Charlotte, NC|Appreciation Secrets in South Charlotte:Providence Plantation, 28270
November 2nd, 2007 Categories: South Charlotte
Providence Plantation has been a Charlotte favorite for more than 20 years.
.. see pictures at my terrific 
Providence Plantaion Photo Album here… Providence Plantation has also experienced double digit appreciation over the last three years, comparing the 2nd quarter 2005, and the 2nd quarter 2007, as measured by the average of the SOLD cost per square foot, for single family homes listed in the MLS. I prepared these stats for a client this past spring. Did you want to Search Charlotte Homes instead? For Providence Plantation search Charlotte zipcode 28270.
Remember, averages are just that, top Providence Plantation homes will sell well above the average, and homes needing work will sell quite a bit lower than the average.If you had purchased a home in Providence Plantation in 2005, the average cost per square foot of the 2nd quarter solds was $115/sf. This past spring, between April and June, the average cost of solds was $148/sf, or a 28.7% increase in value.
That was before we felt any of the effects of the national real estate downturn. Checking the 3rd quarter numbers-
call me a skeptic- we see a retrenchment in prices, with a 3rd quarter average of $477,245 and an average SOLD cost per square foot of 132- slightly ahead of 3rd quarter 2006, up 15% from the 3rd quarter of 2005.
Here is the secret: Providence Plantation will regain those spring setbacks and vault forward. Right now it is selling at 2006 prices, giving up its spring gains, BUT, because of its prime south Charlotte location and high quality schools, all of its underlying fundamentals are very sound; it is just priced low. You almost have to see it to know how rock solid, how “blue chip” it is… I expect a quick increase once the national market regains its footing.
There are 43 homes on the market now, median price is 435K, that is about $142/sf. My offers will be in the 132 - 138 range depending on age, lot size and condition. There is a large variation between the tract and custom, newer and older–so you have to see that and factor it in– but there are bargains to be had here.
Like to visit a newer, competing neighborhood in a similar price range that made Terry’s Top Ten New Home Community list? It’s a bit further out..but very nice, try Brookhaven in Weddington
Like to see more South Charlotte Communities?For more online community photos visit my Online Charlotte Community Photo Album or
As most of you know, I am not a financial advisor, just a Buyer Agent broker with a keen interest in numbers and appreciation. Also, so you know, for transparency, neither I nor any team members have a listing in Providence Plantation, and I have $0 financial interest there at this time, I’ll let you know if that changes. As a Buyer agent, I recommend you purchase a home in a community where you and your family will feel at home, that is the primary consideration in residential real estate.
