CHARLOTTE: You are WELCOME!

Charlotte!

Charlotte is a huge city, the largest city in the Carolinas with a population of almost 700 thousand residents just within the city limits. Charlotte is the center of finance, industry, technology, and entertainment for the region and one of the unique and beautiful things about Charlotte, North Carolina is its many charming and divergent districts.

Today, we thought we’d do a little tour of our favorite districts & neighborhoods – and give those of you thinking of moving to Charlotte some local flavor.

Uptown. The literal "center of things". Uptown is our "downtown" (but for most of us it is "up") and boasts a pretty significant and beautiful skyline. "Uptown" refers to anything inside the I-277 loop, the heart of Charlotte's government and the home to several Fortune 500 headquarters, museums, nightclubs, restaurants, parks, & theaters. The light-rail goes right from Pineville to Uptown and is not only a great place to work and live, but just a nice place to visit and explore some great restaurants!

NoDa. NoDa, short for North Davidson Street, is also known as the Historic Arts District and is about two miles north of the center city. NoDa was home to large textile mill that closed in the 1970s, sending the district into a sad period of decline. But we didn't let that get us down for long! Artists moved into the neighborhood in the ‘80s, revitalizing and preserving the unique brick mill houses. Now, street level art galleries, restaurants and other shops offer eclectic and marvelous options to visitors and residents. NoDa is a fun place to walk on one of our many and mostly super sunny days in Charlotte!

South End. Previously South End was a mill district located along the railroad tracks, but now the neighborhood is a hip, upscale entertainment/cultural district. The addition of trolley tracks and light rail connecting it to Uptown has helped pull in major development, and future plans are bright for this area. South End is also the most kid friendly place in Charlotte, since the neighborhood features ice cream shops, a trolley museum and plenty of kids-oriented stores.

Myers Park. Its reputation as an "old money" neighborhood is probably much deserved, as Myers Park is famous for its cathedral-esque tree canopy and meandering streets--let me tell you-it is an amazing site to see those BIG old trees! Myers Park features Charlotte's oldest country estates and most expensive homes, making any driving tour of the neighborhood a popular way for tourists to lose a few hours- (and sometimes the roads get tricky around there, which doesn't help if you are trying to get anywhere fast--but it is totally worth all the detouring!)

SouthPark. An affluent and ritzy district in south-central Charlotte, SouthPark is home to the city's second-largest business district and a FABULOUS mall. SouthPark is also a newer suburb, with most buildings only dating back 40 years. You get the feeling in SouthPark that everything is new--and it is! SouthPark is a clean and quiet mix of office buildings, high-rise condos, hotels and entertainment venues.

University City. A huge 1970s-style suburban enclave that has blossomed around the University of North Carolina at Charlotte, University City is an area in transition. Formerly rural or affluent suburbs; today's University City reflects reflect an influx of minority groups and young families. The area is also home to Verizon Wireless Amphitheatre, a bunch of hotels and retail centers, and many square miles of sprawling shopping centers. The campus area is especially beautiful and if you get a chance to get out and walk--this is a great place to do it!

East Charlotte. East Charlotte is a little ambiguous yet distinctive. It is located at the city's eastern end, and has the largest concentration of immigrants living in a dynamic middle-class area. East Charlotte features plenty of fixer-uppers, incredible investment property, and is a neighborhood gentrifying beautifully. Foodies flock to East Charlotte for the multitude of traditional ethnic food that is plentiful at inexpensive and charming locales.

Now these are just a handful of the many districts in Charlotte. Contact us for more information, or a unique tour of the city. We can find not only the right property, but the right neighborhood for you!

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

Foreclosures in the Neighborhood

Dear Rich,

We live in a new large sub division in South Carolina South of Charlotte, NC. There are literally 2 dozen homes for sale in the neighborhood (there are about 500+ total homes). Some of these are foreclosures, including the home next to mine which has been empty since December.

Now that the home next door is listed (it took a long time), they have the price listed at almost $100K less then the previous owner bought it for. I am concerned that this house has been vacant for so long and given that it is listed for so much less than the original value, it is having an adverse affect on my home value.

Is there anything that I can do to help sell the house next door, or help raise the value of mine in this situation?

JW - South of Charlotte.


Dear JW -

You are in a pretty common, however unfortunate situation. Luckily, the good news is that the real estate agent that now has that property listed has it in their best interest to make sure that it sells quickly, and obviously, they want it to sell at as high a price as possible.

The agent should make sure that the property is cared for, so there is nothing that you necessary need to do with that, however, you can be sure to make your home and property look as good as possible. If someone is looking at becoming your new next door neighbor, they will want to know that you take pride in keeping your yard and house well maintained.

The market has caused the foreclosure rate to go up, and home values to go down. But the bright side is that you live near Charlotte, which remains one of the stronger and steadier markets. Even better--the area you are in is very popular. I suspect that the house next door to you will sell quickly and when it does, your home value will go up slowly over time as it should be.

Rich Ferretti
http://www.richferretti.com/

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Old House New Home?

Dear Rich:
My wife and I have to make a choice between an beautifully updated home in an older neighborhood in Charlotte or a brand new home in a more modern neighborhood, with a ton of amenties just outside the city. The first house in the older neighborhood has almost everything I want and is much larger, but I want to make the best investment. We may have to move again in about 5 years (my job has me travelling a lot) and I want to make sure we do the right thing.

I appreciate your advice!
Shane -- Charlotte Newcomer

Hello Shane -- and welcome to Charlotte. I hope that I can help you narrow down your property choice.

If your goal is to buy a home for its later resale value and the one you are leaning towards buying in the older neighborhood, you will want to find out if is at the upper end of home values for that neighborhood--especially if it has been updated and others have not. If this is the case then it may not be the best choice.

If the older home in Charlotte is similar or lower in price to the others in the neighborhood, then there should be no problem, because pricing should be considered in relation, (generally) to the local neighborhood and not compared to homes in other parts of town.

Is the neighborhood on the decline or is it a neighborhood that is improving? And are other homeowners doing updates, keeping their properties landscaped etc. It could turn out to be a very good investment as long as you don't pay too much because of the recent improvements, when you could find another home in the same neighborhood less expensively--one that you could update yourself.

But remember that you also buy a house for its value to you as a "home." If you feel comfortable, happy, and excited about the older home, and you like the neighborhood, this is a factor of equal or greater value than its ultimate resale price. This is an investment, but it is also where you and your family will live!

If you would like more information about the Charlotte area, I would be happy to answer any questions you might have -- just comment below.

Happy House Hunting
Rich Ferretti

Want more information about the Charlotte area real estate market? Check out www.richferretti.com