Lower Greenville Market Update for November 2008

Real Estate Agent with Keller Williams 0493555

WIN SOME, LOSE SOME.  October was a pretty tough month for Lower Greenville. At the end of the month there were a lot of homes under contract looking to close in November, so hope remained. The good news is that those homes did in fact close. Not as many as July, but pretty good for a November. On the downside, lot values are not looking good. Could this be a bubble? Stay tuned....

Original Homes: The smaller, original homes are the strongest part of the market here. They comprise the most sales, fetch the highest $/sqft and are generally what people have in mind when they say "I wanna live in Lower Greenville". Inventory dropped from 125 to 107 homes this month and 18 sales were recorded (compared to 11 in Oct.) We have right at 6 months of inventory in this part of the market which is perfectly normal. Compared to other areas and other products, the good old Arts & Crafts bungalow is doing just fine, thank you.

Newer Construction: No change in new construction sales. Three units sold out of 66 on the market. Builders have been lowering prices and are now averaging under $175 per sqft. Resales on new construction are having the hardest time right now. With over 30 homes on the market, only 1 sold in November.

Condos/Townhomes: Tick, tick. Like clockwork, we continue absorbing condos at a pace of 3 per month. This month a few of the higher priced ones sold bringing the average sales price above $350K (as opposed to last month at $115K). Two of the three that sold this month were of the "Single family attached" style. (Most of us call that a townhome or a duplex)

Lot Values: We no longer have a market value for lots. Bold statement, but it is quickly becoming true. Right now, there is not enough information to determine what if any value the land has. Lot values appreciated far more rapidly than home values so a bubble in lot values is not out of the question. There were no lots sold this month, but 13 remain on the market. See my note below regarding the "Deal of the Month" on 5710 Velasco. One year ago, this lot would have sold quickly for $225K. Today, it is listed at $145K and has no takers after two months on the market.

And Now for the Numbers:

  Total on Market Avg $/sqft DOM Sold In Sept Avg Sold Price Months Inventory

New Construction, Single Family (2006 or later)

34 $173.65 170 2 $579,450 17
New Construction Resales (after 1975) 32 $181.96 131 1 $510,000 32
Older Single Family (Pre 1975) 107 $183.98 152 18 $339,394 5.9
Condo/Townhome 36 $203.35 260 3 $355,633 12
MultiFamily 15 NA 166 2 $287,250 7.5
Lots / Teardowns 13 $24.63 267 0 NA NA


Home of the Month:  5947 Marquita


This home is in the M-Streets East Conservation District and is nicely updated. You don't often find an updated 3/2 over 2000 sqft for under $350K in this neighborhood. Plus this one is on a quiet corner lot on a lovely tree-lined street. This street is a favorite for dog walkers in the area.

Lot Deal(s) of the Month: 5710 Velasco & 5436 Miller

5710 Velasco (see story on Lot Values above) has been listed for 60 days at $145K. The home burned several months ago and is not habitable. It could probably be repaired or it could be scraped for a new build. Although this lot is three doors down from Greenville Ave, its a good street with friendly neighbors. At lot value, this would have sold for more than $200K a year ago. At this price, it would be a great investment to warehouse or renovate. Fully renovated that value would be over $300K.

5436 Miller is being auctioned off on Dec 13th, cash only. The home needs repairs and financing is not an option. They are starting the minimum bidding at $99K. Given the slow interest in lots at this time, this could be a real bargain.

**NOTE: These properties are not my listings. I do not earn commissions or fees of any kind on any of these listings.


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Brian Belcher
RE/MAX Executive - Charlotte, NC
Charlotte Realtor

Hey, great post. Thanks for the information about your area.

Dec 01, 2008 08:55 AM #1
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