Downtown Property Valuation

In the February 1 edition of the Charlotte Observer, there is a story about the county doing a revaluation of properties, the first one since 2003. The article goes on to explain that property is selling from 6 – 8% above tax valuation. This prompted me to focus specifically on downtown Charlotte for calendar year 2010.

The source of my data is through MLS. Certainly there were other sales not recorded in MLS, but these are the only stable statistics I can use. I have made 2 exceptions from the 142 properties that were reported as being sold, 5 sales in Metro 10 West showed no tax value, and the unit that Michael Jordan purchased in The Trust for over $3.4 million was also removed.

The remaining 136 properties sold for an average price of $246,232 for an average of 1145 sq ft, or $215 per square foot. The average tax value of those properties is $268,765. So, in the case of downtown Charlotte, properties sold at 8.4% below the tax value!

If you wish to have a copy of this spreadsheet, please eMail me and I will forward it to you. I have sorted it by complex in an effort to help define specific buildings.