The Angle – Page 23 – New Angle Realty

November 11, 2016

October Market Statistics

Low inventory has been pushing prices steadily higher in the Charlotte Metro area, and this month the trend continues. The monthly report from the Carolina Regional Realtor Association pulls data from the Carolina Multiple Listing Services. This month’s report shows 10,570 homes for sale representing 2.8 months of inventory. This is down from last year when 13,742 homes were for sale representing 4 months of inventory.

Home sales across the region rose by 3.4% over last year, but were lower than last month by 421 homes. Home prices on the other hand, were up 7.6% from last year. Average home price last year was $238,518 and this year is $256,736. This rise is even up from last month’s average of $256,377.

The trend is showing short supply at a time when demand is on the rise resulting in higher prices. A balanced market between buyers and sellers is traditionally defined by 6 months of inventory. This means that sellers are still benefiting greatly from this market, while buyers have less power in a transaction.

Homes are selling in less time than last year as well. The average days on market in 2015 was 113 and in 2016 is 104. This is another indication that buyers are jumping on homes as soon as they hit the market.

In 2015, sellers received 94.7% of the list price on average for their home sales. This year, sellers should be very happy as they are getting on average 96.2%.

New listings are up from last year by 2.7% from 4,040 to 4,150. Pending sales are up 26.4% from 3,152 to 3,984.

It remains to be seen what effects if any we might see from the recent presidential election. We are also waiting to see if there are any lingering effects from HB2 and the recent rioting in the Charlotte area. So far, it appears that the real estate market remains largely unchanged by recent events. The strong sellers market appears to be going nowhere and should continue into 2017

November 10, 2016

Spotlight: Elizabeth

Sold earlier this year, this home captures the charm of Elizabeth

One of the oldest neighborhoods in Charlotte, and the only original one named after a woman, is Elizabeth. Technically, it was named after a college that was named after her. Anne Elizabeth Watts was a tobacco businessman’s wife. Her son-in-law founded a college in her name in 1897. The neighborhood that grew up around the college boomed after 1902 when the trolley line was extended. In 1907, Elizabeth was annexed by Charlotte. Many homes in Elizabeth are part of the National Register of Historic Places. Much of the area remains today how it used to be. The trees are more mature and the homes are stately as ever.

The college moved to Salem, VA in 1915. The complex around Presbyterian Hospital sits where Elizabeth College once did. Elizabeth has become home to Mercy Hospital and many doctor’s offices mainly around Randolph Road.

With all of this history, Elizabeth remains one of the most desirable places in the city. Location plays a role as Elizabeth is just Southeast of the I-277 loop. Commute time is almost nothing, and there are many choices for food, entertainment, shopping, and nightlife, many within walking distance.

Elizabeth is home to Independence Park, the first public park in the city of Charlotte. Homes on main thoroughfares have been converted into shops and businesses. There are some newer condo projects so there are options other than single-family homes.

Many of the homes in Elizabeth are quaint bungalows, but there are also brick mansions that grace the tree lined streets. Generous front porches are a hallmark.

In the past year, homes in Elizabeth have sold between $293,500 and $1,050,000 with an average sale price of $591,922. Currently there are 9 homes on the market in Elizabeth ranging from $360,000 to $2,145,000 with an average list price of $711,867.

November 10, 2016

Get to know Charlotte

With the election finally behind us, it’s time now to figure out how to move forward as a united people. Up and down your street, you probably have neighbors who think and act pretty differently than you do. That’s part of what makes this country great. If everyone did everything the same, this would be a really boring place.

One outcome of this election, is that it has made people focus on their communities and their towns. We have a pretty great one here. Charlotte and surrounding areas have so many great places to play, eat, be outside, watch a game, see a show, peruse a museum and on and on.

Charlotte is now the largest city in the state of North Carolina. It is also the second largest city in the Southeastern United States behind Jacksonville, Florida. Charlotte was listed this year as the 13th fastest growing city in the nation by Forbes.

We have the best weather, four distinct seasons, but rarely bitter winter weather or scorching summer temps. We are located right in the middle between the mountains and the beach for easy weekend trips. World class companies are headquartered here. NFL football, NBA basketball, minor league baseball, and NASCAR all call us home.

Charlotte is also home to amazing water features. Lakes Norman and Wylie are big draws for boaters. The catawba river has hiking, mountain biking, the whitewater training center, and more.

Charlotte is home to many institutions of higher learning. University of North Carolina Charlotte, Queens University, Johnson C. Smith University, Central Piedmont Community College, Johnson and Wales University, Davidson College, Belmont Abbey College, Wingate University and Winthrop University all help draw young people to the region.

Charlotte has a plethora of museums and theaters and a thriving artist community. Fabulous parks can be found throughout the city for exercise and fresh air. We even have quirky little places like the Lazy 5 Ranch drive through zoo.

If you or someone you know is looking to relocate to the Charlotte region, let us know and we will gladly help you on your journey.

November 5, 2016

Common Market has a new South End home

The most popular real estate news this week has got to be that Common Market is coming back to South End. The beloved shop/eatery/bar should be back in business sometime in the late spring of 2017. The new location is at 235 West Tremont Street, just blocks away from the old location.

The new location for Common Market was the home of Carolina Prepress, a printing equipment manufacturing company founded in Charlotte in 1987 as a division of JR Cole Industries. It is unclear at this time where Carolina Prepress will reside, but JR Cole is located at 435 Minuet Lane.

Common Market was displaced by an 8 story office tower that will include the new regional headquarters for Dimensional Fund Advisors. Common Market closed their doors of their South End location back in July.

A new building will be built at the site on Tremont Street. The plans call for a 7,000 square feet of the building for Common Market. Roughly 3,000 of that should be for an expanded bar, deli, coffee and market. The other 4,000 square feet should be for indoor/outdoor space possibly with a stage for live music.

Common Market will be just one of the tenants in the new space, the rest of the building is slated for warehouse, restaurant, and other retail. It is not clear at this time if Food Truck Friday will move to the new location or if it will stay in Plaza-Midwood.

The new location is convenient to the rail trail and the Blue Line light rail. Much revitalization has occurred in and around this area in recent years with no end in sight to the projects ahead.

If you would like to read more about this project, click here.

November 4, 2016

Get to know Baden Village

Baden Village is a newer home community located in flourishing Fort Mill, SC. Fort Mill has all of the historical charm of it’s Main Street, with all of the modern living of it’s many new and newer home neighborhoods. Fort Mill used to be a textile town, but has become a residential destination with golf courses, public parks, and the Annie Springs Close Greenway. A short 25 minute drive away is Uptown Charlotte making Fort Mill a desirable suburb with lower South Carolina taxes.

Baden Village is part of the Regal Manor Homeowners Association. Regal Manor is comprised of a collection of communities including: Adler Grove, Baden Village, Balmoral, Bexley, Fallbrook, Regal Manor, Stafford Oaks, Stanton Heights, Summerlake Town Homes and Wellsley Ford Town Homes. Amenities include three community pools, children’s playground, picnic area with grills, beautiful clubhouse on Heritage Lake and over 60 acres of common and natural area.

Baden Village is located right off A. O. Jones Boulevard, just behind Nation Ford High School. This is extremely convenient as a two minute drive will take you to shopping, dining, banking and a grocery store. Also close by are Carolina Place Mall, golf courses, Carowinds Amusement Park and Charlotte Knights baseball. Park and ride for the Lynx light rail is just minutes away.

You’ll find homes in Baden Village built by C.P. Morgan, True Homes and Ryland Homes. A typical home in Baden Village has 2500+ square feet, is less than 10 years old, and has between 3 and 5 bedrooms. Homes here also have smaller lots so you won’t spend your whole weekend doing yard work. Most homes have a front facing two car garage and open floor plans well suited for modern life.

Fort Mill not only boasts a great tax rate, but award winning schools as well. Baden Village residents currently attend Sugar Creek Elementary, Fort Mill Middle, and Nation Ford High Schools. These schools are known for award winning sports, band, and academic programs.

In the last year, homes in Baden Village have sold for an average of $231,791. There are currently 5 homes on the market in Baden Village. They range from a 3 bedroom, 2.5 bath with 2,040 square feet to a 4 bedroom, 2.5 bath with 3,684 square feet. Prices range from $215,000 to $259,900.

November 3, 2016November 3, 2016

As Gas Prices Rise, Look in-town

Monday a deadly explosion rocked the Colonial Pipeline in Alabama. The explosion occurred when a dirt-moving track hoe struck the pipeline, ignited gasoline and sparked a blast Monday, killing one worker and injuring five others, Georgia-based Colonial Pipeline said. The explosion is raising fears of another round of gas shortages and price increases after the pipeline’s second accident and shutdown in two months.

In September, there was a shutdown of the same pipeline due to a leak. This resulted in higher prices at the pump by 20-30 cents per gallon, and in some places shortages of fuel entirely. As of Tuesday, gas prices were already up 13%. There is a law against price gouging, that remains in effect.

Prices of other goods and services could also rise due to the shortage as fuel prices. Goods shipped via truck or airplane could also see a jump in price to recover the cost of higher priced fuel. Airline tickets could also see a jump if the pipeline takes a while to get back online.

All of this is to say, that there are plenty of options for housing closer into town. You don’t need to live far away to get the feeling of being outside the city. There are also many affordable options closer into town.

Many neighborhoods in SouthEnd and South Charlotte already see the benefits of being on the light rail line. You can also park and ride the light rail saving fuel. More neighborhoods will soon be able to use light rail as the lines extend north. Many neighborhoods are serviced by busses or ride-sharing. You could also live in Uptown so a walk down the street could be your commute.

If you are thinking about making changes to be more environmentally friendly and save on fuel costs, give our agents a call. We can help you find the neighborhood that fits all of your goals, and your pocketbook too.

To read more about the pipeline blast click here or here.

October 29, 2016

Urban Land Institute report musings

The Charlotte Market appears strong at the moment, but according to a survey by the Urban Land Institute, it has slipped from #3 down to #9 in the country. The Institute ranks cities across the nation to see which are the top 10 markets for investment. Per their mission statement, The Urban Land Institute is “an independent global nonprofit supported by members representing the entire spectrum of real estate development and land use disciplines.”

The survey stated that HB2 was part of the cause for the city falling towards the bottom of the list. There have been substantial monetary losses due to sporting event cancellation that are responsible for a cooling in the market. HB2 has also dissuaded many large corporations from investing further in the region at this time.

Industrial development remains strong in Charlotte and is expected to continue. Multi-family development is expected to stall. There are multiple multi-family projects underway in the Queen City at this time. It remains a waiting game to see if the demand lives up to the new supply that will soon be available. This could be a strong predictor of future multi-family projects.

Single family homes appear to be holding steady, but there is less inventory available than at the same time last year. This could be people waiting out the uncertainty before listing their homes. It could also be that nobody wants to leave here so they are less likely to list their homes. There has also been a population increase here in the area so there is still high demand for any home that is listed.

Charlotte remains a strong market at the moment, but with continued fallout from HB2 and rioting, it is not as strong as it once was. Time may heal a lot of these wounds. Charlotte still has a lot of things going for it. There is no lack of jobs here. The weather is fantastic. Location is great, being midway between the mountains and the coast. Rich history and culture abound here. The arts community is thriving. There is great diversity. If we can weather this storm, there should be continued growth.

If you would like to read more about the survey by the Urban Land Institute, click here.

October 28, 2016

September Market Analysis

It’s been a bit of a bumpy ride in the Charlotte area over the past few months. Between HB2 and rioting, not all of the dust has settled yet. One place that doesn’t seem to be seeing the dramatic effects yet is the housing market. That may change as we see the numbers for October next month, but for now, we still have a strong seller’s market.

Based on the report from the Charlotte Regional Realtor Association, if you look at the entire Carolina MLS Region, compared to last year, we are doing better in all of the major metrics. New listings, pending sales, and closed sales are all up from last year. Median and average sales price are up. Homes are staying on the market for less time. Inventory is down from last year from 4.2 months to 3 months. A balanced market has 6 months of inventory so this is a substantial shift with the seller having much more power than the buyer in a transaction.

If you look at Mecklenburg County, inventory is down from 4,539 to 3,513 homes. This represents a drop of 22.6%. There has been a rise in the number of homes closed, but not a corresponding rise in new listings. This could be because of fear for the market due to recent events. It could also be that people are moving here and not leaving so we have a lack of housing right now. It could be the time of the year as there is a natural slow-down as we approach the holidays.

Union County follows the same trends except they also have fewer new listings than last year. Uptown Charlotte is similar to Union County with fewer new listings, but they also have fewer pending listings and have seen a downturn in the Average and Median sales prices. This might be a more direct result of HB2 business losses and riot aftermath.

South Carolina, Fort Mill and Rock Hill are seeing the same trends. Fort Mill closed 30.3% more sales this year than last year at this same time. Rock Hill on the other hand saw a decrease of closed sales from last year of .7% but was similar on all other metrics. Both saw a decrease in inventory to 2.5 months available. This is much lower than the balanced market 6 months.

It will be interesting to see what happens in the next few months. We will be sure to be on top of the data so we can help you better prepare for your future sales and purchases.

October 25, 2016

Get to know Edinburgh

On Providence Road West, between Johnston Road (Hwy 521) and Lancaster Highway sits the community of Edinburgh. 137 homes right near the South Carolina border make up this small starter home neighborhood. Edinburgh is just south of Ballantyne Country Club and only two miles away from I-485. This makes a commute to Uptown Charlotte about 25 minutes. The airport is also about 25 minutes away.

Edinburgh is located near some of the best shopping around. A short drive away will take you to Ballantyne Commons, Carolina Place Mall, Stonecrest, Blakeney and more. Ten miles north is SouthPark Mall with world class dining and shopping. There is great dining close by as well as a grocery store 2 minutes away.

Entertainment is also close by with Carowinds Amusement Park and Charlotte Knights baseball just across the border in South Carolina. Regal Cinemas at Stonecrest, the Arboretum Cinema and Ballantyne Village Theatre are only 10-minute drive away.

Fitness options are also close by. Sara’s YMCA in Ballantyne is 6 minutes away. Ballantyne Country Club is right around the corner for great golf. There are various fitness centers close by as well as a full service spa.

Edinburgh is zoned for fantastic schools. Ballantyne Elementary School, Community House Middle School, and Ardrey Kell High School are all top rated by Carolina School Hub. Please be sure to check on school assignments as they are subject to change.

This beauty sold earlier this year for 106% of list price.

Homes in Edinburgh are generally in the 1,800 to 2,000 square foot range. There have been 28 homes sold in Edinburgh via the MLS since January 1, 2014 with an average price of $202,874. As of October 24th, there are two homes on the market in Edinburgh, both under contract. They are both 3 bedroom, 2.5 bath homes with hardwoods, stainless appliances and bright interiors.

If you or someone you know is looking for homes in Edinburgh, contact our Realtors. We can let you know as soon as one becomes available.

October 23, 2016

Get to know Auburn Place

Auburn Place is a fantastic neighborhood in South Charlotte near Blakeney. There are 162 single-family homes here. All current listings are under $300,000. Homes here have small Homeowners Association maintained lots and easy to care for exteriors. These features really attract young professionals, busy families, and seniors.

This stunner sold earlier this year in Auburn Place

Homes in Auburn Place are one and two story plans. Some two story plans have master bedrooms on the main floor. Many have lofts that make perfect spaces for a home office. All have large open kitchens and plenty of storage. Outdoor living spaces are included on most homes either as a screened in porch, deck, or patio. Sidewalks throughout the neighborhood make for a great place to stroll after work.

Located just off Rea Road north of the intersection of Ardrey Kell Road, means Auburn Place is walking distance to shopping at Blakeney. Target, Harris Teeter, boutique shopping, restaurants, fitness, spa, and more are all a mile walk away. A 7 minute drive north will take you to Stonecrest with more dining, shopping and cinema options.

If you have a commute to Uptown, expect a 25 minute drive without traffic. A flight from Charlotte Douglas International Airport should be about 25-30 minutes away without traffic.

Auburn Place is currently zoned for highly rated schools. Hawk Ridge Elementary School, Community House Middle School and Ardrey Kell High School are all rated 10 out of 10 by Carolina School Hub. Please check with Charlotte Mecklenburg Schools as school assignments can change.

In the past year, homes in Auburn Place have sold for between $245,000 and $293,000 with an average sale price of $271,043. Currently there are 3 homes on the market and all of them are under contract. Two of them are Three bedroom, three bathroom plans with large lofts and master bedrooms on the main floor. The other home is a two bedroom, two bathroom one-story plan. If you are interested in Auburn Place, our Realtors can help you to be the first to know when a new listing comes on the market here. Contact us today.