Home Prices in Charlotte- Trending Up
October 7th, 2009 Categories: About Charlotte
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Charlotte Real Estate Has Passed “The Bottom”
Case- Shiller’s announcement last week that July home prices in Charlotte were up .6% over June, representing the 3rd straight monthly increase in prices, is the evidence I’ve been looking for to know that we have reached the market’s bottom- and passed it.
There will be some setbacks, but prices are moving in the right direction- Prices are 9% off their 2008 high’s, making Charlotte the 5th best city in the Case Shiller Index of 20 leading cities in the US.
August Pending home sales reached a 2 and 1/2 year high as First home buyers are jumping in… and continuing to jump in to get in before the December 1.
Nationally, the 20 city index was up 1.2%, but obviously has a long way to go.
First Home Buyers Time is Running Out
The deadline is December 1, and don’t let all this talk of possible extension fool you. While possible, it is far from a done deal. The law we have says that if you buy and close on or before 12/1, you’ll receive a tax cred-cash back to you- for 10% of the purchase price, up to $8,000.
It is true that there are 15 bills in Congress that would in some way extend these benefit. However, the Congress sees as its priority to extend unemployment benefits- a move that would cost $100 B by itself. There may be no money for housing tax credits.
The Vue is to Resume Work
A few days ago it was announced that the developer had paid the General Contractor for work in July and August so work would resume “promptly.” Today’s Observer quotes the developer, Dan McLean, that he had to work through a new deal with his international investors, one that would compensate for the weak sales of the past year. Here’s the pertinent quote,
“All lending relationships have been tested and as the world knows, many areas are overbuilt with condos, and it’s taking a while to work through that process,” he said. “Fortunately, I think we’ve bottomed out and Charlotte is one city that’s not overbuilt.”
This suggest the international investors agree-the worst is passed in Charlotte!
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