Spotlight: Marvin Chase

Now pre-selling, Marvin Chase is the newest neighborhood in the heart of Marvin. There will be 17 custom built homes here by Century Communities. Located only minutes from I-485, Marvin Chase is just a quick drive from Ballantyne, Blakeney, and the Shoppes at Rae. Just head south down Johnston Road (Highway 52) and turn left on Marvin road, Marvin Chase is on the right.

Century Communities has three floorplans to choose from that can be customized to meet your family’s needs. Below is a quick summary of each:

  • Hawthorne – This plan includes a huge owner’s suite with retreat. Dual vanities and walk-in closets are standard. There is an open kitchen with an oversized island, granite counters, in-wall oven, and stainless steel appliances. A large covered patio lets you enjoy outdoor space.
  • Providence – This plan features an open floor plan with gourmet kitchen. 42” maple cabinets, granite counters, stainless steel appliances, walk-in pantry are standard. There is a guest suite downstairs with full bathroom. Additional flex space could be an office or formal living room. The large owner’s suite has dual vanities, separate tub and shower. There are two additional bedrooms, a loft, and optional game room upstairs.
  • Bridgeport – This plan includes a huge owner’s suite with luxurious bath with dual vanities and large walk-in closet. The kitchen has a large center island with granite counters, stainless steel appliances, custom cabinetry, in-wall oven and more. There is also a large private covered patio for indoor/outdoor living.

Marvin Chase feeds to top rated schools, Elon Park Elementary, Community House Middle, and Ardrey Kell High School. There are also many private, preschool, daycare, and mother’s day out programs nearby. Please verify school assignments as they are subject to change.

Homes in Marvin Chase range between $467,990 and $527,990 and could go higher depending on upgrades. They have between 4 and 6 bedrooms, and 3 to 5 bathrooms. You can choose between a 2 or 3 car garage and square footage ranges between 2,983 and over 4,000 square feet.

Don’t miss an opportunity to get in on this new community! Give us a call at (704) 525-4045. We would love to help you through the process of customizing your new home. You can also view current listings on our website here.

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July Market Statistics

The housing market in the Charlotte continues to be strong this summer. All indicators are that sales are strong, they are up 3.1% year over year which is a rise of 127 sales. However, total inventory is still down year over year down to a 2.6 month supply of homes.

The monthly report from the Charlotte Regional Realtor Association also shows that sales slowed between June and July. Sales are down 473 homes from one month to the next. This appears to follow a yearly trend. In 2016 there was a dip in sales of 785 homes between June and July.

The 2.6 months of inventory are down 25.7% from June of 2016 when there was a 3.5 month supply of homes. There were only 10,174 homes on the market at the time of the report as compared to 12,685 in July of 2016.

There are a few factors that are keeping a shortage of homes on the market. Sellers are not listing homes the same way. There is a trend of homeowners staying in homes longer, not trading up from a starter home, or just buying their forever home from the beginning. With a lack of supply in the market, it is hard for sellers to sell until they have secured their next home. This leads to a catch-22 where sellers won’t sell because they have nothing to buy.

Builders are not able to make up the gap fast enough to add supply to the market to keep up with buyer demand. There has been a labor shortage for builders so they are relying on a smaller pool of talent and that inevitably slows down building.

New listings are up 5.9% from 5,123 to 5,427. Pending sales are also on the rise from 4,068 to 4,724 representing a rise of 16.1% year over year. This is a strong sign that the market is going to continue on the current trajectory.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings on our website here.

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Spotlight: Stratford Hall

Union county is home to some great homes and the ones in Stratford Hall are a wonderful example. The gated neighborhood has just a few homes so it is secluded and private with a great small community. Zoned for Weddington schools, Stratford Hall has a prestigious location with amazing homes.

Stratford Hall is located just off Weddington-Matthews Road near the intersection of Tilley Morris Road. From the gates, a trip to Uptown Charlotte will take around 40 minutes via quick access to I-485. Charlotte Douglas International Airport is about 35 minutes away. There are shopping options within a 5 minute drive in Ballantyne. This gives you all the convenience you would need while helping you get away from it all.

Gourmet Kitchen in Stratford Hall

The small size means that there are few amenities that are shared by the whole neighborhood. There is a pond with walking trails and a shared pasture that is conservation land so will not be developed further. Many homes have their own oasis in the large yards. There are plenty of outdoor living spaces including outdoor kitchens, pools, fireplaces, lounge areas and more.

The large lots are also home to stately homes with winding driveways, three or more car garages some split and most side-load.

Homes are unique here as they were all custom built. There is a range in style from Old World, Transitional, French Provincial, Traditional, Mediterranean, Tudor, Craftsman, and Nantucket. Most homes have brick or stone exteriors with custom details like hand crafted custom front doors and designer lighting.

A luxury bathroom in Stratford Hall

Mature landscaping is common as most of the neighborhood was built around 2005-2007. There is one new construction home right now with even more luxury features developed or come into fashion in the last ten years.

Homes in Stratford Hall range in size from 3,600 – over 9,000 square feet. Homes generally range in price from the $500’s to $1.5 million. Luxury features abound and include gourmet kitchens, spa-like bathrooms, custom cabinetry, owner’s suites, custom millwork and more.

If you would like to own a home in Stratford Hall, give us a call at (704) 525-4045 and we can help get you into the home of your dreams. You can also view current listings on our website here.

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More 55 and over Active Communities Coming to Charlotte

Trends show that people want to downsize after their children leave the nest. Builders have noticed this trend and they are responding in a big way. There are at least 6 communities specifically catering to active adults over age 55. Trilogy Lake Norman, Cypress, Tree Tops, Aldersgate, Cresswind Charlotte and Carolina Orchard have been built over the last few years. There are many other projects in the works as demand is soaring.

Most of the communities have found features specifically geared toward a soon to be aging population. These features include single-story homes, low to no maintenance exteriors taken care of by an HOA, and start prices around $200,000.

The thing that sets these communities apart are the amenities. They usually have large recreation centers with gyms, yoga rooms, spin classes, heated salt-water pools and more. Many of them have cooking classes, poker clubs, book clubs, boating clubs, and dinner outing clubs. There are even some communities that cater to the travel minded, organizing group trips to destinations all over the world.

The active adults that want to live in these places are still very much a part of the wider community. Many of them move to be closer to family, but to still be independent. There is really a sense of belonging within the projects.

Many of these 55 and older communities are marketed as if they are campuses of like minded people coming together. They focus on holistic wellness, resort style amenities, and social interaction. There are also many of the communities that provide full assisted living for residents who require a higher level of care.

If you are interested in one of the many communities for active adults in and around Charlotte, give us a call at (704) 525-4045. You can also view current listings on our website here.

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Three New Projects to Look For From David Weekly Homes

David Weekly Homes has long provided quality homes with great design to the Charlotte area. They have two new projects underway, and one more for which they have just applied for a zoning change. They range from SouthEnd to SouthPark/South Charlotte to Ballantyne. These exciting projects are worth waiting for.

1) Belton Street – This project is part of the Central Living by David Weekly Homes which focuses on high-density living. This community will embrace a luxurious, low-maintenance lifestyle.

Homes will be paired villas with six floorplans to choose from ranging from 2,500 to 3,100 square feet. The model home will offer three bedrooms, two full baths, one half-bath, a two car garage, owner’s retreat, balcony, and private backyard.

Single-family homes will feature a variety of open floor plans, each with 10-foot ceilings and large kitchens.

Located in Sedgefield, Belton Street is walking distance to LYNX light rail with easy access to I-277 and I-77. The airport is very convenient and you are close to all ,100 SouthEnd and Uptown Charlotte have to offer. SouthPark is close for world class shopping and dining.

Current zoning has students in Belton Street attending Selwyn Elementary, Alexander Graham Middle, and Myers Park High Schools. There are also many private, preschool, and daycare options in the area. Please verify school assignments as they are subject to change.

Expect sales to begin late in the summer.

2) SouthRidge – SouthRidge is a new community coming to the Ballantyne area next to Ballantyne Country Club. Located on North Community House Road, this project will feature single-family homes, townhomes, and paired villas. There is plenty to keep you occupied close to home with shopping, dining, and entertainment. The Morrison Family YMCA is convenient, as are many employers in Ballantyne Corporate Park. There is easy access to I-485 for quick access to Uptown Charlotte and Charlotte Douglas International Airport.

SouthRidge will feature 27 single-family homes and 60 townhomes starting in the $400’s. Homes are expected to be in the 2,900 to 3,900 square foot range. Pre-sales should start this summer.

3) David Weekly Homes just filed a rezoning petition for a project near Rea and Colony Roads. They expect to build up to 30 townhomes on the 3.6 acre partially wooded site adjacent to the shopping center at the intersection. The site plan with the filing showed a private street network with townhomes in groups of three and four. Dual access points would feed in from Rea road and from the wooded area at the back of the site. City council should vote on the plan in the coming months.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also find current listings on our website here.

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Spotlight: Parkside

If you’re looking for a home in Ballantyne, close to great schools, with hassle free landscaping, plenty of thoughtful finishes and energy efficiency, you should take a look at Parkside. Homes in Parkside are all being built surrounding Ballantyne Elementary School. The first phase is now selling, and quickly.

Located just off Marvin Road between Providence Road and Highway 521, Parkside is in an ideal location. Shopping, entertainment, fitness, and more are just north in Ballantyne. There are also plenty of outdoor adventures, golf courses, parks, and country clubs close by.

Yards are no maintenance in Parkside. The HOA maintains the yards for you. This allows you to have plenty of time to enjoy the lavish interior of your new home.

Gannet Plan rendering

There are three floor plans to choose from in the first phase of Parkside. Each has a two car garage, open floor plan and includes standard energy efficient features. The energy efficiency includes spray-foam insulation, Energy Star appliances, programmable thermostat, Low-E vinyl windows, HVAC, efficient lighting, and water-efficient fixtures. Special packages can include smart features such as video doorbell, smart door locks, lighting controls, advanced thermostats, and smart garage doors.

The Gannett plan has a large kitchen island, open kitchen/great room and casual dining area. Upstairs has a loft and large bedrooms. This home starts at 2,196 square feet and has 3 bedrooms, 2.5 baths and has the master upstairs. Starting price is $322,990.

The Avocet plan has side open living on the first floor with a large kitchen island. A spacious owner’s suite is upstairs. There are 3 bedrooms, 2.5 bathrooms in 1,762 square feet. Starting price is $293,990.

Brant Plan Rendering

The Brant floorplan is spacious and has open concept great room/kitchen as a focal point. There are 3 bedrooms and 2.5 bathrooms, the owner’s suite offers a spacious walk-in closet and spa-like bath. The 2,004 square foot home has a starting price is $306,990.

If you are interested in a sophisticated yet casual home in Parkside, give us a call at (704) 525-4045. You can also view current listings on our website here.

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June Market Report

Home sales were down again this June compared to last year. 4,719 homes sold in June compared to 4,904 this time last year. This represents a decline of 3.8%. These numbers all come from the monthly report from the Charlotte Regional Realtor Association. The report is based on data from the Carolina Multiple Listing Services Inc.

The supply issues we have been tracking continue as well. There is a 2.5 month supply of homes on the market as of June. Last year at this time we had a 3.5 month supply. This means just 9,967 homes are on the market compared to 12,592 last year. This represents a decline of 20.8%. It is up from last month when only 9,795 homes were on the market.

As is typical with supply and demand, when there is less supply, demand goes up driving prices higher. Median sales price in the Charlotte area rose from $225,000 to $245,000 in just one year. This is a rise of 8.9% year over year. Average sales price also rose from $279,243 to $290,067 representing a rise of 3.9%. Homes are selling quicker than last year, averaging 99 days from listing to closing.

Pending contracts on homes were up 17.4% year over year. Pending sales show that there is still strong demand for home in the area and is a good sign for sales to be up next month as well as these contracts head to the closing table.

There were 5,658 new homes listed in June, a small increase, just 0.1% year over year. To solve our lack of supply, we will need to see this number increase drastically.

If you are looking for a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings on our website here.

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Fed Raises Interest Rates Again

Last week, the Federal Reserve again announced that they are raising the nation’s federal funds rate by one-quarter of one percent. This brings it to a range of 1.00 to 1.25 percent making this the second straight quarterly increase.

At this time, the prediction is that mortgage interest may not see a direct increase from this rate hike. In the short term, car loans and bank fees will probably be the first to show an increase. This could also affect millions of borrowers who have credit card debt as it could push their monthly payments higher. The hike could additionally impact borrower’s ability to qualify for a mortgage.

It is not clear at this time if the Fed needed to raise the rate right now. Unemployment is low at 4.3 percent in May. The economy isn’t growing as fast as the Fed would like, nor are wages. The rate hike is unlikely to help either of those causes. It seems that the Fed found themselves in a bind. They said they would raise the rate earlier in the year and they are following through, even though it might mean slowing the economy further.

The Federal Reserve will reassess the market again in September to be sure the projected additional increase is in line with the market at that time.

If you are in the market for a home right now, the hike is not likely to affect you in terms of interest rate. You may qualify to borrow less money if you have significant credit card or other short term debt.

Borrowers who will feel the rate hike the most are ones with an adjustable rate mortgage that is about to adjust as it will now adjust by half a percent. This could mean hundreds of dollars more per month on a mortgage payment. Other borrowers who will feel the pinch are ones with home equity loans or lines of credit. Repayment on those loans will call for steeper payments due to the rate hike.

If you are in the market for a home, call us at (704) 525-4045. We can help you get started on the process today. You can also view homes currently for sale on our website here.

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Get to know Sonoma

One of Ballantyne’s newest neighborhoods is a maintenance-free paradise with no shared walls. Sonoma is a whole new concept in single family homes. The Courtyard Collection of homes are more like townhomes, but with two car garages, and maintenance free yards.

Keating Plan in Sonoma

Located just off Marvin Road, Sonoma has great access to I-485. This makes a commute to Uptown Charlotte a breeze. You are also close to all of the amenities in Ballantyne for great shopping, dining, fitness, and entertainment.

Children in Sonoma attend award winning schools. Current zoning has them attending Elon Park Elementary, Community House Middle and Ardrey Kell High Schools. Please verify school assignments as they are subject to change. There are also many private, preschool, and daycare options close by.

Homes in Sonoma boast open kitchens with granite or quartz counters and stainless steel appliances. These stunning kitchens are complemented by gas cooktops and extraction hoods. Some models have large islands, painted custom cabinets and large pantries.

Hanna Plan in Sonoma

Bedrooms are generously sized and have plenty of natural light. Sumptuous master suites include large spa-like bathrooms. Some plans include two master suites, one upstairs and one downstairs. Likewise, some plans have two laundry rooms, a stackable unit downstairs, and a full laundry room upstairs.  Plenty of storage is to be had in large walk-in closets in each room.

There are 51 single-family homes that make up Sonoma. Starting range before add-ons is from the $330’s to the $360’s in three plans that can be customized to meet your needs. Upgrades can include hardwood or tile floors, raised height vanities, marble countertops, two story family rooms, lofts, mud rooms, outdoor living spaces and more.

Alexander Plan in Sonoma

The three plans are:

  • Hanna – 4 bedrooms, 2.5 baths, 2,155 – 2,160 square feet, 2-story, 2 car garage.
  • Keating – 4 bedrooms, 2.5 baths, 2,288 square feet, 2-story, 2 car garage.
  • Alexander – 3-4 bedrooms, 2.5 baths, 2,166 – 2,174 square feet, 2 car garage.

If you are interested in a home in Sonoma, give us a call at (704) 525-4045. You can also view listings in Sonoma on our website here.

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May Market Update

Home sales were down slightly in May according to data released by the Carolina Regional Realtor Association. New listings and pending sales were up year over year, up 4.6% and 16.6% respectively. This shows that there are buyers out there and they are willing to purchase when the right home comes on the market.

The Charlotte area is still suffering from a lack of inventory. The supply of homes fell again down to a 2.5 month supply. This is down 26.5% from the same time last year. A balanced market between buyers and sellers is considered to be a 6 month supply.

The supply of homes was up slightly from last month. In April, there were 9,525 homes on the market. In May, there were 9,795. This represents a rise of 270 homes or 2.8% month over month. Last May, by contrast, there were 12,268 homes for sale.

Median sales price was up 7.9% to $226,500, and Average sales price was up 6.6% to $274,957. Low inventory drives prices up and we have seen gains in home prices for the past few years with no end in sight.

Homes are staying on the market for less time as well. Days on market from list until close went from 106 last May to 95 this May.

Buyers are also not getting as much of a discount on list price. Last year, they paid 96.8% of the list price for a home, and this year they are paying 97.3%. This could indicate more instances of multiple-offer situations where the highest and best offer wins the home.

We have not seen widespread evidence of homes selling for more than list price. When this happens, there is often a case of a home selling for more than the appraisal value and the buyer having to come up with the difference in cash. This is happening in some cities such as Austin, TX.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also view homes on our website here.

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