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Spotlight: Raintree

Over 40 years ago, the Village of Raintree was developed. Originally it grew up around Raintree Country Club offering views of the golf courses and anchoring the neighborhood. Since then it has added several neighborhood homeowners associations which still operate independently. Each neighborhood has it’s own character and history, but they all work together beautifully. Raintree, Deerpark, Raintree South, Raintree Greens, Raintree Lakes, Timberidge, and Williamsburg are all a part of the Village of Raintree.

Bordered by Ballantyne Commons Parkway, Providence Road and Highway 51, Raintree is in a really convenient location. Shopping is close by with the Arboretum, Stonecrest at Piper Glen, Providence Commons, and SouthPark Mall close by. A commute to Uptown Charlotte is only 12 miles away. Homes in Raintree are zoned for some of the best schools in the region with the highest academic performance. There are also many private school options close-by.   

There are a myriad of benefits to being part of the Village of Raintree. Residents have access to Raintree Country Club including two golf courses, tennis complex, clubhouse with dining and banquet services, restaurant, pool, and fitness center. Raintree Country Club also offers recreational programs for all ages. Many homes qualify for waived initiation fees so residents would just need to pay membership dues. Residents also enjoy neighborhood amenities including athletic fields, basketball courts, bike paths, community center, fishing, fitness center, pool, tennis courts, picnic areas, playground, multiple ponds, woods, creeks and more.   

Homes in Raintree have varying style from contemporary, to two-story, to ranch, to colonial, and traditional. There are around 1,000 condos, townhomes, and homes within the community. Prices start around the $150,000’s and have sold for as much as $610,000. This diversity means there is something for everyone here. Many of the homes have views of the country club and golf courses. Many of the homes here have been remodeled to stay with current trends.

With Raintree’s park-like setting and stellar amenities, it’s no wonder it has remained popular since it began in the 1970’s. If you are interested in a home in Raintree, give us a call at (704) 525-4045. You can also view homes in Raintree on our website here.

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Home Affordability

A new report was released by Attom Data Solutions about affordability of homes in the Charlotte area. Attom Data Solutions is a California-based real estate data firm. They publish an “affordability index” based on percentage of average wages needed to make monthly payments. The payment number includes property taxes, home insurance, and mortgage insurance for a median-priced home. Their data is for 379 counties in the US. The wage data was from the U.S. Bureau of Labor Statistics. Median home prices were calculated from public sales records.

According to the report, in Mecklenburg County you need 24.8% of your annual wages to cover payments on a median priced home of $195,000. Wages are growing here by 5%, but home prices are growing slightly faster at 5.4% so the percentage of wages needed to cover a house payment seem likely to rise as well.

In York County in South Carolina, a buyer would spend 38.6% of their income to pay for a home. The median sales price for a home in York County is $218,500. Home prices are rising much faster here than wages. Home prices here had an annual median growth of 19.3%. This far outpaces the wage growth of 8.8%.

In Union County in North Carolina, homeowners need a shocking 42.1% of their annual wages to pay for a median priced home. Median priced homes in Union County are $218.500 with a median home price growth rate of 14.7%. With wages only increasing at 6%, buyers may feel the pinch in their wallets.

 

Mecklenburg County

Affordability Index 102

% of Annual wages needed to buy 24.8%

Q1 median sales price $195,000

Annual Average weekly wage growth 5%

Annual median home price growth 5.4%

 

Union County

Affordability Index 96

% of Annual wages needed to buy 42.1%

Q1 median sales price $218,500

Annual Average weekly wage growth 6%

Annual median home price growth 14.7%

 

York County

Affordability Index 84

% of Annual wages needed to buy 38.6%

Q1 median sales price $204,000

Annual Average weekly wage growth 8.8%

Annual median home price growth 19.3%

 

As mortgage interest rates are expected to rise two more times during this year, there may be a slowdown in the median home price growth percentages. There is still a shortage in inventory in the Charlotte area which keeps home prices on the rise due to the laws of supply and demand. With the repeal of HB2, there could be more people seeking out the Charlotte area as we anticipate the probable return of the NCAA tournament and other businesses and sporting events that left in protest. We will keep an eye on the situation and will let you know how it shapes up.

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.

 

To read the full article in the Charlotte Business Journal about the Attom Data Solution report, click here.

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Check out Madison Park

A new construction home in Madison Park

According to a recently filed rezoning petition, Charlotte homebuilder Saussy Burbank is looking into developing a new infill townhome project. The site is located at 3620 Park Road and would contain up to 19 townhomes on 2.2 acres. This infill development joins many others around Charlotte. If you can’t wait for Saussy Burbank’s new project, why not explore nearby Madison Park.

Madison Park is a well connected neighborhood. The Lynx Blue Line runs up and down the west side of Madison Park. Park Road on the east side contains many options for shopping, dining, and nightlife. Parks and greenway access are close by as well. Even with all of the connectivity, Madison Park maintains a quiet feel and is great for families of all types.

Park Road Shopping Center is right around the corner for grocery shopping, dining, fitness, and more. Montford Drive is also right in the same area for nightlife of all sorts including a bowling alley with trendy restaurant inside. If you can’t find what you need in nearby Park Road Shopping Center, you can head down the way a little bit to SouthPark Mall. There you will find world class dining, shopping, and outdoor entertainment.

Originally built in the 1950’s, many of the homes in Madison Park retain a timeless charm. Most original homes range in size from around 1,000 to 2,500 square feet. Many homes have been updated, remodeled, or added on to so some are now much larger than their original footprint. Styles range from traditional brick ranches, to mid-century modern, to Cape Cod to split level. Many homes have original hardwood floors, and unique architectural features.

There is a homeowners association in Madison Park that helps keep the overall feel of the neighborhood consistent and helps to retain property values. Dues are small and help cover 4 annual events, a spring egg hunt, community fall festival, trunk-or-treat, and holiday social.

Tree lined streets in Madison Park have bike lanes and sidewalks. Residents are seen outdoors taking advantage of mature landscaping, chats with friendly neighbors, kids playing, or just out for a stroll. All of these features have made Madison Park a hot neighborhood lately. An average of 9.6 homes per month have sold here over the past year at an average price of $308,098.

If you are interested in a home in Madison Park, give us a call at (704) 525-4045 and we will schedule a tour. You can also view homes in Madison Park on our website here.

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Queen Park Social Coming Soon to South End

South End in Charlotte will soon have a new destination for entertainment, gathering, dining, and more. Queen Park Social will open in the next few weeks and will offer food, drinks, games and promises to be a hip hangout.

Located at 4125 Yancey Road, Queen Park Social is just across the street from Olde Mecklenburg Brewery and right around the corner from Sugar Creek Brewing Company. 4 blocks away is the Scaleybark station on the Lynx Blue Line. The site was originally a warehouse built in the 1960’s. It is named after a drive-in theater that used to reside close by.

Joe Lariscy and Reid Olson have spearheaded the project to turn the old warehouse into a showstopper. They have 18,000 square feet of space and have turned it into a grand gathering spot. With around a $5 million budget and 18 months build out time, they are putting on the finishing touches and are poised to open to the public.

The inside of Queen Park boasts an upscale Gastro-TexMex restaurant. The upscale space will be balanced by a bar area with local craft beer and a bar menu of more approachable fare. A lounge, multiple patios, and private event space round out the interior. The original sign from the old Queen Park drive-in theater down the road has been preserved and is on display.

For entertainment, Queen Park has eight bowling lanes, shuffleboard, skee-ball, ping-pong, and novelty sized board games.

From the materials to the mural artists, Queen Park is making a commitment to try and go local whenever they can on the build-out. They are currently in the middle of the hiring process and expect a full house to employ 100 staff.

South End is the perfect location for this entertainment house. There is rapid growth, great public transportation, and no direct competition at this point. The space will be great for an intimate dinner, or a corporate event.  

Hours are expected to include happy hour, dinner, and late night each night. Brunch will also be offered on the weekends.

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

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

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Zoning Updates

This week, Charlotte City Council had their monthly zoning meeting. They meet every month on the third Monday. There are a few upcoming projects on the docket and it sounds like some of the upcoming projects are stirring mixed feelings in the community. Here are some of the projects under consideration.

 

The project getting the most backlash from neighbors is a 24 duplex townhome development on a 6.3 acre site on Sharon Lane between Providence Road and Heathmoor Lane. This rezoning request by Alan Simonini Homes and Saratoga Asset Management has neighbors worried about density, character and concern that it might set a precedent for subsequent development.

The expected 24 units would start at 3,400 square feet and $1 million. Both city staff and the zoning committee recommend approval for the petition. With some council members absent for the vote, the petition was deferred to City Council’s business meeting. More than 1,200 neighbors have signed a petition against the project and residents have packed the council chamber for hearings. Neighbors want to preserve their historic neighborhood and they are worried that this development will be a catalyst for negative change.

 

Another subdivision providing much contention in City Council is a 20 townhome project on 4.1 acres on Old Providence Road near Old Providence Lane. CW Development heads the project and residents seem fine with most of the proposal. However, a city ordinance requires connection to both Old Providence Road and Old Providence Lane. This would require cutting down some old growth trees that could act as a buffer between communities. A sidewalk would be required on the connecting streets as well.

Residents do not want the private road to exit onto Old Providence Lane as they are concerned about traffic cutting through causing safety and traffic problems. This has been an issue for many zoning petitions and the hope of residents and developers is a change to the ordinance. This project will come before City Council in a future meeting so we will see if they set precedent by changing the ordinance.

 

Also on the docket this month was a proposal by Barringer & Smith Properties and Alan Simonini Homes to build 16 townhomes in South End. The site is .7 acres on West Tremont Avenue between South Tryon and Hawkins Streets. The development is easily walkable from the Lynx East/West Boulevard Station and would be great for commuters. Neighboring businesses were concerned about new residents complaining about noise as the development is in a traditionally industrial area. Many businesses have been pushed out of South End after similar complaints. City Council approved the zoning request so the development will go forward.  

 

If you are interested in purchasing a new construction townhome, call us at (704) 525-4045. You can also view townhome listings on our website here.

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Market Predictions

Home Flipping

RealtyTrac released a report earlier this month showing the hottest zip codes for flipping homes in the Charlotte area. They defined flipping as one property sold twice within a 12 month period. There was no surprise that 28205 was the hottest zipcode as it includes Belmont, Plaza Midwood, NoDa, Country Club Heights, Plaza-Shamrock, and Echo Hills. These neighborhoods have lots of unique homes, lots of history, and are popular with young families, millennials, older couples looking to downsize and more.

There were many other zip codes popular with flippers including:

  • 28205 – 138 flips
  • 28215 – 83
  • 28269 – 82
  • 28216 – 78
  • 28214 – 73
  • 28208 – 65
  • 28025 – 64
  • 28277 – 64
  • 28210 – 60
  • 29027 – 55

What is surprising however, is that the zip codes with the highest gross flipping profits were not the ones on the list with most flips. There are four zip codes where gross flipping profits surpassed $100,000. Gross flipping profits are calculated by taking the difference between the two sales prices of the home within the 12 month period. These gross numbers do not necessarily reflect profit made on the sale of the home as you have to take into account carrying costs of the property such as mortgage, taxes, insurance and utilities. Also not included in this number is any costs associated with remodeling or upgrading the home between sales. Fees for the sale of the home such as staging and Realtor fees are also not included in the gross calculation.

The zip codes with the highest gross profits are:

  • 28204 – $154,500 – Cherry and Elizabeth neighborhoods
  • 28203 – $137,500 – Dilworth, Wilmore, Brookhill
  • 28209 – $131,000 – Myers Park, Barclay Downs, Colonial Village, Madison Park
  • 28211 – $107,750 – Cotswold, Barclay Downs, Foxcroft, Myers Park

 

Listings

According to Zillow, the best time to list a home in the Charlotte area is between May first and May fifteenth. They looked at trends for the past 8 years to narrow down the date range. Homes listed between these dates sold for an average of 12 days faster and for an average of 1.1% more money or $1,700. Their conclusion was that homebuyers that started looking for homes in the early spring may be anxious if they haven’t found their dream home months later, especially as we have a lack of supply in Charlotte right now. These anxious buyers may be more willing to pay a premium to close the deal before the summer starts.

 

Interest Rates

Meanwhile, the fed just raised interest rates and has hinted at two more rate hikes this year. While buyers may not feel much due to this interest rate hike of just one-quarter percentage point, if there are two additional hikes this year, buyers may start feeling the pinch, especially if they have ARMs (adjustable rate mortgages) or HELOCs (home equity lines of credit).

Homeowners with HELOCs should start feeling the increase in the next three weeks or so. ARMs will typically only see an increase in rate once per year, but they could potentially see all three increases at once.

30 year mortgage rates have climbed up over 4.5% over last year’s high of 3.6% (per USA Today). These rates are on the rise so now may be the best time to lock in a low rate.
If you are interested buying or investing 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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February Market Statistics

The Carolina Regional Realtor Association just released their monthly statistical analysis today. We have looked at their numbers and there does not appear to be much change from the trend of the past months. There is still a lack of inventory pushing prices higher. The seller’s market continues as there is only 2.3 months of inventory, a balanced market is considered to be 6 months inventory or more.

Digging a little bit deeper into their numbers, there were 4,702 new listings in February, up 14.8% from the 4,097 from the same time in 2016. This stronger spring showing is encouraging as we are just starting the spring when listings usually pick up. We will have to wait and see if this trend continues so we can get inventory numbers up to previous years levels.

Median home price was up year over year from $180,525 to $199,000. Average home price was also up from $229,856 in 2016 to $243,383 in 2017. Sellers are also now getting an average of 96.3% of list price. This lack of discount means that the market is bearing out these higher prices.

Inventory continues to be low in the Charlotte area. In the February report, there are 8,807 homes currently on the market. This is down 21.4% from last year’s 11,210. This leaves us with 2.3 months of inventory down from 3.2 months in February of last year. We are holding steady from last month when there were also 2.3 months of inventory.

While these findings are great for sellers, they can be distressing for buyers. With less inventory on the market, there are fewer choices for each buyer. Buyers will also have to be able to afford the higher prices homes are commanding right now.

We are hopeful that sellers are gaining confidence in the market right now. There have been more new listings than in previous months and the hope is that this is the beginning of the pendulum swinging the other way.

If you are buying or selling 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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High End Condo Project coming to Myers Park

A new high end condo project will soon be built in Myers Park. This week, the Charlotte Business Journal reported that Opus Myers Park LLC, a company affiliated with developer Jim Gross, has bought a .7 acre parcel from Queens University at 1333 Queens Road. The land currently houses students in 28 apartments in North Hall, a residence dorm.

The location, at the heart of Myers Park, is in a great walkable spot. There are restaurants, a library, shopping, banking, and churches all within a quick walk. Edgehill park is a few blocks north with a picnic area, tennis courts, playground, and walking/fitness trails.

A short drive will have you in Uptown Charlotte for nightlife, museums, theater, sporting events, fine dining and more. SouthPark is just a quick drive south with world class shopping, dining, and open air concerts.

Kenwood Cottage Place Rendering

According to Mecklenburg County property records, the property was purchased for $4.2 million. This is more than the $3.1 million Queens University paid in 2008. The current building is 5 stories and was built in 1967 as an apartment complex called Providence Place Apartments. Queens University bought it in 2008 and converted it into student housing. This building would be razed to make way for the new project.  

Gross is reportedly planning a high-end condo project to contain a number of four and five story buildings. The project is expected to keep existing zoning allowing for 43 multi-family units per acre. The developer has been working with the surrounding neighborhoods and Myers Park Homeowners Association during the conception of the project.

The project would likely not get underway until after graduation in the spring as there are currently students living in the dorm. They will be allowed to stay through a rental agreement with the buyer.

Jim Gross has spearheaded a number of high profile luxury condo developments in recent years. Kenwood Myers Park, developed in 2013 has 7 units priced from $1.1 million to $1.4 million. He is currently developing Kenwood Cottage Place, with 6 units in Eastover priced from $1.6 million to $1.7 million. There is no word yet about a name or price point for this new project.

If you are interested in a luxury condo close to Uptown, give us a call at (704) 525-4045. We would love to show you properties and help you find your next home. You can also view homes on our website here.

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Spotlight: Rea Woods

Rea Woods Clubhouse

Tucked just off Pineville-Matthews Road in South Charlotte is the small community of Rea Woods. This fantastic area is home to around 150 homes built by John Weiland. These all brick homes are stately and have great attention to detail.

Built mostly from the mid 1990’s to 2000, homes in Rea Woods enjoy a peaceful setting while being close to all the conveniences. Located between Carmel Road and Rea Road off Highway 51 has you just minutes away from SouthPark, the Arboretum, Pineville, Piper Glen, Stonecrest, and Ballantyne. A commute to Uptown Charlotte should take around 25 minutes. The airport is also just around 25 minutes away from easy access to I-485.

Besides great shopping, dining, and entertainment, there are lots of opportunities for fitness, recreation and outdoor activities nearby and in Rea Woods. McAlpine Creek Greenway is about 5 miles away and offers walking, jogging and biking trails. There are also many nearby parks, country clubs and golf courses.

The Rea Woods community contains a pool, baby pool, clubhouse, tennis courts, and children’s playground. These amenities are managed by the active homeowner’s association. Besides these common areas, the association coordinates events for all ages throughout the year.

Rea Woods is also connected to neighboring Challis Farm so there are plenty of walkable streets and safe streets for kids to ride around on bikes.

Rea Woods is currently zoned for award winning McAlpine Elementary School, South Charlotte Middle School and South Mecklenburg High School. Please verify school assignments as they are subject to change. There are also many private school options nearby including Charlotte Country Day.

Homes in Rea Woods are typically 2 or 3 stories and some have full basements as well. Garages are either 2 or 3 car with lots of storage. Most homes have hardwood floors on the main level. Built-ins and extensive mouldings are the norm. Rooms are generously sized in flowing floor-plans. Homes here are grand in scale with most between 3,000 and 5,000 square feet.

Lots in Rea Woods are large and have well tended landscaping. Most are at least a quarter acre and some are up to three-quarters of an acre. Trees are large and provide lots of shade. Many homes in Rea Woods take advantage of the outdoors and have outside living spaces or even outdoor kitchens.

In the past year, only 9 homes sold in Rea Woods for an average price of $575,389. This lack of turnover means that there are usually many people trying to get a coveted home here. If you would like to own a home in Rea Woods or another neighborhood in Charlotte, give us a call at (704) 525-4045. You can also view homes in Rea Woods on our website here.

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Real Estate News Around Charlotte

Housing Permits

There has been an Increase in housing permits in the Charlotte region over the last year according to The Market Edge. The Market Edge is a marketing research company that tracks residential building permits in several Southeastern regions. This is positive news, but we are not yet at levels seen in 2015.

Overall there was 9% growth in the entire Charlotte region. There were some counties that saw larger growth than others. Lincoln, Stanley, and Rowan counties had the largest growth. Cabarrus, York and Lancaster counties were the only counties with fewer new housing permits.

Mecklenburg County had the most new building permits for homes over $400,000. They had 487 of them, a 36.4% rise over 2015.

 

Zoning Changes

Rendering of the proposed Foxcroft City Homes

There have been many zoning changes on the docket for City Council, but none quite so contentious as Foxcroft City Homes. This proposed residential development is seeking a rezoning from R-3 to UR-2 conditional. R-3 allows three single-family units per acre. UR-2 allows denser, attached residential development.

Neighbors have mobilized against the development on Sharon Lane between Providence Road and Heathmoor Lane. They are afraid the zoning change could set a precedent for high density development in an area of single-family homes.

The proposed homes are said to be targeted at empty nesters looking to downsize. Neighborhood residents question this assertion as the homes are going to start at 3,400 square feet with a price point around $1 million. There is also no age cut off for residents so the target of empty nesters has been called into question.

A third city council hearing on this matter may settle it once and for all. The property will be developed, but it remains to be see if it will be single-family homes on two cul-de-sacs or if the zoning change goes through to allow 24 townhomes in 12 buildings.

 

If you are interested in new construction in the Charlotte area, call us at (704) 525-4045. We can help you find just the right property for your needs. You can also view listings on our website here.