Charlotte- Model Home Investment, At the Right Price
April 1st, 2009 Categories: Buy A Charlotte Home, Invest in Charlotte
A South Charlotte Model Home Investment That Makes Sense
Ryan Homes came to us with a model home, the model above but to be built, investment/rent back that is on the right track–what it is Not is an overpriced house, you’ll never be able to resell.
The Ryan home for sale is located in the new community of Ballanmoor, across the street from the very popular Ardrey Kell High School, next to Ardrey, in one of Mecklenburg County’s best school clusters.
The Ryan Base Price of the Genevieve, with the four extensions: Morning Room, Sitting Room, Bonus and Inlaw Suite- the Base price is $535,900 on 4,460 square foot. They have added $100,000 + in options, so it will be a beautiful home. At $600,000, it would be $134/sf.
The average cost per square foot of homes sold in 28277 for the first quarter of 2009? $116/sf. However the upper end range went as high as $200/sf in the better Ballantyne, $150/sf in “lesser Ballantyne.” Ballantyne is 5 minutes away, and 28277 is the highest income zip code in the greater Charlotte area…$134/sf is not out of line.
Ryan is asking $499,900 on this Genevieve, or $112/sf, loaded to the hilt. So lets look at the numbers: Read the rest of this entry »
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Charlotte Model Home Sale-Make Offer Prices, Good Rents
February 6th, 2009 Categories: Buy A Charlotte Home, Invest in Charlotte
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Model homes in Charlotte were often considered the perfect investment-
a long -term quality renter, paying a good rent, on an appreciating property. Now, investors look harder at the prices, since builder often want to load the model with options, and then charge the investor for those options- which the investor normally would pass on.
These days, investor need to get the fully optioned home below the base price. From Ryan Homes, just south of Ballantyne– a Five-Star location/ Ryahn price with options $604,000, we hear they’ll accept 549,000
Base is typically about $500K with the ground floor guest suite addition
One year lease at $4,354, likely option beyond, builder to pay utilities. I’d ask for 24 months. Here are some of the features:
4,460 Square Feet, 5 BR 4 ½ Bath; 3 Car Finished Side Entry Garage with door openers; Gourmet Kitchen, 42†Maple Cabinetry, Granite, Stainless Steel Appliances; Morning Room; Great Room with Stone Fireplace surround and 16’ Coffered Ceiling;1st Floor Owner’s Suite with Sitting Area;1st Floor Guest Suite, 2nd Floor Bonus Room;Over ½ Acre Homesite! Club Membership to Tennis and Pool; Great South Charlotte Location near Ballantyne, Blakeney, and Ardrey Kell High School; Elon Elementary, Community House Middle and Ardrey Kell High School
Assuming a buy in at $510k, 20% DP, yields a 408K (conforming) loan, about $2450 PI at 6% 30 year fixed.
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