Sunday Night Steals And Deals- Huntersville

Tonight I'm looking at Huntersville, NC, a popular northern suburb, about 25 minutes to Uptown, and ranked as one of the top 100 places to live in 2004 and 2005 by Money Magazine.



I'm also going to detail the criteria I use in determining value from my excellent tools at hand, the MLS. Since I don't have a personal stake in it, i.e I don't have to live there, my only objective is to help you find a place that makes you happy, understanding your choices and trade-offs, without committing any large real estate errors. Regardless of what I think, the call is ultimately always the Buyers.

I looked at two entry level prices, those for under 250K and those under 400K. I also am only
looking at new or newer homes, built since 2000.

In the under 250K there were thirteen entries after I added the 2500 square foot minimum criteria. They're Asking Prices fell in a narrow range, from 88.95/sf to 96.61/sf. Then I began looking at features, but not the features you might think-- I began looking at what I call "Value Anchors"-- these are features that are always desirable by a large proportion of buyers, almost always are unchangeable, and they give the property its intrinsic value. They are what causes differentiated appreciation (one neighborhood appreciating faster than a neighboring one) . Prime in-town locations are obvious value anchors, as is waterfront property or golf course property. Less obvious are other traits, such as sizable yards, cul-de-sac locations, community features such as pool and playground, and other neighborhood amenities.

Note, I didn't mention house features- those are more subjective and, for me, come after the house has met the aforementioned criteria. Also, it is something I rarely choose for anyone but my family-- and even then it is not wise to do alone! :)

So from my 3 semi-finalists the prices ranged from 241,900 to 248,00. Since only 2 had terrific community features- pool, playgrounds and more- I eliminated the least expensive, leaving two excellent candidates, at 248 and 244.9, both with great value anchors in the community features. They were .25 and .23 acres respectively, the .23 (244.9) was fenced, the .25 was newer, 2006, vs 2001 for the 244.9. However the 244.9 was priced at 96/sf and the larger, 248 was priced at $90/sf, and larger by 200 sf at 2735 sf. I think many of you are probably seeing the benefit of a chart here? I'd recommend it.

There is clearly a case for either of these, but I know something you don't know. The 244.9 is in Cedarfield, is priced 96/sf and is right in the middle of the price per square foot range for this community. Also it has a fenced yard, always good on the re-sale side plus a terrificly landscaped yard, versus the new builder special, 9 bushes and (1) 5' tree, whose sf price is near the top of its community. And the other sales in the 248AK neighborhood? There is only one larger than 248, so it is a top of the market Asking Price- something I can not recommend. Last but not least I know something you can't know at a distance, but is suggested by the above data- most people, myself included, would prefer Cedarfield to Tanners Creek-- so, we go with the slightly smaller home, at 2535 sf, with an asking price of $244,900. A study of the comparable sales shows this home to be priced aggressively, not a "hope for price" and so I'd recommend a first offer around 224, expecting to have to pay 236-239 to get it. There is a 10% chance it will go for full price as comparable sales suggest an at or near full price sale.


I went througha similar process in the under 400K category having to adjust the criteria to 2800 sf minimum to get a manageable number of listings. From my Home Comparison Report, I found they ranged from $88 to129/per sf of Asking Prices, the median being $109/ sf. I had 4 semi-finalists across the price points (price per sf) but quickly cut it to two when I noticed one didn't have a community pool and one was the former model home and was priced higher than any sale in the neighborhood. SoI've labelled them A and B, so you might see it easier.
A) is in Birkdale, built in 2001, AskingPrice is $385,500 and it has 3117 SF, so it is Asking at 123.5/sf. Birkdale is a golf course community with great amenities just off I-77 Exit 25 in Huntersville. The house is a 4br/3.5ba home on .344 acres, on a cul de sac, with a covered front porch.
B) is in MacAulay, built in 2006, Asking Price is $380,000 on 3774 SF or 101 per sf. It too has great amenities, but no golf course and is located just of Exit 25. It hjs 5 br/3.5 ba and sits on .182 acres, and has barely been lived in.

Both seem to have all the upgrades- granite/tile backsplashes and hardwood floors. Birkdale sells in a tighter range than MacAulay. MacAulay is the clear space winner, and has the extra bedroom.
So this is a draw, impossible to say with the information at hand, which is the clear winner. if you don't need 3700 sf, I'd suggest the Birkdale option... it's higher sf pricing suggest a "better" community- and I thinkmot people would prefer the house spacing, street placement and appeal of Birkdale over MacAulay, not to mention it is a golf course community. On the other hand, if needed a 5th bedroom and the 3700 sf, MacAulay is a bargain at 100 per sf, a fraction above Cedarfield above.

There you have it-- the basic criteria I use to evaluate properties before visiting them, to determine relative value, desirability and which could geon the the list for Sunday night Steals and Deals.

I'll be travelling this week, I'll try and post from Pensacola, Florida.