Thursday, December 22, 2011

Housing Affordability

"Houses haven't been this affordable since appliances came in Harvest Gold or Avacado Green" states an article in the Kiplinger Housing Forecast, read the full article here.  There is evidence of this all over Charlotte as well.

Two projects in Charlotte that are making significant waves are 28th Ro in NoDa, and Seigle Point just outside the I-277 loop on Tenth Street.  28th Ro has closed on 32 units in the past month and only has a few left, and a similar history is available at Seigle Point.  In both cases it was a situation where adjusting the price point found an available willing market.

Soon to return to the market will be The Garrison located on North Graham Street inside the I-277 loop.  this building was designed to reflect the industrial past of Charlotte, and has huge "warehouse windows" with unparalleled views of the city.  My belief is that once they come on the market in early January, they will quickly disappear.

This leads me back to the Kiplinger article.  We have all had to reset our financial vision of the future.  Many who gambled on the seemingly neverending increase on property values have learned a valuable lesson; if something looks too good to be true, it probably is.

As we clean out our financial obligations and reset our goals, we will once again begin to grow.

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