One Wachovia Center in downtown Charlotte is ailed as the up-and-coming Wall Street of the South, Charlotte, N.C., is home to the headquarters of both Bank of America and Wachovia. The banks have attracted a slew of young workers.
In addition to strong employment prospects, Charlotte is inexpensive to build in and speculation has remained low (home prices rose by just 36% between January 2000 and September 2007). That combination has helped keep the value of single-family homes relatively stable. Between February 2007 and February 2008, prices in Charlotte rose 1.5% — the only increase in a major metropolitan city.
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| Metro area | Index Feb. 2008 | Change from Jan. | Change Jan. from Dec. | 1-Year change |  | | Atlanta | 125.83 | -1.0% | -1.8% | -5.6% | | | Boston | 160.31 | -1.4% | -1.2% | -4.6% | | | Charlotte | 131.22 | -0.4% | -0.2% | 1.5% | | | Chicago | 153.33 | -2.0% | -2.2% | -8.5% | | | Cleveland | 106.82 | -1.5% | -3.2% | -9.2% | | | Dallas | 117.72 | -0.7% | -1.8% | -4.1% | | | Denver | 127.5 | -1.1% | -1.5% | -5.5% | | | Detroit | 97.61 | -2.6% | -3.0% | -16.5% | | | Las Vegas | 177.18 | -4.8% | -5.1% | -22.8% | | | Los Angeles | 214.83 | -4.3% | -3.7% | -19.4% | | | Miami | 218.74 | -3.0% | -2.7% | -21.7% | | | Minneapolis | 145.93 | -3.5% | -3.0% | -12.5% | | | New York | 198.46 | -1.0% | -0.9% | -6.6% | | | Phoenix | 172.72 | -4.1% | -4.1% | -20.8% | | | Portland | 176.24 | -1.4% | -2.0% | -2.0% | | | San Diego | 190.34 | -3.6% | -2.5% | -19.2% | | | San Francisco | 174.54 | -5.0% | -2.9% | -17.2% | | | Seattle | 179.85 | -1.0% | -1.8% | -2.7% | | | Tampa | 188.59 | -3.1% | -2.7% | -17.5% | | | D.C. | 207.05 | -2.7% | -2.5% | -13.0% | | | 10 metros | 190.58 | -2.8% | -2.3% | -13.6% | | | 20 metros | 175.94 | -2.6% | -2.4% | -12.7% | |
Source: S&P and Fiserv |
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New-home construction starts in the greater Charlotte fell 48 percent in the first quarter, hitting its lowest level in at least five years, according to national housing-research firm Metrostudy.
Meanwhile, the inventory of vacant lots in the local market is at an all-time high. In the latest quarter, there were 3,145 new-home starts in the Charlotte area, Metrostudy says. That's a drop from 6,050 during the same period last year.
The number of quarterly starts here has not fallen below 4,000 since the first quarter of 2003, according to Metrostudy, which monitors the start of construction visually rather than by counting the number of building permits issued.
Closings on the sale of local single-family homes fell 35 percent to 3,801 units in the latest quarter from 5,844 a year ago, Metrostudy says.
In gauging the market's vacant-lot inventory, the firm counts 40,825 lots in developing communities at the end of the first quarter. That equates to a 26.7-month supply, increasing from the 21.5-month supply at the end of 2007.
An 18- to 24-month supply is considered a good balance between supply and demand, Charlotte's new-housing market is in a correction phase, as it is subject to the same problems other markets are experiencing nationally.
Causes are the clamp-down on credit underwriting, weakness in the national economy and a lack of consumer confidence. However, Charlotte's housing market remains strong, with closings exceeding starts. Despite a slowdown in job growth, the local economy remains healthy, and interest rates are near record lows.
Metrostudy says the top single-family, detached new-home subdivisions in the Charlotte market, based on annual starts at the end of the first quarter are Carolina Lakes/Sun City, Berewick/Village of Evanton, Hamilton Lakes, Westmoreland Acres and Shiloh Commons.
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The Charlotte region is the only one of 20 urban markets nationwide still showing rising home prices.
Area prices rose 1.5 percent for the 12 months through February, according to the widely followed S&P/Case-Shiller Home Price Index. The index showed prices were down nearly 13 percent for the 20 markets tracked. The hardest hit -- Las Vegas, Miami and Phoenix -- posted declines of more than 20 percent.
February marks the second month in which Charlotte was the only area in positive territory, but its lead has been deteriorating.
The Charlotte market is built around the strong economy. Layoffs at Charlotte's big banks might affect the market I remain optimistic about price appreciation.
Rising foreclosures, tighter lending rules and a struggling economy have slowed sales and depressed home prices nationwide. Charlotte has fared better than many markets because prices didn't surge here during the real estate boom of recent years.
The Case-Shiller index analyzes repeat sales of single-family houses.
Charlotte-area prices slipped slightly during the past three months compared with the first quarter of 2007, according to Market Opportunity Research Enterprises, which tallies real estate closing data from public records. The average sales price of existing, single-family homes dipped less than 1 percent, to $218,159, for the eight-county region that includes Charlotte.
Overall, Charlotte area sales prices for all types of new and existing residences rose 1.65 percent compared with a year earlier. Higher prices for condos and townhouses as well as new single-family homes offset the decline in existing home prices.
I just found this chart by The Wall Street Journal that gives you a pretty good picture on the current Housing situation across the US:
http://s.wsj.net/public/resources/documents/retro-HAGERTY.html
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The strong employment picture in Seattle caused home prices there to rise after other major cities reached their peaks. Appreciation there in the fourth quarter was just over 1%, according to NAR, but it is believed that the city's employment landscape is keeping Seattle housing from losing value.
A similar situation is shaping up in other markets.
Home-prices in major cities fell 10.7% in January compared with January 2007, according to the Case-Shiller home price index. The index tracks 20 cities, and 19 of them saw year-over-year declines. But one market experienced modest home-price gains over the year: Charlotte, N.C., another market that never saw a huge run-up in prices during the boom.
An influx of banking and research jobs in the Carolinas -- especially in Charlotte and the Research Triangle -- has been important to its stability, said Marty Frame, general manager of Cyberhomes.com. About 15,000 jobs were created in the Charlotte area last year, said Dot Munson, president of the Charlotte Regional Realtor Association. Large employers in the area include US Airways, Bank of America and Wachovia.
The jobs are luring people to the city, she said, and one of the biggest challenges transplants have is getting their former homes sold if they're coming from a market that is sluggish. "They have to rent for a while or do something creative for a place to live," Munson said.
Friday, April 25FREE!
Art, Beats and Lyrics is a multi-media art exhibition that explores the work of a diverse group of visual artists that have emerged from the hip hop culture throughout the U.S.. The core of the project involves painting, sculpture, photography, video, music and design by more than 20 individuals who range from well know artists to up and coming local talent.
This platform also gives local urban artists a channel in which to expose their art to a wider audience.
Ages 21 and up only.
Dates:
- Friday, April 25, 2008 @ 7:00 pm
IKEA, the Swedish home furnishings giant broke ground for its new Charlotte store Wednesday, paving the way for a spring 2009 grand opening.
On City Boulevard, next to Interstate 85, the 356,000-square-foot store will be the first in the Carolinas and the 36th nationwide. It's expected to employ about 400 people.
Customers can expect more than 10,000 affordably priced, exclusively designed home goods, a supervised children's play area and a 300-seat restaurant serving Swedish specialties.
That combination is expected to draw shoppers from across the Carolinas and southern Virginia. Though the closest store is in Atlanta, the company says it already has 150,000 Carolinas customers; IKEA has long operated in the northeast and in California.
Work has begun on the 25-acre site, and construction equipment bustles around the expanse of grass and red dirt.
The IKEA will be the centerpiece of Crescent Properties' 175-acre Belgate mixed-use development. Other retail, including a Wal-Mart Supercenter, is also set to spring up nearby.
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Four factors are widely seen as affecting whether a housing market is a good one for sellers: job growth, amount of new construction, vacancy rates, and credit availability. Forbes magazine used a variety of resources to determine how the country’s 40 largest metro areas fared according to these measures. The result is this list of top 10 cities for sellers.
San Jose, Calif. Because of a tough regulatory environment, new home construction dropped 63 percent last year.
San Francisco. When the conforming loan limit recently jumped from $417,000 to the maximum $729,750 made credit much easier to get for many of the city’s homebuyers.
Salt Lake City. The 3 percent annual job growth rate, paired with a declining inventory of existing homes and one of the nation’s sharpest declines in construction made this market a good one for sellers.
Austin, Texas. Texas is very affordable, plus the city has the nation’s fastest job growth at 4.1 percent.
Kansas City, Mo.: The number of unsold, vacant houses dropped by 40 percent last year.
San Antonio, Texas. Jobs are growing by 3 percent and construction starts have dropped by 42 percent.
Denver. The 49 percent drop in construction starts paired with the 2 percent rise in new jobs are good news for sellers.
Providence, R.I. Vacancy rates at 1.6 percent combined with a 42 percent cut in inventory help sellers.
Charlotte, N.C. Moderate prices and strong job growth bode well for sellers.
Seattle, Wash. Strong job growth and a 42 percent decrease in new home construction are good news for sellers.
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Enjoy a Vacation Lifestyle!
• 2 bath, 3 bdrm two story - 
MLS® $179,900 USD - Best Price in Tega Cay!
Tega Cay, York County - Enjoy a vacation lifestyle in Tega Cay. Ammenities, like pool, clubhouse, golf course, beaches, walking trails, playgrounds and tennis courts! This awesome home on a cu-de-sac has everything you're looking for! Open Living room with Fireplace. Master Bedroom on Main Level! Oversized Deck with private wooded backyard and seasonal lake view. Fort Mill Schools! Easy commute to Charlotte!
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Extremely well maintained!
• 2 bath, 3 bdrm townhouse - MLS® $133,500 USD
Cole Creek, Fort Mill - This extremely well-maintained 3 bedroom townhome boasts neutral decor throughout, large kitchen w island, & several upgrades including a corner gas fireplace & dual master vanity. The home sits on a PRIME LOT backing up to trees & allowing for ultimate privacy. Cole Creek is conveniently located to I-77, Uptown Charlotte, & lots of shopping. Great Fort Mill schools & low York County taxes. Pool!
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Fort Mill Schools!
• 2 bath, 3 bdrm 2 story - MLS® $143,000 USD
Fieldstone, Fort Mill - This extremely well-maintained 3 bedroom townhome boasts neutral decor throughout, large kitchen w island, & several upgrades including a corner gas fireplace & dual master vanity. The home sits on a PRIME LOT backing up to trees & allowing for ultimate privacy. Cole Creek is conveniently located to I-77, Uptown Charlotte, & lots of shopping. Great Fort Mill schools & low York County taxes. Pool!
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Taylor Glen, Indian Trail - Announcing a price reduction on 1011 Theodore Lane, a 2,006 sq. ft., 2 bath, 3 bdrm 2 story "Over $35,000 in Upgrades!". Now MLS® $185,000 USD - Reduced!.
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Immaculate Ranch!
• 2 bath, 3 bdrm single story - 4th Bdrm or Bonus Room- MLS® - Great Price!
Clairemont, Fort Mill - Welcome to this immaculate ranch which boasts neutral decor, plantation shutters, upgraded lighting, & STORAGE. Kitchen has double oven w convection & smoothtop & opens into the great room as part of the open plan. Spacious master bedroom has vaulted clg, walk-in closet, garden tub & dual vanity. Bonus room w dual zone HVAC. Large private backyard has 2 patios for all of your entertaining needs.
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The housing market seems overall gloomy, but just how well or poorly the real estate market is performing varies widely city to city – with some areas showing gains or remaining fairly stable, according to a new report released today by Radar Logic, a New York-based real estate data and analytics company.
Twenty-one of the 25 U.S. metro markets that Radar Logic tracks showed price decreases, indicating a general softness in the U.S. housing market.
The company’s RPX Monthly Housing Market Report found that for January the change in price per square foot for properties sold varied widely – ranging from gains of 3.9% and 2% in Charlotte, N.C., and New York, respectively, to losses of 25.4% and 27.8% in Las Vegas and Sacramento, Calif. Two metro areas – Milwaukee, and Philadelphia, showed little or no change. Washington, D.C., and Seattle, which had been showing year-over-year appreciation in other months, showed depreciation in January. See Chart
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