Posted on

News Around SouthEnd

Amos’s South End/Gin Mill

Amos’s SouthEnd is undergoing a transformation. The music venue closed after a final show in early March, and is now undergoing a transformation to be the new location of the Gin Mill. Amos’s closed in part due to the mixed-use development across the street being built by Beacon Partners. The development is where patrons of Amos’s used to park their cars. Without the lease of the land for parking, it was harder for patrons to get to the venue. In addition, the venue was worried about noise complaints from the new residents.

The new Gin Mill will include a bar for libations, a stage for live music, and food. There will also be a 1,000 square foot rooftop patio and a game room. This will be a nice change for the Gin Mill as they currently do not serve food.

The plan calls for exposing the original brick and adding garage door/windows to harken back to when the building was a Studebaker dealership in the 1950’s. Expect this venue to be around town for quite some time. They have a 5 year lease with an option for another 10 years. The build out should take around 3 months so expect them to open sometime in the summer.

 

Palmer St.

Charlotte’s Gold District is about to have an arcade game bar. The Gold District is bounded roughly by Summit Avenue, the railroad tracks, Winnifred Street and Morehead Street. Palmer St. is in a warehouse at 412 W. Palmer Street, just up the way from Craft Tasting Room and Unknown Brewing. They plan to have 20 craft beers on tap, selected bottles and cans of beer, and food. They have over 30 classic video games and pinball machines. Expect them to open in the next 10 days. Palmer St. is at the start of what may be a trend of taking over the industrial Gold District. Some restaurants are already in the area so it is definitely an area we are watching.

 

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

Posted on

UNC Wins and HB2 Repealed

Only UNC winning the National title is bigger news than the repeal of HB2 in North Carolina right now. The Tar Heels won 71-65 over Gonzaga bringing home their seventh title last night. Fans across the state and across the country were celebrating this improbable win and counting it as redemption after coming up short last year.

Hopefully North Carolina will have the same kind of redemption after the repeal of HB2. Governor Roy Cooper signed legislation last week repealing the controversial law. The repeal will hopefully be the first step in repairing the damaged reputation we have gotten in the media. Many companies and sporting events have pulled out of the state over the bill, so hopefully the repeal will bring that business back.

Experts estimated that monetary losses due to HB2 were between $380 million and $750 million, but the total number is not yet known. It is easy to quantify the businesses that vocally decided not to relocate here and the ones that decided not to expand their business holdings here. What is harder to quantify is the number of businesses that decided quietly against North Carolina. There is a perception that the state is intolerant and that could stick around for a lot longer than the bill.

North Carolina’s economy is fueled by new jobs and many of those come from out-of-state relocations. Hopefully the repeal will show people that we are a great place where people are working together, across the aisle, to repair our damaged reputation and extend equal protections to all people.

Another benefit to the repeal is that North Carolina is once again eligible to host the NCAA Championships. These championships bring prestige and tourist dollars to the state each year. Cities like Durham and Cary are aggressively campaigning to be tournament locations for next years contest.

In addition, being an all inclusive state, one not tolerant of discrimination, is a great draw for millennials. Millennials have lots of buying power and earning potential so making our state attractive to them can only help us in the long run.

If the repeal of HB2 has gotten you excited about the real estate market in the Charlotte area, give us a call at (704) 525-4045. We would love to talk to you about it and help you find the home of your dreams. You can also view homes and create custom searches on our website here.

Posted on

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.

Posted on

North Tryon Redevelopment Plan Update

There are two blocks of North Tryon Street currently in process of revitalization. Developers are hopeful that this project will be a catalyst for The North Tryon Vision and Implementation Plan. This plan was unanimously approved by Mecklenburg County Commissioners back in September. This 25 year plan, originally begun in 2011 as the North Tryon Vision Plan, began with First Ward Park. The two block area now in the planning phase includes the site of the Uptown Public Library, the Hall House, and The McGlohon Theater. They span North Tryon between 6th and 8th streets.

The Lynx Blue Line is a main pillar of this revitalization project. There will also be a significant portion of the project dedicated to affordable housing. This would help people mainly in the $24,450 – $48,000 per year income bracket. There are expected to be around 625 apartments. 380 of the units would be market rate per the initial plan, 125 affordable rate, and 120 age restricted for seniors.

The new library plan will include co-working space and have more of a community center feel. It will also have more community programming and flexible space for technology and collaboration. This should bring the library much more firmly into the digital age. The new library will have a smaller footprint, but will be a taller building.

The McGlohon Theater should expect a fantastic remodel as part of the project. There will also be 575,000 square feet of corporate and creative office space separated into two buildings. 60,000 square feet of street-level retail is also part of the initial plan. Hall House is expected to return to it’s original use as a boutique hotel containing 130 rooms.

The steering committee expects to meet again in April for another planning session. Meetings with developers to discuss costs and finalize plans is expected in the fall.

If you are interested in investing in the North Tryon Redevelopment project or any other Uptown Project, give us a call at (704) 525-4045. You can view current listings in Uptown on our website here.

Posted on

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.

Posted on

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.

Posted on

January 2017 Market Statistics

The Carolina Regional Realtor Association has published the January 2017 monthly statistical analysis. This month continues the trend we have been seeing for a while. Inventory in the Charlotte area is still low, causing prices to creep upward.

If we look at a three year trend, the number of homes on the market or inventory in 2015 was 13,607 homes. In 2016 there were 11,513 homes on the market. In 2017, there were only 8,639 homes on the market.

This decline in inventory could be due to many factors.

  1. There are many more people moving into the area. The population of Charlotte has been steadily rising, but the metro area has increased significantly reaching just over 2.4 million in 2015. With this rise in population comes a lack of inventory and builders can’t keep up with the demand. People are moving farther and farther away from Uptown, with some not even counted in the metro area.
  2. Lack of inventory makes people less willing to sell their home until they have bought a new home. With fewer choices on the market, waiting seems like a good idea so you get the home you want before you have the risk of having to move before you are ready.
  3. Interest rates are creeping up. While this may not affect many buyers until rates go over 5%, there are still some homeowners opting to stay in their home with a low interest loan instead of moving and having higher carrying costs from a new mortgage with a higher interest rate.

As you would expect based on the laws of supply and demand, with less supply, comes higher prices. The average sales price of a home in the Charlotte metro area has risen steadily. In 2015, the average price was $214,166. In 2016, that average price rose to $230,026. The trend continues, and in 2017 the average sale price was $258,819.

There is some good news for buyers. New listings rose 4.7% from last year. This takes us up almost to the 2015 number. If this continues, supply will rise so there will be more choices for buyers. This means less competition for each home. It remains to be seen if this is an anomaly, or if it is part of a larger trend.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. If you would like to view listings on our website before you speak with us, click here.

Posted on

There is a lot of buzz in the Charlotte area about new townhome communities. Townhomes have long been popular for their ease of maintenance, convenience, and amenities. Townhomes are particularly attractive as an entry point into a popular neighborhood. They are great for young professionals, families, and older buyers looking to downsize.

South End townhomes by Barringer & Smith and Alan Simonini Homes

Lets face it, Uptown can be expensive. Many people are looking for a home farther out of town with the feel of Uptown. Townhomes can be attractive for a village feel. Many are in walkable areas with shopping, dining, fitness, and entertainment right outside your door.

Another reason people love townhomes is exterior maintenance and plant care is usually included in the Homeowners Association fees. This is particularly great for people with busy lifestyles.

Townhomes are also attractive due to amenities. Many of the newer townhome communities have gyms, pools, clubhouses, dog parks and more. The Charlotte area has many options for townhomes, and there are many more new projects on the horizon.

One of the new projects that has garnered much early interest is David Weekly Homes’ project in Waverly. There are reportedly hundreds of people interested in the 75 townhome units. Twenty-five units are currently under construction with expected completion of phase one in April. Phases two and three, with the remaining 50 units, will follow later. Expect prices to range between the high $300,000’s to the high $400,000’s.

Site Plan for Capital Land Partners project at Selwyn and Runnymede

Another development we are excited about is one by Barringer & Smith and Alan Simonini Homes in South End. If their zoning change comes through, they have proposed developing 18 townhomes on a .7 acre property on West Tremont Avenue between South Tryon and Hawkins Streets. City Council will vote soon on the zoning change from industrial use.

A third project we are excited about is one by Capital Land Partners. They are working on a rezoning petition to develop 29 townhomes on a 3 acre site near Selwyn Avenue and Runnymede Lane. Units here should be 4-story with an optional roof terrace. Each unit is expected to have a 2 car garage and 400 square feet of private open space.

The biggest challenge right now in Charlotte is lack of supply. There are many projects in the works, from zoning to building, but they are not ready yet. These are just some of the many townhome projects in the area. If you are interested in a Townhome in the Charlotte area, new or existing, call us at (704) 525-4045. You can also view townhomes on our website here.

Posted on

Spotlight: Cherry

At the intersection of Dilworth, Myers Park, and Elizabeth sits one of Charlotte’s oldest African American neighborhoods. Cherry, named after the cherry trees that used to be in the hollow here, hasn’t seen much turnover in home ownership in the past. Recently some homes have sold, and there are new construction homes being built by Saussy Burbank that are arousing some outside interest in Cherry.

Local legend has it that Cherry was developed as a servants community servicing the large homes in Myers Park starting in 1912. The neighborhood is much older than that. It appears based on records that it was mostly laborers, not servants that first settled in Cherry. Servants came after 1912.

In 1891, the first plat map of the neighborhood was filed by John Springs Myers. Myers owned the cotton fields that covered much of the area until it developed into modern day Charlotte. Myers helped the African American population of the area to have schools, churches, parks, helped with financing, provided rental homes, and provided modern conveniences of the time.

Homes in Cherry are mostly single family and duplexes. There are Victorian homes as well as bungalows and cottages. Most have wooden siding, shingle siding, or brick. Many of the original homes are in need of extensive cosmetic and structural work on the exteriors and interiors. It is rare that original homes come up for sale and when they do, they go quickly.

Cherry is home to many structures that have great features like multiple fireplaces and large front porches. Mature trees line the streets here as grand as in Dilworth and Myers Park.

Cherry is also extremely convenient. Uptown is within walking distance. The Metropolitan Midtown (the Met) is just across the street. The Met has many options for shopping, groceries and dining. Linear Park and The Greenway are at The Met as well. Inside Cherry is Cherry Park so there is no lack of parkland to enjoy.

Gentrification and appreciation are coming to Cherry. New construction homes in the style of the original homes are being built along Main Street and a few other streets in the heart of Cherry. It won’t be long before the reasonably priced original homes are a thing of the past. You can snap up a fixer-upper between $100,000 and $300,000 if you move fast. If you want a new construction home in Cherry, be prepared to pay between $596,105 and $849,900.

If you are interested in a home in Cherry, give us a call at (704) 525-4045. Click here to see listings in Cherry on our website.

Posted on

Mixed use project coming to Uptown Charlotte

Midway through January, seven parcels of land in Uptown Charlotte were sold to a residential developer for $23 million. The land is bounded by the Lynx Blue Line extension and East Eighth, North College and East Ninth Streets. This project joins a long list of Uptown projects in progress this year.

This prime block of real estate is slated to become a mixed use project. Lennar, the national homebuilder affiliated with the purchase, is expected to build the project in phases. They are still working on the specifics, but the first phase should tentatively start in the 4th quarter of this year.

Initial plans are for a mid-rise building and a high-rise building. The mid-rise will likely have five floors of apartments with ground floor retail. The high-rise will likely be around 30 floors with apartments and street level retail.  

The second phase, at the intersection of 8th and College is speculative at this point. It could include more multi-family or a commercial component like an office building or a hotel.

This site is really exciting as it is on the Lynx Blue Line buildout on track to open this summer. This makes the property more valuable to owners and future residents alike.

Also attractive to residents is the proximity to First Ward Park. This recent part, completed in 2015 is a great place for people to gather, listen to music, play sports on the great lawn, or just listen to the water on the rocks.

This project is part of the North Tryon Vision & Implementation Plan. This plan details the development of North Tryon Street and the surrounding area. SkyHouse Uptown and 10 Tryon are part of the project. Once the light rail is completed, there should be more projects including a “market street” along the light rail like from Ninth Street to the 7th Street Public Market. This is a potential home for Food Truck Fridays, farmers markets, or flower markets. Expect to see lots of outdoor patios and dining to complement the market street.

The Goodyear Arts building which sits on the site will be moved to a new location. The location is yet to be determined.

This project promises to be one of many announced in the near future. Once the light rail is completed, expect many more projects to begin. This will be an exciting new phase for Uptown. There will be plenty of opportunity to invest in this revitalization of First Ward.

If you are interested in learning more about this project or would like to tour a home in Uptown Charlotte, call us at (704) 525-4045. You can also view more about Uptown and view listings on our website here.