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New Homes Announced at Rea Farms

Adding to the development projects reshaping the corridor of Providence Road near I-485, Rea Farms is expected to add another 250 townhomes and single-family homes. The 194 acre project is situated on Providence Road at Ardrey Kell Road. These newest homes will be built by CalAtlantic, a builder no stranger to the Charlotte area as they have already built 30+ communities here.

The Charlotte Business Journal reported that “When built out, Rea Farms will include up to 650,000 square feet of office space, 250,000 square feet of retail, 500 multifamily units, a fitness facility, a day-care facility and a magnet school.” They went on to say “CalAtlantic is the latest player to join Rea Farms, which is being developed on the site of the former Charlotte Golf Links course. Life Time Fitness Inc. and the Charlotte-Mecklenburg Board of Education each purchased land earlier this year to build a fitness facility and a science, technology, engineering, arts and math K-8 magnet school, respectively.”

This comes as great news for homeowners already living in the area as there will be more retail, office, and fitness options nearby. There may be some additional traffic from all of the new homes, there is time to get used to the idea as ground should not be broken on this most recent section until 2017 or early 2018.

This master planned community should have something for every type of home buyer as there will be townhomes, single-family homes, and multi-family. There should also be community amenities to entertain all ages of residents.

If you or someone you know is interested in living in or near Rea Farms, please contact our Realtors.

To read the entire Business Journal article, click here.

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House Flipping 101

We’ve all seen the shows on HGTV showing couples buying homes, fixing them up to look completely amazing, then selling them for a ridiculous profit. But, realistically, there could be hollywood magic involved where they either go over budget, or the timeline is not what is portrayed.

So, how do you do it and avoid the pitfalls that could sink your whole project? First, it helps to be in the Charlotte area. The queen city came in at #47 out of the top cities to flip houses based on a report by WalletHub. This means that there is plenty of opportunity here in town to purchase a home below market value so you have a better chance to make money on a flip.

Second, it really helps that interest rates are really low right now. You can save a lot of money on carrying costs on holding a property right now.

Third, it is invaluable to have a good team. You need a Realtor, a General Contractor, and maybe some subcontractors on your team. This can help you to save money, but you either need to do all of these jobs yourself, or plan to split your profits with your team.

When you choose a project, make sure it is a home that needs only cosmetic fixing. If you start changing a floorplan or getting into major plumbing or electrical jobs, you are going to be paying big money.

Be choosy when looking for a home and make sure it is in a desireable location as that will help tremendously when it comes time to sell the home. Consider staging the home for a final sale as most buyers have a hard time imagining how their stuff will fit into the home. Staging is a way to help buyers imagine a lifestyle.

Finally, a word of caution. Flipping isn’t for everyone, you need a tolerance for risk if you are going to see the biggest payoff. If that’s not your style, there are plenty of homes that have been fixed up wonderfully that our Realtors would love to help you purchase.

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English Trails: A great buy in South Carolina

South Carolina is having a tax holiday this weekend, which is a great way to save on all types of school supplies, clothing, shoes, and electronics. For the full list of tax-free or tax-discounted items, click here. If you want to continue the savings, why not check out a home in South Carolina for lower property taxes. You can get more home for your money if your monthly tax payment is lower and there are great schools to boot. It’s not too late to get in on one of these homes before the school year starts.

One neighborhood you should check out if you are thinking about South Carolina is English Trails. Homes in English Trails have open floor plans and lots of storage. There is a wide variety of lot sizes to suit your needs. Some have small, easy to maintain yards, while others on the cul-de-sacs have yards as large as an acre so you have plenty of space.

Homes here also have between 3 and 5 bedrooms to accommodate any size family, or to provide home offices if that’s what you need. Closets are generous and kitchens have lots of cabinet space and plenty of counters for prep or entertaining. Many homes have decks, patios, or other outdoor living space to take advantage of the fantastic weather. Some homes even have basements for additional living space like a basement apartment or media room or just a man cave.

Most homes in English Trails average between 2,500 and 3,500 square feet and over the last year have sold for between $200,000 and $280,000. With the Federal Reserve deciding not to raise interest rates again, this is a great time to lock in on a lower cost mortgage too.

English Trails is currently zoned for Springfield Elementary School, Springfield Middle School and Nation Ford High School. Please note that school assignments do change sometimes so be sure to check with the school district to be sure of the assignments.

As of August 4th, there are three homes on the market in English Trails. Two of the homes are under contract. They range in price from $264,900 for a 3 bedroom, 2 full-bath, 1 half bath with 2,605 square feet and .17 acres to $319,500 for a 4 bedroom, 3 full bath home with 3,426 square feet and .93 acre lot.

If you would like to learn more about this or any other neighborhood, please contact our Realtors.

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Check out Amberleigh

If you’re looking for a small tight-knit community in South Charlotte near Ballantyne, look no further that Amberleigh. Built in the late 1990’s and early 2000’s by St. Lawrence and Zaring Homes, Amberleigh has around 100 homes. The homes have mature lots between a third to three quarters of an acre. Building materials are either full or partial brick homes. The whole neighborhood has a park-like feel with some homes having private wooded back-yards.

Homes in Amberleigh average between 2500 to 3500 square feet with 4 or 5 bedrooms and attached garages, some with side-entry. Some even have master on the main floor. Floor plans are open and roomy with plenty of storage.

Amberleigh is currently zoned for fantastic schools: Elon Park Elementary School, Community House Middle School, and Ardrey Kell High School. Please note that school assignments occasionally change.

Located near the intersection of Johnston Road at Providence Road West, Amberleigh is close to shopping, restaurants, and right around the corner from the Morrison YMCA. Shopping is as close as Blakeney, Ballantyne Village, or Carolina Place Mall. Uptown Charlotte is about a half-hour drive without traffic. Charlotte Douglas International Airport is just 25 minutes away without traffic.

In the past year, homes in Amberleigh have sold for between $356,000 and $445,000. As of August 3rd, there are 2 homes on the market in Amberleigh. The first is a 5 bedroom, 3 full bath, 1 half bath home with 3,506 square feet on .43 acres with a pool under contract with a list price of $450,000. The other home is a 5 bedroom, 4 full bath with 3,608 square feet on .38 acres listed for $459,900.

If you or someone you know is interested in a home in Amberleigh, contact one of our Realtors at 704-525-4045.

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Spotlight: Wilmore

Wilmore is fast becoming one of Charlotte’s up-and-coming neighborhoods. It is right next to Uptown, with charming bungalows. Homes here are still affordable so it is a great place to get in on before the market really takes off. Wilmore is walking distance to the Charlotte Lynx light rail so you don’t even need to worry about parking in Uptown. Most streets even have an Uptown view.

Located in just to the South and West of Uptown, Wilmore is bounded by I-77, Summit Avenue, Camden Road and Tremont Avenue. Also included is a small section to the West of I-77 including Revolution Park at Berringer and Remount Road. Being just North of SouthEnd makes Wilmore even more attractive as you are close to lots of great restaurants, breweries, and shopping.

Wilmore is the third most popular destination for renters in the Charlotte area per Zumper.com. This makes a great case for a home in Wilmore as an investment property too. With homes still available in the $100’s, you could get in on a great opportunity for an income stream, or to create your dream home as you remodel a home.

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Wilmore has all the charm and character of Dilworth, but with a much more easily attainable entry price point. These homes, with a smaller footprint that Dilworth, are available nicely remodeled in the mid-$200’s.

In the past year, homes in Wilmore have sold for between $118,000 and $532,500. This shows a great range between untouched homes and fully remodeled and expanded homes. New construction homes are also available. As of August 3rd, there are 10 homes currently on the market in Wilmore. They range from $120,000 for a 3 bedroom, 1 bathroom home with 1,180 square feet to $624,900 for a 5 bedroom, 3 full-bath, 2 half-bath home with 3,356 square feet.

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Spotlight: Fair Oaks

Fair Oaks is a small community built by Ryan Homes between 2007 and 2009 just across the border in South Carolina. This means lower South Carolina Taxes, while being close to everything in both North and South Carolina. Situated between Hamilton Green and Pleasant Glen off Hamilton Road, Fair Oaks is convenient to I-77, Carowinds, and a quick commute to Uptown Charlotte.

Fair Oaks consists of 9 streets with around 200 homes. It is a close knit community with a homeowners’ association. Fees are reasonable and cover maintenance on the pool, walking trails and recreation area.

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Homes in Fair Oaks are mostly brick or stone faced with vinyl siding on the other three sides for easy maintenance. Most have large master bathrooms with separate showers and garden tubs. Homes here also usually have fenced yards and decks for easy entertaining. Garages are also large with enough room for 2 or 3 cars and lawn equipment or workshops inside.

Homes in Fair Oaks are currently zoned for Springfield Elementary School, Springfield Middle School and Nation Ford High School. Please note that school assignments are occasionally subject to change.

Living in Fair Oaks you are never more than a quick trip away from your local grocery store, shopping, restaurants, fitness centers, movies, and Lake Wylie. You could also do park and ride for a quick train trip via Lynx to Uptown Charlotte.

In the past year, homes in Fair Oaks have sold for between $270,300 and $389,000 with the average sold price coming in at $313,356. As of July 31st, there are two homes on the market in Fair Oaks. The first is a 4 bedroom, 2 full-bath, 1 half-bath home with 2,256 square feet listed for $265,000. This home was under contract at the time of this post. The second home is a 6 bedroom, 5 full-bath home with 4,838 square feet listed for $385,000. These homes are a great value in an area experiencing rapid growth.

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Revitalization and Return to History in 2nd Ward

Revitalization and a return to history are what drive a new initiative by BK Partners to develop a historic site in the 2nd Ward in Uptown Charlotte. The site, 17 acres located where the Government Center now stands, was destroyed in the 60’s during a nationwide push for “urban renewal”. Historically, Brooklyn was one of Charlotte’s oldest black neighborhoods including homes, churches and businesses.

BK Partners said it will spend $683.3 million to develop the project including offices, retail space, apartments, park space and 280 hotel rooms. They plan for three phases of development, split into two parts.

Part 1 is 500,000 square feet of office space, retail, apartments and a hotel with 150 rooms. Brooklyn Village South as it will be called will be located south of Stonewall Street across from the Mecklenburg Aquatic Center.

Part 2 is a mix of apartments, retail, offices, another hotel with 130 rooms, and park space. Brooklyn Village North will be located between Martin Luther King Jr. Boulevard and Third Street mostly covering the site of Marshall Park.

BK Partners has committed to developing the property to include affordable housing and will use 35 percent minority or women-owned businesses to build the project. They have also committed to develop entrepreneurship and workforce training programs for minority youth.

There should be 6 months to a year of planning to make sure that the community is in agreement with the details of the plan. Community leaders and the public will help come to a consensus and the next chance for you to get in on the action is at a town hall meeting on August 4th.

If you care about the 2nd ward or want to stay on top of the action so you can get in on this historic project, contact us at (704) 525-4045.

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Check out Ardrey Crest

Right between Ballantyne and Blakeney in South Charlotte is a gem of a neighborhood called Ardrey Crest. A quiet tight-knit community, Ardrey Crest offers an escape from the fast pace of everyday life. With under 200 single-family homes, getting to know your neighbors is easy.

Ardrey Crest homes include wood-frame, craftsmen-style traditionals and two-story brick colonials. There are many different floor plans, but all have front porches for socializing with neighbors. Some have rear-entry attached garages, and some have more traditional front-entry attached garages.

Features of the neighborhood include pool with cabana, clubhouse, walking trails, bocce ball court, labyrinth park, playground, community fire pit, and nature trails.

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Excellent Schools are all within a mile of walking, cycling or driving including Elon Park Elementary School, Community House Middle School, and Ardrey Kell High School.

Situated just off Wade Ardrey Road, near the intersection of Marvin Road, Ardrey Chase is right down the road from Blakeney Shopping Center. Blakeney Shopping Center has everything you might need from national chains like Target, to small boutiques. Dining options abound nearby as well.

Ardrey Crest might be pretty far from Uptown Charlotte, but highway access to I-485 is close by, and Lynx Light Rail is also close for an easy commute.

In the last year, homes in Ardrey Crest have sold for between $338,000 and $398,900 with an average sold price of $365,704. As of July 28th, there are 4 homes on the market in Ardrey Crest with three under contract. These homes are listed for between $349,900 for a 4 bedroom, 2 full- bath, 1 half-bath home with 2,672 square feet and $439,900 for a 5 bedroom, 4 full-bath home with 4,250 square feet.

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Spotlight: Carmel Crescent

If you are looking for a luxury home with a fabulous location, look no further than Carmel Crescent. Located on the Southeast corner of Colony Road and Carmel Road, Carmel Crescent is a medium sized neighborhood just a quick drive to everything you need. Just 13 streets comprise this quaint village with parks between the streets like private gardens. These all brick homes have rear entry 2 car garages and each home overlooks park like green space.

The Homeowners Association maintains all of the common area as well as the front and side yards. This makes it easy for you to maintain the backyard garden area. Homes also feature generous back porches great for lounging and enjoying the gardens. Homeowners dues are a little bit higher than normal due to the maintenance of yards.

Homes in Carmel Crescent were built in the mid 90’s and are are two story, most with at least 3 bedrooms and at least 2 full bathrooms and a half bathroom. Some have masters on the main level. Homes average around 3,000+ square feet of living space.

Carmel Crescent is currently zoned for award winning Sharon Elementary School, Carmel Middle School and Myers Park High School. Please note that occasionally school assignments are subject to change.

Just 2.5 miles away is SouthPark Mall with world class shopping, dining, and concerts in the park. Also close by are Phillips Place and the Harris YMCA. Uptown Charlotte is just 20 minutes away and the airport is just 25 minutes.

In the last year, homes in Carmel Crescent have sold for between $650,000 and $830,000 with the average sold price of $749,200. As of July 24th, there is one home on the market listed for $659,000. It is a 3 bedroom, 2 full bath, 1 half bath home with 2,809 square feet.

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June 2016 Market Statistics

Last week, the Charlotte Regional Realtor Association released the market statistics for the month of June. Comparing year over year, 2016 continues to be a good year for real estate in the Charlotte area.

In the City of Charlotte, new listings were up 8.1% over last year and closed sales year to date were up 2.6%. Inventory of homes was down 31.6% from last June showing that the sellers market trend is continuing to hold. Homes were also on the market for fewer days before being sold, down 32.7% from last year from 52 days to 35 days.

In Fort Mill, SC average sales price for a home was up 9.8% from last year from $306,183 to $336,179. Sellers in Fort Mill are getting an average of 97.7% of list price when they sell. There are also 17.5% more new listings on the market this year over last year.

Uptown Charlotte saw increases in new listings, and pending sales, but had a 22% reduction in the number of pending sales from last year at the same time. Year to date, the pending sales were up 18.9%. Uptown is also a strong sellers market right now as there is only 2.5 months supply of inventory, a reduction of 45.7% from the same time last year.

York County, SC is having a great month with a 13.4% increase in new listings, reduction of inventory of 28.9%, and increase in average sales price of 7.2% from $252,715 to $270,908. Year to date, median sales price is up $20,000 from last year with homes on the market 22.6% less time from 84 days to 65 days from list to sale.

It is still a great time to buy a home with interest rates continuing to be low. It is also a great time to sell as there is less inventory on the market, but buyer demand appears to remain strong.