South Charlotte Rear Estate Market Report- April Results Are In!
May 10th, 2008 Categories: Charlotte Community Reports, Charlotte Real Estate Market Reports
South Charlotte is A Strong Buyers Market
More than 2060 homes sold and closed in April of 2008 compared to 2,715 in 2007, a 24% drop with average cost per square foot falling 5% in April for the 14 county area of the Carolina MLS, as sellers moved their prices to meet buyer demand in this strong Buyers market.
I think we’ll see inventories peak at the end of this month
| Neighborhood | New Listings | Pending | Closed | Change in Inventory |
| Heydon Hall | 1 | 1 | 0 | 0 |
| Beverly Woods | 6 | 1 | 4 | 1 |
| Myers Park | 30 | 4 | 10 | 16 |
| Dilworth | 32 | 4 | 8 | 20 |
| Beverly Crest | 5 | 2 | 3 | 0 |
| Providence Plantation | 15 | 6 | 2 | 7 |
| Berkeley | 0 | 0 | 2 | -2 |
| Providence Country Club | 14 | 2 | 0 | 12 |
| Ballantyne Country Club | 24 | 5 | 4 | 15 |
| Willowmere | 6 | 1 | 1 | r |
| Cady Lake | 1 | 0 | 0 | 1 |
| The Palisadess | 6 | 6 | 2 | -2 |
I expect inventories to peak later this month. Sellers, if you don’t have to sell, why not wait? Buyers, call me today! 
Buying a home in Charlotte? Considering a move? Search All Charlotte Homes here, or call me direct at 704-351-1519
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Charlotte Mortgage Update May 9th 2008
May 9th, 2008 Categories: Charlotte Real Estate Market Reports, mortgages in Charlotte
This Charlotte mortgage rate update is by Olan Carder, from Myers Park Mortgage.
Interest Rates
Mortgage rates are holding their own right now with 30 Year rates around 5.75%. They moved up yesterday a little, but the overall trend for the last 3 weeks has been good. Inflation is a big concern and if oil prices continue to rise it could negatively effect mortgage bonds. I would favor locking in right now if you’re closing is not within 2 weeks.
HOT Products
Its Return of the King… FHA is hotter than ever with increased loan limits ($303,000) and awesome fixed rates! Charlotte homes are being financing more and more with FHA financing because our median home price now fit under the FHA limits- and if your credit is less than perfect, and or your down payment is under 10%, FHA may be your best opportunity.
Stated Income is still available but might not be forever. If you need stated income - jump on it today! Legislators are working hard to do away with any loan program other than your garden variety conventional and FHA issured loans.
Mortgage Bond Chart: (Higher Bond prices = Lower Rates)
Apply Today at http://www.mycharlottelender.com/applyNow.html. Olan Carder
Olan has been providing clients of mine loans for three years and works with Myers Park Mortgage, the number one mortgage lender in Charlotte. He’ll take the time to answer your questions.
Moving to Charlotte? Considering a move? Like to invest in Charlotte? You may want to try my All Charlotte MLS Search here, or call me direct at 704-351-1519.
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Charlotte NC Real Estate|Big News from Crescent Resources
May 8th, 2008 Categories: Charlotte New Home Developments-Builders, lake wylie
2300 Acre Lake Wylie Community Plan Announced
Crescent Resources- the development arm of Duke Power and a joint venture with Morgan Stanley- announced plans to develop 2300 acres of land in an area of York county known as Big Allison Creek, with more than 300 acres of waterfront on Allison Creek, plus retail and commercial space. When complete, this would be the largest community in the Charlotte area, about 40 minute from uptown, 20-30 minutes to South Charlotte employment off I-77 or even Southpark.Located on the South Carolina side of Lake Wylie, this expands the area thought of as Southwest Charlotte, because its means of access is Rt 49 and the Buster Boyd Bridge at Lake Wylie. Currently the Palisades is the the last very large community our RT 49, (on the NC side of RT 49 at Lake Wylie)- this major addition will help the area reach its potential as a very proximate suburb of Charlotte.
Crescent has built many of the finest communities on the Lakes throughout the greater Charlotte area.
Crescent is very well known for their outstanding communities, The Peninsula and the Point at Lake Norman and Mooresville respectively, Ballantyne Country Club in south Charlotte, and now Springfield in FT Mill and the Sanctuary on Lake Wylie to name just a few of their most popular neighborhoods.
Last month I sold a 10,000 sf home at the Sanctuary, and I love the open space and the large acre tracts there… but the experience I remember most was a few years ago, meeting a client I’d been working with in Sailview, a Crescent community on the west side of Lake Norman with home prices between $500K and 1.5 M on the water. An appointment ran late, so I was late, so I called and told them where the community center was, the docks, and set them off to explore the hilly, curving streets of Sailview on their own and met them about an hour later. It turns out that was a good idea because when I met them, they had fallen so much “in love” with Sailview, they just told me this was where they wanted to move, it was just about finding the right house now.
If it is done by Crescent, you know it will be done right.
Moving to Charlotte? Considering a move? Like to invest in Charlotte? You may want to try my All Charlotte MLS Search here, or call me direct at 704-351-1519
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Safe to Buy A Home in Charlotte? You Bet… The Real Deal From Case-Shiller and Radar Logic
May 4th, 2008 Categories: Charlotte News and Politics, Charlotte Real Estate Market Reports
Moving To Charlotte? Buying a Home? It’s a Strong Buyer’s market, and at today’s interest rates, your timing couldn’t be better.
Cutting through the doom and gloom, those interested in the reality based world about Charlotte Real estate have reason to cheer…You may have read that Charlotte is the only city in with appreciating home prices in the top twenty markets in the US in February, with prices increasing 1.7% according to Standard and Poor’s Case-Shiller Report on US Housing for February, released last week. The headline of course was the 19 markets in negative territory, and the Case-Shiller Report is on its way to having 7 straight quarterly declines- but Charlotte home prices have remained high. Why? Radar Logic tries to explain it, in their raison d’etre.
“Radar Logic Incorporated, a real estate data and analytics company, calculates and publishes the Radar Logic Daily™ Prices. The prices track housing values for major U.S. metropolitan areas and are the basis of the Residential Property Index™ (RPX™)… This study is based on the premise that there is not a national housing market; rather, each MSA, while having some economic influences in common, is influenced primarily by local conditions.” Local conditions! In its
February Report on US Housing, it reported the following about Charlotte NC:
1) Charlotte is one of two markets in the US with 3 positive characteristics: positive (3.6%) year over year pricing, increasing prices month to month and increasing daily prices in the 28 day cycle.
2) For February 2008, of the 25 Metropolitan Statistical Areas examined, three markets show price increases and 22 show declines on a year-over-year basis; however, ten MSAs show price increases from January to February and nine of those show a positive 30-day trend. This is positive news for the US housing market as a whole (CConline)
3) Charlotte ranks 2nd in 2yr appreciation at +4.2%
This is even as I reported that from the MLS, based on average cost per square foot of homes sold- prices fell over 3% in February, see that Charlotte Market Report here.
You’ll need to be a statistician to understand the ways Radar Logic and Case-Shiller report, and the differences, but they both report Charlotte in positive territory, despite my local MLS data. It should be pointed out that they use tax data on closed transactions -somewhat delaying their reporting, but increasing their accuracy.
Why is Charlotte housing bucking the nationwide trends? “There is not a national housing market; rather, each MSA, while having some economic influences in common, is influenced primarily by local conditions.”
I’ll explore those differing “local conditions” in my next post.
Moving To Charlotte? Considering a Move?
You may Search All Charlotte Homes here, or call me direct at 704-351-1519.
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