Demand for more urban amenities is sparking renewal in "Uptown" Charlotte, North Carolina, where residents can be close to entertainment, higher learning, dining, and other attractions.
"The original four wards of Charlotte are now considered the inner city, or Uptown Charlotte, or Downtown Charlotte, depending on with whom you are speaking," says Realtor Linda Matus. "Urban living is at it's best in Charlotte with easy access to inner city work places, entertainment and art venues, wide variety of dining experiences, the NFL Panthers Stadium and the NBA Bobcats Arena."
Matus explains, "According to the Charlotte Regional Realtors Association MLS, 75 condo properties are actively on the market with a minimum sales price of $109,900, an average of $420,348 and a maximum of $1,600,000. Many new and proposed condominium projects are springing up due in part to the NBA Bobcats new arena, Johnson & Wales University, and the desire for more urban living opportunities. In October, 12 properties were sold (up from 9 in September) with an average sales price of $246,445 on market for an average of 53 days. The smallest property was a 564 sq.ft. studio/loft for $109,848 on market for 5 days; the largest was 2244 sq ft for $476,000 on market for 178 days."
"Uptown Charlotte continues to see substantial growth and development," says Realtor Daniel Calkins. "New construction and the desire for urban living keep a steady draw of buyers to the area. Twelve townhome/lofts sold Uptown in October with sales prices fetching about 98 percent of asking price. Keep in mind that many of these are small efficiency units. We will continue to see growth as more people buy Uptown to avoid the commute and enjoy amenities."
Agrees Realtor Ann Marie Burke, "There is much going on in Uptown Charlotte. The new coliseum is being built to house the new NBA Charlotte Bobcats. A new 104 unit condo tower one block from the new arena was 75 percent reserved the day it was announced! A new condo project is going up in the 4th Ward, the Garden District has a new project underway as well. The Gateway area near the construction of the Johnston and Wales University remains hot, too! The condo inventory uptown increased again last month with 75 units presently on the market. This is in large part because of all the new construction. Seventeen units sold in October whereas over the summer, 24 a month were closing. Regardless, it is still a seller's market. The price per square foot sold on average remained at $216. Of the active inventory, 34 units are new construction and of the units sold only two were new construction. The Charlotte Observer recently reported on a new 35 story 390 unit condo tower to go up in uptown Charlotte next year. This is only one of several projects recently announced! Uptown living is on the rise!"
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Published: November 30, 2004
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