unrealistically by the housing madness of the 2000s so there have been teardowns and rebuilds like this place apparently. Now there is no market, not because of the house, but because there are not enough people who can afford property like this despite the still almost free financing coming from the federal government.
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Old 02-28-2010, 07:19 AM
 
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Those houses are really cool but they do stick out in that neighborhood. In the future when you sell you will have to remember that your target market will a smaller pool of people. All that said, do what you want, you only live once and at the end of the day when you are older you don't want to look back and regret it not buying what you want.
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Old 02-28-2010, 12:26 PM
 
17 posts, read 39,225 times
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Quote:
Originally Posted by BarbJ View Post
My husband and I like modern very much. In fact when, we moved here over 30 years ago we were very disappointed that we could not find a contemporary house. We ended up buying a cape cod which we, over the years, have come to love.

That being said, out of curiosity we visited the Element a month or so ago and were shocked at the shoddy construction (cracks in the concrete floors) and lack of attention to detail. I am surprised that they are selling at all in this market. It's a great concept, but needs a lot of work before it will sell here.
Hi BarbJ, this concerns me, as we're first-time buyers, and don't really know how to look for these things. Of course, we know enough not to trust the pictures, but that's about it.

Just how much shoddy work did you notice? I did find out that they only sold 2-3 units out of 7 or so they built.
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Old 02-28-2010, 12:33 PM
 
17 posts, read 39,225 times
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Originally Posted by lumbollo View Post
Not sure how it can be "too modern for Charlotte" since it is in Charlotte. If your question is instead "is it over priced?". Then I would say yes. The prices in Albany are irrelevant when considering property costs in Charlotte and good luck with selling anything there. (though it is a town and of and by government spending)

It says it is in Sherwood Forest which is a 1960s ranch house neighborhood where houses were selling in the low $100s just a decade or so ago. It's prices were run up unrealistically by the housing madness of the 2000s so there have been teardowns and rebuilds like this place apparently. Now there is no market, not because of the house, but because there are not enough people who can afford property like this despite the still almost free financing coming from the federal government.
Thanks for the background lumbollo! That's really great information. Now I took a look at HotPads - Map Search for Real Estate, Apartments & Houses for Rent, Foreclosures and Homes for Sale and found the current list prices in that neighborhood:

HotPads.com - Real Estate, Apartments, Homes for Sale and for Rent, Rental Houses, Sublets, Roommates

Most houses in the $180k to $350k range, and although there are a couple of exceptions (like this $580k place that's 100% over the average in the area: 5130 Lady Fern Circle, Charlotte, NC 28211 - House for Sale in Charlotte, NC - HotPads (http://hotpads.com/search/listing/CMLSNC-837940_ThreeWide?emptyType=true - broken link)), at $475k the larger Element definitely seems to be on the high end.
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Old 02-28-2010, 07:51 PM
 
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Hi, Koomaga. We only saw the outside but by merely looking in a window we were able to see a VERY noticeable crack in a concrete floor in a living area. Furthermore the placement of the large side windows showed an inattention to detail. If I remember correctly, one room's large window overlooked (from just a few feet) the neighbor's trashcan area. There were other things too, but these are the ones that stick in my mind.
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