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.

New Multifamily Project Coming to Montford

Montford has been a hotspot in Charlotte for a while now. There is much to love about this community. From dining to shopping to nightlife, Montford has it all and is close to Uptown too.

Now Crescent Communities is developing a project to build 337 apartments and 17,000 square feet of retail space at the corner of Park Road and Mockingbird Lane. The project is expected to be completed in 2019 and will be called Crescent Montford Park.

The site has long been the home of Pfeiffer University’s Charlotte campus. The 5-acre site was bought from the university on June 30th. A grading permit was issued last month so they are set to clear the site and prepare for building. The site was rezoned last year to allow the mixed use development so there appear to be no hurdles left for building.

Crescent Communities says the project will be inspired by the surrounding community. This should especially be seen in the architectural design. Careful attention will be paid to the tenants who occupy the retail space to be sure they will benefit residents of the project and the wider neighborhood.

Units at Crescent Montford Park should consist of a mix of studios, one and two bedroom apartments. Size will range between 650 and 1,800 square feet. Pricing will begin in the $1,400’s.

Montford has seen a lot of change over the past few years. The revamp of Park Road Shopping Center has really grounded the area. The 1.5 mile extension of the Cross Charlotte Trail is also an exciting plan for the future.

Construction should begin the coming weeks, with both the retail and apartments available for lease in spring of 2019. If you are interested in a home in the Montford area, give us a call at (704) 525-4045. You can also view current listings on our website here.

 

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.

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.

New Projects coming to West Tremont Street

West Tremont Street is in transition from offices and industrial buildings to the darling of SouthEnd. Many projects are in the works right now with more proposed. Expect everything on the street to wake up and bustle with activity within the next few years. Plans call for retail, restaurants, townhomes, office space, and the next location for the Common Market.

SouthEnd has a lot going for it, and developers are excited about the possibilities on West Tremont. Proximity to the Rail Trail, Blue Line light rail, as well as close to Dilworth, Camden Road, Atherton Mill and more puts West Tremont right in the center of everything.

There is potential for this end of SouthEnd to be a supremely walkable neighborhood with everything you could need. Here are just some of the new projects coming soon:

  • Common Market – 3,000 square feet inside and 4,000 outside, this location will have everything you expect from common market, food, prepared foods, libations, community, music, and more. This development will also contain Bang Bang Bites, sister restaurant to Bang Bang Burgers. Also sharing the space will be the cocktail bar Zepplin featuring seasonal Southern small plates and craft cocktails..
  • Redevelopment of Design Center – This center includes longtime resident Pike’s Soda Shop, but will include new restaurant concepts, Superica and Barcelona Wine Bar. The developer plans to build more urban retail in a walkable space.
  • A new office project – 83,000 square foot office building across from the old Tremont Music Hall.
  • Three30Five apartments second phase – The second phase of this development will include 104 units over four stories. There will also be 10,000 square feet of retail or restaurant space and 2,000 square feet of office space. They will be located right next to the first phase on the vacant land.
  • Pollack Shores apartments – this project is for a proposed 350 units with 2,500 square feet of street-level retail.
  • SouthEnd Court townhomes – An 18-unit luxury community where the old Carolina Foundry building site. Expect prices between $500,000 and $700,000.

If you are interested in any of these projects on West Tremont street, give us a call at (704) 525-4045. You can view current SouthEnd listings on our website here.

Coming Soon: Opus Myers Park

We now know details about what Jim Gross Company is going to do with the Queens University Dorm they bought earlier this year. Think luxury, think privacy, think European design with mews or quaint alleyways. Opus Myers Park will be premium high end living for a premium price.

Sample floorplan from Opus Myers Park

Jim Gross Company has partnered with HM Properties to come up with the design for Opus Myers Park. HM Properties has been behind Dilworth Crescent, Carmel Crescent, Kenwood Cottage Place, and Kenwood Myers Park to name just a few of the top end properties they have been developing recently. They bring all of their know how and expertise to this new project and we can’t be more excited.

Opus Myers Park will consist of “five separate steel and concrete buildings enclosing a gas-lit mews reminiscent of European pedestrian streets with a cozy, intimate feel”. The mews will connect Queens and Providence roads.

24 residences will make up the project, each ranging from 2,630 to 3,262 total square feet. Each residence will have private elevator access directly to each foyer and each will have it’s own private floor. Residents will not have to share elevator lobbies, hallways, or common walls between units. Floor plans will be open with 2, 3, or 4 bedrooms and 2.5 or 3.5 bathrooms. One or two private terraces give each unit plenty of outdoor living space. Two designated, secure underground parking spaces come with each unit.

Premium features included in each home will be 10 foot ceilings, 8 foot casement windows, high-end finishes, a linear gas fireplace, top-of-the-line stainless steel appliances, “smart phone” home operation, two mechanical units, whole home “insta-hot water”, hardwood flooring, and a smart, muted contemporary feel throughout.

Opus Myers Park is located at the intersection of Queens and Providence roads, just behind the Myers Park Public Library. Until recently, it has been home to a dorm for Queens University. That building is being razed to make way for this project.

This one-of-a-kind development will have prices starting at $1,250,000. Completion is scheduled for November 2018.

If you are interested in learning more about this project, give us a call at (704) 525-4045. You can also view current listings on our website here.

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.

SouthEnd Harris Teeter opening soon

Despite all the news today about Amazon buying Whole Foods, we are more excited about the new Harris Teeter opening up in South End. We’re not sure yet how Whole Foods might change as they transition to new ownership, but we are sure that the new Harris Teeter will be great.

Located on South Boulevard as part of the Sedgefield shopping center redevelopment, the new Harris Teeter has a retro logo harkening back to 1952 when the first store opened. That original location was in the same block as the new store so this new store is like a homecoming.

Coming in at 53,000 square feet, the store will have everything you already expect, as well as a Starbucks, a bar with wine and 16 beers on tap, beer growler filling station, an events area, weekly meal specials, pharmacy, and sit down eating area. This is a far cry from what was in the 15,240 square foot original store.

The new store will be open daily from 6am until midnight. For opening day, opening will begin at 5pm and will have a free-to-the-public sampling event following the ribbon cutting ceremony.

The Sedgefield Shopping Center redevelopment will also include 14,000 square feet of retail, and following later will be 300 apartment units.

There are many homes within walking distance from the new Harris Teeter and many more homes within a short drive. This poises the new Harris Teeter to be direct competition with the Publix just down the road.

Harris Teeter hasn’t been in the neighborhood since 1988 when the original location closed. This is a welcome return for residents. The store opens this Tuesday, June 20th.

If you are interested in a home in Sedgefield or any of the many other neighborhoods serviced by the new Harris Teeter, give us a call at (704) 525-4045. You can also view homes on our website here.

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.

Is renting or buying the best bet in Charlotte?

Home prices have been rising in the Charlotte region for the past few years with no apparent end in sight. Case-Shiller’s S&P CoreLogic home price index has prices 6.7% higher in March. This is well above the 4.3% year over year increase they reported in March of 2016. It also far outpaces the national average of 5.8% which represented a nearly three-year high.

Unusually low inventory of homes takes much of the blame for the price hikes. People are staying in their homes rather than selling and moving up. Mortgage interest rates are also on the rise which may deter some sellers as a new mortgage would have higher carrying costs. This could contribute to the current trend as it keeps inventory low and prices going ever higher.

With all of this news, you might be thinking that renting might be a better option, but is it? According to home real estate website Trulia, buying remains a more cost-effective option than renting. Trulia’s study shows that purchasing a home in Charlotte is 39.4% cheaper than renting. This assumes that buyers have a 20% down payment, have a 30 year fixed rate mortgage and stay in the property at least seven years.

However, Trulia’s study shows that renting appears to be making up some ground. Home prices have been escalating faster than rental prices. Rental rates from 2016 to 2017 have dropped 0.4% while home prices increased 7.5%.

For now, buying a home in the Queen City is a pretty safe bet. If you are interested in making the jump into homeownership, give us a call at (704) 525-4045. You can also create custom searches of home listings on our website here.