Spotlight: Cherry

At the intersection of Dilworth, Myers Park, and Elizabeth sits one of Charlotte’s oldest African American neighborhoods. Cherry, named after the cherry trees that used to be in the hollow here, hasn’t seen much turnover in home ownership in the past. Recently some homes have sold, and there are new construction homes being built by Saussy Burbank that are arousing some outside interest in Cherry.

Local legend has it that Cherry was developed as a servants community servicing the large homes in Myers Park starting in 1912. The neighborhood is much older than that. It appears based on records that it was mostly laborers, not servants that first settled in Cherry. Servants came after 1912.

In 1891, the first plat map of the neighborhood was filed by John Springs Myers. Myers owned the cotton fields that covered much of the area until it developed into modern day Charlotte. Myers helped the African American population of the area to have schools, churches, parks, helped with financing, provided rental homes, and provided modern conveniences of the time.

Homes in Cherry are mostly single family and duplexes. There are Victorian homes as well as bungalows and cottages. Most have wooden siding, shingle siding, or brick. Many of the original homes are in need of extensive cosmetic and structural work on the exteriors and interiors. It is rare that original homes come up for sale and when they do, they go quickly.

Cherry is home to many structures that have great features like multiple fireplaces and large front porches. Mature trees line the streets here as grand as in Dilworth and Myers Park.

Cherry is also extremely convenient. Uptown is within walking distance. The Metropolitan Midtown (the Met) is just across the street. The Met has many options for shopping, groceries and dining. Linear Park and The Greenway are at The Met as well. Inside Cherry is Cherry Park so there is no lack of parkland to enjoy.

Gentrification and appreciation are coming to Cherry. New construction homes in the style of the original homes are being built along Main Street and a few other streets in the heart of Cherry. It won’t be long before the reasonably priced original homes are a thing of the past. You can snap up a fixer-upper between $100,000 and $300,000 if you move fast. If you want a new construction home in Cherry, be prepared to pay between $596,105 and $849,900.

If you are interested in a home in Cherry, give us a call at (704) 525-4045. Click here to see listings in Cherry on our website.

Three Hottest Charlotte Neighborhoods

Redfin released their predictions for the three hottest Charlotte neighborhoods for this year. They used data from page views and favorites from their website to determine which neighborhoods rose to the top. Myers Park, Eastover, and Ballantyne topped their list for many reasons and we can’t agree more.

 

Myers Park has long been a favorite due to it’s location, schools, and walkability. Winding streets with mature trees and landscaping make this suburb picturesque. Stately homes and charming parks are serviced by many shopping and dining establishments within walking distance. The award winning schools are nationally renowned. Myers Park is home to Queens University of Charlotte, a gorgeous campus with shaded quad and elegant buildings.

Homes in Myers Park typically range between $300,000 and $5 million with the average home price at almost $950,000. There is a range of style to the homes and many are historically preserved. Lot sizes tend to be larger than average, and landscaping is lush and established.

 

Eastover is right next to Myers Park so shares much of the style and many of the advantages of Myers Park. Lots tend to be larger with stately homes and tree lined streets. There is more seclusion in Eastover and a slightly less urban feel. The schools are still great and many are shared with Myers Park. Eastover is mostly residential, but there are many places to dine and shop nearby.

Homes in Eastover typically range between $385,000 and $5 million with the average home price at $1.2 million. There are many historical homes in Eastover in a range of styles from Tudor to Contemporary.

 

Ballantyne to the south of Charlotte is a booming commuting suburb that has become a destination all it’s own. It can feel like a separate city as it has everything you need without ever leaving. There is a PGA-ranked golf course, luxury spa and hotel, fortune-500 companies, country club and upscale housing.

Homes in Ballantyne typically start in the $400’s and can go as high as the multi-millions. Most homes were built in the last 20 years and encompass a variety of styles, but they include modern conveniences as well. There are many existing homes, but also many new construction homes.
If you are interested in a home in any of these areas, call us at (704) 525-4045. You can also view listings on our website. If you are interested in homes in Myers Park, click here. If Eastover appeals to you and you want to learn more, click here. If you want to learn more about homes in Ballantyne, click here.

Spotlight: Carsons Pond

If you’re looking for a hidden gem of a neighborhood, look no further than South Charlotte’s Carsons Pond. This community has 123 single-family residences in a gated setting with private cul-de-sac streets. Located off of Rea Road right between SouthPark and Ballantyne, you are close to everything. Add in mature landscaping, gracefully curving streets with flowering cherry trees, and two lovely ponds and you might be in heaven.

This great home in Carsons Pond sold last year

Don’t let Carsons Pond’s tranquility fool you, you are close to SouthPark Mall, Stonecrest, Carmel Commons, Carolina Place and the Arboretum. This gives you a great location from which to explore the many dining, shopping, fitness, and outdoor activities. A commute into Uptown Charlotte will take just 25 minutes and the airport is 27 minutes away both without traffic.

Homes in Carsons Pond were mostly built in the 1980’s, but many have been updated and modernized. Brick and hard coat stucco are the most common exteriors. Many homes have unique features like full basements and greenhouses. Architectural guidelines for homes in Carsons Pond have changed with the times and do allow owners to update and modify exteriors. Many homes have not been updated and are just awaiting your personal touch.

Another wonderful Carsons Pond home sold last year

The homeowner’s association dues may seem a bit steep at first at $250/month, but they include upkeep on all of the amazing amenities. There is a pool, club house, tennis courts, and two lighted ponds with fountains. The fees also cover individual water bills, individual sewer bills, individual lawn care and common grounds maintenance.

With no through streets and the privacy of the gate, there are safe streets in Carsons Pond for walking, cycling, jogging, and playing children.

Children in Carsons Pond attend award winning schools. All are top rated 10 out of 10 by Carolina School Hub. They include Olde Providence Elementary School, Carmel Middle School, and Myers Park High School. There are also many private school options nearby.

In the past year, homes in Carsons Pond have sold for between $261,000 and $388,500. There are currently three homes on the market with one already under contract.

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

Enjoy the Queen’s Feast starting this weekend

This January, you can once again be a part of the Queen’s Feast in Charlotte. This annual event includes over 130 restaurants in 9 counties around the Charlotte Metro area. Each restaurant offers a price fixe menu for dinner with 3 courses for $30 or $35 not including tax and tip. The event begins Friday January 20th and runs through January 29th.

This year, there are many new restaurants making their debut at the Queen’s Feast. Among the newcomers are:

     O-Ku – Japanese and sushi in Atherton Mill

     The Pump House – Southern influenced modern cuisine in Rock Hill

     Sea Level – locally sourced seafood in Hearst Tower in Uptown Charlotte

     Essex Bar & Bistro – a gastropub and craft cocktail restaurant in Uptown Charlotte

     Babalu Tapas & Tacos – small plates and tacos in Dilworth

     204 North Kitchen & Cocktails – fresh farm-to-table cuisine in Uptown Charlotte

     Burtons Grill & Bar – chef inspired food in Park Road Shopping Center in South Charlotte

     Comida  – Mexican inspired cuisine in Plaza Midwood

There are also some well established restaurants joining the Queen’s Feast for the first time this year. Most notable of the newcomers is Reid’s Fine Foods in SouthPark. Many long-time favorites are featured on the line-up as well. 300 East in Dilworth, The Cajun Queen in Elizabeth, Sullivan’s Steakhouse in SouthEnd, and Ruth’s Chris in SouthPark are just a few of our favorite picks.

Heading to the Queen’s Feast is a great way to sample cuisine from all of these amazing eateries, but it is also a chance to check out a new neighborhood. Many of these restaurants have rooftop terraces or patios from which to observe the people and pace of a neighborhood. You can take a drive around before your reservation to see how the area looks around dinnertime. This is a great way to see how vibrant and area is in terms of fitness, walkability, traffic, and more. You can drive past local schools, parks, shopping and more to really get a feel for an area you haven’t spent much time in before.

If you plan to visit a restaurant for Queen’s feast, reservations are recommended. You can click the link below to see the participating restaurants. Most will allow you to make reservations online, but some only take reservations over the phone. No passes or tickets are required.

To find a full list of restaurants participating in the Queen’s Feast, click here.

If you are driving around before your dinner and find a home you want to tour, call us at (704) 525-4045 or visit our website with comprehensive search capabilities here.

December Market Analysis

This week the Carolina Regional Realtor Association released their monthly report of housing data in the Charlotte area. These figures are based on Carolina Multiple Listing Services data which includes Charlotte and surrounding areas including two counties in South Carolina. This area also includes 10 counties in North Carolina ranging from Statesville to Fort Mill, and from Gastonia to Salisbury.

Numbers on the report were not surprising. They continued the trend of low inventory and strong sales which has been going on for the entire year. In December, the total MLS area was up 4.5% over last December for total closed sales. If you look at the entire year, 44,386 homes were sold, up 8.4% over 2015.

Sales activity wasn’t the only number on the rise. Both the median and average sales price rose for both the month and the year. This December, median sales price rose 10% to $209,000 and average sales price rose 8.2% to $258,108. For the entire year, median sales price was up 7.5% at $207,000 while the average sales price rose 6.5% to $257,701.

Inventory numbers continued to fall throughout the year. December’s inventory number was down 25.7% from last year at this time. This leaves the Charlotte region with just 2.3 months of inventory which is well below the six months of inventory needed to have a balanced market between buyers and sellers. This leaves sellers with the upper hand in transactions for now.

The rise in prices and lack of options could leave some buyers out of the market entirely. Mortgage rates are expected to rise as well which could be a problem for first time buyers in particular. However, the market is strong, and expected to remain steady for the coming year.

If you are looking to buy or sell in the Charlotte area, call us at (704) 525-4045. You can also see listings on our website here.

Year End Wrap-Up

As we ring out 2016 and prepare to welcome 2017, it seems like everyone wants to discuss what went right and wrong. We also long for certainty about what is to come. Here are some thoughts and predictions and reflections about the Charlotte real estate market.

North Carolina in general had a great year when it comes to population. The U.S. Census Bureau recently reported an increase in population of 111,602 people over the year. This brings the total state population to more than 10.1 million. This increase was felt in the Charlotte area with much new growth and new housing projects. It has also driven a seller’s market as higher population leaves less inventory.

Home prices in the Charlotte metro area climbed year over year. In fact, the entire region is showing strong home prices. Higher home prices are great for sellers, but they can leave buyers in a bind as they deal with affordability. Many first time homebuyers have to wait longer to purchase a home or can be priced out of the market entirely.

It remains to be seen what if any impacts HB2 has on the real estate market. Many sporting events and businesses have reacted. Reactions have ranged from mild censure, to pulling out of the state entirely. There have already been financial impacts, but we don’t yet know if there will be other long term repercussions.

Basically, the future looks mostly rosy for the Charlotte area. As the region grows, we attract more talent, retail, restaurants, businesses, and tourism. We truly have the best weather, we are close to everything, and people want to be here. This makes it look like we will be a strong real estate market for years to come.

If you are looking to buy or sell in Charlotte or surrounding areas, call us at (704) 525-4045 or search on our website here. Happy New Year everyone!

Inexpensive ways to go green in your home

If you’re like me, you start the year off thinking of all of the projects you can do at your home to make it more comfortable, have less environmental impact, and save money. Well, I’m here to provide you with a list of simple things you can do to make that a reality. Resolutions, and going green doesn’t have to be hard or expensive.

One of the easiest ways to go green in your home is to get a programmable thermostat. There are many on the market now, including some models that you can activate remotely from your phone. These help keep costs low as you can program them to be off when you are away from home or sleeping. It is also a good idea to get regular check-ups for your heating and cooling system to make sure it is running properly.

You can also put on a sweater or blanket before you reach for the thermostat. In the summer, you can add a fan to a room instead of turning down the air conditioning. These small changes in behavior could have big impacts during the hottest and coldest months of the year.

Another easy way to save on energy costs in your home is to change out to compact fluorescent or LED light bulbs. You may not think you will save much by doing this, but over time there can be significant savings as these bulbs draw much less power and last years instead of months.

If you’re in the market for new appliances, consider energy star appliances. These are manufactured to use less energy but still get the same job done. While you are at it, clean any old appliances so they are running properly. You would be amazed how much better your refrigerator will work when you vacuum the coils in back. Also, cleaning out a dryer vent will help efficiency and can help prevent a fire.

Turning off appliances you aren’t using can also save you a bundle. Your computer is a constant draw of power even if it is asleep. Turning it off and any other appliances like your smart toaster, phone chargers and more can lessen your energy drain.

Saving water is another way to go green in your home. Repair leaky faucets. Install water-saving toilets and shower heads. If you have a pool, cover it during times you aren’t using it to prevent evaporation. Additionally try and run the clothes washer and dishwasher with full loads.

If you still feel like you aren’t doing enough, you can start composting. You can recycle, you can repaint your home with low or no VOC paint. You can even purchase green power from your power company or buy vouchers. If you have it in your budget, you can install solar panels on your roof or put in geothermal heating or a solar hot water heater.

There are so many ways to go green in your home, many of them really affordable. No only will you be helping the planet, you will be helping you wallet and potentially making your home more attractive to a future buyer.

If you are looking to buy or sell a home in the Charlotte area, call us at (704) 525-4045. Our agents can help you decide what green upgrades can sell your home faster. You can also browse our listings on our website here.

Repeal of HB2 could bring more millennials to Charlotte

With the repeal of HB2 looking more likely, Charlotte may gain back sporting and entertainment events that pulled out of the state. Various estimates put the financial losses from HB2 between $500 and $750 million. As many as 2,000 jobs have been lost due to the bill. In addition, a few companies that were looking to expand or relocate to the area have decided on alternate locations.

While this news may not be welcome to some people due to their beliefs, it is really welcome from a financial perspective. A repeal of HB2 may even be the last step needed to help secure an expansion team for MLS soccer. This, combined with a return of the NCAA tournament, NBA All-Star game, and ACC Football Championship, would be a boon to the local economy.

Charlotte is becoming one of the most popular destinations for millennials. To stay competitive with other mid-sized cities, Charlotte really needs to have events and destinations catering to millennial desires. Millennials overwhelmingly support same-sex marriage and alternate lifestyles so the repeal of HB2 should continue to attract more millennials to the area. This might even help overcome the slow market analysts are expecting in 2017.

Charlotte is poised for more growth which is a great thing for the Real Estate market. Sellers in the area have consistently gotten higher prices for their homes than in years past. Low inventory has helped drive prices higher as well. Builders have many projects in the works and on the horizon. All in all, it adds up to a healthy sellers market.

Buyers may have a trickier time of it though. Low inventory combined with higher prices mean extra competition. Many buyers are priced out of the market at present. President Elect Trump has vowed to overhaul and re-privatize Fannie Mae and Freddie Mac with unknown consequences to the market.

If you are interested in buying or selling a home in the Charlotte area, give us a call at (704) 525-4045 or visit our website here.

November Market Statistics

November numbers have been released from the Carolina Regional Realtor Association. We are again looking at a deepening of the trend where inventory continues to be low and prices continue to get higher. This trend has been continuing for the entire year with no end in sight.  

2016 started off in January with 10,350 homes on the market. November has 9,770 homes listed for sale. By themselves, these numbers don’t mean much, but when you compare them year over year, you begin to see the larger picture. In January of 2015 there were 13,607 homes on the market. November of 2015 had 13,004. This is a reduction year over year of 31.8% for January and 31.6% in November.

When you look at home prices, they have continued to go up every month for the entire year as well. In January 2016 the average price for a home sale was $229,766. By November average price for a home sale was $259,205. Last year in January the average sale price was $214,166 and in November it was $239,680.

These trends of inventory going down and prices going up illustrate the main principle of supply and demand. There have been some signs that supply and demand will remain out of balance going forward. New announcements of corporate headquarters in the Charlotte region, and Millennials moving to the area in greater numbers are just two of these signs.

There are predictions saying that things may be changing in 2017. Redfin data scientists are predicting that the housing market will continue to grow, but at a slower pace due to affordability pressures. Affordability will be an issue in part because of a slight rise in interest rates coupled with rising home prices. They also believe new-construction growth will slow. This may be enough to slow the trend, but it will take quite a bit longer if the market is going to even out or become a buyers market again.

If you are interested in buying or selling a home in the Charlotte area, call us at (704) 525-4045 or check out our website with robust search capabilities here.

Luxury Townhomes in SouthPark’s Northampton Place

Construction has begun on a new luxury townhome cottage community within SouthPark. Northampton Place is located at the intersection of Park Road and Park South Drive. This exciting new development has twelve units in three buildings, each with four units. Homes are two story and some have first floor master suites.

Exterior detail in Northampton Place

Northampton Place features 10 foot ceilings on the first floor and 9 foot ceilings upstairs. They range between 2,189 and 2,809 square feet and have three or four bedrooms. These open floor plan units have birch hardwood floors, stainless steel appliances, granite counters, ceramic tile, gas log fireplaces, and attached two-car garages.

Some of the plans in Northampton Place, the largest ones, will have dual master suites. Two plans include lofts and bonus rooms which could be used as fourth bedrooms.

All homes in Northampton Place will have dual HVAC units, one for each floor. They will also have recessed lighting, nickel lighting fixtures and cabinet hardware, attic storage from pull-down stairs, laundry rooms, and generous front and rear covered porches or patios.

Windsor Builders Inc. of Concord is the developer and general contractor on the project. They expect the project to be complete in the spring of 2017. Units are now in various stages of completion so now is a great time to tour and choose a unit. This allows you to put your personal touches on a unit before completion.

Prices start in the mid-$400,000s which is right in line with the neighborhood. The location is ideal as it is close to everything. Uptown Charlotte is a short 20 minute drive. The airport is also 20 minutes away. SouthPark Mall is an 8 minute drive that takes you to world class shopping, dining, and entertainment. The Harris YMCA is only 5 minutes away by car or a 1.2 mile run.

If you are interested in purchasing a home in Northampton Place, call us at (704) 525-4045 or visit our website to search for homes in the area. Four of these homes are already available to purchase so call today to learn more.