Friday, March 4, 2011

County Wide Property Re-Evaluation

It sure didn't take too long for the switchboard to light up at the county assessors office once the single family home assessments were mailed! I have a friend that has a parcel in downtown Charlotte that has gone from $300,000 to over $700,000 in value according to the county.

Wow! So what is in store for us condo and townhouse owners. Figures will be released this month to cover everyone not covered in the initial roll out. Before you accuse the county of being unsympathetic to the current economic climate we find ourselves in, be aware that the county is required by law to re-assess every 8 years.

I know the attached chart is difficult to read, I am still working with my provider to be better able to provide pictures and charts in my newsletter, but the trend is unmistakable. The numbers I am using are only condos and townhouses, and only in the downtown area. Over the years, there have been individual events that have affected the value of property, such developments such as Fifth and Poplar, TradeMark, The Avenue, they all inflated the average $ per square footage when they came on the market. Many of those sales now are dragging the market down.

I have an 11 year history of $ per square foot prices for all the downtown Charlotte associations, and will be happy to deliver you a spreadsheet enumerating those values. Please eMaill me with your specifics, and I will send you the results for your building.

The information that I use is from MLS. I cannot guarantee you that the county will accept your petition, but at least I can supply you with enough information to make it an even fight.

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