The Charlotte real estate market, is it going to get worse before it gets better? (apartment complexes, foreclosures)
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What is your opinion? When I was down there I noticed how overbuilt the market appeared. Apartment complexes were offering deep discounts to get their vacancies filled. The rash of foreclosures seems to have a ways to go from the looks of the ARM reset dates, and I can't help but wonder how the current financial crisis is impacting employment in one of the nations biggest banking centers.
On the plus side, Charlotte's infrastructure appears to be significantly more structured than the northeast (I know it seems congested but coming from NJ its a pleasure to drive around!), The market is still very affordable for retirees coming from the north, The economy appears to be pretty diverse, and the population projections look promising.
If you've lived in Charlotte all your life, or for a good while, what are your thoughts?
What is your opinion? When I was down there I noticed how overbuilt the market appeared. Apartment complexes were offering deep discounts to get their vacancies filled. The rash of foreclosures seems to have a ways to go from the looks of the ARM reset dates, and I can't help but wonder how the current financial crisis is impacting employment in one of the nations biggest banking centers.
On the plus side, Charlotte's infrastructure appears to be significantly more structured than the northeast (I know it seems congested but coming from NJ its a pleasure to drive around!), The market is still very affordable for retirees coming from the north, The economy appears to be pretty diverse, and the population projections look promising.
If you've lived in Charlotte all your life, or for a good while, what are your thoughts?
Dan
Well I have only lived here two years, but I am going to give you my opinion anyway. I am going to just copy some stuff I have on my website, because I am lazy...
Charlotte and the surrounding area are feeling the trickle down effect finally that the rest of the country has been feeling for sometime now. This is great for the buyer, because now they are in a positive position, to BUY!. (As a matter-of-fact, I know of some builders, that are clearing out there inventory, by 50k or so!) It appears to me that inventory is taking longer to offload, but luckily has not affected the percentage gained by the seller. One other good indicator of things to come, is the fact, that Charlotte's Uptown Office/Commercial vacany rate (2.3%) is at an all time low, lower than NYC (4.7%), and showed the sixth-largest increase in lease rates. The average rate jumped from 2006, 27.3% higher! This means all our buildings are almost filled up with businesses, and that means more jobs, which means more people and more homes to fill! Lets hope we stay in a balanced market for 2008, otherwise we will be following the rest of the country!
We think alike, because I have questioned the thought of how the 2nd largest banking center will fare. Alot of the national news always talks about Seattle, Portland and Charlotte markets being strong. But if I was a betting man, (and I am), I would say Charlotte because of the banking business would be in the weakest position of all three. Now IMO, given the choice, most people would choose Sunny skies over Seattle Rain, and southern charm over Bill Gate Geeks. No harm, no foul! Just kidding about the city comparisons. I think the lower taxes will keep people coming here!
You're right, lower taxes are big plus. I'm in NJ and I'm seeing a lot of people move down there for the low cost of living. I think your taxes are around 1.25% whereas ours are around 2.25%-2.5%. I'm looking forward to those sunny skies, but I must say that I'm dreading the humidity!
You're right, lower taxes are big plus. I'm in NJ and I'm seeing a lot of people move down there for the low cost of living. I think your taxes are around 1.25% whereas ours are around 2.25%-2.5%. I'm looking forward to those sunny skies, but I must say that I'm dreading the humidity!
Curious, what's your site?
Your heat & humidity in NJ is just as bad or worse if you are near the shore.
I lived in Manhattan and let me tell you about heat & humidity. It is unbearable. The heat & humidity just last maybe 4 weeks longer here.
We probably only have about 4 full months of humidity. The rest of the year is beautiful!
And if you want to see snow...drive 2hrs to the mountains and they get much more snow than NJ does too!
Only real change is an extra 4 weeks of heat & humidity. No other real difference.
That's great, I'm glad to hear that. I heard some horror stories when I was down there, so hopefully they were just exaggerating
You can handle 4 more weeks of warm weather...just think...hardly ever do you have to scrape ice...and shoval snow...maybe once every 3-5 years.
Everyone goes from their AC homes to their AC jobs to the AC stores. Now last summer was an exception. Hottest summer on record I believe...but that was not normal.
horror stories of heat and humidity huh? You have to think if that was the case, all these people wouldn't be moving to Charlotte if it was so unbearable. It's not FL.
I've lived in Charlotte for over 20 years and the real estate market has always held up. There have been dips along the way but the overall market hasn't tanked. It will take most of this year but after that the market should rebound well.
Real Estate is slow to adjust and the slow market will take some to play out.However,this is a good thing for the buyer who can make excellent deals in this market.Nothing goes up forever without some kind of adjustment.Charlotte is in much better shape than most other areas.I tell my clients that this is a terrific time to buy a home as long as they do not have to sell in a short period of time.
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Charlotte market
