We Made History |The highest-priced residential real estate deal in the history of Uptown closed last week.
Charlotte Agenda | By Brianna Crane | October 6, 2019
A condo in The Trust building, where Michael Jordan and Cam Newton also own property, just sold for $3.9 million. It’s the most expensive piece of residential property that’s ever sold in the history of Uptown.
Before it became The Trust building, the site was originally home to the Buford Hotel. The hotel was torn down and rebuilt in 1967 as The Home Federal Savings and Loan Building, a growing local mortgage company founded in 1883.
Now The Trust building includes seven multi-million dollar condos, including Unit 5a, just sold for $3.9 million. Scott Russo of The Mcdevitt Agency represented the buyers, Brett Carraway with Northstar Real Estate was the listing agent for 5a.
The recently renovated two-story condo is 6,583 square feet with three beds, three and a half baths and two sprawling terraces.
Russo told the Agenda that Artistic Contractors has spent a year and a half renovating the condo, aiming to pay homage to the building’s post-war architecture but blending it with modern urban luxury. And that’s exactly what they got. Here is a quick photo tour:
Providence Plantation | $1,150,000 Every so often you find a place where everything appears to have been anticipated and you are aware that the intention is to make your life as pleasurable as possible. Nestled on a cul-de-sac below the swaying tree canopy of Providence Plantation, your one acre park like oasis awaits.
Our unique marketing of the home lead to a stunning pace of 46 showings in the first 6 days of being active and generated four offers in the same time frame. We secured the contract, got a backup offer in place and a back up to the back up..... Ready to make a move? We welcome the opportunity to get to work and appreciate the continued support and referrals from our neighbors. See you in the neighborhood!
Our post production team nailed the spirit of the home in the video showcase. Check it out....
Our friends over at Scoop Charlotte assembled a list of the best corn mazes near Charlotte. Which one have you been stuck in? See them in order of opening dates
The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.
- Since Aug 2015 - prices have been climbing to never before seen levels.
- March 2018 was the high point of values with 3.5 months of inventory.
- Inventory is climbing and prices have been trending down since July.
- 74% of people that own a house right now feel it's a good time to sell.
- Home values and seller expectations are as close as they have been in over a decade.
- Values have dropped in most major metro areas over the last 2 months.
(Which they should be going up as it's the peak of the season)
- Mortgage rates are a forgone conclusion to go in one direction.......... up.
What does it all mean?
It's true, Inventory remains constricted, but all indicators point to the fact that HOME VALUES ARE DROPPING UNDER THE WEIGHT OF PRICES. The #1 reason to get your home on the market now is the tide is turning for the remainder of the year with more sellers feeling it's a good time to sell, thus increasing inventory. (Competition)
If you are one of the many homeowners who are debating listing your house for sale this year, your 3-4 month plan just became a 1 month plan if you want to maximize your exit price.
Don't miss the peak!
July 25, 2018 - REALTOR.com
The home’s garage, large backyard, and updated kitchen may not be as important to home shoppers as the school district, according to a new survey released by realtor.com® of more than 1,000 people who closed on a home in 2018. Seventy-eight percent of buyers surveyed say they’re willing to give up home features to get their school district of choice, and home shoppers are willing to give up their most desired home features to get that.
“Most buyers understand that they may not be able to find a home that covers every single item on their wish list,” says Danielle Hale, chief economist for realtor.com®. “But our survey shows that school districts are an area where many buyers aren’t willing to compromise. For many buyers, ‘location, location, location,’ means ‘schools, schools, schools.’”
The extent of compromises that buyers are willing to make to get their top-choice schools may be surprising too. For example, 78 percent of buyers who said schools were important in their house hunt said they had to compromise on certain home features. The features they most commonly reported giving up in exchange for their preferred school district were a garage (19 percent); a large backyard (18 percent); an updated kitchen (17 percent); desired number of bedrooms (17 percent); and an outdoor living area (16 percent). A spring home buyer survey conducted by realtor.com® had showed a garage was the number one feature that home buyers were looking for this year, followed by an updated kitchen and an open floor plan.
Not surprising, the desire for particular schools did vary by a buyer’s life stage and age. Ninety-one percent of buyers with children said school boundaries are important or very important compared to 34 percent of those without children.
Buyers surveyed said they determined the school district they wanted to live in by looking at schools’ test scores, followed by the availability of accelerated programs, arts and music, diversity, and before- and after-school programs. Realtor.com® offers a tool through its site’s search to specify a district or school boundary so buyers can search for homes within that preferred area.
Everyone has their tried and true "spot" when you get a night out. Mix it up a bit with these amazingly unique options. (We LOVE the "Loading dock")
Where to find it: The Dock at the Marriott, 100 W. Trade St.
Who else lives vicariously through shows like Boardwalk Empire, where men and women dress up in all their gallantry for drinks in clandestine cocktail lounges? Live vicariously no more. Accessible by a loading dock behind the Marriott in Uptown is The Dock. The Prohibition-era cocktail lounge is open only one night a week – Saturdays from 9 p.m. to 1 a.m. – and allows revelers to enjoy the mystique of a bygone era without the fear of getting busted.
What to drink: The cocktail menu rotates seasonally. Right now, Bee’s Knees with gin, lemon and honey, and Hanky Panky with gin and vermouth will heat up your summer night.
Check out the rest of the list from our friends at CharlotteFive -
Over the river and through the woods, (no really, there are two creeks in the front yard!) A meandering driveway leads to your private 1.66 acre park-like setting. Just one turn off of High Ridge at the front of the neighborhood. The home has an updated kitchen, white cabinets with glass front uppers, granite countertops, farm sink with Viking professional gas range. Priced at $484,900 and sold "as-is" this is an amazing opportunity. Add your own personalization, this is a very special home. Showings kick off this Friday at 10AM, and you'll want to be the first in the door.......Call or text me @ 704.421.0706 to schedule your tour.
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year.
How will this impact buyers?
More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy:
“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”
How will this impact sellers?
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
- A great price on their home as buyers outbid each other for it
- A quick sale as buyers have so little to choose from
- Fewer hassles as buyers don’t want to “rock the boat” on the deal
With an increase in competition, the seller may not enjoy these same benefits. As Chief Economist Nela Richardson, added:
“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”
If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price. Contact us to learn how we can maximize your exit price.
Want relief from Carolina heat without the financial investment and ongoing maintenance of a pool? One local business is betting lots of people do.Carolina Splash Pads specializes in designing and installing custom residential splash pads usually only found in public parks. You’ve likely seen something similar here at First Ward Park, Latta Park and along Little Sugar Creek Greenway, among other locations.
It’s basically a sprinkler on steroids with plumbing, permanent landscaping and programmed fountains. And now you can have one in your backyard.
Here is the full story from Katie Levans loveluck at the Charlotte Agenda -
Want your own splash pad? Me too. I know the idea is that these are a big hit with kids but my dog would really love one. Request a quote here.
Header photo courtesy of Carolina Splash Pads
Related story: A guide to free public spraygrounds in Charlotte
There are some homeowners who are patiently waiting to get the price they hoped for when they originally listed their houses for sale. Something these homeowners might want to take into consideration is the fact that if their homes haven’t sold yet, maybe they’re not priced properly.
After all, 14,904 houses sold yesterday, 14,904 will sell today, and 14,904 will sell tomorrow.
This is the average number of homes that sell each and every day in this country, according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.44 million. Divide that number by 365 (days in a year) and we can see that, on average, over 14,904 homes sell every day.
The report from NAR also revealed that there is currently only a 4.2-month supply of inventory available for sale (6-months inventory is considered ‘historically normal’).
This means that there are not enough homes available for sale to satisfy all of the buyers who currently are out in the market in record numbers.
We realize that you want to get the fair market value for your home. However, if it hasn’t sold in today’s active real estate market, perhaps you should reconsider your current asking price. Check your home value here!
As a resident of Providence Plantation I look to provide fresh and relevant n'hood info. -Scott Russo