A Heated Market Returns

The Avenue Condominium

A funny thing happened as I was preparing for my weekly wine tasting at The Dunhill.  I was producing my brochure and evaluating the current increase in sales in the downtown market.  It started as a curiosity, then became glaringly apparent that The Avenue has become the hottest property in downtown Charlotte.  Since January 29, 2013, 17 properties have either sold, or have gone under contract! 

Wow!

Furthermore, sales are within 3% of the asking price, and within 13% of the original sale price back in the heat of the real estate market in 2007.  Prices are stabilizing in The Avenue and will begin to rise over the next several weeks.

Other downtown properties will also begin to show this type of change as well.  Often when I show properties, my client will comment on the number of lock boxes on hand.  Other condo developments are all showing few properties.  Fifth & Poplar has 1; Courtside has 1; TradeMark has 5.  Currently, at The Avenue, there are 12 properties available for sale, and 5 for rent.  This represents about 4% of the total number of units available, 10% is considered the norm.

I have said it before, supply and demand is the only law that is absolute, and we will soon see the effects of this law in full swing.