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there are several single family homes just outside the uptown area, Wesley Heights for example that may fall within your price range. The HOA dues have become exorbitant in many of the condos uptwon due to the foreclosures(in some cases excess of $500) That is approximately 100k of buying power at current rates. The market is fine to buy a condo but not if you plan on getting out in two to three years. Take advantage of the housing market and get a jump on the house that you would look to buy two years from now. If you can close by the end of April you can get the $8000 tax credit. The last article I read said Charlotte has a 5 year supply of condos uptown.
If you think people will be "kicking themselves" in 2-3 years for not purchasing now, then you have to be ignoring what's going in the economy and housing market.
Your're going to have to explain this to make sense.
Your're going to have to explain this to make sense.
Let me start by saying that for many folks this is a great time to buy... I won't argue that under certain conditions, you'd be smart to purchase right now.
My point was referring to your comment about people regretting in 2-3 years that they did not purchase now. I'd argue that statement for any segment of the market, including the "hot" <200k price point. It's not 1998 - you're not fighting the market on the way up. Right now, you're fighting the market on the way down. From day 1 of negotiation, to contract, to closing, to turning the key in your new place - you've lost money. Not only that, you'll continue to lose value in the near term. There's nothing that has been done to reverse this trend - there's just some artificial props, band-aids, and smoke/mirrors.
As for a condo specifically, you couldn't get me to buy one over a small single family home in this market. I know the price seems "right" or there's "better value", but you'd actually be able to sell a small single family home and trade-up. The risks around a condo are so much higher. I know the ability to rent it out seems like a safety net... but what if the association goes bankrupt? what if you can't rent it out for some unforeseen reason? what if the entire place turns into rentals? what if the bank starts foreclosing on the neighboring units?
So are there any properties within Uptown that are good value? Or close to Uptown; other than Southend area. Thanks.
Dilworth I think has held its value. It's a better place if your wife is a walker. I can understand the safety factor in South End, it is dark and deserted. .. Look at some of the places around the East Blvd/Kenilworth Ave. intersection...1315 East I think is the name of one of the buildings.
Thanks "coped"! Dilworth is very nice, but still pricey and beyond our range - that's why we wanted condos. Anything uptown that's within <250K budget?
Thanks "coped"! Dilworth is very nice, but still pricey and beyond our range - that's why we wanted condos. Anything uptown that's within <250K budget?
There are 2 bed/2baths in 1315 east in dilworth starting at 200K now...I can't post a link, but do a google search. Uptown, you could probably find something around the edges there in Fourth Ward..Some of the older places on Church Street like the Frederick, but I really don't know the sales market as well as the rental market.
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