The number of homes that have sold above $750,000, or those considered High-end for Charlotte, have plummeted according to the National Associations of Realtors, and according to my own analysis. 

From the first quarter of 2009 there were only 75 properties sold, in all 10 areas of Charlotte. Compare this to the first quarter of 2007 where 245 sold.  This is a 69% drop.  Even 2008 compared to 2009, was a 54% decline.

Bottom line is lets face it.  The financial industry has shrunk, here in Charlotte, and that is going to effect all the Custom builders and high end resales.  Places like Providence Downs South which is literally a stones throw from my home, is going to be suffering for sometime, with over 61 homes on the market, and many of them in…

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The average home size is shrinking according to third quarter 2008 statistics, from the U.S. Census Bureau.  The second quarter had an average home size of 2629 sq. ft. vs. 2438 for the third quarter.  That is a whopping 7.3% decrease in three months, say good bye to McMansions eventually. 

There are other statistics to back up this fact.  Fewer luxury items are being consumed.  For instance 62% of new homes had fireplaces in them in 1991, now only 51% have them in 2007. 

I know personally we have a high ceiling or Great Room in our home and we have looked into the cost of making the upstairs a bonus/6th bedroom.  Not to save on heating or AC costs, really just to find a place for all the kids toys!  Also Granite is on the decline.

What I find real…

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FOR ALL AGENTS WORKING ON FORECLOSURES OR SHORT SALES
 
If you are working with a buyer who is going to purchase a foreclosure or a short sale, remember to read every addendum.  I just ran into one the other day that said that the seller (the bank) can unconditionally require the buyer to pay any and all taxes, water or utilities.  ** This means your buyer may be responsible for paying any back taxes with regard to this house.  This is another reason we advise that if your client is thinking of purchasing a foreclosed property, you should encourage the buyer to do a title search BEFORE you submit an offer!!!  This will tell you of any back taxes, encumbrances on the property that could affect the purchase of the property.

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First lets start with some good news! -

Charlotte ranked No. 7 on a list of the top 10 markets for real estate investing based on HomeVestors report!

In ascending order, the top markets are:

10.) Chicago and Kansas City

9.) Milwaukee

8.) St. Louis

7.) Charlotte

6.) San Antonio

5.) Fort Worth

4.) Denver

3.) Atlanta

2.) Houston

Drum roll please...

1.) Dallas

Now this is probably all to to a report according to RealtyTrac Inc., that says North Carolina foreclosure market has risen 78% in June, compared to June 2007.  NC has one foreclosure filing for every 1,163 households.  That means it is rated 25th in the country.  Number one is Nevada with 1 in every 122!  Nation wide, Foreclosures, NOD's Auction sales or REO's have risen 53%.

 

Charlotte…

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Here is a list of some things you should do and know before you buy that foreclosure!

1.) When was the foreclosure process started?  Get a copy of the foreclosure notice or NOD - Notice of Default.

2.) Know the "Chain of Title", also see the deed with the current home owners names

3.) Last recorded first mortgage, so you know how much the current home owner owes.

4.) Make sure you know all the types of Leins on the home.  Go to the "Land Records" office and pay a para-legal to look all this up for you.  Do not try this yourself, because there are different places to look for liens in the Land Records office.

5.) Know the property and neighborhood, get an ariel view, get the accessors map, and get the FEMA map, so you know if you are in a flood…

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Charlotte Real Estate gets a little Greener!

Just think, instead of going out for a picnic at lunch, if you work at the Federal Reserve Bank (of Richmond) in Charlotte at the corner of Trade and Caldwell street, you will be heading to the roof!

The $1.87 million renovation project has been in the making since mid 2006, when the Feds discovered severe deterioration in the seems of the roof.  Both traditional and envionmental roof repair were bid out.  But the higher cost was justifed because of the 6% - 8% annual energy savings and the clean water runoff that is produced.

 

There are 48,000 square feet of plant life and rock/soil that will cover the 72,000 sq. foot roof!  The idea is the plants will grow and re-seed, they will within two years cover…

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Indian Trail, NC 

It appears the town of Indian Trail, NC of Union County is cleaning up it's act!  The town has issued housing standard ordinance, that will rid the town of run down homes!  Previously it could only enforce regulations based on sanitation and health violations.  The new ordinance deals with two types of violations, deteriorating and dilapidated homes.  The difference is a deteriorating home is defined as a dwelling deemed unfit for habitation that can be repaired for no more than 50% of it's value.  A dilapidated home is defined the same, except less than 50% of it's value!

 Whats nice about this, is the town has the authority to hire a contractor and bring it up to code.  The payment will be recieved as a lien on the home, plus a $100…

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Luxury Charlotte Living

Maybe you finally landed that job netting you six figures a year or perhaps you just want to see how the other half lives. Either way, it can be fun to check out some of the more ritzy neighborhoods in your home town. Who knows, maybe you’ll find a rich old woman selling her house for well below market value. Probably not, but it doesn’t hurt to look. Charlotte, North Carolina is home to a number of different neighborhoods and subdivisions, many of which are of the “Upscale” variety.  You may not be able to afford one of these amazing homes, but you having them nearby can actually increase your own property value.   If you are looking for Country-Club living and resort atmosphere in Charlotte, one word just about says it all:… Read Full Post