"Uptown" Charlotte Realtors report the continuation of new growth and construction, due to the area's charm.
"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. Twenty-seven townhome/lofts sold in Uptown in April, with sales price fetching about 98.67 percent of asking price. The average sales price was $304,894 and while remaining on the market for 37 days. 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 to enjoy the amenities. It's a great time to buy."
"There is much going on in Uptown Charlotte," says Realtor Ann Marie Burke. "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 4th Ward, while 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!"
Burke advises, "The inventory of homes in uptown Charlotte is up from 52 to 85, all are condos or townhomes and of these, 33 units are new construction. Twenty-one units sold in March, continuing February's pace. The price per square foot sold crept up again from $220 to $235 to $249. The average unit sold had 2 bedrooms, 1044 sq. ft. and sold for $260,242. Another new project was announced last month. Located in 4th Ward, prices in this loft project start at the mid $200's."
Suggest Realtors Virginia and Gary Cooper, "On average, the Charlotte market is a seller's market, but with a good supply of homes available. The overall market shows modest increases. Some areas have enjoyed more rapid appreciation this year. Charlotte continues to be a recipient of corporate moves which should keep the market relatively stable, although the area is not totally escaping job layoffs. The average sales price for the Greater Charlotte Area is a little over $200,000, which is approximately $20,000 more than this time last year. The average marketing time of the homes that sold recently is 3-4 months, a little longer than this time last year."
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Published: May 13, 2005
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