Where The Action Is

The pie chart inserted here shows the percentage of activity over the past year for all downtown activity, currently available, under contract, and sold.  I have separated the segments into price points to deliver the graphical results.

Fully 82% of all activity is taking place below $400k.  The biggest segment is under $200k.  I have further breakdowns available separating out the available/contract/sold numbers by price point.  If you would like those numbers, please contact me at dennis@236-7119.com, and I will send you the data you request.

The recovery of the housing market is happening fast.  Property priced properties are disappearing almost as fast as they appear on the market.  With little new inventory entering the market, things will shift to become more of a Sellers Market, though prices have not returned to pre-recession levels.  It is common to have multiple offers being made on properties which leads to a best and final pricing.

If you have been thinking of listing your property, please call me, 704-236-7119.  I will provide you with an analysis of your building and the market in general in order to help you make an informed decision.

Tipping Point: Buyers - Sellers

The last 5 years have truly been a nightmare.  Property sat, buyers were no where to be found, confidence in the economy was at it lowest point in memory.  Sellers became extremely creative in enticing the few buyers available with any variety of incentives.

The thing with Buyers Markets is they can end abruptly.  This article from Real Estate Information Systems points to the end of Concessions.  In the past 8 months, 10 of the contracts I have written have either been met with multiple offers, or rejected by the seller.  Two years ago that would not have happened.

As of today, there are 68 properties downtown that are under contract, and only 82 properties available for sale.

If you have been considering listing your property, the time to do it is now.  Please contact me for an analysis of your market value.

The State Of Center City

As we slowly creep out of the recession, it is important to look back and see how we are doing, and where we are going. Charlotte Center City Partners has done most of the heavy lifting for us with their State of the Center City 2012 report.  Please take some time and read this well written and informative report.

At times it looked and felt like everything was going bad, but it really didn’t as the report shows. The issues we face concerning Transit, and Taxes, and Infrastructure are all important issues in building our city of the future.

The real estate market will be affected by this as well. Density and urban living continues to grow, and the demographics of those leading it are mostly below 40. Currently, due to the financial markets being hesitant in lending to for-sale condo development, apartments have taken the center stage.

Over 700 units were announced in January between two projects. The building timeline for those two will be about 18 months. Couple that with the 2 other projects already under constructions which will hit the market in 12 months and our increased capacity for rentals is apparent.

With the exception of The SKYE Condominiums (67 units), there is no for-sale projects for that same period of time. This will change by late summer. I expect to see the Mint Museum Condominium project to re-appear. Additionally, the site located on the corner of South Tryon and Third Street should once again become active in the market.

The timing for these will push into early 2016. The rapid growth we saw during the first 7 years of the 2000’s will seem glacial by comparison to the next 7 years.