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Custom New Construction in Wendover Hill

There’s a new exclusive neighborhood coming soon to the Cotswold/Myers Park area of South Charlotte. Wendover Hill has amazing custom homes that are grand in scale, yet on a private cul-de-sac less than ten minutes from Uptown Charlotte, five minutes from SouthPark, and two blocks from Cotswold. Currently there are three opportunities to own homes here, one almost completed and two still with plenty of opportunity to customize before completion.

Custom boutique builder/Architect Jain Design LLC is responsible for the project at Wendover Hill. They bring more than 20 years of experience and LEED accredited building expertise. They work in conjunction with leading Charlotte interior designers to make these spaces truly luxurious.

Each home in Wendover Hill has at least 3,000 thoughtfully designed square feet of living space. Open floor plans feature plentiful windows for natural light. Main floors feature 10 foot ceilings and wooden beam accents. Custom furniture-style cabinetry, custom moldings, and site-finished hardwood floors are just a few of the details you can expect in a home in Wendover Hill. Luxurious bathrooms with spa showers, soaking tubs and custom tile work are to be expected as well. Outdoor spaces are high on the list of perks with screened porch areas with fireplaces and gas lamp details. Some plans have fully finished basements. There is community open space as well making yards feel larger and more open. Current prices start in the high $700’s.

The homes and the location are just a few of the features to love in Wendover Hill. Amazing schools are zoned for the neighborhood as well. Children here will attend Cotswold Elementary, Alexander Graham Middle, and coveted Myers Park High Schools. Please verify the school assignments as they are subject to change. There are also many private school options nearby.

If you are interested in learning more about Wendover Hill or touring one of these amazing properties, give us a call at (704) 525-4045. You can view current listing and create custom searches on our website here.

 

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Year End Market Wrap-Up

The end of year numbers are in from the Charlotte Regional Realtor Association. The report, which is based on numbers from the Carolina Multiple Listing Services data, shows that the Charlotte market is left with just a 2 month supply of homes for sale. This trend has been going all year with a steady decline as people are reluctant to put homes for sale when there is not enough choice for a next home. This leaves the market chronically low. At the end of 2015 we had 3.4 months supply, 2016 ended with 2.6 months supply.

A balanced market between buyers and sellers is considered to be when there is a 6 month supply of homes for sale. Charlotte’s 2 month supply is well below that and also below the 4.6 month supply across the nation.

Somehow, even with the lack of supply, sales were up year over year. In 2016 there were 44,734 sales and 2017 saw 47,353 sales. This is a rise of 5.9% year over year. There were fewer closings this December than the previous year, 8.4% fewer. There was a 17.3% rise in pending sales in December which leads us to believe that January will be strong.

Prices are on the rise as well, median sales price was up to $226,000, a rise of 9.2% over last year. Average price was up 5.8% to end the year at $272,900.

Homes are staying on the market for a shorter time as well. In 2017 they spent an average of 45 days on the market before a sale. This means that competition for homes is more fierce than ever with homes selling quickly and for higher prices and with lack of supply. This leaves buyers in a situation where they need to be able to act quickly and decisively if they want to get the home of their dreams before someone else buys it.

In fact, in a report from Zillow, 27% of homes in Charlotte have sold for more than their asking price. This is up from 9.4% in 2012. This means that sellers have walked away with an average of an extra $5,000. This is great for sellers, but will leave buyers in a position where they have to be more aggressive than ever to get what they want.

We can help you with that. Give us a call at (704) 525-4045 and we can help get you into the home of your dreams. You can also view homes and create custom searches on our website here.

 

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Spotlight: The Park At Sharon

There aren’t many opportunities left to purchase a new construction home in the SouthPark area. The Park At Sharon is one of the rare places that you can. There are two opportunities left to be an original owner of one of these stunning homes. Just over three miles from SouthPark Mall, The Park At Sharon is just a quick drive away from world class dining, shopping, and entertainment.

The neighborhood has a total of 11 homes, with the last two currently under construction. Homes in The Park At Sharon are grand with many totaling over 5,000 heated square feet. Some have finished basements which add extra space for media rooms, home gyms, teenager suites and more. Most have master suites on the first floor, and all have large open gourmet kitchens.

There were a few different builders onsite in The Park At Sharon. Custom builder LaVista Builders out of Cornelius is responsible for one of the remaining homes. The other home is by Landis Reed Homes also out of Cornelius. These builders have provided amazing homes with all of the bells and whistles to provide you and your family the space, flexibility, style, and comfort of an in-town luxury home.

Children in The Park At Sharon currently attend Huntingtowne Farms Elementary School, Carmel Middle School, and South Mecklenburg High School. There are many private school options close by. There are also preschools, daycare providers, mother’s day out programs, and after school programs to provide for young children. Please verify school assignments as they are subject to change.

The Park At Sharon is located off of Park Road just north of the intersection at Sharon Road. This cul-de-sac neighborhood is 8 miles from Uptown Charlotte and 12 miles from Charlotte Douglas International Airport. Current listings are in the $700’s which is between $150 and $202 per square foot.

If you are interested in touring one of these amazing homes, 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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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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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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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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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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Spotlight: Waverly

South Charlotte is home to the new Waverly community that is rapidly becoming the jewel of South Charlotte. Builder David Weekley Homes is building single-family homes and townhomes in this amazing neighborhood that combines 90 acres of living, shopping, dining, parks, walking trails, and The Terrace.

Located at the intersection of Providence and Ardrey Kell Roads, Waverly is positioned with great access to Ballantyne, SouthPark, and easy access to Uptown Charlotte. With easy access to I-485, a trip to Uptown will take you around 25 minutes. Charlotte Douglas International Airport is also just a 25 minute drive away.

The master-planned community of Waverly is built with a mix of styles, from traditional to craftsman to European architecture. The Terrace is the central plaza with outdoor dining, water features, and artwork. This main gathering space is home to community events throughout the year as well. Waverly is pedestrian-friendly with walkable areas throughout containing pocket parks, tree-lined streets with sidewalks, walking trails, and window shopping.

Whole Foods Market is an anchor of Waverly. There are also many options for shopping, dining, and entertainment. Onsite medical offices and facilities are a great resource for families. There are also many other shopping, dining, and entertainment options just a short drive away.

Students in sought-after Waverly attend highly-desirable South Charlotte schools. They include McKee Road Elementary School, JM Robinson Middle School, and Providence High School. Please verify school assignments as they are subject to change. There are also many options for private schooling, pre-school, daycare, and mother’s day out programs close-by.

Single-family homes in the Waverly Village Collection begin in the $442,000’s and range from 2,424 – 4,069 square feet. Waverly Townhome Collection starts in the $382,000’s and range from 2,056 – 2,162 square feet.

This great location is booming with large projects including the 72 acre Providence Farms and 180 acre Rea Farms surrounding Waverly. There are existing homes and new construction homes still available. If you are interested in Waverly 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.

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Townhomes Coming to Ardrey Kell Road

The re-widening project on Ardrey Kell Road can’t come soon enough. There are so many exciting projects coming here in the next few years. This area is booming so fast and there is no end in sight for the growth. Between master planned communities, retail, parks, there are plenty of options for any type of family.

If zoning comes through, there will soon be even more options to choose from. Century Communities has recently filed a rezoning petition with the City of Charlotte with plans to build up to 245 new townhomes on a 37 acre plot across the street from Ardrey Kell High School.

The site is currently occupied by several large homes on partially wooded lots. The plan calls for dense blocks of attached homes built around an internal street network. This would make the development walkable and could end up with a European town flair.

There will be two different access points for the new project from Ardrey Kell Road and Wade Ardrey Road. This would be really convenient for homeowners so they can hopefully avoid traffic.

Homeowners in this new project will have fantastic schools serving them which is a big draw for many families. Please verify school assignments as they are subject to change.

Century Communities has been extremely busy in the Charlotte area in the past few years. They are also going to be building 329 townhomes on 50 acres next to the Arrowood light rail station on the Blue Line. It remains to be seen if this new project will be similar. The Arrowood project has a price point starting in the $200,000’s.

Charlotte City Council will hold hearings on the plan and will then vote on it in the coming months. Once the plan is approved by City Council, expect building to commence soon after.

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