Charlotte Area Real Estate Best Buys: July 2016

It seems that activity slows a bit in late July and August each year, and this year is no exception. Fewer properties seem to be coming onto the market and inventories were already reduced. But there seems to be somewhat less activity in general, so this market has not been transformed into a complete “sellers’ market,” in spite of reduced inventories of homes available for sale. Of course, the best values continue to go under contract almost instantaneously as they enter the market—and that is not an exaggeration. In the hottest areas of metro Charlotte, homes that provide decent upside potential generally go under contract within a day or two of entering the MLS system. This just underscores that investors who wish to avail themselves of the best deals need to be positioned to act quickly and aggressively.

The link at the bottom of this list will take you to full MLS reports for the properties identified in this edition of “the list.” Brief summaries follow below:

(1)MLS 3177397 – This is not a “distress sale,” but it does appear to be a decent value. It is a 3/2 with 2,040 sq.ft. with a full basement. It has been on the market 48 days today, it is located in Concord, it is priced at $164,900 and has a tax value of $176,520.

(2)3155831 – 4BR/3 Bath with 3,198 sq.ft. of HLA, including a walkout basement. This one is an REO and it located in north Charlotte (28214). It is priced at $148,410 and has a tax value of $155,000. (Remember that in previous recent editions of my blog, I note that market values in many areas of metro Charlotte have recovered significantly, and tax value is often below—sometimes significantly below—market value. This is probably not the general rule in this zip code, however.)

(3)3152486 – 4BR/2BA built in 1923 in Concord. This is NOT a distress sale, but it has been on the market 134 days. It has 1,847 sq.ft. of HLA, and those of you who enjoy more historical projects might like this one. It is listed at $134,900 and has a tax value of $152,560.

(4)3187923 – 4BR/3.5BA with 2,541 sq.ft. of HLA and a 2-car garage in north Charlotte (also 28214). This REO has been recently reduced to $140,000. It has a tax value of $161,500 and 26 days on the market at the date of this publication.

(5)3189374 – 3BR/3.5 Bath with 3,450 sq.ft. of HLA on a huge 8.54 acre parcel in Mint Hill (28227). This REO has been on the market 35 days and has been recently reduced to $344,900, with a tax value of $432,100 (in an area where tax value is generally now a bit lower than market value). But the large parcel of land is probably more responsible for the high tax value than the structure on the property. Nonetheless, there is probably good value here, now that it has been reduced.

(6)3186578 – 4BR/3.5BA with 2,803 sq.ft. of HLA on 1.32 acre in very desirable Weddington. This REO has been recently reduced to $279,900 and tax value is $314,580 in an area where tax values now tend to be well below market value. School assignments are probably Weddington MS and HS, which are top performing schools. Depending on condition, this could be a good one. It has been on the market a total of 46 days.

(7)3198768 – 3BR/1.5BA in very hot Madison Park (an community of older homes near Uptown in an area that is seeing a huge amount of revitalization—and ARV’s that offer a huge amount of potential upside when an older home is bought well). This one has 1,641 sq.ft. of HLA (which is decent for this area) and is located on a .36 acre lot (which is on the larger side for this area). This is a short sale, and foreclosure has apparently been commenced. It is listed at $220,000 in an area where like houses now generally sell in the mid and even upper $200’s before rehab.

(8)3199200 – 3/2 in Wndsor Park (28205), also an older area seeing significant revitalization, although not quite as much yet as Madison Park. This one is not a distress sale, it has 1,318 sq.ft. of HLA and is located on .27 acre. This one has 2 full baths, rather than a half bath off the master like so many of these older homes. So it will not be necessary to convert a half bath to a full bath in this case, and that should reduce rehab costs. It is listed at $219,900.

(9)3191754 – 4BR/2.5BA with 2,263 sq.ft. in the Wellington subdivision of NE Charlotte (28269) on .42 acre, this REO has 28 DOM and is priced at $164,500 with a tax value of $173,300.

(10)3190273 – 4BR/2.5BA REO being marketed for resale via HUBZU “auction.” It has 2,264 sq.ft. of HLA and is located in 28227 on .48 acre. It has been reduced to $156,500 after 34 DOM and has t tax value of $158,900. (See earlier editions of my blog for discussions of these “auctions”—HUBZU in particular.)

(11)3158239 – 3BR/1.5BA on .51 acre in Harrisburg (28075). This is NOT a distress sale, but it has 84 DOM on the date of this publication. The home has only 1,285 sq.ft. of HLA, but it is assigned to Hickory Ridge MS and HS. Listing price is $119,500, with a tax value of $134,450.

(12)3192378 – 4BR/2.5BA in E Charlotte (28213) with substantial damage and the need for significant renovations and repairs. This Bank of America REO has 2,991 sq.ft. on .45 acre, and has been reduced to $109,000, with a tax value of $174,500. But it probably needs $45,000 - $50,000 in repairs.

(13)3198670 – 3/2 on .30 acre in zip code 28227 (E Charlotte/Mint Hill area), this REO has 1,464 sq.ft. of HLA and has been on the market 7 days. It is listed at $84,900 and has a tax value of $96,500.

(14)3197320 – This 3BR/1.5BA REO with 1,335 sq.ft. of HLA on .31 acre in zip code 28215 offers that increasingly popular “mid-century modern” architectural influences. It has 11 DOM and is listed at $74,900.

A link to the full MLS reports, including photos, for all of the above properties appears below:

Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=331377XSXZH&p=DE-28355064-74

As always, if you have any questions about these or any other properties, please do not hesitate to contact us.