No housing bubble in sight

Luxury real estate: Ivester Jackson listing in The Peninsula for $4.4 million

Luxury real estate: Ivester Jackson listing in The Peninsula for $4.4 million

The Charlotte housing market is hot compared to other markets around the country. While the numbers regionally are strong, close-in neighborhoods and those with amenities like greenways and access to rail are the hottest, according to economists and Realtors.

The high-end suburbs, where supply is limited, is strong too.

“Median sales prices are holding steady for now in the higher range when compared to last year, but as the inventory continues to shrink in the upper end, we should see an increase in median sales prices in the months ahead,” says Abigail Jennings, president of Cornelius-based Lake Norman Realty.

Stephen Billings, an associate professor of economics at UNC-Charlotte, is also co-director of the Center for Real Estate. He sees the boom in Charlotte residential continuing for at least a couple of years, with no bubble in sight.

Home prices are fast approach where they were before the real estate crash that got under way in earnest here in 2008. Highly desirable sub-markets, which are already approaching build-out, will have the greatest appreciation, Billings said.

“The population growth expectations are very high. As we see population increases we will see more homes being built, causing more variation at the sub-market level. There is a limited ability to build more homes close-in, where there will be more price increases. As demand goes up, we will see prices going up because of limited sites available as well as more restrictions,” Billings said.

High-end sub-markets in Lake Norman and some gated communities in Cabarrus are hot.

“The market is strong right now with all price ranges enjoying healthy growth in 2015.  The $500,000 to $1 million range is especially hot this Spring. We’re seeing properly priced and well-maintained homes going under contract very quickly in this range,” Jennings said.

There’s always concern about interest rates climbing, but so far that hasn’t stymied the market.

Wells Fargo senior economist Mark Vitner says the market is being driven by both tight supply and rapid growth.

“Development has been slow to get back on track and there is not a lot of raw land left for development. If it is available it may not be cost effective to justify the purchase of the land, so builders are concentrating on infill. They are building fewer homes and they tend to be more pricey. This recovery has seen strong for asset prices as opposed to income. The lake has done better, as well as Myers Park and Eastover, Vitner says.

In Concord

A resale at 2474 Christenbury Hall Court in Concord has sold for $755,000 after being listed at $779,900 by Christy Bradshaw of ReMax/Leading Edge. The tax value is $716,730.

The 5,300 square foot, five-bedroom house has a wine grotto, spa-like bath and second kitchen in the walk-out basement. There is a fire pit with nightscape lighting. The master closet has a connecting laundry.

It was on the market for two months. Bradshaw also represented the buyers.

In Davidson

A house at 18329 Centre Court Drive in River Run has sold for $635,000 after being listed at $649,000 by Julia Pfeffer of Investor Jackson Distinctive Properties. The recently renovated home has four bedrooms and four baths in 4,337 square feet of heated living area. The house has two fireplaces, “exotic” granite in the kitchen and a rec room and bonus room in the basement.

Stan Perry of Helen Adams Realty represented the buyers of the home, which has a tax value of $488,500.

In Huntersville

A 6,145 square foot house at 16650 Cobbleview Lane in Stonegate Estates has sold for $1.3 million after being listed at $1.35 million by Kristen Kosciki and Lori Jackson of Iveser Jackson Distinctive Properties. The house, which has a tax value of $1.2 million, sits on nearly 2.5 acres in a gated neighborhood.

Amenities include a gourmet kitchen with a copper sink, solid wood doors, five wet bars, three tankless heaters and a four-car garage.

Kristine Nelson of Berkshire Signature Properties represented the buyers.

In Mooresville

A lakefront home on 2.9 acres at 140 Old Arborway Road has sold for $1.5 million after being listed at $1.85 million by Candi Schuerger at Allen Tate.

The 4,737 square foot house has three bedrooms, three baths and an outdoor kitchen with a stone fireplace and pizza oven. With 214 feet of lake frontage, the property can also be subdivided. It is assessed at $1.07 million.

Sheri George of Lake Norman Realty represented the buyers.

Hot Properties

Hot Properties is all about the deal. If you’re an agent with a high-end, closed deal, usually $750,000 and above, let us know. Email the editor, Dave Yochum, at [email protected] or call 704-895-1335.


No comments yet.

Post a Comment