Many people are seeking a deeply discounted home in South Charlotte. It helps to understand the growth around Charlotte and then you can better relate to what is really a good deal. The growth of south Charlotte is an important factor to consider.
Charlotte Real Estate always maintained a steady and sustainable growth and appreciation rate. In 2005 the national stage changed the real estate market forever. Yes, forever is a long time but let me explain. In 2005 the hurricanes devastated the Gulf States and especially Florida. There were thousands of people relocating to Florida every year and the growth was accelerating. The baby boomers were retiring. Florida had affordable housing, lower taxes and warmer weather. Then 2005 happened.
As the repercussions of the hurricanes took hold, the Florida property taxes skyrocketed. All of the damage sustained created a huge tax short fall. The public demanded things repaired and in working order. Who do you think pays for all of those building, parks and Government paid amenities? Thank-you tax payers. The Government went to their fund sourcing (home owners) and took the money they needed/wanted. Now that 2005 happened do you think the Government will ever be caught that unprepared again? Do you think they will just lower the taxes only to face another crisis in the future? Not likely.
Home Owner Insurance also was devastated. Insurance companies had to increase all of their premiums to pay out all of the claims. The insurance company had to change their calculations so that they will be prepared when the dramatic hurricane season reoccurs.
The HOA's also took a beating. Landscaping, roads, pools and so much more was devastated. Did they have the reserves for repair? Where do they get their funding? Now that they have built up their reserves, do you think they will reduce the HOA or just spend the money they have?
Now back to the South Charlotte story. South Charlotte was already almost completely built up by 2005. Very few new homes were built in South Charlotte from 2005 to 2008. There was no land left! Yes, Stone Creek Ranch was being built but that was the last mega development in South Charlotte.
The Hurricanes redirected the public from Florida to Charlotte North Carolina. This influx was from the north (greater New York area) and the South (Florida). Charlotte NC housing prices experienced great demand and builders could not build homes fast enough. South Charlotte was already very popular but without new housing there was not too much influx of new people. The South Charlotte Real Estate market was not flooded with new NC Residents. Our property values did surge (more demand than supply) but only a small fraction of people purchased South Charlotte Homes at this time (once again, no supply).
When the economy took a down turn, prices did drop but most of South Charlotte was not involved or overly committed to their mortgage. As a result, South Charlotte NC Homes for Sale largely maintained their value and there are not too many steals out there. But what really is a steal. Is a steal when no one wants the home and you get it at a deep discount? What do you think will be your rate of return in 3 years? How about if you purchase a South Charlotte Home at a 10% discount. Where will you be better off in three years?
Think about your investment and ask more about our market. Appreciation should be based on solid fundamentals. Visit Charlotte Real Estate Charlotte NC Homes For Sale for additional information about Charlotte Property.
