Exploring Metropolitan Charlotte: The City of Salisbury

 

Located about a 45-50 minute drive on I-85 from Charlotte’s city center, the City of Salisbury provides a less hectic, small town environment, while allowing residents to experience all the additional events and attractions of Charlotte within a reasonably short drive.  A colonial town established in 1753, it is noted for its preservation of historic buildings. The town center has continually undergone renovation and revitalization, creating a vibrant, walkable downtown featuring shop-lined streets and an arts district.  Salisbury is also the seat of the county in which it is located: Rowan.

 

Salisbury offers a variety of shopping, dining and entertainment.  The quaint downtown area is comprised of several blocks along Innes and Main Streets, lined with unique, locally owned restaurants, antique shops and other small businesses and boutiques.  Outside the historic downtown are the larger stores and businesses most would expect, from Walmart to Lowes… Home Goods to Burlington Coat Factory… Hobby Lobby to Michael’s crafts.  Salisbury is also home of the headquarters for regional grocery chain, Food Lion.

 

The City of Salisbury and the community at large maintain a strong commitment to historic preservation and a high level of arts and cultural activity.  The Salisbury Sculpture Show and the Waterworks Visual Arts Center are examples of this, along with the Lee Street Theatre, Black Box Theater at the Looking Glass Artist Collective and the Salisbury Symphony Orchestra.  Salisbury is also the home of the beautiful campus of private 4-year college, Catawba College, and all that it has to offer.

 

Due to the 45-minute drive to Charlotte, housing prices tend to be a bit more moderate than in Mecklenburg and Cabarrus Counties.   Homes typically costing over $300,000 or more in Charlotte may be priced in the upper $200,000’s.  For the more ambitious, there are opportunities to buy and renovate older, historic homes in and around Salisbury’s downtown area—from Victorian era homes to Craftsman-style bungalows. 

 

For those who can live with a 45-minute drive to Charlotte and a 20-minute drive to Concord, Salisbury provides a unique opportunity to live in a vibrant and eclectic environment at a bit of a discount over home prices closer to Charlotte.  The city has become particularly attractive to a growing number of telecommuters and empty nesters looking to find more value, without sacrificing a lifestyle rich in culture and history.

For more information and to search the entire Charlotte area MLS system for homes, condominiums, townhouses, etc.-- FREE-- visit www.EricDorerRealEstate.com

#CLTHomes #SalisburyNC #CharlotteHomesforSale

The Charlotte Area Real Estate Market Going Into 2022

We thought we would take a break from our recent exploration of the Charlotte metropolitan area to briefly explore expected real estate market conditions in the region going into 2022.  Home sellers and home buyers alike have expressed some reluctance to enter the market for logical reasons.  Sellers know that home prices in the area have reach historic highs, but they are concerned that selling into this hot market may leave them with few alternatives for a replacement home, with the prospect of paying top dollar for it.  Home buyers continue to experience the frustration of being outbid by multiple competing buyers for a limited inventory of homes, thereby pushing prices to seemingly irrational highs.  Both concerns are reasonable. 

 

Economists at Fannie Mae project that a rise in mortgage interest rates is likely, as inflation continues to escalate in the United States.  Tightening monetary policy will likely cause interest rates to increase beyond the lows enjoyed throughout 2021, although the increase will probably be slow and gradual.  Rates are likely to remain under 4% in 2022.  “Even a modest tightening of monetary policy would, of course, impact housing, but we expect the effects to be largely muted given current market conditions,” said Doug Duncan, Fannie Mae’s chief economist. The market conditions he was referring to are the low inventory for homes for sale, which continues to put upward pressure on prices.

 

For sellers who are considering downsizing—usually older homeowners who may not have updated their homes in some time—these market conditions offer real opportunity.  Today’s high offers are frequently accompanied by large “due diligence fees”—non-refundable deposits paid directly to sellers to compensate them for taking their home under contract and therefore effectively off the market.  Large due diligence fees give sellers leverage to decline repair requests or requests to reduce the contract price of the home to compensate for repairs purportedly needed after home inspection.  Buyers are unlikely to walk away from $5,000… $10,000 due diligence fees when the seller declines repair requests.  This makes it possible for a seller to get top dollar for their home, while not having to make repairs or updates.  As long as the seller is downsizing and probably doesn’t mind moving toward the outside of the metropolitan area, the windfall received from the sale of their home can be reinvested in a smaller property in an area where prices are not quite as inflated—such as Concord, Kannapolis or even Salisbury.  This can represent a great strategy for preparing for retirement.

 

No one is expecting a collapse of housing prices in 2022.  Fannie Mae acknowledges inflationary pressures, supply chain issues effecting building materials, and a continuing low inventory of resale homes, but none of these things are expected to seriously impact housing prices downward.  So buyer strategy should rely heavily on researching the current market value of each home the buyer is interested in to make sure their offer does not result in an irrational effort to “win” a bidding war that causes the buyer to overpay significantly for a home.  A clear head, perseverance and a real estate agent who is capable of competently estimating current market value of a home are all key elements of that strategy.  With mortgage interest rates remaining relatively low and housing prices continuing to rise, patience and perseverance will result in the buyer being able to get onboard the housing market train as it is projected to continue to rise through 2022.

 

To summarize, while overall economic growth is expected to falter in 2022 due to inflationary and supply chain pressures, few economists project a decline in housing prices.  The market fundamentals remain too strong.  Growth in prices may slow as mortgage interest rates gradually rise, but very few experts are predicting any sort of housing bubble or collapse.  There are always strategies for dealing with this sort of market, depending on the individual seller or buyer circumstances and goals.  As our company motto reflects: It is always solid analysis that identifies great opportunities.  No sound investment is likely to come from a “one-size-fits-all” approach.  Some sellers may be best advised to remain in their homes and allow the rising tide of home prices to continue to increase the value of their investments.  And some buyers may be better advised to rent for a year, rather than overpay for a home.  But sellers and buyers who establish well-reasoned goals and move forward based on sound research and analysis are likely to benefit from this market. 

For more information and the ability to search the entire Charlotte metropolitan area MLS system for homes, condos, townhouses and more, go to Eric Dorer Real Estate.  

Exploring Metropolitan Charlotte: The City of Gastonia

 

 

We continue our monthly blog series, Exploring Metropolitan Charlotte, with an introduction to nearby Gastonia.  Located about a 20-30 minute drive to the northwest of Charlotte’s city center via I-85, the City of Gastonia provides a generally lower-cost alternative to housing prices within the city limits of Charlotte.  Like most of the communities within an easy drive of Charlotte, Gastonia has seen exponential growth in recent years.  It is now the second-largest satellite of Charlotte, behind the City of Concord.

 

Once a major textile producing region, manufacturing maintains a strong presence in Gastonia, with companies such as Freightliner, Curtis-Wright Controls and Wix Filtration Corp. among the larger employers in the area.  The City of Gastonia and Gaston County are also major employers.  But shutdowns and layoffs have also characterized the employment environment over the last decade or so.  Most textile production has moved overseas.

 

Recreation and entertainment include the nearby Daniel Stowe Botanical Garden, Crowders Mountain State Park, and Kings Mountain, where hiking trails, campgrounds, picnic areas and fishing opportunities abound.  The Downtown Gastonia Historic District continues to see revitalization and includes buildings on the National Register of Historic Places.  Shopping includes the Eastridge Mall, with anchor stores such as Belk and Dillard’s.

 

Housing in Gastonia —and Gaston County in general—tends to be a bit more affordable than in neighboring Mecklenburg County.  Smaller, older homes are available from the low $100,000’s, although most such houses are in need of significant updating and renovation.  There are communities of new and newer homes and townhouses with prices that run typically from the upper $200,000’s to the mid $300,000’s.  Like most of metropolitan Charlotte, Gastonia is also currently experiencing a “Sellers’ Market,” characterized by low inventory and a large pool of interested buyers.  This tends to push up contract prices, as multiple bids are frequently received on homes that present better value.

 

Gastonia is second-largest satellite city of Charlotte behind Concord.  Like Concord, it is within an easy commute of Charlotte’s city center, and it provides a generally lower cost housing alternative to Charlotte, Concord and other cities comprising the metropolitan area.  It has seen its “ups” and “downs” over the years, but like most of greater Charlotte, Gastonia is currently experiencing much growth and expansion.

Exploring Metropolitan Charlotte: The Town of Weddington

Our monthly blog series Exploring Metropolitan Charlotte continues in August 2021 with an introduction to the Town of Weddington.  Characterized by upscale suburban residential subdivisions on larger pieces of land, interspersed with rolling horse pastures and dense wooded areas, Weddington maintains an almost rural feel, while being located only about a 20- minute drive from Charlotte’s city center.

 

With a total land area of under 15 square miles, Weddington is a small town.  Median household income is over $130,000, making the town the third wealthiest in the State of North Carolina.  Public school performance reflects the involvement of well-educated parents, and many families move to the area to benefit from the well-regarded public schools.  Weddington Elementary School is consistently graded “A” by the non-profit organization, NC Report Cards; while Weddington Middle School and Weddington High School have scored straight A’s on every measure of performance for many years. 

 

While a wide variety of shopping and entertainment are only minutes away in Waxhaw or Charlotte, Weddington itself offers only enough to permit residents to avoid long trips for groceries and fast food.  Nearby state parks include Cane Creek Park in Waxhaw and Fred Kirby Park in Indian Trail.

 

Housing choices and prices tend to be what one would expect in one of the wealthiest towns in North Carolina.  A home search of Weddington reveals generally large “estate homes” priced from the mid-$300’s to well over $1.5 million.  Many homes are situated on large wooded lots with generous space indoors and outside. 

 

The Town of Weddington provides the sort of environment many people stive to achieve— upscale neighborhoods and large homes with yards allowing room for recreation, some of the best public schools in the country and a location within easy reach of all the opportunities afforded by one of the fastest-growing cities in the nation.  For those who can afford the price of admission, the Town of Weddington offers a generally affluent, safe and secure community, close to a major U.S. city—Charlotte.     

Exploring Metropolitan Charlotte: The City Center-- Uptown

We continue our monthly blog series Exploring Metropolitan Charlotte with an introduction to Charlotte’s city center: commonly called by area residents Uptown.  For those who are accustomed to calling a city center “downtown,” Charlotte’s center of commerce was reached in its early days by residents walking or riding their horses uphill to Trade Street or Tryon.  The term for that trip “up to town” was later shortened by referring simply to “Uptown.”  Today, Uptown is roughly defined as that area inside of the circular expressway called I-277 and I-77 that surrounds it.  It has little in common with its early roots as an agricultural center.  Uptown is now a major U.S. banking and commerce center, but it also provides sports, entertainment, upscale dining and a vibrant walkable residential center for the region.

 

Uptown Charlotte provides more than 33 million square feet of office space, employing over 120,000 people, it is home to more than 35,000 residents, and it hosts an estimated 18 million visitors each year.  Charlotte is the second-largest banking center in the United States, behind New York City.  National banks that currently have their headquarters in Charlotte include Bank of America with over $2.8 trillion in assets and Truist Financial with approximately $510 billion in assets.  Wells Fargo Bank maintains it east coast headquarters in Charlotte, and Duke Energy, Barings and Honeywell, among others national companies, make their base of operations in Charlotte.  Many other national corporations keep a large presence in Uptown Charlotte, including U.S. Bank, Ally Financial, Deloitte and F.N.B. Corporation.

 

Uptown provides a huge variety of entertainment and cultural points of interest, from the Bechtler Museum of Modern Art to the NACAR Hall of Fame… from the Blumenthal Center for the Performing Arts to the home of the NFL Panthers, Bank of America Stadium.  Restaurants and hotels abound, and new Uptown Charlotte facilities for the Intercontinental Hotel and J.W. Marriott are under construction.  Charlotte’s city center maintains a reputation for providing an energetic, clean, modern and safe environment.

 

For those who prefer a sophisticated urban lifestyle, Uptown Charlotte housing offers many alternatives, although most of them tend to be pricey by local standards.  Comfortable condominium living can be had from the low $200,000’s and full-blown luxury city living can be attained from the mid-$500,000’s or so on up to well over $1 million.

 

Charlotte is a boomtown, pushing past San Francisco in 2021 as the nation’s 15^th largest city.  Just in the last decade, Charlotte’s population has grown 19.9%-- the fifth fastest growing city in the country.  With that sort of growth rate, construction to meet commercial and residential demands continues at a frenetic pace, and this renders Uptown Charlotte a vibrant newer city.  With a myriad of professional opportunities, Uptown offers a young, eclectic, upscale urban lifestyle at a reasonably affordable price by national standards.  

Exploring Metropolitan Charlotte: The Town of Mooresville

 

the south western section of Iredell County, NC.  While the town is within a short drive of Charlotte, it is most often associated with beautiful Lake Norman; and boating and outdoor recreation are preferred area activities.  For that reason, spacious waterfront homes and pricey communities with boat dockage and water views tend to define the town.

 

Settled in the mid-1700’s, it was not until the railroad came through the area that the community known at the time as Moore’s Siding began to develop.  Growth was inhibited by the Civil War, of course, but from the late 1800’s to the early 1900.s, textile mills began to populate the area.  As the popularity of NASCAR increased in the mid-1900’s, Mooresville was branded “Race City USA,” and the town is now the home to more than 60 racing teams and race industry related businesses.  The town has become the home of two automotive museums.  The Mooresville Convention and Visitor's Bureau is a good resource for visitors on town attractions, entertainment and dining.

 

  

 

Housing in Mooresville runs a full spectrum of prices from small mobile homes to multimillion dollar custom estate homes on the banks of Lake Norman.  The town’s historic district encompasses much the commercial downtown, and many businesses are operated out of historic structures.  The reader can search the entire MLS system for homes currently available for sale in Mooresville in all price ranges by using the resources available on our web site.

 

The Charlotte metropolitan area continues to experience nearly exponential growth, and Mooresville is no exception to this.  This growth comes with some consequences, and rush hour traffic to and from Mooresville and Charlotte can be notoriously challenging along I-77.  The highway continues to see ongoing expansion and seemingly endless construction, and those who  work in Charlotte and who are considering a home in Mooresville might take commute time into consideration.   But the town offers a great variety of attractions, recreational opportunities, shopping and housing choices.  Home improvement giant Lowes has its national corporate headquarters in Mooresville, and there is a thriving local economy, in addition to a myriad of employment opportunities a short drive away in Charlotte.  All of this combines to make the Town of Mooresville a very attractive choice for those wishing to live in the Charlotte metropolitan area.

#CLTHomes #MooresvilleHomes #CharlotteHomesforsale 

Exploring Metropolitan Charlotte: The City of Concord

 

We continue our series this month by exploring the City of Concord.  Located a 20-minute drive northeast of Charlotte’s city center, Concord is the largest city in Cabarrus County, NC, and serves as the county seat.  With a population of about 80,000, the city is characterized by rolling hills and forests, and a quaint, almost old-fashioned downtown, with small independent shops offering antiques and collectibles, dining and professional offices.  Many businesses inhabit historical buildings, and the old Cabarrus County Courthouse is among the many buildings in Concord on the National Registry of Historic Places.  The area was first settled in the 1750’s by German and Irish immigrants. The city itself was incorporated in 1806, and retains much of its historical architecture and flavor.

 

Concord is also home to the Charlotte Motor Speedway, a huge sports complex hosting nationally recognized NASCAR racing and other events, including the popular Charlotte Auto Fair, a bi-annual collector car show and auction.  Concord shopping and entertainment include the Concord Mills shopping mall, and a wide variety of restaurants.

Home prices in Concord tend to be a bit more moderate than within the city limits of Charlotte, depending on precise location and size of any given home, of course.  Within an easy commute of the City of Charlotte, Concord is essentially a suburb of Charlotte, although it does have a life and character of its own.  Home types range from small “historic” craftsman-style homes built from the turn of the 20^th century to the 1930’s to large, new suburban houses in neatly manicured subdivisions. 

With its historical, small town feel, its generally affordable home prices and a wide variety of entertainment and activities, the City of Concord is more than just a suburb of Charlotte.  Within easy reach of the vast array of attractions and employment opportunities in Charlotte, Concord provides a very attractive alternative to area residents who prefer to season cosmopolitan living with touch of history and small town flavor. 

#CLTHomes #ConcordHomes #HomesinCharlotte #CharlotteHomesforSale

Exploring Metropolitan Charlotte: Mint Hill

  

Continuing our series Exploring Metropolitan Charlotte, in this edition we will visit the Town of Mint Hill.  According to the U.S. Census Bureau, Mint Hill consists of 21.3 square miles in the southeast corner of Mecklenburg County—the same county in which the City of Charlotte is located.  The distance from most points in Mint Hill to Charlotte’s city center (called “Uptown”) is about 12 miles.  The town borders Charlotte to the north and west, Matthews to the west, Union County to the south and Cabarrus County to the north.  It is characterized by upscale subdivisions closer to Charlotte, and somewhat rural expanses to the east and north, approaching Cabarrus County.  Median household income is reported at just over $60,000 per year.

 

Founded around the year 1750, Mint Hill, not Charlotte, was actually Mecklenburg County’s first town.  Early leaders of the town that later became Mint Hill joined in the Mecklenburg Declaration of Independence in 1775, and took up arms against the British.  Town owned and operated parks include the the Park on Wilgrove, and Mint Hill Veterans Memorial Park, and facilities include athletic fields, tennis courts, playgrounds and walking trails.

 

There is a small but growing downtown area, populated by a government center, shops and restaurants.  There are numerous newer commercial centers, including a recently opened Publix supermarket and various medical facilities.

 

 

Home styles, prices and amenities vary widely, from farmhouses on larger parcels of land on the east side of Mint Hill to exclusive suburban golf communities closer to Charlotte.  Home prices run from more affordable smaller homes in the upper $100,000’s and lower $200,000’s to larger custom homes close to $1 million.   Beautifully designed planned communities include Olde Sycamore and Brighton Park..

 

 

 

Schools are well regarded and include some newer facilities, such as Rocky River High School and Bain Elementary School.  And virtually every type of family activity and entertainment is within easy reach in nearby Charlotte.

 

With home prices generally within reach of most budgets, cost of living is reasonable and quality of life is good.  For those desiring a somewhat less crowded environment, while living within an easy commute of a major U.S. city, the Town of Mint Hill has a great deal to offer.

For more information, visit our web site at: www.EricDorerRealEstate.com.  #CLThomes #MintHillHome #Charlottehomesforsale

Exploring Metropolitan Charlotte: The Town of Huntersville

 

Continuing our blog series intended to familiarize readers with metropolitan Charlotte, in this edition we will explore Huntersville.  Located at the northern end of Mecklenburg County—the North Carolina county in which Charlotte itself is located—Huntersville is generally viewed as an upscale community within easy commuting distance of Charlotte’s city center.  Like many large American cities, Charlotte is encircled by a multi-lane US highway: I-485.  If I-485 were the face of a clock, Huntersville would be located about where the number 12 should appear.  For the sake of context, the Town of Matthews was the subject of an earlier blog post; and Matthews would be located about where the five should appear on the face of a clock—about 30 minutes to the southeast of Huntersville via I-485.  Uptown Charlotte—the city center—would be about at the center of the face of that clock.

 

Based on projections from the most recent U.S. census, Huntersville is estimated to be home to more than 58,000 residents—a 24% increase since the last census of 2010.  The southern-most edge of Lake Norman lies in Huntersville, and the community is characterized by water sports and numerous parks and historical sites.  Shopping and restaurants also abound, with a large mixed-used facility known as Birkdale Village drawing visitors from Huntersville, Charlotte and surrounding areas.

 

            Birkdale Village

 

The Charlotte Renaissance Festival is held every October and November in Huntersville.  The event is characterized by jousting knights on horseback, the ancient sport of falconry, period music and attire, arts, crafts and food.  Several NASCAR racing teams are based in Huntersville.  And the historic Latta Plantation, offering a look into 19^th century life in North Carolina, is located in the Town of Huntersville.

 

 

 

               Lake Norman

 

The Mecklenburg County Library system has its North County Regional Library in Huntersville.  There are a multitude of school choices in the town, including a top-performing public high school, William Amos Hough High. 

 

Like most of the Charlotte metropolitan area, the Town of Huntersville continues to see much growth and development.  But it has managed to maintain a “homey” small town feel, while being situated within an easy 20-minute drive of one of the fastest growing cities in the United States.  Many residents find the town to be an interesting mix of historical sites and new development, small town leisure within easy reach of large city sports, entertainment and activities.  For those considering a move to (or within) the greater Charlotte area, the Town of Huntersville has a great deal to offer.

For more information, and to search the entire Charlotte area MLS system FREE for all homes, townhouses, condos, land, etc. for sale, go to Eric Dorer Real Estate.

Exploring Metropolitan Charlotte: The Town of Waxhaw

 

We recently began a series of blog posts designed to help people familiarize themselves with metropolitan Charlotte and the communities surrounding it.  This installment will explore the thriving town of Waxhaw.  Waxhaw is located about a 35-minute drive south from Charlotte’s city center, known as “Uptown.”  Formally established in 1889, the town was populated by cotton mills manufacturing textiles.  Today, Waxhaw covers a relatively large 12 square mile geographical area and is characterized by a small town, almost rural feel, while being the home for large planned housing developments—many of them consisting of sprawling, upscale homes.  Historic downtown Waxhaw is represented by small independent shops and restaurants located in quaint older brick buildings lining a main thoroughfare, and it is on the National Register of Historic Places.

 

 

 

Driving to Waxhaw from Charlotte along route 16 (also know in places as Providence Road), the traveler passes horse farms and fresh produce stands, rolling hills and new home developments.  Like most areas within an easy commute of Charlotte, Waxhaw continues to see significant suburban development and has grown almost 6.5% since last year alone.  Public school performance in some school districts is excellent.  Marvin Ridge and Cuthbertson schools are among the region’s top performers, and often are a major reason some home buyers choose to make Waxhaw their home.

 

Waxhaw features family-friendly events throughout the year, including a Fourth of July Parade, a Christmas Parade and a Fall Festival.  The Queen’s Cup Steeplechase horse races take place four miles from downtown Waxhaw, and the town is surrounded by numerous parks and recreational facilities, such as Cane Creek Park, a 1,050-acre facility featuring recreational and scenic areas.

 

For those wishing to locate within a reasonable commute of Charlotte and its immense and growing commerce and employment, while living in an area with a more rural, small town feel, Waxhaw provides one of several alternatives in metropolitan Charlotte.  Like most other towns and communities in the Charlotte region, inventory of homes for sale is currently low and prices continue to rise.  High growth areas tend to require buyer patience and perseverance in finding a home and closing its purchase.  But that perseverance is likely to be rewarded over time in Waxhaw in terms of high quality of life and continuing appreciation in home value.

#CLTHomes #WaxhawHomes #HomesforsaleinCharlotte