Top Ten Charlotte New Home Communities|The Criteria, or Where’d Terry come up with that?
November 4th, 2007 Categories: Terry's Top Ten New Home Communities
Said another way,
“What makes a Charlotte new home community make Terry’s Top Ten? Why? Or why not?”
A big question indeed.
#1 You’ve heard it a million times- the #1 Rule of Real Estate? Location. No doubt about it, a fantastic community 75 miles from Charlotte won’t make my list! Likewise, something closer in Stanley or Gaston would be hard to make my list. Why? There isn’t enough surrounding development to protect the investment.
I am looking for sure bets for my Top Ten, and to be a sure bet, you can’t be the first pioneer in a new area, make sense? That’s not to say the community won’t be successful, hey they may be… but it has more risk. 3 developers coordinated their strategies together to open southwest Charlotte: Pappas at Berewick, Crescent at the Sanctuary, and Rhein-Medal at the Palisades. For the most parts that means my Top Ten communities generally will be to the north or south of Charlotte, where the area development is large, established and ongoing.
Pulte and Del Web pushed our outter ring by themselves- and were fantastically succesful doing it. Time will tell though on the resale market whther its was a “bridge too far.”
Site plan-Tell me about amenities… amenities are value anchors, as is a well thought out community plan, tell me about the site plan. How are the amenities and homes brought together? Is it a walking community? Open space? Where is the closest shopping? Can you walk to any of it?
Accesibility-What is the size of their buying market? Is it affordable to a range of people? Are there multiple price points? The more exclusive, high end, or low, starter homes only, the more the risk. I like communities that a young family could purchase into– and, loving their lifestyle, move up to another home as their needs change. The greater the range of affordable options, the better the value anchors, epecially out on the perimenter.
Schools? Schools are very important, important for the families that will move there, and important for re-sale; school quality is a major value anchor. However, they are not entirely determinant because of the changing nature of school quality, i. e. they can be improved, some will send their children to private schools and there are a growing number of home-schooled children. The Palisades is a good example- they have an excellent public elementary school, and an excellent private school alternative, and there are ongoing plans to bring a high school to the Palisades. And while future government action is always an unknown, here is where developemnt size really matters–there are enough homeowners from the Palisades and nearby Sanctuary to have the political clout to get thing done.
Last but not least, you should know these are judgment calls: they are by nature subjective, especially around the edges on borderline in/out decisions. They are opinion, and they are 100% my opinion, based on the reasons I’ve outlined above. I do not, team members do not, List properies for Sale here, nor do I have any financial interest in any of these communities of ANY kind. I’ll notify everyone if that changes. I receive $0.00 renumeration for putting them on my list. And while I believe my Top Ten will be strong “appreciators,” this is not investment advice of any kind. While I advise my real estate clients routinely, every buying situation is different, and my professional buying advice is reserved for my clients.
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[…] WOW- This in a climate of slowing sales, but rising prices in Charlotte–20K off in a community about to take off… good news indeed. See Terry’s Top Ten CRITERIA […]
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