Source: Investment Riches
Charlotte is a city of quiet southern charm with an abundance of beautiful tall tress, mixed with big city entertainment. Charlotte boasts a cost of living 3% BELOW the national average and a median household income 11.8% ABOVE. The city currently stands as the second largest banking center in the United States. Their five professional sports teams (Panthers, Bobcats, Checkers, Eagles and Knights) have dramatically increased the city's visibility across the nation as well as Lowe's Motor Speedway which is the home base for the area's NASCAR competition.
Overseas flights from the international airport have made Charlotte a more diverse city, as it continues to attract more foreign firms and trade opportunities. People from around the United States and the world have relocated to Charlotte for its unique opportunities and they have chosen Charlotte because of the four mild seasons and incredible beauty. US News and World Report ranks their medical facilities among the top in the nation. Charlotte is the 21st largest city in the United States.
As national home sales have fallen over recent years, Charlotte home sales increased 24% comparing June 2005 to June 2006. The average price of a Charlotte home has increased 12% on 2006 to the current price of $240,213. Investment properties can be had in the $135,000 range, giving investors the ability to get near-even cash flow with 10-15% down-payment. Charlotte is poised for a significant growth period.
Mecklenburg County's population is projected to increase 19.3% by 2010 and 42.4% by 2015. Vacancy rates are down and should continue to tighten over the next several years. Over the next 5 years, there will 17 major transportation initiatives to handle the an anticipated population surge. According to The Wall Street Journal Magazine price increases of 19% are projected by 2010. Real estate investment in Charlotte should be a longer term buy-and-hold strategy.
Key employers: Wachovia Corporation (18,967), Carolinas HealthCare System (15,257), Charlotte-Mecklenburg Schools (15,134), Bank of America (13,000), City of Charlotte (5,838), Us Airways (5,749), Duke Energy (5,400), Mecklenburg County (5,373), Healthcare/Novant Health (5,166), Excel Staffing Services of Charlotte, Inc. (4,500), Lowe's (4,062), Ruddick/Harris Teeter (3,867), UNC @ Charlotte (3,764), Bi-Lo (3,210), YMCA of Greater Charlotte (2,838), Bell-South Telecommunications (2,760).
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