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I am thinking about purchasing a place uptown in about 6 months or so. I am just wondering what kind of prices I am going to be looking at. Hopefully that will be enough time to build up some funds as I have to move out of my rented place sometime in August. Preferably I would want to purchase a small two bedroom place as close to the middle of Charlotte as I can get. I haven't really investigated it much, so I don't know what to expect once I begin looking into it. What do you guys think? Has anyone on here recently bought a place uptown?
Buy? Depends on what phase you get into, if you are talking about the high rises. I have seen them go for $400,000 to multi millions. They aren't cheap, but for a city dwelling not too bad. If you are talking about a house on the outskirts I have no idea, townhouses are $150,000+ but not that great. Close to middle Charlotee (Trade and Tryon?) You get more expensive, but they are building a few. Check out the VUE.
Generally it is probably about $150,000 for about 700 sq feet, $250,000 - $300,000 for 1,400 sq feet. You will get a great return though. I paid $160,000 in 2001 and could probably sell for about $275,000 or more now. You have to pay an additional "Uptown Tax" to live Uptown too. It is reasonable, but you have to pay Charlotte City, Mecklenburg County & Uptown Tax.
Your return is probably greater Uptown than any other part of town. Just an opinion though!
if you are looking at Uptown - inside of 277, you're looking at a lot.
I've seen condos starting at $180,000 for a studio of 477 square feet.
Once you get outside the loop, prices start dropping. But in uptown, you're going to pay a hefty price. I'd say the starting price is around $175K for about 500 square feet and goes up from there.
You can go 10 minutes outside the city and find places that are three times as big for the same price.
I am definitely thinking ahead to the return I would get at a later point. I don't plan on keeping it forever, but I want to stop paying money for something that isn't even mine and make an investment of my own. I figured uptown would be a good place to start, and I can move more outside the city and purchase an actual house with the return I can get from the one in uptown. That is the plan for now at least...
many of the uptown high rise spaces are under construction. They are pricey but worth it. There are some deals. Find a good realtor to help you. Expect almost a 50% more return inside the loop
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