Uptown Charlotte Real Estate
Based on an article from urbanhome
The real estate market has been the subject of great debate in mainstream media lately. As some cities around the country cool, others remain strong including Charlotte. If you’re an investor or an owner occupant looking for a primary or second residence, strategy plays a key role in making the best investment.
Location makes a difference
One thing remains constant: Location is the primary factor for real estate value. In many cases, locations that will net the greatest appreciation are those on the “fringe.” By fringe I mean, those neighborhoods that back up against a desirable area where homes continue to appreciate at a high rate of return. A year ago, a hot fringe area was Wilmore. Like other neighborhoods inside metro Charlotte, it was discovered and home prices began to steadily increase providing substantial gains to those who had the foresight to buy at the right time.
The early buyers in these fringe neighborhoods are considered pioneers. While they certainly take risks to achieve above-average gains, they can limit their risk by following this fringe purchase philosophy: By seeking out unusually high discrepancies in price per foot from one area to its immediate neighbor, there is a likelihood they will experience the next wave of appreciation.
Today neighborhoods in close proximity to Uptown Charlotte are seeing the highest rates of appreciation. Two areas have caught our attention over the past year--Wesley Heights off Freedom and Morehead and the Central Avenue corridor in Plaza Midwood. Tuscan Development offered single-family homes in Lela Court (a subdivision of Wesley Heights) with square footages from 1,800-2,400 and price points in the $300’s. All of these homes were purchased pre-construction. These homes were very appealing to buyers interested in getting the most home for their money without sacrificing the close proximity to Center City.
Another area that is getting ready for big changes is the Central Avenue corridor, which somewhat resembles South Boulevard’s infancy in its revitalization. Along Central, you will find many improvements including Midwood’s newest condominium mid-rise, Central 27. Situated right on Central Avenue and steps away from favorites like Nova’s Bakery and Thomas Street Tavern, these 27, one-bedroom and two-bedroom condos are affordable and offer a high quality of life for purchasers who desire pedestrian friendly living in a progressive historic neighborhood.
This philosophy of smart purchasing in an up and coming neighborhood can be duplicated in many more areas than those highlighted here. If you apply these principles to your area of interest, you will be on the right track to a sound investment and great returns.
Contact us for more information about Uptown Charlotte Real Estate
T. J. Larsen is president of My Townhome Realty—a professional real estate brokerage firm that specializes in condominiums and townhome real estate. If you need assistance with buying or selling real estate, call them at 704-377-4567.