Southpark – Page 10 – New Angle Realty

October 21, 2016

Affordable Mixed-Use Development in Dilworth at Strawn

Dilworth is one step closer to having a new mixed-use development. The current site of Strawn Cottages and Strawn Tower will be totally overhauled to meet current demand. Located on South Caldwell Street, the property is also bounded by South Boulevard, Templeton Avenue and Euclid Avenue. This is a prime location just outside the I-277 loop, just a block away from the Dowd YMCA. Also two blocks away is the Bland Station on the Lynx Blue Line light rail.

The original Strawn Tower built in 1970 was just renovated and will remain onsite

Charlotte has been growing at a tremendous rate, and rental rates have been steadily rising. For this reason, city council has pledged to include 5,000 more affordable units in the next three years. This project, that has been in the works for years, will help meet that goal.

The 16.2 acre project will include 725 mixed-income apartments (145 of which will be affordable), 20 for-sale townhomes, 57,000 square feet of retail, a 330,000 square foot office building, and a hotel with 180 rooms. There will also be a central park, healing garden, and numerous other amenities.

The Fallon Company out of Boston was just selected as master developer. The $330 million project is expected to be underway late in 2017 or early in 2018. Fallon has selected architecture firm Odell to design the master plan. More renderings should be available from them soon.

Original Strawn Cottages to be replaced with a robust new development

Strawn Tower, containing 170 affordable housing apartments for ages 55 and older, was just renovated and will remain onsite. Residents will be relocated during construction, with the chance to return when the project is completed.

The new plan will be built in phases, with 160 mixed income apartments (20% of which will be affordable), and the hotel to be first.

Horizon Development Properties, Inc., a division of Charlotte Housing Authority subsidiary, has set hiring targets for the master developer. According the the Charlotte Business Journal “30% of the project’s development cost should be awarded to qualifying women-owned and minority-owned business enterprises. The project is also expected to provide job-training and hiring opportunities for low-income individuals.”

To read more about this development in the Charlotte Business Journal, click here.

To read more about this development in the Charlotte Observer, click here.

October 12, 2016

Spotlight: Candlewyck

Picture yourself living in a tight knit community. A family-friendly place where kids ride their bikes and get called inside at dark. A neighborhood with some of the best schools in the city. The popular SouthPark neighborhood of Candlewyck has that and more.

Built mostly in the 1970’s, Candlewyck has a wide variety of architectural styles. There are 205 homes and 107 patio homes in the community. Homes are usually in the 1,800 to 3,500 square foot range. Many have been extensively updated.

Neighborhood amenities include a salt-water lap swim pool with two diving boards, a playground, a sand volleyball court, a basketball court, tennis courts, a pond, a dog park, wooded walking trails and plenty of green spaces. The Barracudas swim team is very popular with kids ages 4-18 and is run by parent volunteers. The HOA is very active, sponsoring many events for kids, adults, and the whole family throughout the year.

Candlewyck is currently zoned for Olde Providence Elementary School, Carmel Middle School, and Myers Park High School. All three schools are rated 10 out of 10 by CarolinaSchoolHub.com. Please note school assignments are subject to change.

A stunner sold earlier this year in Candlewyck

Candlewyck is located north of Highway 51 just off Providence Road, directly south of Rea Road. 30 minutes away is Charlotte Douglas International Airport. 22 minutes away is Uptown Charlotte. SouthPark Mall is 15 minutes away and offers dining, shopping, and entertainment.

South of Candlewyck by just three minutes is the Arboretum. This area is home to shopping, groceries, dining, movies, fitness, and more.

In the past year, homes in Candlewyck have sold for between $160,000 and $305,000. The average sale price was $232,082. As of October 11th, there are 4 homes on the market in Candlewyck with one under contract. Homes range in size from 1,800 square feet up to 3,520 square feet. List prices range between $219,900 up to $379,918. All homes listed at this time have at least 4 bedrooms, and 2 and a half bathrooms.

October 11, 2016

Rental Rates Rising in the Queen City – Great Time to Buy

Now looks like a great time to upgrade from renting to buying. Zillow predicts a rise in rental rates of 3.2% over the next year in Charlotte. This is well above the nation’s average of 1.7%. With interest rates remaining at historic lows, what have you got to lose?

If you are still on the fence, here are some advantages and disadvantages of buying a home you might want to consider.

Advantages:

Greater Privacy. Buying a home, unless it’s a condo or townhome, means you don’t share walls with anyone. This can be great if you want to play loud music, host a dinner, or just have a dance party. This also means fewer restrictions on pets, children, number of cars, etc.
Investment. Typically, homes increase in value over time building equity. This can make for a great nest egg for the future, or to help you move up to a bigger home from a starter home. If you pay your mortgage in a timely manner, it can also boost your credit score.
Stability of costs. If you have a fixed-rate mortgage, your costs are much more predictable with no hikes in rent. You may still have fluctuations in utilities and taxes.
Tax advantages. The mortgage interest and property tax portions of your mortgage are tax deductible. This can mean the difference between owing taxes and getting a refund. Because mortgages are front loaded with interest, you typically have the largest tax write off in the first years you have a mortgage with deductions diminishing each year until you fully pay off the mortgage.
Community ties. A mortgage is a long-term commitment, typically 30 years, and can help tie you to your community more tightly than renting. Renters can be more transient as the commitment is typically for 1 year.
Personalization. You can paint the walls whatever color you like, heck, you can take out walls or build new ones. When you own, you have much greater freedom to upgrade you home from upgrading, to updating, to changing completely.
Second income stream. When you own a home, you have the potential to rent out a room, make your home a vacation rental, or buy a duplex and rent out half. There are many ways to have someone else help pay your mortgage.

Disadvantages:

Commitment. It is much harder to sell a home than break a lease. This makes it harder to move to another city.
Maintenance. When you own, there is no landlord to take care of a leaky toilet or broken air conditioner.
Expense. Typically buying your first home requires a down payment, closing costs and moving expenses. This is usually much higher than security deposit and first month’s rent for a lease agreement.
Investment. Any investment carries some risk. Your home may not appreciate much in value, especially in the first few years. It can take 3-5 years in a mortgage to come out ahead compared with renting.

If you think you are ready to take the plunge into homeownership, one of our Realtors would love to work with you.

October 2, 2016November 11, 2016

Spotlight: Ashbrook

West Elm announced this week they are building a boutique hotel in SouthEnd. This hotel is in response to consumer demand and to compete with services like Airbnb and HomeAway. The West Elm HOTELS will be a partnership between the retailer and DDK, a hospitality management and development company. The project will be a new construction building at the Design Center of the Carolinas on Camden Road.

West Elm HOTELS will marry the design of their popular retail stores with the mood and identity of Charlotte making a unique experience. Amenities should include 150 rooms, restaurant, cafe, bar, and rooftop and events spaces. The hotel is expected to be finished in 2018 or 2019.

What better place to have guests stay when you live in the Queen City? Just down the road from the new hotel site is Ashbrook. Ashbrook is located just down South Boulevard off Scaleybark between Reynolds Drive and Woodlawn Road. Park Road forms the Eastern border. This location is perfect as you can walk right around the corner, literally, toPark Road Shopping Center. Nightlife is also walkable on Montford Drive. Just a few minutes away is great shopping at SouthPark Mall. Charlotte Douglas International Airport is just down Woodlawn Road for total time of 20 minutes. Uptown Charlotte is just 15 minutes away. Hop on the light rail at Scaleybark station in 4 minutes for an easy commute.

Ashbrook is an established neighborhood in the Myers Park High School district. It is comprised of homes built in the late 50’s and 60’s. Most of the homes are brick ranches and split-levels. In recent years, many younger families have joined neighborhood originals and begun the process of updating and upgrading homes in Ashbook. This means there are still opportunities to get a reasonably priced home here to make your own.

In the past year, homes in Ashbrook have sold for an average of $394,889. As of October 1st, there are 4 homes on the market in with 2 under contract. They range from $389,900 for a 4 bedroom, 2.5 bath with 1,878 square feet to $850,000 for a 5 bedroom, 3.5 bath with 3,576 square feet.

September 5, 2016

Luxury in Morrocroft Estates

Luxury living at its finest resides in Morrocroft Estates. The estates are 90 large homesites in a gated community with round the clock security guards. This enclave of Morrocroft Estates is sheltered from the busyness of everyday life, yet just minutes from everything. A true oasis in the middle of the city.

Situated just off Colony Road between Sharon Road and Fairview Road, Morrocroft is right in the heart of SouthPark. The mall with five star dining, concerts in the park, walkable boutique shopping, and more is just a mile away. Uptown Charlotte is just 15 minutes away for dining, museums, nightlife and sporting events. Charlotte Douglas International Airport is just over 20 minutes without traffic.

Homes in Morrocroft Estates have grand architecture and varied styling so there is something for every taste. All feature mature trees and lush landscaping. Water features abound in the community. The homeowners association covers common area landscaping, management and insurance fees for the common areas and more.

The homes in Morrocroft Estates abound with features. From the stately entrances to the lush landscaping to the gourmet kitchens, media rooms, private pools and indoor basketball courts. Some homes have saunas, tennis courts, game rooms, bars, elevators, multi-car garages, carriage houses, home gyms, built-ins, custom closets, pool houses, libraries and wine cellars. These fully customized homes leave no detail undone.

Morrocroft Estates schools are all top-rated award winning schools: Sharon Elementary School, Alexander Graham Middle School and Myers Park High School. Myers Park High School even features an IB Program.

In the past year, homes in Morrocroft Estates have sold for between $1 million and $3.5 million. As of September 4th, there are 12 homes on the market with one under contract and one short sale. The homes range from a 6 bedroom, 6 full-bath, 1 half-bath home with 5,797 square feet listed for $1.25 million, to a 6 bedroom, 8 full-bath, 3 half-bath home with 14,305 square feet listed for $4.999 million. The average list price is $2.591 million. The average sale price in the last year was $1.778 million.

August 16, 2016November 11, 2016

Spotlight: Foxcroft

A new two story Starbucks is underway at the corner of Sharon Road and Fairview Road right in front of the Sharon Square mixed use development. They are going to boast outdoor seating, beer and wine selections and will be open late night. This is great news for surrounding neighborhoods. You can still get your morning cup of coffee in the drive through. They will also have wifi if you need to work during the day, but they are going to offer those same services plus alcohol for the night owls.

If you visit the area and fall in love with all it has to offer, from SouthPark mall, to symphony in the park, to great restaurants, to the village feel, take a look at Foxcroft. Luxury living at its finest is just around the corner and convenient to everything you will ever need.

Foxcroft has long been one of Charlotte’s most desirable neighborhoods. In fact, AreaVibes.com just listed it in the top 10 most liveable neighborhoods in the Charlotte area. It’s not surprising when you take into account the location, the mature trees and landscaping, the award winning schools, the high graduation rates, large homes on large lots, luxury features and beauty of the area. Homes here range between $500,000 and $2.5 million. There are historical homes and homes that have been completely remodeled, and ones that have been built brand new so there is something to appeal to every buyer.

Bordered by Providence Road, Sharon Road, Fairview Road and Sharon View Roads, Foxcroft is home to Foxcroft Hills Swim and Racquet Club, Sharon Elementary School, and McMullen Creek.

In the past year, homes in Foxcroft have sold for between $730,000 and $2.175 million. As of August 15th, there are 15 homes on the market, with 5 currently under contract. They range from $720,000 for a 5 bedroom, 2.5 bath home with 3,024 square feet, to $2.595 million for a 6 bedroom, 7.5 bath home with 6,833 square feet.

If you or someone you know is looking for a home in Foxcroft, please contact one of our Realtors to help you find the best one to suit your needs.

August 11, 2016

July Market Report

For the second straight month, the Charlotte Regional Realtor Association report shows that home sales have cooled slightly in the entire MLS reporting area. In June, sales were down over the previous year by 3.3% from 4,577 in 2015 to 4,425 in 2016. In July, sales were down further from 4,286 to 3,900 down by 9%.

Three early months of the year, February, April and May, were up over last year so the YTD numbers are slightly up, 4.4% from 24,105 in 2015 to 25,159 for 2016.

The price homes have been selling for continues to rise from $252,874 in 2015 to $269,426 in 2016. These price increases appear to show that the cool down in the market may be due to price increases. With only a three month inventory on hand, there continues to be a sellers market which is supporting the price increases.

Pending sales have increased over last year by a whopping 20.4% from 3,773 to 4,543. This makes it look like next month should be a better month as most of those pending sales should come to a close. This means that there are still motivated buyers out there that are willing to pay the higher prices for homes.

When you look at the City of Charlotte on the report, you see that there are only 2 months of inventory in the city skewing the market even further in favor of sellers. Prices for homes in the city have gone up almost 5% just this year alone.

A few places defy the trend, Waxhaw, NC saw an increase in home sales from last year of 3.5%. Uptown Charlotte also saw an increase in home sales last month of 25%. Fort Mill and Rock Hill, SC saw home sales about the same as last year, only one additional sale this year over last for each area.

The news is tough if you are a buyer. There isn’t as much inventory as you would like to have the choices available to you. In addition, you will probably have to pay more money for the house you finally get. However, if prices continue to rise, you will be in good shape if you need to sell.

If you are a seller right now, looks like the news continues to be good for you. Your home should sell for more money than it would have last year and you even have the potential for multiple offers with inventory as low as it is right now.

For now, it’s just a wait and see situation to see if the market begins to correct itself. If we get to the point where there is 6 months of inventory, it will be a more balanced market between buyers and sellers. This kind of equity helps buyers and sellers be happier with their transactions.

July 25, 2016

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 24^th, 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.

July 25, 2016

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.

July 17, 2016

Demand for Townhomes Grows in the Queen City

New townhome projects are proposed for two sites in South Charlotte. The Charlotte Business Journal reported this week that sites at South Tryon and Beam Road, and a parcel in SouthPark on Sharon Road that currently has Holy Covenant United Church of Christ are in the works to be converted into townhome complexes. BNA Homes has proposed a development with as many as 127 townhomes on the South Tryon site. NVR Inc. has proposed 24 townhomes for the SouthPark site.

Demand for townhomes has grown greatly with many townhome communities from Uptown Charlotte and throughout the major transit corridors. Townhomes are attractive to young professionals as there are numerous amenities and locations are usually close to transit or to walkable areas. They are increasingly becoming attractive for older people as they downsize after children leave the home.

Townhome living can have many advantages for a busy person as they usually have most or all exterior maintenance and yard work taken care of by a Homeowners Association. Many townhome communities include fitness facilities, pools, clubhouses, dog parks, and walking trails. Demand for upscale living has increased the need for luxury features such as granite, wood floors, stainless appliances, built-in surround sound, and garden tubs.

Charlotte has many existing townhome communities in and around NoDa, Uptown, Plaza Midwood, SouthPark, South End, Pineville, Matthews, and many more. There are also newly proposed developments to be built in Plaza Midwood, and NoDa.

If you or your family are looking for a townhome community in the Charlotte area, check out our website here or contact one of our Realtors at (704) 525-4045.