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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.

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Customize your dream home in Highclere

Get in while the getting’s good at Benchmark’s new Weddington community Highclere. This luxury gated community is in desirable Marvin Schools. With a price point starting at the $700’s and going up to the $800’s and only 45 lots on 56.8 acres, these homes are going fast.

Located right near the intersection of Providence Road and Rea Road, Highclere is perfectly positioned to be close to everything. A short drive will get you to I-485, shopping, dining, golf courses, Charlotte Douglas International Airport, Uptown Charlotte, and more.

Once you pass through the gates, you will find large lots surrounded by a dense wooded buffer. A model home is already built so you can tour inside. There are 6 floorplans to choose from, the Belmont, the Canterbury, the Churchill, the Inverness, the Remington and the Hanover. Each floorplan can be customized to meet your family’s needs.

Packages can include first floor owner’s suites, open concept designs, gourmet kitchens, outdoor living areas, bonus rooms, media rooms, and more. Plans have between 4 and 6 bedrooms, 3.5-5.5 bathrooms. Sunrooms, offices, second master suites, studies, tech rooms, and optional 6th bedrooms and 5th bathrooms can all be customized into your plan. Flexible plan options allow you to personalize the home to fit your lifestyle.

Additional options include quad slider doors, hardwood flooring, mouldings such as chair rail, crown moulding, custom benches for drop zones/mud rooms. Top of the line Electrolux appliances are another feature of homes in Highclere, as are tankless hot water heaters. Irrigations systems and hooded gutters are standard as well. All homes have a 3 car garage, some have the garage split.

A gentle nod to Downton Abbey can be seen in the names of the neighborhood and the streets. The grandeur of Highclere Castle is brought to these homes with high ceilings, and attention to detail. If you would like to tour the model home, call us at (704) 525-4045. We can help you through all steps of the new construction process including advice on which upgrades will get you the best resale value down the line. You can also view listings in Highclere on our website here.

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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.

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Quiet Luxury in Providence Retreat

If you’re looking for a quiet luxury community near the Arboretum, check out Providence Retreat. 47 homesites are tucked away just off Providence Road with completed homes and new construction homes available. Classica homes brings their award winning design to this new community. There are no through streets so privacy and quiet streets are paramount here.

Ten different home plans are available in Providence Retreat. Timeless architecture with European detailing is part of each of the ten plans. Cobblestone details, and flickering gas lanterns are just some of the details you’ll see from the outside. Most homes have either 2 or 3+ car garages. Outdoor living spaces are featured in each home, some with walkout basement spaces and upstairs screened in porches. Some plans even have walls of windows the can open to outdoor patios or seating areas bringing the outdoors inside.

Interiors of the homes include many flex spaces, sure to grow with your family. Sumptuous master suites have plenty of space for relaxation, especially in soaker bathtubs and oversized showers. Master suites can be in either the first or second floor, depending on the plan. Bedrooms in some plans even have entrance vestibules, inviting privacy and restfulness. Upstairs nooks can be used for study spaces, or play spaces. Some plans include his and hers offices. Most home here have 4-6 bedrooms, 3-5 bathrooms, and between 2,600 and 4,800 square feet.

Located just across the way from Charlotte Latin School, Providence Retreat is in a fabulous location. Shopping, dining, and entertainment are just 2-3 miles away at the Arboretum, Promenade at Providence, and Waverly. There are many country clubs, tennis clubs, golf clubs, swim centers, and recreation centers within 5 miles. SouthPark Mall is just 8 miles, Ballantyne is 6 miles, and Uptown Charlotte is 11 miles away. There is convenient access to Highway 51 and I-485 for easy trips anywhere else you might need to travel. Great schools are also available to residents, whether public or private.

Providence Retreat is perfectly poised in one of South Charlotte’s most desirable locations. Give us a call at (704) 525-4045 and we can take you through one of the model homes and help you navigate through the process of customizing your new home. You can also view listings on our website here.  

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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.

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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.

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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

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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.

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Spotlight: Bailiwyck

As summer approaches, many families will look to relocate before the next school year begins. If you have one of those families, look no further than Bailiwyck in Fort Mill, SC. This private neighborhood has 201 homes in a tight knit community with award winning Fort Mill schools, large homes, a park-like setting, and great access to the highway for an easy commute.

Bailiwyck was originally developed in the mid 1980’s, and mostly built out in the late 1990’s. Homes were custom built on larger lots in traditional style. Melbourne at Bailiwyck was built out in the 2000’s and still has at least one opportunity for a new construction build.

Located off I-77 between exits 88 and 90, Bailiwyck is just 15 minutes South of Charlotte, NC. Carowinds Amusement Park is really close as are many options for shopping, dining, fitness, outdoor recreation and more. Even with all of these places close at hand, Bailiwyck still feels secluded. Steele Creek runs through the neighborhood with lots of natural space.

Bailiwyck has many of the same amenities that newer planned communities have made popular. There is a clubhouse, swimming pool, kiddie pool, lighted tennis courts, playground, a 50 acre nature preserve, and three lakes with lakeside features like gazebos, docks and more.

Homes in Bailiwyck are grand in scale, but don’t feel over the top. Square footage is typically between 2,500 to over 5,000. Some homes have basements not included in the square footage numbers. Most homes have at least 4 bedrooms, large kitchens, ample storage, and many have lake access or lake views. Prices typically range between $275,000 and $455,000 with one home listed right now for $599,000.

Residents in Bailiwyck attend Springfield Elementary School, Springfield Middle School and Nation Ford High School. There are also many private school options nearby. Please verify school assignments as they are subject to change.

There has not been much turnover in Bailiwyck as people who settle here have no reason to leave. If you are looking for a home in Bailiwyck, give us a call at (704) 525-4045. You can also view homes in Bailiwyck on our website here.

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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.