Showing posts with label waxhaw. Show all posts
Showing posts with label waxhaw. Show all posts
Thursday, April 26, 2007
Saturday, April 14, 2007
Charlotte Home Prices...Full Steam Ahead!
Charlotte Home Prices UP, no Bubble!
While most of the country worries about falling prices in real estate, a few markets have been unaffected by the non stop Bubble talk. No amount of doom, gloom or rising interest rates have slowed the growth in Charlotte, NC.
Good news travels fast. Barron's noted our first quarter growth in Charlotte at just over 7%, third in the nation. Our numbers on residential single families are even better with the our 1st quarter 2007 sales at an average of $226,998 vs the $209,987 of a year ago, an 8.1% increase. Average cost per sf increased by the same 8% and Days on Market (DOM) rose just 10% to an average of 93 days. And we had "velocity" too, a 5.7% increase in the number of units sold. Average square foot prices were just over $110 for the 1st quarter of 2007, up from $102 just a year ago. A very healthy Charlotte Real Estate market remained that way through the first quarter of 2007.
But that is only part of the story-- whenever you hear an average, its worth looking at the parts, and we did that too. And comparing the differrent areas produced many surprises. Our study compares the following regions: Myers Park, Dilworth and South Park, I called it InTown. South Charlotte begins at Southpark and Fairview, and sweeps south to the Union County border, roughly between and including Matthews and Ballantyne. Close-in Union County is the area that is adjacent to Mecklenburg County, with towns like Wesley Chapel, Weddington, Waxhaw and Marvin. The last area, the fastest appreciating one, is to the north, beginning at the lower Lake Norman Area- Huntersville, and including the larger lake area from Cornelius and Davidson all the way to Mooresville and Denver.
It was no surprise to see the intown area of South Park, Myers Park and Dilworth exceed the average by almost 30%, more surprising was the strength of the northern suburb of Huntersville, and the lake area, appreciating at more than 50% above the entire region's average. Perhaps the most surprising were the results from Union County, the 8th fastest growing county in the nation with the very popular communities of Wesley Chapel, Weddington, Marvin and Waxhaw, what I call close-in Union, just adjacent to Mecklenburg County. These prices held steady, well below the region's average. Perhaps the huge number of new home communities in Union have held prices down?
The shocker here is Union County, has the lowest rate of growth over the year. What explains it? That will require some research, but a guess is the abundance of new homes and new home inventories has kept prices in check. It will be interesting to see the affects of the sewer moratorium there... In another study we found Ballantyne, a very popular neighborhood next to Union County, had only risen 2.8% in 2006 by average sqare foot pricing. Another interesting note is that the Days on Market increased regionally by almost 11%-- but DOM decreases in most of our more popular neighborhoods above. Future studies will break these numbers down further and look at Condominiums and Townhouses across the region.
I've said for years that Charlotte has grown the old fashioned way- adding jobs, and adding families voting with their feet for a better standard of living here-- that trend continues, and I look forward to talking about some of the challenges this very steady growth means for the area. I'll have more details in the future.
While most of the country worries about falling prices in real estate, a few markets have been unaffected by the non stop Bubble talk. No amount of doom, gloom or rising interest rates have slowed the growth in Charlotte, NC.
Good news travels fast. Barron's noted our first quarter growth in Charlotte at just over 7%, third in the nation. Our numbers on residential single families are even better with the our 1st quarter 2007 sales at an average of $226,998 vs the $209,987 of a year ago, an 8.1% increase. Average cost per sf increased by the same 8% and Days on Market (DOM) rose just 10% to an average of 93 days. And we had "velocity" too, a 5.7% increase in the number of units sold. Average square foot prices were just over $110 for the 1st quarter of 2007, up from $102 just a year ago. A very healthy Charlotte Real Estate market remained that way through the first quarter of 2007.
But that is only part of the story-- whenever you hear an average, its worth looking at the parts, and we did that too. And comparing the differrent areas produced many surprises. Our study compares the following regions: Myers Park, Dilworth and South Park, I called it InTown. South Charlotte begins at Southpark and Fairview, and sweeps south to the Union County border, roughly between and including Matthews and Ballantyne. Close-in Union County is the area that is adjacent to Mecklenburg County, with towns like Wesley Chapel, Weddington, Waxhaw and Marvin. The last area, the fastest appreciating one, is to the north, beginning at the lower Lake Norman Area- Huntersville, and including the larger lake area from Cornelius and Davidson all the way to Mooresville and Denver.
It was no surprise to see the intown area of South Park, Myers Park and Dilworth exceed the average by almost 30%, more surprising was the strength of the northern suburb of Huntersville, and the lake area, appreciating at more than 50% above the entire region's average. Perhaps the most surprising were the results from Union County, the 8th fastest growing county in the nation with the very popular communities of Wesley Chapel, Weddington, Marvin and Waxhaw, what I call close-in Union, just adjacent to Mecklenburg County. These prices held steady, well below the region's average. Perhaps the huge number of new home communities in Union have held prices down?
The shocker here is Union County, has the lowest rate of growth over the year. What explains it? That will require some research, but a guess is the abundance of new homes and new home inventories has kept prices in check. It will be interesting to see the affects of the sewer moratorium there... In another study we found Ballantyne, a very popular neighborhood next to Union County, had only risen 2.8% in 2006 by average sqare foot pricing. Another interesting note is that the Days on Market increased regionally by almost 11%-- but DOM decreases in most of our more popular neighborhoods above. Future studies will break these numbers down further and look at Condominiums and Townhouses across the region.
I've said for years that Charlotte has grown the old fashioned way- adding jobs, and adding families voting with their feet for a better standard of living here-- that trend continues, and I look forward to talking about some of the challenges this very steady growth means for the area. I'll have more details in the future.
Wednesday, August 30, 2006
Here is a look at some of Charlotte's neighborhoods from a distance... if you live there, or know someone who does, feel free to post. This is from a letter I send to newcomers considering Charlotte-- but what are the essentials, can't miss features in these areas? you decide
When it comes to neighborhoods, Charlotte has about all of them. Center city, or the area inside the I- 277 Loop, is home of the condominium. High rise- mid rise and a few townhouses, the few single families are generally 900K plus, and there are only a small number, probably <200. Condos start from around 140K, occasionally lower! Our closest-in suburb is Dilworth, zip code 28203. Built in the 1930's and 40's, this very convenient neighborhood began as a first home inexpensive neighbor to Myers Park.. but during the 1990's it transformed itself to the spot among young and old alike for people who like to walk to the stores, restaurants and shops. Prices on 2000 sf homes generally start in the 400's, but 5-600 is most common.
Next to Dilworth is Myers park, homes for Charlotte's Doctor's, Lawyers, and now Bank exec's wh wantl the 3000-10,000 square foot homes. Wide streets and hundred year oaks are common, many of the smaller homes have been replaced my larger and sometimes over sized houses on some of the smaller lots. 700k to 5 M here. Charlotte's two best city parks sit between Myers Park and Dilworth-- Freedom Park and Latta Park.
Heading south of Myers Park, you run into the logically named South Park. This is home to Charlotte's' best shopping district, Southpark Mall and Phillips Place, and is also the 4th largest business district in NC. You'll find Nordstrom's and Luis Vitton, as well as PF Changs and the Palm at Philip's Place. Neiman marcus in September. Quality homes from the 300's here. These are the fastest appreciating neighborhoods in S Charlotte. It is noteworthy that they are no more than 10-15 minutes to the Center City.
And from here out nice homes in good neighborhoods start from around 200k.
Tell us about your neighborhood:
What about Ballantyne?
Matthews?
Weddington?
Waxhaw?
Huntersville?
Cornelius?
Denver?
Lake Wylie?
Berewick?
When it comes to neighborhoods, Charlotte has about all of them. Center city, or the area inside the I- 277 Loop, is home of the condominium. High rise- mid rise and a few townhouses, the few single families are generally 900K plus, and there are only a small number, probably <200. Condos start from around 140K, occasionally lower! Our closest-in suburb is Dilworth, zip code 28203. Built in the 1930's and 40's, this very convenient neighborhood began as a first home inexpensive neighbor to Myers Park.. but during the 1990's it transformed itself to the spot among young and old alike for people who like to walk to the stores, restaurants and shops. Prices on 2000 sf homes generally start in the 400's, but 5-600 is most common.
Next to Dilworth is Myers park, homes for Charlotte's Doctor's, Lawyers, and now Bank exec's wh wantl the 3000-10,000 square foot homes. Wide streets and hundred year oaks are common, many of the smaller homes have been replaced my larger and sometimes over sized houses on some of the smaller lots. 700k to 5 M here. Charlotte's two best city parks sit between Myers Park and Dilworth-- Freedom Park and Latta Park.
Heading south of Myers Park, you run into the logically named South Park. This is home to Charlotte's' best shopping district, Southpark Mall and Phillips Place, and is also the 4th largest business district in NC. You'll find Nordstrom's and Luis Vitton, as well as PF Changs and the Palm at Philip's Place. Neiman marcus in September. Quality homes from the 300's here. These are the fastest appreciating neighborhoods in S Charlotte. It is noteworthy that they are no more than 10-15 minutes to the Center City.
And from here out nice homes in good neighborhoods start from around 200k.
Tell us about your neighborhood:
What about Ballantyne?
Matthews?
Weddington?
Waxhaw?
Huntersville?
Cornelius?
Denver?
Lake Wylie?
Berewick?
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