More Observations on the Current Charlotte Real Estate Market for Investors... More New Suggestions

After a bit of a delay, here is my Charlotte area real estate investor suggestion list for November 19, 2013. I continue to note a modest "cooling" in the market from the activity of six months ago. REO properties tend to remain in seller inventories a bit longer. Multiple offers are still common, but the extent to which some buyers are willing to go to get a property under contract has diminished a bit. It was common 6 months ago to find that most Fannie Mae properties received multiple offers on the day they became available to investors-- day 15 on the market). But you will note in this investor list several Fannie Mae properties that have been on the market more than 100 days.

As always, I try to place properties on this list that appeal to a broad range of investor strategies, from fast flip to renovate, rent and hold. They also cover a large geographical area of metropolitan Charlotte. There are 19 properties on this list and I therefore do not have the space in this email to summarize each one. I will let the MLS reports accessible via the link below speak for the properties. Pay attention to listing price vs. tax assessed value... location... lot size... school assignment... and check the photos to get an idea of general condition.

I have selected seven properties on the list to summarize below. Again; this does not mean I believe these 7 are "the best." I just want to highlight some of the criteria I use to place properties on the list.

#2 on the list - MLS 2143720 - 3BR/2BA JP Morgan Chase REO on .84 acre lot in Monroe. This one has been on the market 83 days today and has been reduced to $77,000. Tax value is $111,610.

#4 on the list - MLS 2160820 - 3BR/2.5 BA Fannie Mae REO in the desirable Sardis Forest community; this one has 151 DOM today and has been reduced to $162,900, with a tax value of $186,100.

#5 - MLS 2187395 - 3BR/3.5BA Fannie Mae REO with a finished basement and 2-car garage; good Matthews location and school assignments (Mint Hill MS/Butler HS); 24 DOM; priced at $132,000 with a tax value of $135,500. Rental yield would probably be good on such a low purchase price in a good area.

#7 - MLS 2189147 - 3/2 in Becton Park community (zip code 28227 - area where Charlotte and Mint Hill meet; this home appears to be move-in ready and is priced low enough that rental yield would probably be good. Listing price is $80,000 with a tax value of $92,600.

#10 - MLS 2171782 - 3/2 on .42 acre lot in Stonehaven community (zip code 28211) near Uptown and light rail; this is a Fannie Mae REO with 106 DOM; reduced to $192,000 with a tax value of $248,300. The numbers look good as a flip to me.

#15 - MLS 2157547 - 4/2 in Matthews on .63 acre lot, also assigned to good schools (Mint Hill MS/Butler HS); this is a Fannie Mae REO with 122 DOM; reduced to $118,000 with a tax value of $159,000. Bought right, this could be either a good rental or a good flip.

#18 - MLS 2191795 - 3/2 built in 2004 in the Callonwood community; this one is an Estate sale; it is assigned to highly desirable schools (including Weddington HS); it is priced at $160,000 with a tax value of $183,010.

As always, if you have any questions about any of the homes on this list, or you would like to see any of them, please don't hesitate to contact me.


Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

RES - One Page Cust Full

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950

Charlotte Area Real Estate Investor Suggestion List for November 4, 2013

Here is the first Charlotte area real estate investor suggestion list in a couple of weeks. Please excuse the delay. I find and research these properties myself, and I have been quite busy.

As always, I attempt to find properties that may work under various investor business models and strategies, from "fast flip" to "buy-renovate-rent-and-hold." I also try to cover a large geographical area in metropolitan Charlotte, and an equally large range of prices. Of course, as a general rule, the higher the price, the more "upside" there should be upon rehab and resale.

I continue to see some slight moderating of activity on the part of larger, cash-rich investment funds. I think this has caused a slight increase in REO inventories among the likes of Fannie Mae, and you will note there are again not only a couple of Fannie Mae properties on this current list, but those properties have been on the market well beyond the 15-day owner-occupant preference period.

Again; I will let the MLS reports accessible via the link below speak for themselves. Look at price vs. tax value... location... sq.ft. of heated living area... etc. None of these would have been put on this list if I didn't think they offered some good potential value. There are too many to summarize in this email, so I will choose a few to single out. But the summaries below do not mean I think these are "the best." this all depends on your particular goals and strategies.

#5 on the list - MLS #2149617 - this is a 4BR/2.5BA home on a 2 acre lot in Matthews (Union County), assigned to some of the most desirable schools in Union-- Wesley Chapel Elementary, Weddington middle and high schools. This an "auction" property, wherein the buyer pays a 4.5% "buyer premium," and I usually avoid these as somewhat insulting, but this one has a listing price of $195,000 and a tax assessed value of $289,000. In this location, on such a large lot, with these school assignments, there could be a lot of upside in flipping this one.

#7 - MLS 2164753 - Something very different from the above, this is a 3/2 on .31 acre in the established Madison Park community, closer to Uptown Charlotte. This is a Fannie Mae REO with 124 days on the market today. It has been reduced to $179,900 with a tax assessed value of $209,700.

#8 - 2162859 - 5BR/3BA home in the established Quail Run community on 1.27 acres; this is an HSBC REO with 131 DOM, reduced to $218,895 with a tax value of $289,700.

#17 - 2181324 - 4BR/3BA in Montclaire; this is another Fannie Mae REO with 117 DOM today; it has been reduced to $118,000 with a tax value of $150,300.

#18 - this is an expired listing in Starmount (near South Boulevard, light rail and a lot of redevelopment); this REO is a 3BR/1Bath, but many of these older homes are laid out so that adding a bathroom is not a huge undertaking. This one has been reduced to $115,000, with a tax value of $142,000.

#19 - 2188059 - this is a 3/2.5 short sale in Mintworth Village, in Mint Hill. The home was built by Eastwood Homes in 2009, so it cannot need much. School assignments are good (Mint Hill middle school/Butler HS). Listing price is $110,000, with a tax value of $146,500.

Again; the above is only a sampling of the properties on this list. The link below will take you to the full MLS reports, and I recommend that you look at each property to assess how it might fit into your investment strategy. Then if you have any questions or would like to see a property, please don't hesitate to let me know.

Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

XPROP - Customer

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950