New Projects coming to South Charlotte

South Charlotte will be getting two new projects that we are excited about. They won their rezoning petitions at the Charlotte City Council Meeting this week.

The first project we are excited about is a redevelopment of Melrose Apartments in Madison Park. The site is the current home of 54 apartments originally built in 1967. There are also four single-family homes on the redevelopment site. Those four homes and the old apartments will be demolished to make way for the new project. This redevelopment project was first proposed in 2015 and has finally won unanimous approval by City Council.

The new project will have up to 265 apartments and eight townhouse-style units on the 2.9 acre site. This upscale complex will contain four and five story buildings, a parking garage, parking for each unit, a swimming pool, and central courtyard.

There are some concerns about the project being inconsistent with the surrounding neighborhood and issues with the elevations associated with the project. However, this project near the intersection of Park and Woodlawn Roads is still exciting. Revitalizing that corner is a great opportunity to add some character and better functionality to the area.

The second project we are excited about is an expansion of Phillips Place. Phillips Place has long been a place with restaurants, specialty retail, apparel, and home furnishings. The main street has an old world feel with fountains, benches, and lush landscaping. A hotel, movie theater, residences, office space and more made Phillips Place revolutionary as it was Charlotte’s first mixed-use development.

The expansion will add about 100,000 square feet of commercial space. Currently there is about 80,000 square feet of retail space excluding the hotel and movie theater. The plan also calls for parking decks with a smaller footprint allowing denser development. The project is slated for 15.1 acres just south of Fairview Road. The expansion of the Phillips Place retail center in SouthPark was unanimously approved by City Council.

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

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September Market Statistics

Sales across the Charlotte region fell again in September. They dropped 3.9% from last year from 4,121 down to 3,960 sales. These numbers all come from the Charlotte Regional Realtor Association’s monthly report based on data from the Carolina Multiple Listing Services, Inc.

According to the report, inventory was also down. Last year at this time there were 12,297 homes for sale in the region and this year there are only 10,140. This is a 17.5% decline year over year. The region is left with only a 2.5 month supply of homes. A balanced market giving equal power to buyers and sellers in a transaction is generally considered to be a six month supply.

Home prices on the other hand, continue to rise. The average sales price was 6.3% higher at $271,606. Median sales price was up 9.2% to $225,000. This shows that the seller’s market that has been the trend is showing no signs of stopping.

Pending sales were up 16.4% to 4,137 up from 3,555. The strength of pending sales shows that we should have a stable market for a while to come.

New listings are up year over year. They are up 3.3% to 4,700 from 4,550. This shows seller’s confidence in the market continuing to be strong.

Homes are selling quicker than last year as well. The time on the market from list to close was 99 days last year and this year is down to 90 days. Loans still take about the same time to come through so this means that the days on the market until the sale were also down from 47 to 39 days.

The market shows all indications of remaining a strong seller’s market, even with sales in a slump. 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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Check out the Parade of Homes

If you are interested in new construction in the Charlotte area but aren’t sure what you want in a home, the Parade of Homes is a great place to start. This showcase highlights model homes in communities all around the area in a wide variety of styles, home builders, and price points. The Parade of Homes is also a great way to learn your way around if you are new to town.

The Parade of Homes began last weekend, and continues this weekend and the next. Dates are October 13-15, and 20-22. Homes are open from 11:00 am to 6:00 pm on Fridays and Saturdays, and from 1:00 pm to 6:00 pm on Sundays. The tour is free of charge and even has an app this year that will help you navigate. You can also check out http://www.paradecharlotte.com/ for the interactive website to plan your tour.

The Parade of Homes is like a huge open house. The best home builders in Charlotte and the surrounding area are all participants. They pull out all of the stops to show you everything they can do for you. Builders show fully furnished model homes and hope to get you to sign on the dotted line for a new home.

Some important things to remember about purchasing a new home. Just like purchasing an existing home, it is important to have your own Realtor represent you in the transaction. All of the sales staff for the builder work for the builder’s interests. You want to make sure you have someone to help guide you through what will probably be the single biggest investment in your life. A Realtor can help you through the process of choosing all of the options, upgrades, and finishes that will make your house a home, but will also make it appreciate and if necessary, get you the best price on resale.

Eighty homes will be a part of the tour this year highlighting 21 builders. Prices range from $240,000 up to $1.4 million. The show is organized by the Home Builders Association of Greater Charlotte. This year the homes are in Fort Mill, Rock Hill, Weddington, Huntersville, Concord, and in Charlotte as well. Builders represented this year are:

  • Alan Simonini Homes
  • Arthur Rutenberg Homes
  • Bonterra Builders
  • Century Communities
  • Chelsea Building Group
  • David Weekley Homes
  • Epcon Communities
  • Essex Homes
  • Fielding Homes
  • H & H Homes
  • Knotts Builders
  • Kolter Homes
  • Mattamy Homes
  • Meritage Homes
  • Niblock Homes
  • Saussy Burbank
  • Shea Homes
  • Smith Douglas Homes
  • Taylor Morrison
  • Terrata Homes
  • Toll Brothers

If you are interested in a new home in the Charlotte area, go tour the Parade of Homes, then give us a call at (704) 525-4045 and we will be happy to help you navigate through the process of purchasing your new home. You can also view current listings on our website here.

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Spotlight: SouthPark City Homes

For anyone who missed out on the first phase of SouthPark City Homes, fear not, the second phase is selling now. There are still two units and the model available from the first phase, but if you want to customize your own home, you need to get one of the homes from phase two.

Located right off Fairview Road at Closeburn Road, SouthPark City Homes location can’t get any better. Commute time is small. There are many great employers in SouthPark and in Uptown that are just a short drive away. SouthPark is a premier destination for shopping, dining, and entertainment.

Builder Simonini Homes is finishing up the first phase and is about to begin the second phase. In total, SouthPark City Homes will have 26 townhomes, 8 of these are in the second phase. This  gives you plenty of opportunity to customize one of these amazing homes to meet your needs.

The entry floor of these homes have two car garages and flex spaces which could be a home office, extra bedroom, or home gym. There is also a full bathroom on this floor. An optional elevator can be added which will service all three floors.

The main floor has an open floorplan which includes a large gourmet kitchen, dining room large enough to seat 12, living room, and deck or balcony. A powder room rounds out the main floor. 10 foot ceilings and extensive woodwork are a hallmark of this floor.

The top floor has either two master bedrooms, or one master bedroom and two smaller bedrooms. 9 foot ceilings and lots of natural light are standard. Large closets provide plenty of storage and luxurious bathrooms have pedestal tubs and large frameless glass showers.

Each of these 3,000 plus square foot homes starts around $662,550 for a phase one home or $700,000 for phase two. The builder expects the build to be completely finished in February or March of next year.

If you are interested in one of these amazing SouthPark City Homes, give us a call at (704) 525-4045. You can also view current listings on our website here.

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More Townhomes Coming to SouthEnd

There are two new projects coming to SouthEnd that we are really excited about. Both are townhome projects starting in the high $200’s to the high $300’s. This is a great opportunity for people wanting the great SouthEnd location, but not wanting to rent.

Domain Townhomes were just launched earlier this month. They had a launch party giving people a sneak peak with virtual reality headsets. There will be 20 townhomes in the project starting at $274,900. Pre-construction sales of the units began on September 8th.

Homes will have private fenced back yard courtyards, one-car garages, dine-in kitchen islands, balconies and more. Modern touches will be felt from the etched glass and metal garage doors to the black stainless-steel wi-fi enabled appliances.

Domain Townhomes will have two-bedroom, one and a half bathroom homes. Each is around 1,200 square feet. The guest room is on the first floor and can double as a home office. The entire third floor is dedicated to the owner’s suite with tons of natural light, oversized walk-in shower, and plenty of storage in the walk-in closet.

The second project of note is the second phase of Hopper Communities SouthPoint project. 33 townhomes will join the 53 from the first phase. The first phase began in September of 2015 and only has two unsold units. The second phase should be completed next summer and pre-sales have already begun.

The seven new buildings in SouthPoint are located at the intersection of Remount Road and SouthPoint Commons Court. They are between South Tryon and Youngblood streets and are just two blocks from the New Bern light-rail station.

Units will be similar to the original ones and will feature contemporary architecture and modern design. Hardwood floors, quartz countertops and stainless steel appliances will be standard. Two and three bedroom units will be available and all will feature two-car garages with options for rooftop terraces and Uptown views. Starting price will be in the high $300’s for 1,313 to 2,039 square feet of living space over three stories.

If you are interested in a townhome in the Charlotte area, give us a call at (704) 525-4045. We can help you with on in Domain Townhomes, SouthPoint Townhomes, or help customize your search for your next home. You can also view current listings on our website here.

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August Market Update

The trend continues with no apparent end in sight. Once again, inventory is down in the Charlotte area while prices creep upwards. But the real story is that home sales took another hit in August. These numbers all come from the Charlotte Regional Realtor Association reporting on data from the Carolina Multiple Listing Service.

Inventory is down 18.6% compared to August of last year leaving just a 2.6 month supply. 10,153 homes were on the market for sale, while last year there were 12,477. Last month there were 10,174 for a decrease of 21 listings month over month.

Sales were down 3.8% for the same period. 4,297 homes sold in August as compared to 4,467 last year at this time. This number is up slightly over last month, just 1.2% higher than July.

Median sales price crept up to $230,000 while average sales price inched up to $273,549. This means median sales price is up 5% from this time last year but is down from last month’s $236,000. Average sales price is up 1% from last August, but is down from last month’s $280,696. These numbers can be affected by a few large sales so we will have to wait and see if this is a new trend where prices might be adjusting.

5,394 new listings hit the market in August which represents an increase of 6% over last year.

Industry analysts are predicting that the market will begin to balance over the next couple of years. They expect some relief to the inventory woes as the cooler months typically have a slowdown in the market. This seasonal slowdown should, weather permitting, allow builders to provide more inventory to the market.

The Charlotte area doesn’t seem to be cooling off anytime soon. There is still demand for listings and there is still positive job growth. This means it is still a great place to call home.

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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Find a Hidden Gem in Lansdowne

Lansdowne is truly one of the hidden gems of Charlotte. Built in the 1960’s and 1970’s, Lansdowne is well established, with lush landscaping and large lots. Most of the homes are original to the neighborhood. There was one new construction home just down the street from Providence Day School that sold in July for $1.59 million. Another new construction home is listed now for $1,399,999. These large lots close into town are tempting for new construction.

Don’t be too concerned about the high price tag of the few new construction homes in Lansdowne. Most of the homes here average just under $400,000. This is a much more reasonable entry point for the neighborhood, and could be a great investment if the trend of rebuilding on this great land continues.

Many of the homes in Lansdowne have great architecture and come in a variety of styles. There is a great concentration of mid-century modern homes, traditional ranches, split-levels, and two-story homes. Many have vaulted ceilings, open floor-plans, remodeled interiors, great natural light, outdoor living spaces and more.

Lansdowne is bordered by Providence Road on the South and Sardis Road in the North. This means you have easy access to SouthPark Mall, Cotswold Village Shops, and Phillips Place. An uptown commute should take around 20 minutes, while a trip to Charlotte Douglas International Airport will take about half an hour. Levine Jewish Community Center, with it’s health club, social events and mix of religious and non-denominational events is just around the corner.

Lansdowne is currently zoned for Lansdowne Elementary School, McClintock Middle School, and East Mecklenburg High School. The neighborhood is also located near many private schools which is one of the big draws.

There are currently 15 homes on the market in Lansdowne which represents a 5 month supply. This is a much more balanced market than most neighborhoods in Charlotte. Prices have been steadily rising for the last year so now is a great time to get in before they rise further.

If you want to learn more about Lansdowne, give us a call at (704) 525-4045. You can also view current listings on our website here.

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Spotlight: Montibello

Montibello is a well established neighborhood of 571 custom homes in Charlotte’s SouthPark area. These homes were mostly built in the 1980’s, though there have been some extensive remodels, and some recently constructed homes. One of the homes was the most expensive home sold in July according to the Charlotte Business Journal. This home sold for an impressive $2.1 million, but it is hardly the norm in the area. Homes typically average $643,915 and usually range between $399,000 and $1,350,000.

Situated between Colony and Carmel Roads, Montibello is in a prime location. There is easy access to uptown Charlotte and SouthPark’s business and shopping district. It’s a quick drive to the airport for a business trip or vacation, or to pick up guests to stay in your guest house.

There are also many amenities close by Montibello. Cedarwood Country Club and Carmel Country Club and Golf Course are just around the corner. Olde Providence Racquet Club is on nearby Sharon View Road. There are a number of area parks, fitness centers, YMCA, all within minutes. SouthPark is has a plethora of restaurants to choose from to delight any palate.

Because homes in Montibello are custom built, they have varied styles. Many of the homes in Montibello have features you that are on wish lists. Movie theaters, pools, guest houses, designer touches, large lots, outdoor kitchens and more grace these homes. Homes here are large, 2,400 to over 5,000 square feet, and have plenty of storage, home offices, gourmet kitchens, and more. A hallmark of Montibello is the large sweeping lawns with mature landscaping. It’s easy to see why Montibello is one of Charlotte’s most desirable neighborhoods.

Currently, Montibello is zoned for Beverly Woods Elementary School, Carmel Middle School, and South Mecklenburg High School. Please verify school assignments as they are subject to change. There are also many private school options close-by. In addition, there are preschool, mother’s day out,  and daycare options that are a quick drive away.

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

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Elegant New Construction in Songwood Estates

If you think there are no new construction neighborhoods in SouthPark, thankfully you’re wrong. You won’t find the large master-planned communities here. The new construction neighborhoods are small, exclusive, luxurious, and custom built. Songwood Estates is a perfect example of one of these neighborhoods.

Located at the corner of Sharon View Road and Rock Creek Drive, Songwood Estates is just 3 miles from SouthPark Mall. A 20 minute drive will get you into Uptown Charlotte for a commute, basketball game, or a night on the town. Charlotte Douglas International Airport will take about 30 minutes by car.

Builder James Custom Homes has 14 home sites in Songwood Estates. There are quick move-in homes available, as well as 8 home plans to choose from to build a custom home on one of the remaining sites. They have fully decorated model homes located at the corner of Sharon View and Flintwood Lane where you can tour and get an idea for how you want to design a home of your own.

The homes that are available for quick move-in in Songwood Estates start in the $800’s and head up over $1 million. They range in size from 3,550 to 4,286 square feet and have 4 or 5 bedrooms and 4 to 5 ½ baths. 10 foot ceilings, hardwood flooring, media rooms, studies, owner’s suites, and more are to be expected in each home.

These homes are masterfully appointed, with trey and coffered ceilings and heavy mouldings and built-ins throughout. All have open gourmet kitchens with large islands. Each bedroom has direct access to a full bathroom, and the bathrooms are perfect.

Students in Songwood Estates are currently zoned for top rated Sharon Elementary School, Carmel Middle School, and Myers Park High School. Please confirm school assignments as they are subject to change. There are also many private, preschool, and daycare options close by.

If you are interested in owning one of these amazing homes in Songwood Estates, give us a call at (704) 525-4045. 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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