Dilworth South Starting Pre-sales This Summer

All of the zoning hurdles have been jumped and developer Rockwell Capital is ready to begin construction on Dilworth South. This development will feature ten single family homes, a four unit quadruplex, and a 48 unit condominium building. Located just behind Mac’s Speed Shop on South Boulevard, this roughly two acre project is in prime location in Dilworth and close to the Lynx Blue Line.

The land is currently home to some small older homes and commercial buildings which will be razed to make room for the project. Bounded by Euclid Avenue, Atherton Street, and Marshall Place, most of the project will face Euclid Avenue.

Expect the single family homes to be an average of 4,300 square feet and start at $1.2 million. The rear load garages will have access from Marshall Place. Exterior styling will be craftsman inspired with generous porches. Interiors will be luxe with attention to detail, style, quality, and function.

The quadruplex will face an interior courtyard between some of the homes and the condominium building. Two different sized units will make up the space. 1,150 square foot units on the bottom level and 2,250 square foot units on the top level. There will be parking underneath and a commercial elevator. Expect the smaller units to start at $365,000 and the larger units to start at $690,000. These thoughtfully designed units will focus on luxury and comfort.

The condominium building will have one and two bedroom units starting around $230,000. They will feature modern design and open floorplans. Units will range from 742 to over 1200 square feet. The largest units will be the corner units and will include large outdoor balconies for additional living area. A fitness center will be adjacent to the courtyard.    

Pre-sales for the entire project should begin this summer with construction expected to begin in the fall. If you are interested in this or one of the other exciting projects along the light rail lines, give us a call at (704) 525-4045. You can also view current listings on our website here.

Market Update

Last week we showed you the local trends for housing prices. This week, we have national numbers as well, released by the National Association of Realtors. They show that housing prices in metro Charlotte rose at nearly double the rate of the national median in the first quarter of this year. Median sales price of an existing single-family home in Charlotte grew year over year 13.4% to $209,600. Nationally, the median rose 6.9% to $232,100.

Low inventory factors into the high appreciation in Charlotte. There was a more than 20% drop in home supply in the Charlotte area, just a 2.5 month supply. This is well below the balanced market of 6 months supply, giving sellers a distinct edge in transactions.

Housing Analysis firm Metrostudy released figures on new home sales this week. They show that new homebuilding rose 16.4% from last year at this time to total 2,695. Additionally, the number of previously vacant new homes that are now occupied rose 23.5% to 2,725. Annual starts increased 7% to 11,372, and annual closings rose 10.6% to 10,922.

At the same time, the unemployment rate in North Carolina came in below the 5% mark in April according to newly released labor data. While this is still higher than the national rate of 4.4%, it is really encouraging. It also means that more people could be eligible for mortgages once they have enough job history in these new jobs.

There are some glimmers of a market correction on the horizon. Rental rates in the Charlotte area have showed a cooling trend in recent months. Housing markets across the nation are showing the same trend. Trulia published their report showing that 12.5% of rental listings had a price reduction to get tenants in. This could be a prelude to upcoming price cuts in the for sale market as well. We will keep you up to date on all of the market trends.

If you are in the market for a home in the Charlotte area, give us a call at (704) 525-4045. You can also view listings on our website here.

New Speakeasy Coming to Park Road Shopping Center

A new speakeasy is coming to Park Road Shopping Center next month and you can already sign up to be a member. Called Dot Dot Dot, the speakeasy will feature cocktails and pair them with food, but the focus will be on the drinks.

Located at the rear lot of the shopping center, Dot Dot Dot might be tricky to find the first time you go. The entrance is just to the right of Blackhawk Hardware’s garden center, and just below the patio for Flying Biscuit. A long hallway will take you to the hostess stand and you will be buzzed into the interior of the bar.

The design and feel will be that of a 1920’s jazz and blues club, with a 37 foot long bar and copper accents. The 2,700 square foot club will hold about 100 people. Motown and Soul music will also be in the mix.

Dot Dot Dot is a members only club. To become a member, you pay a $10 fee and agree to the 12 house rules. These rules include no talking on cell phones, three guests per member maximum, and “don’t be a jerk”. Also included is to be patient as your cocktail is being crafted individually.

Anticipated hours for Dot Dot Dot are Tuesday-Sunday, 5 pm – 2 am. Look for the grand opening to be mid to late June.

There are plenty of other spots in Park Road Shopping Center that you could try out while you’re waiting for Dot Dot Dot to open. Sir Edmund Halley’s is a perennial favorite, as are Cantina 1511, Rocksalt, and Fuel Pizza. Right down the way, there are additional restaurants and bars at Montford with Sushi 101, Brazwell’s Pub, Duckworth Grill & Taphouse, Angry Ale’s and Park Lanes.

If you’re in the market for a home and you love Park Road Shopping Center and Montford areas, give us a call at (704) 525-4045. You can also view homes on our website here.

Charlotte Transit Update

Four firms have submitted applications to become the consultants to analyze building new rail lines in Charlotte. The consultation would involve a transportation study expected to begin in July and take 18 months. Budget for the consultation could be as high as $4.4 million, though cost estimates have not been finalized.

The study will analyze building new lines and how those lines will align with existing stops and stations. This is the latest development for the 20 year old campaign to develop the transit system. Busses remain the main thrust of the system, but as light rail is built out, it will take on more of the load.

The first of the lines they will be studying is a proposed 25-mile northern rail line from Uptown to Iredell County. This proposed Red Line would help ease congestion on I-77 especially for people who live in Lake Norman, Mooresville, and Davidson.

The second line in the study is a western route connecting Uptown to the airport and possibly going to the future master planned community River District. This line would be great for travellers of all sorts, business travellers and tourists most especially.

The third piece of the study will be how the new lines would be integrated into center city. This would include the already proposed 13.5-mile $2.5 billion Silver Line extending from Uptown along Independence Boulevard towards Matthews. It will also include the currently under construction 9 mile $1.2 billion Blue Line extension connecting Uptown with UNC Charlotte.

Much has changed since the original transit plan was adopted and there are now new buildings that need to be accounted for in the plan to connect new rail lines. This could mean tunnels to get lines in and out of Uptown like were recently built in Seattle.

Rail advocates propose building all three additional lines simultaneously for an estimated range of $5 to $7 billion. These numbers are rough and are subject to change. Building out the light rail so robustly would launch Charlotte ahead of many other mid-sized cities and help make it more of a destination that it is currently. Many leaders see these lines as necessary as the population in Charlotte is projected to double from 2.5 million to 5 million in the next 20-30 years.

Real estate along the existing corridors has increased in value tremendously after construction completed. If you are interested in purchasing a home in Charlotte and want to take advantage of existing or future rail lines, give us a call at (704) 525-4045. You can also view homes on our website here.

For more information, read the full article in the Charlotte Business Journal.

April Market Report

The Charlotte Regional Realtor Association released their monthly market report this week. Based on their findings, we are again facing historic low inventory and higher prices, but we are also seeing a dip in closed sales and in new listings from the same time last year.

Inventory for the entire region is now at 9,525 homes. This is up from last month’s 9,212, but substantially down from last year’s 11,919. The rise from last month is a typical trend, as spring goes on, more homes are listed.

Average sales price also rose year over year. Last year, the average price for a home was at $251,290. This year the average is a staggering $275,491. This is up $4,140 from last month’s average price of $271,351 and $38,269 up from this time in 2015.

Days on market time is down year over year as well. This means homes are staying on the market for a much shorter time before they are under contract. This speaks to the low inventory as homes are being snatched up almost as soon as they are listed. 96 days is now the norm from listing until a transaction is closed.

Pending sales are up from last year at this time. This means we could see a bump in closed sales next month. If we don’t start seeing more listing activity, there will be even more competition over the homes that do come up for sale. Buyers need to be prepared to pay higher prices and be prepared in case of multiple-offer situations.

If you are interested in purchasing a home in the Charlotte area, give us a call at (704) 525-4045 and let our experts guide you through every step in the process. You can also search for and view homes on our website here.

Tips for first time buyers

Are you a first time homebuyer? If so, you may have an unnecessarily long home search. Many first time buyers are looking for their forever home. This means that their eyes are sometimes bigger than their wallets. To help keep your home search as short as possible and get you into your dream home quicker, here are a few steps you can take:

  1. The first step to having the shortest home search is to be honest about how much home you can afford. There are plenty of home calculators online. Zillow.com just launched a new one and there is great one on Realtor.com. These can give you a rough idea of how much home is right for you. Affordability calculators take into account more than just the mortgage you can afford, good ones also look at your current debts such as car loans, student loans, monthly bills, and more. These costs, including the carrying costs of owning a home give you a much better picture of what you can afford.
  2. Find a lender and get pre-qualified for a loan. The lender will be able to give you a pre-qualification letter stating just how expensive of a home you can afford. They will use your financial data to come up with numbers personalized just for you. Armed with the pre-qualification letter, you are now ready to search for homes in your price range.
  3. Figure out which home features you need to have and which ones are only nice to have. If you can be real about which feature are musts for you, you will help yourself and your Realtor find your home faster. Maybe school district is the most important for you, maybe it’s a three car garage, or a pool, or a chef’s kitchen.

Once you are realistic about your home search, it should take the shortest time for you to find your next home. This might mean that your next home won’t be your forever home. Sometimes you need to build up equity in one home before you can get to the perfect dream home. If may mean changing your expectations a little bit first, but a starter home can be a great first investment. It can also be a great learning tool so you know everything it takes to own a home from mortgage to maintenance to upgrading.

If you are ready to search for your new home, give us a call at (704) 525-4045. You can also search listings on our website here.

Spotlight: Selwyn Park

Selwyn Park is a small neighborhood located where Park Road meets Seneca Place. It is just east of Madison Park and residents can walk to Park Selwyn Terrace shopping center. Homes here are small and affordable, perfect for a starter home, or for someone looking to downsize.

Built just after WWII, Selwyn Park was originally built for young families after the war. Homes here range between 1,000 and 1,500 square feet. Many of the homes have been updated, but many of them retain the original character of the 1940’s with hardwood floors, telephone nooks, wide baseboards and more. Most homes have three bedrooms and 1-2 bathrooms.  

Selwyn Park boasts an active neighborhood association which organizes a large block party each year. As it is a small neighborhood, most neighbors know each other so there is a great sense of community. It is not unusual to see a neighbor at Park Road Shopping Center, at a restaurant in Montford, or at nearby SouthPark Mall.

Marion Diehl Park is just across the creek with entrance from Tyvola Road. The park is a great place to gather for a playdate, or to get some fresh air and exercise after work. Further down Tyvola Road is Park Road Park, a larger park with even more outdoor activities. Also close by is Freedom Park with it’s amazing paved paths around the pond and access to the Little Sugar Creek Greenway.

All of these amazing features of Selwyn Park are great, but there is also Light Rail really close at Woodlawn and South Boulevard. This makes an Uptown commute a breeze. The light rail will also connect you with nightlife in SouthEnd Historic District, and shopping in Pineville. Look for future lines to connect North to the University, and East out to Matthews.

In the past year, homes in Selwyn Park have sold for between $150,200 and $360,000. If you’re up for some sweat equity, you can find a diamond in the rough here. Alternatively, you can find a fully updated home for a great affordable price.

If you are interested in learning more about Selwyn Park, give us a call at (704) 525-4045. You can also view listed homes in Selwyn Park on our website here.

School Boundaries can Dramatically Affect Home Prices

There are many factors people look at when purchasing a home. For families with young children, school districts are usually an important consideration. Based on home sale data, the Charlotte Agenda concluded that school districts can mean the difference in hundreds of  thousands of dollars for homeowners. This means that everyone needs to be aware of school zoning when they purchase, not just young families.

These invisible lines that separate districts are important boundary lines that can mean the difference between a high performing school and a low performing one. These lines can be quite arbitrary, or follow main travel corridors. The lines affect people’s perception of the value of a home. This can dramatically affect how much money people are willing to pay for a home, even a home just across the street from one they would pay substantially more for.

We here at The Angle always remind you to verify school assignments as they are subject to change. Some of the changes can happen if a new school is built. Other times the change can come about because of community involvement, persistence, and activism. Boundaries can also change due to political reasons.

It is illegal for a Realtor to steer a client towards or away from a certain neighborhood or school. We can show you homes in a particular area if you direct us, especially if you want to be located in a particular school district. Even if you have directed your Realtor to show you homes in a particular school district, it is still up to you as the consumer to verify the school assignment.

Homebuyers aren’t alone in preferring higher performing school districts. Builders often prefer them as well. Higher profit margins are usually available if they choose those districts. It makes good business sense to go with a sure thing than to improve in a lower performing district with an unknown profit margin.

Student Assignment Plans like the one recently passed in Charlotte are a way cities try and break up areas of poverty. Without entrenched districts, those areas of lower priced homes have a higher chance for rapid appreciation due to increased interest by developers and buyers.

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.

For the full document about Charlotte area school assignments, click here.

For more, read the full article in the Charlotte Agenda

New Project Coming to Elizabeth

After a long road and lots of resistance from the neighborhood, developer Faison expects to finally break ground on a new development in Elizabeth this summer. The timeline once ground is broken is about 18 to 20 months to completion. This would put an end date roughly between October 2018 and April 2019.

The mixed use development is expected to contain 60 apartments and 21,000 square feet of commercial space. There will be two buildings on the 1.7-acre site. There could be 5,300 square feet of restaurant space while the rest of the commercial space could be retail or office space.

Located at the corner of East Seventh Street and North Caswell Road, the new development is a short block away from Independence Park. There are many restaurants and businesses within walking distance. An Uptown commute is a quick trip down Seventh Street.

There have been a few different iterations of the project as the community has been vocal with what they need and want. The developer has stated that they are “gearing after more of an empty nester, older demographic”. There is a lot of history in the neighborhood and they are trying to be sensitive to that while providing for the community. They have worked closely with Elizabeth Community Association as they have honed the design.

The residential portion of the project should include 85% two-bedroom apartments, with the remainder split between one and three bedroom units. Units will average 1,300 square feet. Rents have not yet been set, but corner units and units with uptown views will command premium pricing. As they are targeting empty nesters, look for the developer to cater to people who have abundant disposable income.

As ground has still not broken yet, plans are subject to change. The zoning that was approved in July 2016 would allow for up to 100 apartments and 30,000 square feet of commercial space.

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

April Zoning Updates

City Council met last week for their monthly zoning meeting. There were a few projects that now officially have the green light. Also, one development needs to head back to the drawing board to address concerns from the council. Here are some of the projects we are most excited about:

  • CW Development was successful in their rezoning bid. As you might remember, this development was hotly contested last month due to a requirement about access to both Old Providence Road and Old Providence Lane. This requirement is a part of the city’s subdivision ordinance. Residents were concerned because of extra thru traffic, a sidewalk to nowhere and the razing of old growth trees. CW Development now has the go ahead to build 20 townhomes on the 4.1 acre site.
  • Selwyn Property Group is working on a redevelopment of a site on the East Side that will include up to 80,000 square feet of grocery-anchored retail. Located on Monroe Road, Idlewild Road, Independence Boulevard and Long Avenue, this development will service many Charlotteans. The Lynx Silver Line has a proposed line in the immediate area so it will not only be good for that area, but also for anyone who can reach it by Lynx light rail. Selwyn Property Group has been working hard with the community and city council to come up with the best possible plan for the area.
  • PulteGroup was sent back to the drawing board with their new development on Starmount Cove Lane. This 9.1-acre site near South Boulevard would potentially be home to 95 two-story townhouses. The location is great and would be about a half-mile from the Lynx Blue Line station at Arrowood. Council members expressed concerns about density, design, parking, and accessibility. Lack of open space was of major concern as well. PulteGroup will revamp their petition and present at a future zoning meeting seeking approval.

If you are interested in one of the above projects, or if you are interested in a home elsewhere in the Charlotte area, give us a call at (704) 525-4045. You can also create custom searches on our website here.