It is incredible to witness amazing greater Charlotte Area Luxury Homes are selling at deep discounts! As the financial markets and housing markets continue to struggle, the 2nd hardest hit sector are luxury homes! Many of these homes were purchased by entrepreneurs in 2006-7 and then the markets collapsed! Builders from across the nation flocked to Charlotte to take advantage of the HUGE demand in Charlotte Luxury Homes! It typically takes a year to build one of these exquisite homes. When the market collapsed, most were already committed to building!
There is a home in Piper Glen, a great South Charlotte Golf Course Community, with a Charlotte Foreclosure home listed for 50% off the 2006 sale price! This is incredible. As intelligent buyers, we ask why and what are the odds that sector will further decline.
The market took a huge hit due to lending rule changes. Many were financing these homes with "equity" from their previous home sales. That illusive equity is no longer so went the capital. The lending rule changes make it very difficult to purchase with a Jumbo loan (above $417,000). Lenders realize this and many homes in the $600,000 to $800,000 ranges are sold at ridiculous discounts.
This does not mean to "low ball" current executive home owners because most are willing to hold sit and wait; why sell a home for less than the cost of the materials! Lenders are less discreet and are trying to clear their books. The current political winds indicate a paradigm shift in November. IF this becomes reality, the luxury home market will likely rebound quickly! There has never been a better time to purchase a Charlotte Luxury Home. All Charlotte Homes for Sale are a great investment. Various sectors have been impacted differently so it is not black and white. The entire national and local economic situation largely dictates current demand and the wise can intelligently speculate the future trend. If you purchase a $800,000 fro $400,000 and how about if it only increases in value to $600,000 in the next 5 years? $200,000 profit is not a bad return! There are those still sitting on the fence and there are those taking advantage of the opportunity before them. Which are you? Call me, Rick Waite, today at 704.770.6559.
