Charlotte's name was derived from Queen Charlotte of England, wife of King George III. Scottish and Irish settlers arrived here in the mid-18th century, and when gold was discovered in 1799, Charlotte attained city status. Throughout its history, Charlotte has been known as a manufacturing and agricultural center for the country. As we move into the next millennium, however, Charlotte's identity is tied strongly to banking and distribution. Once considered part of the Old South, Charlotte has shed some of its traditional airs and is now one of the North Carolina's leading centers of commerce. In fact, more than half of North Carolina's manufacturing industries are based in Charlotte. And 50 percent of the state's foreign-owned companies are based here. Among Charlotte's largest corporations are IBM, NationsBank and Bell South Telecommunications.

While you may not associate Charlotte as a major cultural center, it's home to a surprisingly long list of museums, theaters and other cultural venues. Among them: the Afro-American Cultural Center, a tribute to African-American art, history and culture; the North Carolina Dance Theater, the state's only professional ballet company; the Charlotte Repertory Theater; Opera Carolina; and the Mint Museuem of Art, the state's first art museum, combining American, African, pre-Columbian and European art -- as well as gold coins minted in Charlotte -- under one roof. Charlotte's Spirit Square is a one-stop cultural experience; this single building contains seven art galleries, three theaters and an abundance of art workshops and classes. The North Carolina Blumenthal Performing Arts Center is a 177,000 square-foot complex containing the Belk Theater and Booth Playhouse. The Charlotte Symphony Orchestra, Opera Carolina, NC Dance Theater, Charlotte Repertory Theater and other performance troupes call the Blumenthal center home.

In the "New South" atmosphere of modern-day Charlotte, residents may choose to live in more urban environments or the comparatively slower suburbs. Relocations to metropolitan Charlotte have grown exponentially in recent years. U.S. News and World Report has ranked Charlotte in its list of the country's hottest and most affordable housing markets.

The most developed residential areas of this region used to be the southern, southeastern and eastern sectors of greater Mecklenburg County; however, the influx of transferees to Charlotte has brought new development to Wylie and Norman lakes, as well as Catawaba River. These lakeside communities have become particularly popular. Also contributing to local economic development is the University of North Carolina at Charlotte and the University Research Park; the areas surrounding these two research centers continue to attract new residents, as well. As the city's population grows, developers are clearing Charlotte's acres of lush trees to make way for new homes.

According to the Charlotte Regional Realtor Association, the average sales price for an existing home in Charlotte through April 1998 was $155,350. Also through the end of April 1998, Charlotte's MLS listed 9,061 homes. An average of 1,500 homes were closed in Charlotte during each month of 1997. And during 1997, a total of 18,042 homes were sold through the Charlotte MLS for a grand total exceeding $2.4 billion. The average new-home sale price in 1997 was $162,000. The Charlotte Regional Realtor Association states that the city's healthy market allows residents the luxury of making monthly mortgage payments totaling a mere 16 percent of the average household income.

If home maintenance isn't your style, townhomes and condos in Charlotte range anywhere from $30,000 to $500,000. In April 1998, the average closing cost of a condominium in Charlotte was $100,281. Greater Mecklenburg Country has more than 120,000 apartments and condominiums. Apartment rentals may range anywhere from $300 to more than $2,000 for a one-bedroom apartment.

Of course, many relocating families are attracted to the city's older, more established neighborhoods. Local organizations have worked hard to preserve these neighborhoods. One such neighborhood is Dilworth, located near the center city, where residents and city leaders worked together to renovate and restore these homes to their traditional glory. Fourth Ward, another success story, has been renovated to create a Victorian atmosphere, complete with brick sidewalks and traditional streetlights. This beautiful neighborhood has attracted many Charlotte-area residents back to the center city, and today, the Fourth Ward neighborhood contains a diverse and lively population.

With a robust economy and a residential real estate market that shows no signs of slowing down, life is good in Charlotte. Setting the tone for the New South, Charlotte is likely to continue its reign at the top of regional economic and housing forecasts as we head into 1999.

Published: December 7, 1998

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