Home Prices in Charlotte Fall 4%, Demand Down 26% in May 2008 on Single Family Homes.

Demand, or units sold, was off 26% and prices fell 4% when comparing the Sold Cost per square foot prices of MLS sales in May 2008 versus May 2007, proving that after 6 months of double digit declines in demand Charlotte is not immune to the law of supply and demand as sellers are meeting buyer expectations and lowering their prices. The average cost per square foot for homes sold in north Charlotte in May 2008 was 113/sf, versus $154/sf in South Charlotte. The price decline appears to be spread relatively evenly geographically, as northern Charlotte home prices (includes the Lake Norman area) fell 5.4% and South Charlotte home prices fell 6%. However, Charlotte home prices still remain well above 2006 levels. More than 2,900 properties sold last month in total, so there is a solid market responding to weakening demand. I take all of my numbers from the Carolina MLS (they don't provide the summary- just data) where Case-Shiller uses a different, and more precise method and they still report Charlotte housing market as rising in price through March (less than 1%)

What's the bottom line for home Buyers and Sellers? It means if you are a Seller, this is not a "move up" year... Only put your home on the market because you have to: a job transfer or job loss, leaving the area, death in the family etc. Otherwise you would be better off to wait; I expect a substantial price uptick in 2009. For Buyers- know this- we never had the large run up of prices that many markets did, so there isn't the massive paper equity other markets had, so there will not be any large price drops here- we have already proven this as home prices began dropping in earnest across the country in 2006.. and then you have to check out today's interest rates. If you wait until the market has turned the corner, you'll be facing stiffer mortgage rates- Rising rates go hand in hand with a growing economy. Buy now, but buy at a discount to protect yourself, and lock in that low rate. I 'll be comparing various communities and neighborhoods to see how they fared in May in coming posts. -----------------

Moving to Charlotte? Considering a Move? Call me, Terry, about these or any other homes in the greater Charlotte area at 704-351-1519 or Search All Charlotte Homes, for that perfect home in Charlotte.

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Spectacular Custom Homes in Skyecroft in Union County

What do you get when you combine one of south Charlotte's premier close-in Union County community's, a builder with multi-generations of building experience, homes with generous 4 and 5 bedrooms, 4 and 5 baths respectively, one with a basement, both with home theaters and large bonus rooms for games, large gourmet kitchens, both set on great lots with great views... These two homes by Holevas and Holton are homes built for living-these guys know how to build homes. If you 've never visited Skyecroft, before going any further, take a peak at my Skyecroft photo gallery. Just a 5 minute drive to well-regarded Weddington Elementary, Weddington Middle and Weddington High School, about 10 (non-rush hour minutes) to Rt 485 - now with the widening of Providence Road, all in low tax Union... this is what makes Skyecroft a blue chip, a "no-brainer" in this price range. Lets look at the two houses. In a neighborhood of beautiful homes, this one stands out, many think it's the most beautiful home in Skycroft. This 6100 +sf home sits on .82 acres with wooded back overlooking community waterfalls--it is 4 br 4 bath, with an optional 5th br, has a large raised patio and a terrific kitchen-eat-in-keeping room, and a great room, seemingly seamlessly tied togeher. ... Plus- A genuine theater room, sound proofed, 6 lounge/theater seats, a 110" screen with an In Focus projector, a 7.1 Harmon Kardon surround-DVD, Athena speakers... and more. Asking $1,599,000, I'd try $1,450,000 The pictures are thumbnails Located in the city of Waxhaw, but in the middle of Weddington, Skyecroft is a neighborhood in a wonderful wooded setting, with water features, walking trails, and a clubhouse that needs to be seen to believed...Skyecroft Amenities "in the country" but Not. It is 5 minutes to the schools, 5 minutes to grocery/convenience, 10 minutes to the Siskey YMCA, 15 minutes to old Matthews and summer movies in the Park. The second home by Holevas and Holton is larger-at 8900 sf, has a 5 br, and 5 bath, has a full finished walkout basement, a theater room, a card playing area, a downstair "pool bath" and entrance, a covered patio, a nicely equipped basement kitchen with room for 6 bar stools, a theater of its own including scree and 6 chairs, an exercise room and a room for a wine cellar as well. And that's just the basement! Add to it a gourmet kitchen, a large master suite and bath- upstairs TV room and large closets finish out this highly custom home. Offerred at 1.799M, I'd try $1.65 as "Buy it Now" offer. Here are a few more pictures  These are two very special

homes in a very special community.. I challenge you- just drive 12 Mile Creek, turn in, drive through Skye Locks and Sky Knoll- then walk through it...stay a while on a cool morning or afternoon. .. see what you think...

Moving to Waxhaw? Interested in a custom luxury home? Call me, Terry, at 704-351-1519, about these or any other homes in Waxhaw, Weddington, Charlotte or Lake Norman.

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Lynx light rail success in Charlotte has attracted statewide attention- is national attention next?

Lynx success is foundational to a new statewide transportation plan with rail at the center-- a proposal to create a $1.6B fund that would match local transportation initiatives that has an important backer- former (still very powerful) highway commissioner, Sam Hunt. Interestingly, the 21st Century Transportation proposal came after a visit to Charlotte to get a first hand look at Lynx. Sometimes called the father of NC Interstate, Hunts endorsement can not be overestimated. It is now one of the most "talked about initiatives in the Assembly... and will be up to the next Assembly to fund," said the well-regarded Observer associate editor and blogger Jack Betts...we'll be watching. Could this be an unintended consequence of the vicious anti-rail fight-- raising the visibility of Lynx success? He who laughs last-- Ron Tober, former head of CATS and the victim of an over the top smear campaign, must be smiling widely this morning... 

The Lynx travels from 9th St all the way to the South Blvd exit of 485.  A round trip ticket is $2.60.  Daily and weekly passes are also available.  Future plans for the Lynx light rail include two more lines and an extension to the blue line.

Moving to Charlotte? Considering a Move? Call me, Terry, about these or any other homes in the greater Charlotte area at 704-351-1519 or Search All Charlotte Homes , for that perfect home in Charlotte.

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Charlotte Home Prices fall 4%, Units sold off 26% in May 2008 on single family homes.

Demand, or units sold, was off 26% and prices fell 4% when comparing the Sold Cost per square foot prices of MLS sales in May 2008 versus May 2007, proving that after 6 months of double digit declines in demand Charlotte is not immune to the law of supply and demand as sellers are meeting buyer expectations and lowering their prices.

The average cost per square foot for homes sold in north Charlotte in May 2008 was 113/sf, versus $154/sf in South Charlotte. The price decline appears to be spread relatively evenly geographically, as northern Charlotte home prices (includes the Lake Norman area) fell 5.4% and South Charlotte home prices fell 6%. However, Charlotte home prices still remain well above 2006 levels.

More than 2,900 properties sold last month in total, so there is a solid market responding to weakening demand.

I take all of my numbers from the Carolina MLS (they don't provide the summary- just data) where Case-Shiller uses a different, and more precise method and they still report Charlotte housing market as rising in price through March (less than 1%)

What does this mean to home Buyers and Sellers? It means if you are a Seller, this is not a "move up" year... Only put your home on the market because you have to: a job transfer or job loss, leaving the area, death in the family etc. Otherwise you would be better off to wait; I expect a substantial price uptick in 2009. For Buyers- know this- we never had the large run up of prices that many markets did, so there isn't the massive paper equity other markets had, so there will not be any large price drops here- we have already proven this as home prices began dropping in earnest across the country in 2006.. and then you have to check out today's interest rates. If you wait until the market has turned the corner, you'll be facing stiffer mortgage rates- Rising rates go hand in hand with a growing economy. Buy now, but buy at a discount to protect yourself, and lock in that low rate.

I 'll be comparing various communities and neighborhoods to see how they fared in May in coming posts.

-----------------

Moving to Charlotte? Considering a Move? Call me, Terry, about these or any other homes in the greater Charlotte area at 704-351-1519 or Search All Charlotte Homes- By Area , for that perfect home in Charlotte.

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Homes for Sale in the Beverly Crest, Providence Plantation, and Raintree- Arboretum area of South Charlotte

Three great neighborhoods in South Charlotte known for their convenience, affordability and easy living... Ask anyone who lives here- the Arboretum area rocks! This is the intersection of Providence Road and RT 51, Pineville-Matthews Road, with only Beverly Crest being inside Rt 51 on the Charlotte side of Rt 51. This big 3 gives you all styles of homes: a traditional style in Providence Plantation, Craftsman style in Beverly Crest, and contemporary at Raintree.

The neighborhood of Beverly Crest is located on the corner of Providence Rd and Matthews-Pineville Rd (Hwy 51). The neighborhood is located a 1 or 2 drive away from the Arboretum and is within walking distance of Providence high school. Beverly Crest is convenient to those working in the uptown area, only a 15- 20 minute drive, and about 10 minutes to Soutpark. Here is a great Beverly Crest home for sale from a post I wrote last week.

The homes for sale in Beverly Crest are broken down below by price:

There are 4 homes for sale for under $300,000.

There are 13 homes for sale under $400,000, but more than $300k.

There are 6 homes for sale for more than $400k.

Providence Plantation is located between Providence Rd, Matthews-Pineville Rd and McKee Rd. One of the larger neighborhoods in Charlotte there are

many homes for sale in the neighborhood and there are a variety of different types of homes for sale as well. The old section of Providence Plantation is mostly larger, brick, homes while the newer section sports more reasonable sized homes with a variety of styles. Providence Plantation is minutes away from the Siskey YMCA, the first or second largest YMCA in the country (depending on how you measure it). The homes for sale in the neighborhood are broken down below by price:

There are 14 homes for sale under $400,000.

There are 26 homes for sale under $600,000, but more than $400k.

There are 20 homes for sale for more than $600k.

Raintree is a large golf course neighborhood located on RT 51, Matthews-Pineville Rd, next to the Arboretum and very close to Beverly Crest. Raintree has one of the most reasoanble fee structure around and offers full and social memebership- along with (2) 18 hole golf courses. Similar in location to Beverly Crest, it is only a 20 minute drive to uptown and is also accessible (about a 5 minute drive) to Rt 485, the Charlotte beltway. The homes for sale in Raintree are broken down below by price:

There are 3 homes for sale under $200,000.

There are 11 homes for sale under $300,000, but more than $200k.

There are 6 homes for sale for more than 300k.

Moving to Beverly Crest, Providence Plantation or Raintree? Charlotte? Call me, Terry, about these or any other homes in the greater Charlotte area at 704-351-1519 or Search All Charlotte Homes- By Area for the perfect home in Charlotte.

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