There are many people seeking a solid Charlotte real estate investment but a single family home does not fit your lifestyle. Some of these people include seniors, single professionals and young couples just starting out and tired of paying rent. Charlotte Condos for Sale may be what you are seeking. There are several caveats to consider as you discover the Charlotte Condo market.
Charlotte is still a very new city. The condo market in Charlotte NC is still in its infancy. Many developers/investors did not do much research and just threw in their cash. Not a wise move.
You must first consider your market niche and decide why would a person want a condo in this location. Condos are to offer a more affordable home or convenience. Convenience is to either work and or night life. Condo developers swarmed in uptown Charlotte a couple of years ago without noting that the rate of condo development was far exceeding demand. Ultimately this challenged outer area condos because uptown Charlotte Condos were all the rage.
The rage has subsided and now many Charlotte Condo investors are holding onto empty condos. There will be many deals on uptown Charlotte Condos but please consider call of the expenses prior to buying. I do not share this to take you away from the condos but please consider these a longer term investment and be assured it is affordable for your budget. I do not want you to repeat the process that has occurred in uptown.
There are also areas where condos make a lot of sense. For example consider Piedmont Row in Southpark. Piedmont Row is a very nice complex with a great location in Southpark. Since Southpark attracted thousands of professionals that spend a couple of weeks a month at this office. These Southpark Condos are designed with you in mind. Due to the over development of Uptown Condos, many condos in outer areas (such as Southpark) did not see much activity over the past several years.
The areas such as Southpark will be ideal to take advantage of the slower market there. You can purchase condos below market value and be comfortable that you investment will appreciate over the next 5 or so years. These outer areas will recover much faster than uptown. Uptown Charlotte condos will take a while before our population meets the supply. In the mean time many of the 'investors' will let these homes go back to the bank.
Opportunity is all around. You just need to trust an expert that has your shared interest first. Visit my Charlotte Real Estate website for additional information of the greater Charlotte NC Homes market.
Monday, March 23, 2009
Sunday, March 15, 2009
Union County Real Estate and Union County Schools
Union County continues to grow and Union County must adjust the school borders to adjust for the current population. The New Cuthbertson Schools (middle and high) are opening in 2009/2010. Union County Real Estate maps are now constructed to allow for the new students to attend. Each new school creates new real estate opportunities. The New Cutbertson schools pulled students from Weddington Real Estate, Marvin Real Estate and Waxhaw Real Estate. Many Union County NC Homes within this new area will experience an increase in demand due to the excitement of the new school. This is good news for the vast majority of residents because their Union County Homes will increase in value.
The Sun Valley High School, further east in Indian Trail, is beyond capacity and needs to lighten some of the student burden (according to county officials); each student deserves a comfortable learning environemnt and each teacher should have manageable classroom sizes. Any redistricting is met with oppositiion which is understandable. Most buyers purchase homes based on their "current" school assignments.
Ultimately there are many difficult decisions to be made as the greater Charlotte Real Estate area continues to grow. I understand the concern of home owners and I do everything possible to assure you find the home in an area with schools of your choosing for your new Charlotte Home.
The Sun Valley High School, further east in Indian Trail, is beyond capacity and needs to lighten some of the student burden (according to county officials); each student deserves a comfortable learning environemnt and each teacher should have manageable classroom sizes. Any redistricting is met with oppositiion which is understandable. Most buyers purchase homes based on their "current" school assignments.
Ultimately there are many difficult decisions to be made as the greater Charlotte Real Estate area continues to grow. I understand the concern of home owners and I do everything possible to assure you find the home in an area with schools of your choosing for your new Charlotte Home.
Thursday, March 12, 2009
Charlotte New Homes: Where are the deals?
One of the beautiful things about moving to Charlotte NC is that Charlotte New Homes for Sale are still affordable. Nothing beats the excitement of having a brand new Charlotte Home where you personally select all of the features that you desire in a home. The downside to the new home building process is that life often changes before the home is even complete. Is this a downside or an opportunity? It depends on your perspective.
The rapidly evolving Charlotte Housing market is causing grief for builders. As the lending rules evolve so does the odds of the Charlotte New Home buyer. As the credit tightens many potential Charlotte New Home owners can no longer buy their dream home. Please be certain that you exceed the current credit rules if you are purchasing a new home. The lending rules/criteria are changing all of time. There is no way to know what the rules will be six months from now.
So what happens to the new home after the buyer can no longer get financing? This is not good for the Charlotte builder. In today's economy, builders are not building spec homes (also known as inventory homes). It simply takes too long to sell a spec home and it is not a viable business plan. So now what? The builder is in the same position as the potential buyers are today. There is no way of knowing with any degree of certainty what tomorrow will bring. Builders will discount these brand new homes to eliminate the risk and to free up their financial resources for new buyers. Yes you can purchase a discounted brand new Charlotte home. The down side is that you will not be able to select everything that you wanted but you can receive unheard of discounts of 20% or more!
As the economy changes these Charlotte NC Homes For Sale will not be discounted much longer. Springtime is always a more active real estate time period so the wise money is buying now. As the spring market heats up these discounted properties will be no where to be found.
Visit my Charlotte Real Estate website today and learn more about Charlotte NC Homes For Sale.
The rapidly evolving Charlotte Housing market is causing grief for builders. As the lending rules evolve so does the odds of the Charlotte New Home buyer. As the credit tightens many potential Charlotte New Home owners can no longer buy their dream home. Please be certain that you exceed the current credit rules if you are purchasing a new home. The lending rules/criteria are changing all of time. There is no way to know what the rules will be six months from now.
So what happens to the new home after the buyer can no longer get financing? This is not good for the Charlotte builder. In today's economy, builders are not building spec homes (also known as inventory homes). It simply takes too long to sell a spec home and it is not a viable business plan. So now what? The builder is in the same position as the potential buyers are today. There is no way of knowing with any degree of certainty what tomorrow will bring. Builders will discount these brand new homes to eliminate the risk and to free up their financial resources for new buyers. Yes you can purchase a discounted brand new Charlotte home. The down side is that you will not be able to select everything that you wanted but you can receive unheard of discounts of 20% or more!
As the economy changes these Charlotte NC Homes For Sale will not be discounted much longer. Springtime is always a more active real estate time period so the wise money is buying now. As the spring market heats up these discounted properties will be no where to be found.
Visit my Charlotte Real Estate website today and learn more about Charlotte NC Homes For Sale.
Sunday, March 08, 2009
Charlotte Foreclosures-Charlotte Short Sales
Many home buyers in today's Charlotte Real Estate market are looking for a deal. Well a steal would be more like it. As the banking industry deals with the national foreclosures they are also dealing with the homes that was considered collateral.
The sub prime market gave money to many that had no reason to ever own a home. Lending money to a person for a home that already has a history of not paying money back is not a sound business plan. Now we get Charlotte Short Sales and Charlotte Foreclosures.
From a bank's perspective a Short Sale is preferred. A short sale is a home that is already delinquent several months on payments (that is why a bank agrees to a short sale) and is willing to take less than what is owed. The bank also knows that there are more expenses to go through the foreclosure process and frequently the highest cause is the damage done by the person that was not paying the mortgage in the first place.
A Foreclosure home is often beyond just disrepair. I have seen them completely gutted to include the removal of entire kitchens, bathrooms (including all plumbing), HVAC units, furnaces and hot water tanks. I have seen them with the electrical panel removed and all of the House wiring severed.
The difficulty with a Short Sale is the "mortgage company" typically is insured by the Government (since the Government mandated the loans) and the bank is overwhelmed in this department. The Short Sale department represents a loss for the institutions. It is difficult to keep throwing more money after bad loans. The process is further complicated by the 2nd mortgages since the second mortgage holder bears the brunt of the losses.
You must get two "overloaded" departments to agree on a course of action, a fair price and who takes what loss. Are there deals to be had? Yes, but patience is required.
There are Charlotte Short Sales and Charlotte Foreclosures to be had. Keep in mind that the same rules apply to foreclosures as it does to regular homes. The homes for sale in the most desirable Charlotte NC Homes in the highest demand areas will also get the highest price for a Charlotte Foreclosure. The reverse is also true.
Visit Charlotte NC Homes For Sale to learn about the various areas surrounding Charlotte Real Estate and together we will find the best deal for you!
The sub prime market gave money to many that had no reason to ever own a home. Lending money to a person for a home that already has a history of not paying money back is not a sound business plan. Now we get Charlotte Short Sales and Charlotte Foreclosures.
From a bank's perspective a Short Sale is preferred. A short sale is a home that is already delinquent several months on payments (that is why a bank agrees to a short sale) and is willing to take less than what is owed. The bank also knows that there are more expenses to go through the foreclosure process and frequently the highest cause is the damage done by the person that was not paying the mortgage in the first place.
A Foreclosure home is often beyond just disrepair. I have seen them completely gutted to include the removal of entire kitchens, bathrooms (including all plumbing), HVAC units, furnaces and hot water tanks. I have seen them with the electrical panel removed and all of the House wiring severed.
The difficulty with a Short Sale is the "mortgage company" typically is insured by the Government (since the Government mandated the loans) and the bank is overwhelmed in this department. The Short Sale department represents a loss for the institutions. It is difficult to keep throwing more money after bad loans. The process is further complicated by the 2nd mortgages since the second mortgage holder bears the brunt of the losses.
You must get two "overloaded" departments to agree on a course of action, a fair price and who takes what loss. Are there deals to be had? Yes, but patience is required.
There are Charlotte Short Sales and Charlotte Foreclosures to be had. Keep in mind that the same rules apply to foreclosures as it does to regular homes. The homes for sale in the most desirable Charlotte NC Homes in the highest demand areas will also get the highest price for a Charlotte Foreclosure. The reverse is also true.
Visit Charlotte NC Homes For Sale to learn about the various areas surrounding Charlotte Real Estate and together we will find the best deal for you!
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