I am visiting different sections of Charlotte and looking at Charlotte Condominiums. And I am keeping up with the general condominium news by reading and listening.
Iteration: A tower once announced in one year, the land for the tower was closed on the following year and now, the ownership has changed. The expected dates have changed considerably and it appears that perhaps 50% of the project is under contract with delivery in 2010. Or thereabouts. I am curious about folks who went to contract a couple of years ago and how those purchase prices hold. I know of one builder who had a clause that allowed the contract to be null and void at their call. Prices went up on materials and contracts were cancelled. Read the fine print.
Ownership and Investors: This keeps coming up. Who bought, who is looking to flip, what are those percentages. Stopped in one small complex on my tour. A brand new complex where one third of the units are occupied by owners, one third are on the market by investors and one third are on the market by the developer.
Cotswold I take my hat off to the developer of Rosewood at the corner of Providence and Sharon. I really and sincerely hope they make a good return. I loved the rose gardensat the corner for decades and the grand old yellow two story home place…andwhile I loved that setting, I think Rosewood is quite a beautiful accomplishment. The whole intersection has changed for the better. And the folks at Rosewood stayed the course against the naysayers. I think they were ahead of their time. Rosewood is currently on the Showcase and well it should be. Bravo!
I will be viewing and reviewing Charlotte Condominiums. If you have questions, please be in touch. I’ll try to answer them. Meanwhile check out Chuck Graham 2Q Real Estate Report on TheRealEstateLady.com.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
I took a break from the real estate to work at Festival in the Park for four days. Oh, sure, it was hot and there were a zillion people but this is one of those events that has been happening for well over forty years at FreedomPark. The tents dot the park and run alongside the lake, artists and craftspeople display their wares, clowns dance with children andparents do the hokey pokey along with their kids…and for a few days there is something that reminds me of our past. Something we haven’t torn down or turned out, something we haven’t slashed the budget on or updated the concept. Every once in a while, I need to feel a part of Charlotte tradition.
Now we are racing into October and the media is full of gloom and doom on the real estate front. Life goes on. For as long as I have lived in Charlotte, now over 50 years, I have yet to see our market reflect the statistics from across the nation. The market is here if you look for it…and you don’t have to try very hard. People are still selling and buying inside the market. Folks from other places are learning patience as they wait longer to sell their homes in Florida or Texas or even here, perhaps a newly built home purchased before a transfer. I recommend patience and prudence whether buying or selling. Of course that always applies but especially in tentative times. Charlotte is a good market.
Our good market will show through. If reading that building permits are down significantly, please know that they were up significantly as almost every builder grabbed the opportunity to join in Charlotte’s robust growth. Now you will see builders’ offering significant incentives and therein rests your opportunity. Shop carefully, ask about warranties because some of those builders will soon disappear. Always have representation and write down everything you are told. Everything.
Lynnsy Logue, The Real Estate Lady and Condo CanDo in Charlotte, NC