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December Market Report

As the year comes to a close, we are once again looking at the trends in the real estate market. Based on the numbers from the Charlotte Regional Realtor Association home sales were up, but inventory remains depressed causing home prices to climb even higher. This data is collected from the Carolina Multiple Listing Services. The data is for any home sold using that service so it may not take into account homes sold by owner.

In November 3,485 homes sold in the Charlotte area. This is down from the 3,664 homes sold in October. Though it is up 2.9% over November of 2016. It remains to be seen if 2017 will be a better year in total than 2016, but experts are optimistic.

Inventory is down yet again as compared to 2016. 9,024 homes were on the market representing a 2.3 month supply. That’s 1,997 fewer homes than in November of last year representing a decline of 18.1%.

Median sales prices were up year over year by 6.4% rising from $210,000 to $223,375. Average sales price was up 4.8% from $258,619 to $270,957. These rising prices can make it harder for first time buyers to get into the market, but they are great for current sellers as they can expect higher sales prices. Sellers can expect homes to sell quicker as well with 96 days the average from list to close. This is 8 days shorter than homes were on the market in 2016.

Pending sales and new listings this month are encouraging. Pending sales were up from 3050 to 3487 which represents a rise of 14.3%. Listing activity was up 8.3% over last year with 3,707 new listings up from 3,424 last year. If this trend continues, we may see relief from the chronically low inventory. This means that there is a chance for the market to begin to be more balanced between buyers and sellers.

If you are in the market to buy or sell a home in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

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Spotlight: Kristen Lake

If you are interested in a lakefront home without the noise and busyness of Lake Wylie or Lake Norman, Kristen Lake might be more your speed. This small infill neighborhood is currently under construction in South Charlotte by builder Peachtree Residential. There are only 9 homes in this 4.2 acre enclave of luxury homes with a small picturesque lake.

Homes in Kristen Lake have rich architectural details reminiscent of the Georgian style. Homes are grand in scale ranging from 3,200 to almost 5,000 square feet of living space. Many of the homes have lake frontage and there are options for finished basement living areas for walk-out lakefront orientation. Homes have front and side-entry garages, many with three car garages.

Homes hare are two story with 4 or 5 bedrooms and 3.5-5 bathrooms. Three homes are already built included a finished and furnished model home. The remaining 6 lots allow you to customize and truly create the home that is right for you and your family. There are seven floor plans to choose from. These allow you an almost endless list of ways to truly make the space your own. Prices start in the $700,000’s and can go higher if you add finished basement spaces and additional bedrooms.

Even though Kristen Lake is a small neighborhood, the builders have made sure it will have fantastic details making it rival larger neighborhoods. There is an emphasis on pedestrians and this theme is seen in the home elevations, gas lanterns, brick pavers, porches, trellises, brick walls and landscaping. Kristen Lake compels you to walk around, visit with your neighbors and enjoy being outside.

Located at the intersection of Providence Road and Lakeside Drive, Kristen Lake is currently zoned for award winning schools. Children currently attend Providence Springs Elementary, Crestdale Middle, and Providence High Schools. Charlotte Latin and Carmel Christian are close by if you are interested in private schools.

The location of Kristen Lake is also great for easy access to Uptown Charlotte, Myers Park, the Arboretum, SouthPark, I-485, and Ballantyne. This means a commute will be no trouble. You are also poised to enjoy fine dining, entertainment, fitness, outdoor recreation and more.

If you are interested in being one of the few families to get in on Kristen Lake, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

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Kenwood Sharon Lane Luxury Residences Coming to Foxcroft

Foxcroft has long been an exclusive SouthPark neighborhood. There are limited opportunities to buy into one of these luxury homes, but there are about to be 10 more chances. Developer Jim Gross Co. is developing 10 lots to be known as Kenwood Sharon Lane. This enclave community will break ground soon and early buyers will be able to customize their homes.

After a prolonged and controversial rezoning case, the site on a cul-de-sac on Sharon Lane is ready for building. Estimated completion date will be late in 2018. The original rezoning petition was for attached homes on the site to be built by Simonini Homes and Saratoga Asset Management. After vehement opposition from nearby residents, Charlotte City Council voted against the project in March of 2017.

Builder Jim Gross Co. has now taken over the project and they plan to build 10 single-family homes on the property. Homes in Kenwood Sharon Lane will be two story with 3,917 to 4,619 square feet. There will be options for up to 5 bedrooms and 4.5 bathrooms and first floor master suites will be in all homes. Prices for the homes will range from about $1.5 million to just under $1.8 million.

Jim Gross Co. has recently completed two other Kenwood projects. The first in on Selwyn Avenue in Myers Park and the second off Providence Road in Eastover. They are currently building the Opus Myers Park condominiums near Queens University. These luxury communities have sold out quickly attesting to the need for more of their kind.

Homes in Kenwood Sharon Lane will have all of the luxury features we have come to expect from Jim Gross Co. Don Duffy architecture and Thomasson construction are working in partnership on the project. There will be custom finishes, multiple fireplaces, “smart” wiring, optional elevator, attached rear-load two-car garages, gourmet kitchens, hardwood floors, and much more.

If you are interested in being one of the few families to get in on Kenwood Sharon Lane, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

 

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Spotlight: Fox Ridge

If you love new construction, but hate to wait until a home is finished, Fox Ridge is the place for you. This neighborhood was started by Ryland Homes and was just finished out by True Homes. There are great amenities, fantastic location and best of all, no construction vehicles left.

Fox Ridge is located on Possum Hollow Road just off Highway 160 in Indian Land. This puts you just minutes away from Fort Mill as well as dining, shopping and activities in Ballantyne. Close highway access makes it easy if you have an Uptown commute or need to head to Charlotte Douglas International Airport.

Fox Ridge features a swimming pool with clubhouse and sidewalks on all streets making the neighborhood walkable and friendly. Lots are all right around a third of an acre so you have just enough yard to make a statement, but not too much to take care of.

Homes in Fox Ridge are on the larger side with most around 3,000 square feet. This leaves plenty of room for entertaining, home offices, gourmet kitchens, owner’s suites, and much more. Most homes have mud rooms, butler’s pantries, large laundry rooms and ample storage. Many homes have outdoor living areas, but all have room to add outdoor living areas so you can enjoy the outdoors all year. Most homes have at least 4 bedrooms and 2.5-3 bathrooms. Many of the homes have craftsman style details with wood and stone accents. Homes have either a 2 or 3 car garage.

Fox Ridge is currently zoned for fantastic Lancaster County schools. These include Harrisburg Elementary, Indian Land Middle, and Indian Land High Schools. Please verify school assignments as they are subject to change.

In the past year, homes in Fox Ridge have sold for between $297,000 and $437,492. This is a great value for a larger home with the average price per square foot at below $120.

If you are looking for a new home without the hassle, look no further than Fox Ridge. With low South Carolina taxes, great schools, and an unbeatable location, let us help you make Fox Ridge your new home. Give us a call at (704) 525-4045 to schedule a tour through a home in Fox Ridge or any other neighborhood in the area. You can also view current listings and create custom searches on our website here.

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McClintock Corners Coming to Commonwealth Morningside

New condominiums and townhomes are coming to the Commonwealth Morningside area next year. There will be 12 condos and 21 townhomes when the project is completed. There will be plenty of options to make these homes perfect for your lifestyle. They are in a great walkable area, perfect for urban professionals, empty nesters or small families.

Commonwealth Morningside has slowly been gaining projects to fill in where the Morningside Apartments used to be. There are many cute single family homes here, but there is increasing density as demand grows for this quirky area. Plaza Midwood has gotten expensive and Commonwealth Morningside is a great alternative.

Located between Nandina and St. Julien along McClintock road, McClintock Corners is in a great position. Commuting to a job in Uptown or SouthPark is a breeze. Harris Teeter is a quick walk away, as are many restaurants, nightlife, quirky shops and more. Veteran’s Park is just around the corner offering green space, walking, sports, and a great playground.

Local real estate services company The Drakeford Company is developing the project. They have been working for more than 30 years on multi-family and urban housing, development, land assembly, and real estate finance. They already have a great project in the area, Plaza-Vu (pictured above) which was built in 2008.

The Drakeford Company will begin building the condo portion of McClintock Corners in the spring. The Townhome portion of the project will follow after. The condos will have two and three bedroom options. First floor units will range in size from 1,145 to 1,175 square feet. Second floor units will range from 1,580 to 1,610 square feet. Two bedroom units will start at $360,000 while three bedroom units will start at $460,000.

The townhomes in McClintock Corners will have three stories and will have two bedroom units at around 1,750 square feet and three bedroom units around 1,950 square feet. Prices should start in the low $500,000 range.

If you are interested in a home in McClintock Corners or another project in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

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Discovery Place Renovation in the Works

Charlotte City Council is going to be renovating for Discovery Place Science Museum. This renovation was just approved with New York based Diller Scofidio + Renfro and local firm Jenkins-Peer Architects taking on the task. The $700,000 master plan will overhaul the museum with a timeline expected to take about 18 months.

Discovery Place was first opened in 1981 and has been delighting children and adults alike since they first opened the doors. They are leaders in STEM education for adults and children. The museum has outreach programs, classes, workshops and more. They cater to individuals, families, groups, field trips and even rent out the museum for special events.

The main location is the one up for the renovation. There are three other partner museums that are a part of Discovery Place. Discovery Place Nature, Discovery Place Kids Rockingham and Discovery Place Kids Huntersville round out the museum quartet.

Located at Sixth and Tryon Streets, Discovery Place just underwent a massive $31.6 million renovation in 2010. That renovation left the buildings in a confused state with multiple elevators and lobbies that don’t connect. The building is not very inviting and is running out of space.

The city has selected New York-based Diller Scofidio + Renfro to serve as design architect. They will partner with Charlotte firm Jenkins•Peer Architects who will act as architect of record. Together the firms will oversee a team that will create a master plan and conceptual design to imagine the future of one of the Carolinas’ premiere cultural attractions.

The plan and design will include solutions to keep the facility financially sound and determine a budget for a major overhaul of the building. They will re-vamp the main entrance to make the space more inviting and help with curb appeal. The renovation is part of the North Tryon Vision Plan meant to revitalize North Tryon Street.

There will be workshops and forums for the community and key stakeholders to have dialogue about what we need in the new space. Trends and models will be analyzed and future needs and opportunities will be planned for. Discovery Place will continue to be one of the top museums in the country for STEM education.

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

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Ryan Homes Developing Townes of Oakhurst

Builder Ryan Homes is planning a new townhome community in Oakhurst. This 120 unit development is just four miles from Uptown Charlotte, conveniently located off Monroe Road. Named the Townes of Oakhurst, the project is similar to Bryant Park Townhomes on Charlotte’s west end. They will also be similar to City Park townhomes at the site of the old Charlotte Coliseum.

Homes in Townes of Oakhurst are three stories tall with 3 bedrooms and 2.5 bathrooms. All units have 2 car garages. Square footage will range from 1,900 to 2,300 with pricing starting in the $290,000’s. The homes will feature 10 year structural warranties and a BuildSmart program to save on energy costs.

Floorplans are currently in the works for these homes, but will probably include open kitchens, spa-like bathrooms, owner’s suites, flex-space, and plenty of storage. Designs will be available soon and will have some room for customization to make a new home work for you and your family.

These low-maintenance homes are the best value in the area and will soon have walkable retail at Oakhurst Square. There are also many shopping, dining, and entertainment options on Monroe Road. Common Market is just across the road and Oakhurst Grill and Oakhurst Market are close by. Plaza Midwood is nearby with quirky shopping, fantastic dining, and nightlife.

A quick Uber will get you to Ovens Auditorium & Bojangles Coliseum. You can also head into Uptown Charlotte for a work commute or for a night on the town.

From Townes of Oakhurst, it is just a few minutes to I-77 and I-485 which will give you access to Lake Norman, Lake Wylie, and every point in between. A quick drive will have you at SouthPark for world class dining, shopping and entertainment.

Ryan Homes is currently taking pre-orders on Townes of Oakhurst. If you are interested in learning more about this community or in making a pre-order purchase, give us a call at (704) 525-4045. You can also view current townhome listings and create custom searches on our website here.

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Spotlight: Lawson

Waxhaw is home to many new neighborhoods, but Lawson is truly one of the gems. This stunning neighborhood was established in 2006 and centers around a magnificent 150 year old oak tree known as the “Heritage Oak”. Over a third of the neighborhood is devoted to common lands including miles of walking trails connecting the villages and amenities to each other. Named after naturalist John Lawson, many of the street names are inspired by his “A New Voyage to Carolina” written in 1709.

Lawson is comprised of 558 acres of homes, amenities, and natural lands. The amazing Mill House Amenity Center is a neighborhood focal point. Fitness centers, pools with waterslides, ponds, tennis courts and nature trails are also places for community gatherings. There are many pocket parks along the scenic nature trails that wind throughout the property.

There are many existing homes in Lawson as well as two active builders offering new construction homes. They offer a wide range of homes at various price points.

Lennar has homes with a starting range from $314,990 – $389,240. These homes have square footages ranging from 2,475 to 3,489 and include 3-4 bedrooms and 2.5-3.5 bathrooms. You will have your choice of a two or three car garage in homes with 9 basic floor plans. You can customize the homes to meet your family’s unique needs.

If you want a larger more luxurious home, Mattamy has upscale selections starting in the upper $500,000’s. These homes are much grander in scale, from 3,609 to 5,000+ square feet. 4 or 5 bedrooms and 3.5-4.5 bathrooms with many flex areas are within these elegant homes. Flexible design options offer guest suites, home offices and abundant storage. There are five floorplans to choose from with hundreds of ways to customize to fit your lifestyle.

Located just off Providence Road at Cuthbertson Road, Lawson is in a wonderful spot. There is highway access nearby, but you are far enough away from everything for you home to truly be a retreat. Lawson is also in desirable Union County with lower taxes and top rated schools.

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

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Low Inventory Woes Cause Slow Market

For many months in a row, the Charlotte real estate market has been left with a lack of inventory. This shortage has caused many home buying woes for buyers and is leaving sellers worried as they become buyers. Charlotte was just named a hot housing market for 2018 by Realtor.com which will likely increase concerns and competition for homes. This can cause buyers and sellers to feel like they are stuck in their current homes with no way to move on and up to a new home.

This situation is not unique. Many markets around the country should be booming in this current economy, but with such low supply, sellers are reluctant to sell because they can’t find comparable homes in their price range. This leads to the vicious cycle that is keeping inventory low. Americans are spending longer than ever in their homes. The median length of time homeowners are staying in their homes has risen to 10 years. This is well above the six to eight years which was the historical average before the housing crash.

Prices are also on the rise, in fact it was just reported by S&P CoreLogic Case-Shiller index that home prices in Charlotte were up 6.2% for the year. This puts a pinch on first-time buyers and puts home ownership out of reach for many who have student debt. The percentage of first-time home buyers is near an all time low at 34%.

It appears to be a toxic combination. There are fewer homes on the market, people taking longer to move, rising prices, and higher student loan debt. The obvious solution is for builders to build more homes, but builders are not back to the pace of building from before the recession. Last year there were less than 4,000 single-family building permits issued. This is less than half the number issued in 2006.

It remains to be seen when the market will begin to correct itself. Either prices will need to come down or supply must go up because the demand is there.

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

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SouthRidge Coming Soon To Ballantyne

More new homes are coming to Ballantyne. The new neighborhood called SouthRidge is coming to North Community House Road. The development will include 27 single-family homes and 60 townhouses. Prices will start in the $400,000 range. This great location is next to Ballantyne Country Club, a great place to live if you’re a member or would like to become one.

SouthRidge will also include paired villas. This trend of upscale duplexes seems to be catching on in the Charlotte area. First seen in Dilworth, these luxury homes come have all of the convenience of townhomes, with low maintenance exteriors, and are individually owned. They do share walls, but since they are luxury homes, they have great soundproofing between units, and have as much space as a single family home and contain features like open floor-plans, spa-like bathrooms, and spacious owner’s suites.

Pre-sales for homes in SouthRidge will begin in June. Homes are expected to range from 2,900 to 3,900 square feet. Homebuilder David Weekley is responsible for the project and floor plans will be similar to the ones offered in Waverly.

David Weekley is also building at Greenway Village in Ballantyne so they are becoming a larger presence in the South Charlotte community. This continues more than 40 years of experience for David Weekley so you know you are getting great quality, design, and service.

This great Ballantyne location is close to many different shopping destinations. Ballantyne Village, Toringdon, StoneCrest at Piper Glen and Blakeney are all close by. The Morrison Family YMCA is also close by, a great place for family fitness and community events. A commute to Uptown Charlotte is convenient from I-485. There is also close proximity to Ballantyne Corporate so SouthRidge would be a great choice for anyone who works there so they have a short commute.

If you are interested in SouthRidge or any other development in the area, give us a call at (704) 525-4045. You can also view current listings on our website here.