Real Estate Information

When the First Time Home Buyer Tax credit was extended and expanded most people thought the expansion was only for home owners who wanted to move up, those who wished to buy a bigger, more expensive home.  In fact, the expansion simply includes those who have owned a primary residence and lived in it for at least five years consecutive years out of the last eight years.  If current home owners in Charlotte, NC want to downsize they can use the tax credit toward their new home, regardless of whether it costs less than the home that they are selling, regardless of whether it is a smaller home than the one that they are selling.

It is an anomaly that everyone assumes the tax credit is only for purchasing bigger and better.  Many people, especially those whose children have grown and left the nest, want to downsize.  After-all, who doesn’t want to enjoy Charlotte to the fullest and make life simpler these days?

If you have been considering selling your home in Cotswold, Myers Park or any of the amazing Charlotte neighborhoods and moving into a smaller space, consider doing so before the tax credit expires April 30th (for contract) and (June 30th for closing).  Place your new Charlotte home under contract by April 30th and close by June 30th and you could have a few extra dollars in your pocket in 2010.

With a charming and eccentric feel, which many have compared to a city like San Francisco, the Arts District in Charlotte North Carolina is a distinct neighborhood with a wonderful personality. Homeowners have wisely taken these old homes and created ingenious renovations with these standard three- and four-room mill house floor plans. Add to that the interesting new retail spaces, condos and lofts going up; it is easy to realize the Arts District appeal in the Charlotte real estate market.

Built around textile mills, homes in the Arts District originally were a village of little mill houses – often constructed by the mill workers themselves – built in the early 1900s. Most of these homes had baths on the back porches because there was not indoor plumbing. This area has made a come back, particularly because of its proximity to the Charlotte city center, after having been in a state of disrepair and a bit run down in the past. It is a wonderful location to explore in the Charlotte, North Carolina real estate market.

Barclay Downs is a very popular Charlotte, NC neighborhood conveniently located adjacent to South Park Mall, one of the premier malls in the United States. The area is well-liked by families as parents have great schools, activities and convenience to so much. A regional library (Morrison Public Library) is walking distance from Barclay Downs plus there is specialty retail shopping and the Barclay Downs Swim and Racquet Club offers memberships to residents.

With most homes in Barclay Downs being built in the 1950s and '60s, many have been beautifully renovated with deliberate and fabulous remodeling. This desired neighborhood has an excellent location with homes ranging in price from $300,000 to $1,000,000 in the Charlotte real estate market. These great homes will continue with  the strong Barclay Downs Homeowners Association, which has a stated mission to "promote good fellowship among neighbors and to protect and improve the neighborhood".

Homes in Myers Park  and Dilworth are some of the most exclusive in the Charlotte real estate market with broad ranging home styles. With the exciting events, live entertainment and exhibits as part of the increasingly popular Festival in the Park at Freedom Park, visitors see many new homes exploding in the park's neighborhood. Freedom Park "In-fill"  constructed homes, as many commonly refer to them, are a part of the community as bungalow homes in Dilworth neighborhood have lots being allocated to the tear down and remodel building phase.

Whether one is in favor of this modern growth or prefer the quaint, tree-lined 1920s style homes in these Charlotte, NC neighborhoods, the Myers Park High School, a renowned International Baccalaureate school, remains one of the highest-ranking in the nation and helps to make this whole area very desirable. Additionally, with two of the best hospitals serving homes near Freedom Park and the neighborhoods of Myers Park, Dilworth and more, Presbyterian Hospital or Carolina's Medical Center provide a much sought-after benefit of the community.

Freedom Park has been a hub for neighborhoods which never experienced the typical urban deterioration. It is one of the most scenic parks of any in Charlotte and makes the surrounding neighborhoods sought after Charlotte real estate. We are truly lucky to have this well-maintained area in Charlotte.

With excellent schools, beautiful homes in Myers Park, Dilworth and Eastover, homes near Freedom Park have a fabulous location. Location, location, location remains a strong mantra in real estate for people looking for value. Additionally, there are many events and activities held at Freedom Park throughout the year that create even more of a neighborhood feel and make it a fun area to live too.

An example is “Beach Party,” which was held at the band shell beside the lake in Freedom Park, by the Mecklenburg County Park and Recreation in June 2009. There were many fun activities for all the families and it is a FREE event to the public. Another is the Festival in the Park, established in 1964, which is an event designed to promote and stimulate interest in the arts. Over 100,000 visitors typically attend this festival each year and 72% of those participants live within Charlotte's city limits. The 46th Festival in the Park from September 23-26, 2010 will bring together those living in these surrounding Charlotte, NC neighborhoods.

Here in the Charlotte real estate market at Dickens-Mitchener & Associates there has been a good deal of activity in different neighborhoods this past year. We want not only to keep you informed locally, but on a national front as well. Real estate is showing strong signs of recovery across the country. Last month, real estate sales were up over 7% for sales of existing homes. The increase in real estate sales was seen in every region of the United States, due mainly to the first time home buyer tax credit, which was originally set to expire at the end of November, 2009. Low mortgage rates and low home prices have also been catalyst.

Foreclosures will continue to rise with unemployment, keeping real estate prices from rising in harder hit areas, and home values as a whole are expected to remain flat for some time.

Interest rates are not expected to continue dropping and will most likely head in the opposite direction, expected to hold steady around 5.2%. According to the Wall Street Journal, Federal Reserve chairman Ben Bernanke himself recently locked in a refinance on his residence, a clear indication that rates just might be as good as they’re going to get.

For now, the data shows that real estate sales are on the rise and will continue to improve as long as the mortgage rates stay low and the tax credit remains in place -- all boding well for Charlotte, NC real estate. What happens during the latter half of 2010 is up in the air, but for now the good news is far better than the news of a year ago.

With a banking industry foundation, homes in Uptown became sought after in Charlotte, NC as the 2nd largest U.S. financial center in the United States. Cornerstones like Bank of America and Wachovia helped sustain the Uptown area as well as the focused efforts by the nonprofit organization, Center City Partners, and the city government. The neighborhood was invigorated with a blend of new residential areas combined with existing historic properties and the addition of restaurants, shopping, entertainment and nightlife.

While the Fourth Ward boasts many of the oldest residences with Victorian homes, it also has newly constructed high-rise condominiums to make this an upscale, cosmopolitan neighborhood. Located in an old home, Alexander Michael's is one of the best local restaurants along with other great dining and entertainment options of the fourth ward.
The positive effect for surrounding neighborhoods to and homes in Uptown Charlotte is the resulting higher appreciation rates. Depending on the home price one seeks, Uptown has a wide range of options that I can help identify when looking for an Uptown condo, home or townhome to buy.

When it comes to real estate the general sentiment appears to be that of putting 2009 in the past and looking forward to a brighter 2010.  Looking at where we are and where we are headed as far as communities of south Charlotte goes will take us from the present into the future.  Currently home values are affordable nationally, because prices are low and interest rates are low.  Both of these low levels add up to the fact that it is a great time to be a buyer when it comes to Charlotte, NC real estate.

Interest rates have been hovering at 5% or lower for the better part of the past year, a trend that cannot be expected to continue.  As the market stabilizes more and the economy gets better, interest rates will rise.  While home prices still may drop in many areas of the country, they will not drop much more.  Areas that are less affected by foreclosures, short sales and REO properties are likely to level out faster than other areas due to the lack of distressed sales in their inventories.  A rise in interest rates may bring real estate prices down to sell but the days of 20% and 30% decreases appear to be unlikely.

In a nutshell now is a great time to buy if you have been waiting for the right time to plunge into the market whether you are considering homes for sale in Myers Park, Foxcroft, Cotswold, Dilworth or any of the wonderful neighborhoods of Charlotte. Take advantage of low interest rates while they are here and the extended home buyer tax credit while it's still available.  It is a buyer’s market now, it won’t be forever.

An interesting analysis of the real estate conditions and a forecast of 2010 by CNN Money are available.

Across the nation and here in the Charlotte, NC, people are taking advantage of the move-up/repeat home buyers tax credit. A tax credit of up to $6,500 can be claimed by qualified existing home owners. Whether it is a home in Cotswold, a home in Myers Park, South Park or other great communities in Charlotte, there are certain requirements to be met to take advantage of the tax credit available to homeowners.

The key information on the tax credit is the timing for the purchase of a principal residence. It must occur after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). With the mix of incredably low interest rates and the extended home buyer tax credit, Charlotte home buyers are taking advantage for sure. As an expert in the local Charlotte real estate market, I like to help people with their real estate needs in the community, whether one is looking for information on homes for sale in Dilworth or simply trying to learn more about neighborhoods or new developments.

Today Dilworth is a vibrant neighborhood, as well as one of Charlotte's most historic, having been named after entrepreneur and streetcar owner, Edward Dilworth Latta. As the first suburb established in 1891 and located southwest of the original city limit, the Dilworth suburb – East of South Boulevard – expanded to the south and east. Victorian architecture was at its peak at the turn of the century, making Dilworth one of the city's premier neighborhoods. The area developed along the streetcar lines extending out from the city. The idea of being out in the country was important to people and precipitated the residential push outward to the edge of town that continues to be the case in modern day living. With the streetcar, middle-class people as well as the wealthy could own a home in the countryside and still commute into work. 
 
The original section of Dilworth includes the last well-preserved pre-1910 upper-class residential area remaining in the city. The first grand homes were located on South Boulevard and East Boulevard. This historic district has some of Charlotte’s early efforts with the now-popular Colonial Revival architecture style as seen in the Walter Brem residence at 211 East Boulevard. Latta Park was at the southern end of the street car line and included a colorful park, beautiful boulevards, inviting bungalows and expansive mansions. Freedom Park is located at the other end of East boulevard. Today the Dilworth neighborhood has one of Charlotte's finest collections of Victorian residences and the convenience of numerous transit stops along the light-rail corridor, LYNX. The Mallonee-Jones House at 400 East Kingston, constructed in 1895 with the distinctive "sunburst" gables of Queen Anne Victorian style, is one of the significant remaining residences.