Uptown – Page 8 – New Angle Realty

October 28, 2016

September Market Analysis

It’s been a bit of a bumpy ride in the Charlotte area over the past few months. Between HB2 and rioting, not all of the dust has settled yet. One place that doesn’t seem to be seeing the dramatic effects yet is the housing market. That may change as we see the numbers for October next month, but for now, we still have a strong seller’s market.

Based on the report from the Charlotte Regional Realtor Association, if you look at the entire Carolina MLS Region, compared to last year, we are doing better in all of the major metrics. New listings, pending sales, and closed sales are all up from last year. Median and average sales price are up. Homes are staying on the market for less time. Inventory is down from last year from 4.2 months to 3 months. A balanced market has 6 months of inventory so this is a substantial shift with the seller having much more power than the buyer in a transaction.

If you look at Mecklenburg County, inventory is down from 4,539 to 3,513 homes. This represents a drop of 22.6%. There has been a rise in the number of homes closed, but not a corresponding rise in new listings. This could be because of fear for the market due to recent events. It could also be that people are moving here and not leaving so we have a lack of housing right now. It could be the time of the year as there is a natural slow-down as we approach the holidays.

Union County follows the same trends except they also have fewer new listings than last year. Uptown Charlotte is similar to Union County with fewer new listings, but they also have fewer pending listings and have seen a downturn in the Average and Median sales prices. This might be a more direct result of HB2 business losses and riot aftermath.

South Carolina, Fort Mill and Rock Hill are seeing the same trends. Fort Mill closed 30.3% more sales this year than last year at this same time. Rock Hill on the other hand saw a decrease of closed sales from last year of .7% but was similar on all other metrics. Both saw a decrease in inventory to 2.5 months available. This is much lower than the balanced market 6 months.

It will be interesting to see what happens in the next few months. We will be sure to be on top of the data so we can help you better prepare for your future sales and purchases.

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 19, 2016

Explore The Metropolitan

Just east of Uptown Charlotte is a highly walkable area called the Metropolitan. This mixed use development is home to shopping, entertainment, and condos. The Metropolitan is an all inclusive village. Once here, you never need to leave.

This week it was announced that Gigi’s Macaron, a French pastry shop will open in the Metropolitan in November. Gigi’s is a franchise with 40 locations. They specialize in handmade macarons with 20 flavors with assorted fillings. Also on the menu are gourmet chocolates, French gelato, European-style coffees as well as classic French pastries and homemade candies.

Gigi’s joins a long list of other retailers and restaurants in the Metropolitan. Anchor stores are Target, Best Buy, West Elm, Trader Joe’s, Marshall’s, Staples, and Modern Salon and Spa. There are also ten restaurants, a cleaners, Xtend Barre fitness, and a bank all on site.

The Metropolitan was once the home of the first enclosed shopping mall in the Southeast. It was called Charlottetown mall. Originally built in 1959, the mall flourished for a while before declining, having renovations, changing retailers, and ultimately closing in 1988. In the early 2000’s, the mall site was bulldozed and built into the mixed use development it is today. It is busy and thriving once more.

Located at the intersection of Charlottetowne Avenue and S. Kings Drive, The Metropolitan is just outside the I-277 loop. This means it is only 1.5 miles to the center of Uptown. Drive to the airport in only 15 minutes. The Metropolitan is surrounded by Uptown, Myers Park, Dilworth, and Elizabeth, some of Charlotte’s most desirable neighborhoods. It is also adjacent to the Little Sugar Creek Greenway offering biking and walking trails outside your door.

Homes in the Metropolitan range from efficiencies to luxurious penthouses. They are open spaces, most with balconies, open kitchens, and lots of storage. Currently there are 6 units on the market. They range from a 1 bedroom, 1 bath, with 679 square feet to a 2 bedroom, 2.5 bath, with 1,997 square feet. List prices range between $230,000 and $750,000. In the last year, homes in the Metropolitan have sold between $164,000 and $790,000 for an average of $348,211.

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.

September 20, 2016

Light Rail Extension Plan Connects Uptown with Matthews

Charlotte Area Transit System has published a long range plan for expansion. The highlight of the plan is the Silver Line which would connect Charlotte from I-277 to Central Piedmont Community College’s Levine Campus in Matthews. The 13-15 mile route would run alongside Independence Boulevard then transition to the median on Monroe Road. The line would then follow Matthews Township Parkway before terminating at CPCC’s Levine Campus.

The plan was proposed during a city council meeting this week. Proposed cost is around $2 billion and is slated to be part of the 2030 transit plan. If approved, extension plans for eventual connection of the Silver Line to Charlotte Douglas International Airport is likely. The plan should also include ways to integrate the Blue and Silver Lines more fully into Uptown Charlotte.

This plan is a long range one, and the line would not be expected to open soon. The planning and site work together could take 10-13 years after funding is approved. This means it could be 20 years until riders would be able to commute using the line. For example, the Blue Line Extension up to UNC Charlotte has been underway since 2006 and is slated to open late next year.

This means that now is a great time to be investing in real estate in the Matthews area and anywhere along the proposed Silver Line. If you are looking for a home for yourself, there are many great options between Matthews and Uptown. You could also look for investment property, either commercial, or residential to hold. This could give you great benefit as the areas along the line should steadily rise in value as the plan is adopted and work begins.

If the Silver Line takes off like the Blue Line through SouthEnd, there is great potential for community investment. The Silver Line could also ease traffic for anyone commuting via Independence Boulevard and Monroe Roads. This could make neighborhoods not directly on the line more attractive as you would be able to park and ride, or have a more pleasant commute with less traffic.

If you or someone you know is thinking about purchasing real estate in the area, contact our expert Realtors to help you make the most of your money.

August 28, 2016

Spotlight: Chantilly

October is a great time of year to check out the changing leaves. It’s also home to the Hilly Chantilly 5K race. This year’s race is on October 2nd. If you want to live on the 5K route, now is a great time to be looking for a home in the area.

Chantilly is a great neighborhood as it is centrally located and most of the homes are owner occupied. There is a great park in the neighborhood, Chantilly Park, which features 7 acres of playground, volleyball court, picnic shelter, walking trails, and multi-purpose field. The streets of Chantilly are great for taking a bike ride or a family walk. Lots of old growth trees and mature landscaping make Chantilly feel like home.

ChantillyPark — A View of Chantilly Park

Located just east of Elizabeth and just south of Commonwealth and Plaza Midwood, Chantilly is in the perfect space to take advantage of all of the shops, boutiques, art galleries, restaurants and hip hangouts. The railroad tracks mark the Southern border and Briar Creek is the eastern border. 7th Street just to the South is home to many more businesses and restaurants.

Uptown Charlotte is just 10 minutes away from Chantilly making it really convenient for commuting. Charlotte Douglas International Airport is 20 minutes away without traffic. Elizabeth, just to the west is home to hospitals, restaurants, nightlife and more.

Chantilly is also a great area to get a historic home. The neighborhood was started in 1913 and has homes from that era as well as from the 1940’s and 1950’s. There are also homes that have been completely remodeled as well as some that are brand new. If you are looking for some quirky character or a cute bungalow, Chantilly is your place.

In the past year, homes in Chantilly have sold for between $217,500 and $765,000. As of August 28th, there are 8 homes on the market with 4 under contract. The homes were built between 1940 and 2012. They range from 1,172 to 2,722 square feet. Prices of these homes range between $288,000 to $625,000.

August 18, 2016

Historic Charm in Dilworth

The Charlotte Observer reported yesterday that Amos’ Southend will end it’s long run as a music venue and will close in March. This will most likely make way for yet another new construction development as the corridor along the Lynx Blue Line is attracting new denser development. If you are looking for a condominium, this is a great place to be looking. You will get all of the newest features and be close to everything. Everything along the Blue Line seems to have changed and rapidly at that.

One neighborhood that remains largely unchanged by the Blue Line is Dilworth. Homes here have been appreciating in value due to proximity to Uptown, convenience of the Blue Line, and walkability of the neighborhood, but they retain their charm. You can find an original craftsman style home here, or you can find a modernized historical home all within the same block. Historic and charm are words that epitomize Dilworth.

East Boulevard runs east and west through the middle of Dilworth and packed with restaurants, boutique shopping, grocery stores, and Freedom Park. Freedom Park has trails, water features, gardens, and more. Latta Park is also at the center of the neighborhood, with a playground, water park, and theater. Nightlife in the recently revitalized SouthEnd is just a quick walk away.

Tree lined streets and generous front porches help Dilworth to be a friendly place to be. Families taking walks, kids on bikes, and joggers with dogs are all everyday occurrences in Dilworth. There are a variety of homes, from condos to single-family here. This helps the neighborhood to still retain some affordable sections where you can purchase a condo in the $200’s. Fully renovated historic homes can go into the millions.

In the past year, homes in Dilworth have sold for between $202,500 and $1,624,750. As of August 18th, there are 35 homes on the market with 18 under contract. The prices range between $350,000 for a 3 bedroom 1 bath with 1,077 square feet, and $1.5 million for a 5 bedroom, 3 full bath, 2 half bath home with 4,428 square feet.

August 17, 2016

Olympic Training in the Queen City

With the 2016 Rio Olympics coming to a close this weekend, you might be dreaming of being a competitor yourself. If not for yourself, you might have big dreams for your children. Training for the Olympics is serious business with serious time commitments. If your family is helping an Olympian train, you want to live close to where training occurs so you aren’t always in the car.

The National Whitewater Center is an official Olympic training center right here in the Queen City. There may have been some trouble with amoebas in the water, but the facility has been drained, scrubbed, and is ready to help you achieve your Olympic dreams. Offering whitewater rafting, whitewater kayaking, flatwater kayaking, stand-up paddleboarding, rock climbing, zip-lining, ropes courses, canopy tours and mountain biking, the Whitewater Center can help you train for a wide variety of events. A home in or around Uptown Charlotte is perfect for training at the Whitewater Center. You will have quick highway access, while having all of the benefits of living uptown including museums, nightlife, restaurants, parks and more.

If Gymnastics are more your speed, there is the Charlotte Gymnastics Academy in South Charlotte just off South Boulevard. They have classes for kids ages 4-18, perfect for your budding Olympian. If you have a little tumbler, a great place to make your home would be Quail Hollow. You can get a great home just a quick drive away from the training facility. Quail Hollow also boasts Quail Hollow Country Club with a fantastic golf course. With mens and womens golf now in the Olympics, you could train there as well.

If you want all around training, or your child is too young to be specialized in any one sport, why not move close to a YMCA where you can train in many different disciplines to see which one might fit you best. Charlotte has many locations, most notably the Dowd YMCA in Uptown, the Harris YMCA in SouthPark, and Sara’s YMCA in Ballantyne.

If you are looking to move within the Charlotte area, or are looking to move here from somewhere else, contact one of our Realtors to help you with a smooth transition. We can help you find the home of your dreams close to everything you need to be healthy, active and happy. If you happen to train for and eventually get an Olympic medal, we would be so happy to be part of your journey.

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.

August 3, 2016

Spotlight: Wilmore

Wilmore is fast becoming one of Charlotte’s up-and-coming neighborhoods. It is right next to Uptown, with charming bungalows. Homes here are still affordable so it is a great place to get in on before the market really takes off. Wilmore is walking distance to the Charlotte Lynx light rail so you don’t even need to worry about parking in Uptown. Most streets even have an Uptown view.

Located in just to the South and West of Uptown, Wilmore is bounded by I-77, Summit Avenue, Camden Road and Tremont Avenue. Also included is a small section to the West of I-77 including Revolution Park at Berringer and Remount Road. Being just North of SouthEnd makes Wilmore even more attractive as you are close to lots of great restaurants, breweries, and shopping.

Wilmore is the third most popular destination for renters in the Charlotte area per Zumper.com. This makes a great case for a home in Wilmore as an investment property too. With homes still available in the $100’s, you could get in on a great opportunity for an income stream, or to create your dream home as you remodel a home.

Wilmore has all the charm and character of Dilworth, but with a much more easily attainable entry price point. These homes, with a smaller footprint that Dilworth, are available nicely remodeled in the mid-$200’s.

In the past year, homes in Wilmore have sold for between $118,000 and $532,500. This shows a great range between untouched homes and fully remodeled and expanded homes. New construction homes are also available. As of August 3rd, there are 10 homes currently on the market in Wilmore. They range from $120,000 for a 3 bedroom, 1 bathroom home with 1,180 square feet to $624,900 for a 5 bedroom, 3 full-bath, 2 half-bath home with 3,356 square feet.