McClintock Corners Coming to Commonwealth Morningside

New condominiums and townhomes are coming to the Commonwealth Morningside area next year. There will be 12 condos and 21 townhomes when the project is completed. There will be plenty of options to make these homes perfect for your lifestyle. They are in a great walkable area, perfect for urban professionals, empty nesters or small families.

Commonwealth Morningside has slowly been gaining projects to fill in where the Morningside Apartments used to be. There are many cute single family homes here, but there is increasing density as demand grows for this quirky area. Plaza Midwood has gotten expensive and Commonwealth Morningside is a great alternative.

Located between Nandina and St. Julien along McClintock road, McClintock Corners is in a great position. Commuting to a job in Uptown or SouthPark is a breeze. Harris Teeter is a quick walk away, as are many restaurants, nightlife, quirky shops and more. Veteran’s Park is just around the corner offering green space, walking, sports, and a great playground.

Local real estate services company The Drakeford Company is developing the project. They have been working for more than 30 years on multi-family and urban housing, development, land assembly, and real estate finance. They already have a great project in the area, Plaza-Vu (pictured above) which was built in 2008.

The Drakeford Company will begin building the condo portion of McClintock Corners in the spring. The Townhome portion of the project will follow after. The condos will have two and three bedroom options. First floor units will range in size from 1,145 to 1,175 square feet. Second floor units will range from 1,580 to 1,610 square feet. Two bedroom units will start at $360,000 while three bedroom units will start at $460,000.

The townhomes in McClintock Corners will have three stories and will have two bedroom units at around 1,750 square feet and three bedroom units around 1,950 square feet. Prices should start in the low $500,000 range.

If you are interested in a home in McClintock Corners or another project in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

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Ryan Homes Developing Townes of Oakhurst

Builder Ryan Homes is planning a new townhome community in Oakhurst. This 120 unit development is just four miles from Uptown Charlotte, conveniently located off Monroe Road. Named the Townes of Oakhurst, the project is similar to Bryant Park Townhomes on Charlotte’s west end. They will also be similar to City Park townhomes at the site of the old Charlotte Coliseum.

Homes in Townes of Oakhurst are three stories tall with 3 bedrooms and 2.5 bathrooms. All units have 2 car garages. Square footage will range from 1,900 to 2,300 with pricing starting in the $290,000’s. The homes will feature 10 year structural warranties and a BuildSmart program to save on energy costs.

Floorplans are currently in the works for these homes, but will probably include open kitchens, spa-like bathrooms, owner’s suites, flex-space, and plenty of storage. Designs will be available soon and will have some room for customization to make a new home work for you and your family.

These low-maintenance homes are the best value in the area and will soon have walkable retail at Oakhurst Square. There are also many shopping, dining, and entertainment options on Monroe Road. Common Market is just across the road and Oakhurst Grill and Oakhurst Market are close by. Plaza Midwood is nearby with quirky shopping, fantastic dining, and nightlife.

A quick Uber will get you to Ovens Auditorium & Bojangles Coliseum. You can also head into Uptown Charlotte for a work commute or for a night on the town.

From Townes of Oakhurst, it is just a few minutes to I-77 and I-485 which will give you access to Lake Norman, Lake Wylie, and every point in between. A quick drive will have you at SouthPark for world class dining, shopping and entertainment.

Ryan Homes is currently taking pre-orders on Townes of Oakhurst. If you are interested in learning more about this community or in making a pre-order purchase, give us a call at (704) 525-4045. You can also view current townhome listings and create custom searches on our website here.

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Low Inventory Woes Cause Slow Market

For many months in a row, the Charlotte real estate market has been left with a lack of inventory. This shortage has caused many home buying woes for buyers and is leaving sellers worried as they become buyers. Charlotte was just named a hot housing market for 2018 by which will likely increase concerns and competition for homes. This can cause buyers and sellers to feel like they are stuck in their current homes with no way to move on and up to a new home.

This situation is not unique. Many markets around the country should be booming in this current economy, but with such low supply, sellers are reluctant to sell because they can’t find comparable homes in their price range. This leads to the vicious cycle that is keeping inventory low. Americans are spending longer than ever in their homes. The median length of time homeowners are staying in their homes has risen to 10 years. This is well above the six to eight years which was the historical average before the housing crash.

Prices are also on the rise, in fact it was just reported by S&P CoreLogic Case-Shiller index that home prices in Charlotte were up 6.2% for the year. This puts a pinch on first-time buyers and puts home ownership out of reach for many who have student debt. The percentage of first-time home buyers is near an all time low at 34%.

It appears to be a toxic combination. There are fewer homes on the market, people taking longer to move, rising prices, and higher student loan debt. The obvious solution is for builders to build more homes, but builders are not back to the pace of building from before the recession. Last year there were less than 4,000 single-family building permits issued. This is less than half the number issued in 2006.

It remains to be seen when the market will begin to correct itself. Either prices will need to come down or supply must go up because the demand is there.

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

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Spotlight: Waverly

South Charlotte is home to the new Waverly community that is rapidly becoming the jewel of South Charlotte. Builder David Weekley Homes is building single-family homes and townhomes in this amazing neighborhood that combines 90 acres of living, shopping, dining, parks, walking trails, and The Terrace.

Located at the intersection of Providence and Ardrey Kell Roads, Waverly is positioned with great access to Ballantyne, SouthPark, and easy access to Uptown Charlotte. With easy access to I-485, a trip to Uptown will take you around 25 minutes. Charlotte Douglas International Airport is also just a 25 minute drive away.

The master-planned community of Waverly is built with a mix of styles, from traditional to craftsman to European architecture. The Terrace is the central plaza with outdoor dining, water features, and artwork. This main gathering space is home to community events throughout the year as well. Waverly is pedestrian-friendly with walkable areas throughout containing pocket parks, tree-lined streets with sidewalks, walking trails, and window shopping.

Whole Foods Market is an anchor of Waverly. There are also many options for shopping, dining, and entertainment. Onsite medical offices and facilities are a great resource for families. There are also many other shopping, dining, and entertainment options just a short drive away.

Students in sought-after Waverly attend highly-desirable South Charlotte schools. They include McKee Road Elementary School, JM Robinson Middle School, and Providence High School. Please verify school assignments as they are subject to change. There are also many options for private schooling, pre-school, daycare, and mother’s day out programs close-by.

Single-family homes in the Waverly Village Collection begin in the $442,000’s and range from 2,424 – 4,069 square feet. Waverly Townhome Collection starts in the $382,000’s and range from 2,056 – 2,162 square feet.

This great location is booming with large projects including the 72 acre Providence Farms and 180 acre Rea Farms surrounding Waverly. There are existing homes and new construction homes still available. If you are interested in Waverly or any other development in the area, give us a call at (704) 525-4045. You can also view current listings on our website here.

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Townhomes Coming to Ardrey Kell Road

The re-widening project on Ardrey Kell Road can’t come soon enough. There are so many exciting projects coming here in the next few years. This area is booming so fast and there is no end in sight for the growth. Between master planned communities, retail, parks, there are plenty of options for any type of family.

If zoning comes through, there will soon be even more options to choose from. Century Communities has recently filed a rezoning petition with the City of Charlotte with plans to build up to 245 new townhomes on a 37 acre plot across the street from Ardrey Kell High School.

The site is currently occupied by several large homes on partially wooded lots. The plan calls for dense blocks of attached homes built around an internal street network. This would make the development walkable and could end up with a European town flair.

There will be two different access points for the new project from Ardrey Kell Road and Wade Ardrey Road. This would be really convenient for homeowners so they can hopefully avoid traffic.

Homeowners in this new project will have fantastic schools serving them which is a big draw for many families. Please verify school assignments as they are subject to change.

Century Communities has been extremely busy in the Charlotte area in the past few years. They are also going to be building 329 townhomes on 50 acres next to the Arrowood light rail station on the Blue Line. It remains to be seen if this new project will be similar. The Arrowood project has a price point starting in the $200,000’s.

Charlotte City Council will hold hearings on the plan and will then vote on it in the coming months. Once the plan is approved by City Council, expect building to commence soon after.

If you are interested in this or any other project 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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October Market Report

The Carolina Multiple Listing Service has released their monthly report and the news looks pretty familiar. Supply is down with low inventory woes persisting while demand is up. Home sales rose year over year and pending sales show that demand is still strong in the area. These numbers all come from the Charlotte Regional Realtor Association’s monthly sales activity report.

Closed sales were up 2.6% last month from 3,572 last year to 3,664 this year. New listings were up year over year as well. In 2016 there were 4,205 and in 2017 were up to 4,336 representing a rise of 3.1%.

Pending sales, also called new contracts for sales are the big story this month. They rose 15.4% from 3,617 to 4,173. This strong demand is a great indicator that the market will continue to stay strong for some time to come.

Median sales price was up from $210,000 last year to $223,000 this year, a 6.2% increase. Average sales price was also up 4.2% from $256,812 up to $267,615.

Inventory continues to be low. This helps drive up prices as demand remains strong. There is only a 2.4 month supply of homes in the Charlotte region right now. A balanced market is generally considered to be a 6 month supply. That’s when buyers and sellers have the same power in a transaction. Right now it is considered a strong seller’s market. This 25% decline from last year means that the possibility of multiple offers on a property are more common as is bidding above list price to win a property. Last year at this time, there were 11,760 homes for sale and this year there are only 9,539.

Homes are staying on the market for fewer days as well. From listing to closing homes are on the market for an average of 89 days. Compared to 104 days last year, this represents a decline of 14.4%.

If you are interested in 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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Belton Street Underway in Sedgefield

Sedgefield is getting a new development bringing luxury homes at more approachable prices than in Dilworth or Myers Park. Builder David Weekly Homes is behind the project which will replace one-story duplexes with 41 new homes. These homes will be a combination of single-family and paired villas. They are being built by the Central Living division at David Weekly Homes which focuses on high-density, for-sale housing.

The paired villas are a new trend in upscale duplexes. These work a little bit differently than a traditional duplex with each side of the building sold separately. This makes them more like a two home townhome than a traditional duplex. They will have low-maintenance exteriors and a great small community feel.

Homes here will range in size from 2,500 to 3,100 square feet. Expect these homes to be packed with luxury features. The model home currently under construction features a covered porch and owner’s retreat with private balcony. The model home should be completed in January. Expect gourmet kitchens, ample storage, home offices, spa-like bathrooms and more. There will also be many options to make these homes truly unique for your family.

Homes in Belton Street will start around $500,000. Students living in the neighborhood attend award winning Selwyn Elementary, Selwyn Middle and Myers Park High Schools. Please verify school assignments as they are subject to change.

Belton Street is located just east of South Boulevard, within walking distance to the LYNX light rail. This is a great walkable location with grocery stores, entertainment, restaurants, and more within a quick walk. There is also easy access to Uptown Charlotte, SouthEnd, I-77, I-277, and Charlotte Douglas International Airport. A quick drive will have you at SouthPark Mall with even more options for world class shopping, dining, and entertainment.

If you are interested learning more about homes in Belton Street or any other development 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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You have a few more days to get to the Southern Christmas Show

This weekend is your last chance to visit the Southern Christmas Show’s 50th anniversary celebration. This Charlotte tradition started in 1967 and is a great place to get ideas, visit Santa, and make memories.

The theme of the Christmas Show this year is silver and gold. Expect to see lighted trees, decorations, The Enchanted Village and the big guy himself Santa. The Park Expo and Conference Center is the home of the show again this year. People of all ages get caught up in the wonder of the season here.

From the show entrance to the walk along Christmas Tree Lane, the Southern Christmas Show will delight your senses. Here you’ll see all of the latest, best designs and products of the season. Exhibitors and designers work all year to come up with displays and booths to celebrate the season.

Designer decorated trees, mantels, wreaths, and doors line Christmas Tree Lane. Special designer rooms are filled with holiday decor to get you in the mood. There is also an entertainment stage with dancing, singing, and holiday-themed competitions.

There are plenty of holiday inspired culinary treats for you to eat at the show or take home. You can also purchase portraits with Santa himself. Proceeds from the photos benefit the Shriners Hospitals for Children. They are $10 for one, $18 for two, or $25 for three.

You can purchase tickets in advance, $19 for adults, $3 for children 6-12. You may also be able to purchase tickets at the door if any remain. The show is open each day until Sunday November 19th. Hours are 10 am until 9 pm for Wednesday – Saturday, Sunday 10 am until 6 pm.

If you are interested in having a new home to store all of the wonderful decorations you purchase at the Southern Christmas Show, give us a call at (704) 525-4045. You can also view current listings on our website here.

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Tax Appraisals Underway

Currently, tax appraisers are visiting homes all over the Mecklenburg County area. They are in process of evaluating homes and formulating current pricing for homes all around the Charlotte Metro area. This is in preparation for the 2019 revaluation process where prices are set for what each property in the county is worth. The prices are then used to formulate tax bills which will be sent out to homeowners in January 2019 and will be due later that year.

Price per square foot numbers from a presentation by Mecklenburg County Assessor’s Office

County commissioners will spend much time over the summer and fall of 2018 setting policy used to calculate taxes. You currently get charged just under 82 cents for every $100 of value for your home. If you reside in the City of Charlotte, you pay the 82 cents plus 42 cents for each $100 of value.

Tax rates are not guaranteed to go up, but values of homes have been steadily going up and costs for government are always on the rise so it’s a good bet. Higher taxes on homes with high values can be another obstacle for potential homeowners.

The last time the county reevaluated homes was back in 2011. There were numerous issues with that reevaluation. Many suburban areas were assessed too high and there will millions of dollars refunded to the taxpayers after the process was completely done over. When all was said and done, values went up by around 11% from the previous evaluation in 2003.

This time around, we are expecting a much higher increase in valuation. The home price index is up about 50 percent, commercial prices are up 101 percent and retail prices are up 77 percent. This means that there could be many property owners that question the new valuations and will challenge them through a formal appeal process.

The county tax assessor’s office has made a number of changes this time around to be sure they don’t have a repeat of 2011. They have a better online system for appeals and disputes. There will be more staff to deal with issues. There will be better communication with homeowners, including helping them determine what neighborhood they are in. A simpler grading system is in place to identify the quality of buildings.

After this year, Mecklenburg county will move to a four year cycle for reevaluation. This means the next reassessment will be in 2023. After that the plan is to move to two-year cycles.

The county will have the option of lowering the tax rate to compensate for the higher values. Some reduction in tax rate seems likely, but taxes may still rise.

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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Lennar and CalAtlantic to Merge

Lennar Corp. and CalAtlantic Group Inc. announced a merger agreement yesterday. This $9.3 billion valued deal would poise the combined company to be one of the country’s leaders. The merger will mean 240,000 homesites in 49 markets across 21 states will all be under one company. The deal has been approved by the boards of directors at both companies. The deal will put the combined company in the top 3 builders in 24 out of the top 30 markets in the country.

Lennar and CalAtlantic expect to execute the merger in the first quarter of 2018 with shareholder approval. The combined companies would have revenues of about $17 billion.

Both companies seem eager for the merger. They are predicting a strong market profitability for years to come. There is a solid homebuilding market with job and wage growth, consumer confidence, low inventory, and a production deficit. These factors make a merger a smart move as they can save on purchasing, land, labor, and overhead if they combine.

Lennar has 21 communities currently under construction ranging from Rock Hill, SC up to Mooresville, NC. Most of these communities have price ranges in the $200,000’s to the $500,000’s. They offer mainly single-family homes with a few multi-family projects.

CalAtlantic has 41 communities under construction in Charlotte and surrounding areas with 142 quick move-in homes. Most of these communities have price ranges in the $200,000’s to the $600,000’s. Most homes are single-family, but they do have a few townhome projects currently in the works.

Both builders have been in the Charlotte area for a long time and are well respected for building quality homes and neighborhoods. Many of these have amazing amenities, fantastic locations, and all of the upgrades that people want for the way we live today.

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

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