With mortgage defaults and foreclosure filings declining nationally, and in the Charlotte, NC area, could it be that real estate prices have reached bottom? As more foreclosed homes are absorbed into the market and fewer bank owned homes replace them, the downward pressure on real estate prices may be subsiding. This appears to be particularly true in Uptown Charlotte, where the glut of luxury highrise condos appears to finally see signs of price stabilization. There simply are fewer Fannie Mae and Freddie Mac foreclosures entering the market to replace the ones that have been sold. A simple search of the Charlotte Mecklenburg multiple listing service for these areas confirms this.
South Charlotte and Matthews have also seen some real estate price stabilization in recent months. Foreclosure filings are down in these areas as well. And historic lows in mortgage interest rates create the "perfect storm" for buyers. Lenders' underwriting guidelines are still difficult, but for those who have the ability to purchase a home, great opportunities abound.
For those who regularly read my blog, you know that my motto is "Solid analysis identifies great opportunities." As I have said before, the simple fact that a Charlotte area home is bank owned after foreclosure is not an automatic indication of great value. This is even more true in the case of short sales. There is no substitute for doing your homework. And whether you are researching Charlotte area short sales, foreclosures, Fannie Mae, Freddie Mac, HUD homes or simple resales, there is no substitute for having the right tools at your disposal, and a solid understanding of how to analyze the data those tools unveil.
In each edition of this blog, I do some of your homework for you by choosing some Charlotte area homes I think offer good value. Here is my list of three for this edition:
(1)Three Bedrooms and 2.5 Baths in this South Park (Charlotte) Area Condominium:
Listing Price reduced to $167,000.00 Here is a spacious South Park area condominium, minutes from all the shopping and attractions South Charlotte and Uptown have to offer. This one offers three bedrooms and is loaded with upgrades such as an updated kitchen with stainless steel appliances, gorgeous hardwood floors throughout the main level, new carpet in the bedrooms and a private brick rear patio. New HVAC in 2010. The seller says Bring All Offers! Opportunity knocks here at an affordable price.
_______________________________________________________________________________________________________
(2)Charming Large 4/3 in Sought After South Charlotte Myers Park High School District:
Listing Price: $230,000.00 Four Bedrooms and Three Full Baths in this spacious split level home located in the desirable Myers Park High School district in South Charlotte. Refinished hardwood floors, large den with an exit to a patio and fenced back yard ... the windows were even replaced in 2002. You get the peace and seclusion of a park like setting, while still being close to South End, Park Road and Uptown Charlotte.
________________________________________________________________________________________________________
(3)Huge 5 Bedroom 4.5 Bath Matthews Home in the Desirable Weddington School District:
Listing Price: $489,900.00 This is neither a foreclosure nor a short sale, but it is priced almost $80,000 below its $570,060 tax value. This Matthews (Union County) home was built in 2009 and filled with upscale upgrades, including built-ins, crown moldings and architectural details, double decks, new patio, granite countertops and stainless steel appliances... it even features a 3-car garage.
__
___________________________________________________________________________________________________________
Of course, one of the main reasons I take the time to publish this blog is to offer to go to work finding you a great deal on your next home or investment.It’s what I do best, and I love what I do.As I have said in every edition of my blog, “solid analysis identifies great opportunities.”I would be more than happy to answer any questions or read any comments you might have.Take advantage of all the tools and resources available on my website, including the ability to SEARCH THOUSANDS OF CHARLOTTE AREA HOMES FREE. Or please feel free to contact me.
The next edition of CHARLOTTE REAL ESTATE BEST BUYS, with new information, observations and “best buys” should be published on or before February 1, 2012.Thanks for your interest.
ERIC J. DORER, B.S., J.D.
NC/SC Broker/Realtor
Wilkinson & Associates
NAR Certified Short Sales and Foreclosures Resource (SFR)
Tel: (980)875-0950
email: ejdorer@gmail.com
web site: http://edorer.wilkinsonandassociates.com
Comments (0)Subscribe to CommentsComment