Charlotte NC: Local home prices rise, best among 20 markets

From Charlotte.com:
Charlotte-area home prices showed a slight monthly gain in March, the first uptick since last summer, according to a widely watched index released today.

Sales prices rose .3 percent compared with February results from the S&P/Case-Shiller Home Price Index. That was the best monthly performance among the 20 urban markets measured by the index and another milestone that could signal the region’s housing market has reached a bottom.

Charlotte-area sales prices remain down compared with March 2008, marking a full year of declining prices. But at 9.3 percent, the yearly decline also showed a tiny improvement over February’s reading.

Comparisons to a year earlier are important because they compare similar periods and reduce the impact of seasonal effects, such as the typical rebound of home sales during the spring.

Still, monthly results can signal a trend. The Charlotte market started a string of monthly declines in July and peaked at a loss of 2.6 percent in December’s index. The index is especially meaningful because it measures repeat sales of existing houses.

Nationwide, the index recorded a 19.1 percent decline for the first quarter, compared with the first three months of 2008. That was the sharpest drop in its 21-year history.

However, March was the second consecutive month since October 2007 in which the index for the 20 markets did not post a record annual decline.

With its 9.3 percent yearly decline, the Charlotte area remained in fifth place in March, behind smaller annual declines in Denver, Dallas, Boston and Cleveland. Those are the only five regions in which annual declines are under 10 percent.

Denver posted a .1 percent monthly increase and Dallas home prices remained flat in March.

Phoenix remains the hardest market in the index, with a decline of 36 percent compared with March 2008.

1Q Home Prices Fall by 19.1 pct to 2002 Levels: But GAINS in Charlotte

NEW YORK National home prices are at levels not seen since the end of 2002, but a closer look at data released Tuesday shows the worst may be over for some cities.

The Standard & Poor’s/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter compared to the first quarter last year, the largest drop in its 21-year history. Home prices have fallen 32.2 percent since peaking in the second quarter of 2006.

In cities across the country home prices varied dramatically, depending on affordability, foreclosure activity and the local economy. The bottom may be in sight in some markets, but nationally home values are expected to decline – though at a slower pace – for the rest of the year.

“We continue to believe that it is unlikely that we are anywhere near a bottom in nationwide home prices,” according to Joshua Shapiro, chief U.S. economist for MFR Inc.

It’s hard to believe it could get much worse for homeowners in Detroit. Homes there are worth what they sold for in 1995. And while that’s good news for homebuyers, the implosion of the auto industry and economic fallout means fewer buyers have the money to qualify for a mortgage.

“I feel like houses here are free,” said Detroit area real estate agent Rose Marie Jouan with Re/Max Showcase Homes. Her house that she sold in 2004 for $200,000 is on the sales block, bank-owned, for $86,000.

In Phoenix and Las Vegas, where prices have plunged by half since their peaks, home values have receded to levels not seen since the beginning of the real estate boom. Phoenix prices are at early 2001 levels and Las Vegas values hover at mid-2002 prices.

Home values in Charlotte, N.C., Portland, Ore., and Seattle are steady at 2005 prices, the best showing of all 20 cities in the Case-Shiller report. All three were some of the last to fall into the housing slump.

The Case-Shiller report offered other hopeful signs the worst may be over for some cities. Denver prices posted an increase over February, while Dallas prices were flat.

Separately, Case Shiller said its 20-city index of home prices fell by 18.7 percent from the year before, and the 10-city index lost 18.6 percent. However, the rates of decline slowed in March, the second straight month they didn’t set record price drops.

Still, there are no signs home prices nationally have hit bottom.

“We see no evidence that a recovery in home prices has begun,” said David M. Blitzer, chairman of the S&P index committee.

All 20 cities showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and Phoenix, Las Vegas and San Francisco recorded declines of more than 30 percent.

Minneapolis posted a 6.1 percent decline from February to March, the biggest monthly drop on record for any metros in the indexes. Ron Peltier, chairman and chief executive of HomeServices of America, attributed the drop to a jump in distressed sales in March.

Economists will get a look at April housing data Wednesday when the National Association of Realtors releases sales data for previously owned homes, and on Thursday when the Commerce Department puts out numbers for sales of newly built homes. Economists surveyed by Thomson Reuters expect existing home sales to rise 2 percent from March to April, while new home sales are forecast to rise by 1.1 percent.

Development Continues in East Charlotte Despite Recession

According to this report published today in the Charlotte Observer, developers still are confident in the housing market of East Charlotte.

400 Homes Proposed in Elizabeth

Atlanta’s Winter Properties is seeking to rezone 6.8 acres between East Seventh Street and Weddington Avenue in the Elizabeth area for up to 400 multifamily residential units.

The petition, filed with the Charlotte-Mecklenburg Planning Department, said the acreage was assembled from 30 separate parcels now occupied by single-family houses, duplexes and multifamily buildings.

The site plan submitted with the application said that buildings facing Seventh and Bascom streets will be three stories with lofts and the remainder, four stories with lofts.

Winter Properties is asking that the property be rezoned from multifamily to a classification called mixed-use development district.

The development company, which couldn’t be reached Thursday for additional comment, said in its application that no commercial or retail uses would be included in the project

The application also noted that the development might be done in phases, but no timetable was provided. A public hearing on the petition is scheduled for July 20.

Monroe Connector Project is Good for Windsor Park

Reliving congestions of highway 74, or Independence Blvd, is the aim of the Monroe Connector Project.

Check out this article on the project from the Charlotte Observer:
Monroe connector project seeks input

The N.C. Turnpike Authority plans to hold four open houses and two corridor design hearings next week for the proposed Monroe connector/bypass project in Mecklenburg and Union counties.

The 21-mile toll road has been billed as an artery to ease commuter gridlock on U.S. 74 and bring added energy to Union County’s quest for new business.

The hearings are increasingly important because towns and transportation officials haven’t yet agreed on a route. Turnpike officials would like to reach an agreement by November and finalize a decision by March 2010. That decision will be be made jointly by the turnpike authority, N.C. Department of Transportation and the Federal Highway Administration.

The Monroe Connector/Bypass has been debated for decades, but delayed as state officials worked to find funding and negotiate an acceptable route. The turnpike authority took over the proposed road in 2006 and, decided it would be a toll road to help fund it.

To learn more about the project, the open houses are scheduled for:

Monday, 4 p.m. to 8 p.m. at South Piedmont Community College, 4209 Old Charlotte Highway outside Monroe.

Tuesday, 2:30 p.m. to 6:30 p.m. at Matthew Community College, 100 W. McDowell St. in Matthews.

Wednesday, 1 p.m. to 8 p.m. at the N.C. Cooperative Extension — Union County Center, 3230-D Presson Rd. in Monroe.

Thursday, 2:30 p.m. to 6:30 p.m. at Wingate University, Cuddy Arena, 230 N. Camden St. in Wingate.

To have your say, the publics hearings are set to begin at 7 p.m. on:

Tuesday at Matthews Community Center at 100 W. McDowell St. in Matthews.

Thursday at Wingate University, Austin Auditorium on 230 Cedar St. in Wingate.

Turnpike authority representatives will be available at the open houses for questions and comments. The open houses are informal and citizens can drop in at any time.

The public hearings are formal meetings, open for statements, questions and comments. Anyone wanting to speak at the formal hearings can register at the open houses or before the hearings. Or they can call Pat Puryear at 919-571-3000, or email monroe@ncturnpike.org.

Mayoral candidates John Lassiter and Anthony Foxx will be at the May 12 Windsor Park Neighborhood Association Meeting

Mayoral candidates, John Lassiter and Anthony Foxx will be at the May 12 Windsor Park Neighborhood Association meeting. The meeting will be held at 6:30 pm in the cafeteria of Windsor Park Elementary School on Sudbury Road.

The two candidates for mayor have agreed to speak to the group for 5 minutes each about why they are running for this office and their platform. They also agreed to take questions for 30 minutes from our membership and others in attendance.

We hope to see you there!

Good News on Charlotte Home Sales: The Decline is Slowing

From Charlotte.com:

The pace of decline in Charlotte-area home sales and prices slowed in April.

 

The 1,773 houses, townhouses and condos sold last month was down 26 percent compared with April 2008, based on figures released this morning for transactions through the Carolina Multiple Listing Services. That breaks a six-month string of declines exceeding 30 percent and December’s especially stark 47 percent drop.

 

Nationally, the housing market, while still down sharply from its peak, has shown signs of stabilizing, a step toward recovery.

 

Much of the regional gain came from a burst of sales in South Carolina’s Lancaster County. Closings soared to 174, up from just 39 a year ago. The county includes Pulte Homes’ Sun City Carolina Lakes, a huge active-adult community that has been relatively successful.

 

Mecklenburg County, which accounted for nearly half of MLS transactions, saw sales fall 37 percent from April 2008. That’s an improvement over March, when sales were down 42 percent. Iredell, Lincoln and Union counties also saw steeper declines, while Cabarrus and Gaston fared better than the average.

 

The sales decline in York County, S.C., also was less than the region’s average. S.C. results do not include all sales through another Realtors group in the area.

 

Overall, April sales were up compared with March, a typical uptick for the spring selling season.

 

The region’s average selling price of $201,352 was down 9 percent compared with a year ago, but that was better than the previous three months’ double-digit price declines.

 

Donna Anderson, president of the Charlotte Regional Realtor Association, which operates the MLS, said she and other agents have seen activity pick up. Last weekend, for example, she said she had multiple offers on a listing. Anderson, a Realtor with Cottingham-Chalk/Bissell-Hayes, also is negotiating a deal.

 

“As Realtors, we have to stay ahead of the curve rather than dwell on what it was last year or several years ago,” she said. The Charlotte market is “showing gradual, consistent and positive improvement.”

Windsor Park Benefits from Charlotte NC Housing Market Gains

From the Charlotte Business Journal:

The number of residential real estate closings in the Charlotte region grew 6.1 percent in April from March, according to the Charlotte Regional Realtor Association.

The average sales price increased 5.2 percent.

There were 1,773 closings in April, up from 1,671 in March. The average sales price rose to $201,352 from $191,433.

However, closings and sales prices are down significantly from a year ago.

Last month’s closings fell 26.1 percent from April 2008, when there were 2,400 closings. The average sales price dropped 9.1 percent from $221,497 a year ago.

The average listing price of houses sold last month ($228,550) was down 2.8 percent from April 2008’s average list price of $235,127. However, it increased 5.7 percent from March’s list price of $216,135.

Charlotte’s Windsor Park Neighborhood is a Great Place for Gay and Lesbians

Gays and lesbians are changing the way they live and that holds true for Charlotte, NC. While Charlotte has bars that are more or less exclusively “gay”, neighborhoods tend to be more integrated.

During a time when gay people are coming out at younger ages, many cities outside of the traditional urban gay centers have become important examples of this subtle ingredient of positive change. “As society becomes more accepting, the need for intense gay enclaves begins to dissipate,” says Gary Gates, 45, a demographer who studies LGBT populations at the Williams Institute at the University of California, Los Angeles, School of Law.

Many gay men and lesbians still value a strong gay culture, but ethnic diversity, good jobs, low crime rates, abundant natural beauty, and a never-ending stream of things to do.

That’s what Windsor Park has to offer! Windsor Park has amazing cultural diversity. That’s represented by the variety of authentic restaurants, groceries, and languages spoken in the neighborhood. Just 15 minutes from uptown Charlotte, SouthPark, University City, and Monroe, NC, Windsor Park has great access to local job centers. Charlotte’s crime rate continues to drop. Windsor Park has an active neighborhood watch program and neighborhood association that works in coordination with the police depatement to keep crime out of the neighborhood. With neighborhood parks, beautiful yards and mature trees, Windsor Park provides a beautiful natural setting – right in the middle of all the big city entertainment options.

Quality built homes that are a manageable size keep home ownership costs low. The proposed Central Avenue street car line and redevleopment of the Eastland Mall property will ensure that Windsor Park will be a good choice for all home buyers, not just gays and lesbians.

Good Time to Buy in Charlotte Housing Market – Especially Windsor Park

From Charlotte.com:

It may sound hard to believe but now could be the best time in decades to buy a home.

Interest rates remain low, the number of homes on the market high and sellers are motivated to do whatever it takes to close.

“People are doing all types of things,” builder Sarah Burbank of JCB Urban explained. “They’re offering half-price upgrades for options and some people are just throwing them in altogether.”

In some cases, you can even own your own place without having to make payments for half a year.

“That’s six months of worry-free mortgage,” Burbank said excitedly.

We found two homes in the Little Gate subdivision in Davidson offering just such a deal. And it may be much of the reason more people are beginning to shop around again.

Pending home sales of first-time homebuyers were up in March.

“We know people are out there. They’re interested. They know about the great deals that are available now,” said Brant McConkey of Saussy Burbank.

Especially enticing to many is the $8,000 tax credit for first-time homebuyers now offered by Uncle Sam.

Still, even the most optimistic in the industry know we’re not out of the woods just yet.

“People are uncertain about their jobs and nervous about a big purchase right now,” added McConkey.

Nonetheless, they’re relieved to see signs consumer confidence appears to be returning.

“It’s definitely given everyone a lot of hope,” said Burbank.

Check out this amazing property that can be yours for a SONG in popular Windsor Park.

Mayoral Candidates at Windsor Park Neighborhood Association Meeting on May 12!

Mayoral candidates, John Lassiter and Anthony Fox will be at the May 12 association meeting. The two candidates for mayor have agreed to speak to our group for 5 minutes each about why they are running for this office and their platform. They also agreed to take questions for 30 minutes from our membership and others in attendance.

May’s 2009 Monthly Association Meeting Agenda:

6:30 – 7:00 Police and Code Enforcement will give their reports

7:00 – 7:10 Mayoral candidates five minute opening statement

7:10 – 7:40 30 minute question and answer session

7:40 – 7:50 10 minute reserve for run-over