Posted On: April 22, 2009 By: admin

Reports have shown that one out of every five units in Uptown Charlotte is vacant.  This is happening as Condo owners aren’t willing to take losses on their Condo by selling them.  In turn, they are hoping to rent them, even at a negative cash flow, before eventually putting them back on the market in the near future to try to get fair-market value.  Let’s look at how many units have been sold in Uptown Charlotte in recent years.

As you can see the numbers are staggering.  It truly is a buyer’s market out there and Interest rates are so low, if you have a secure job and ever wanted to get a fabulous deal.  Then now is the time!

After giving you the numbers you can see why so many owners are looking to rent out their units.  To get a unit rented you can go about this in several ways.  You can post it on craigslist and do it yourself, hire a property management company or call your favorite real estate agent.

The property management company or your real estate agent will put your unit on the MLS more often than not and offer a 10% commission of 1st month’s rent to the agent who finds them a tenant.  Here lies the problem.  Not many real estate agents are going to spend their entire day showing rental properties in hopes of making 10% or on average $150 dollars.

There isn’t even a guarantee they will like any of the units you show them!  I recently had a client moving here from California.  I couldn’t meet with him on Saturday and I called 5 other agents to see if they would take care of him and they all said no.

Recently I’ve noticed a positive trend and that is as competition is increasing, agents are offering higher commissions for those agents who find them tenants.  The Catalyst Condos are offering $500 and a lot of units at Fifth and Poplar are offering $500 referrals.

If you have a rental property and the referral is being offered at 10% of 1st month’s rent then they are doing you a disservice.  At the very least they should be offering $500 dollar or half 1st month’s rent.

Now you know why your rental isn’t getting as much foot traffic as it should!

Category: Uncategorized

Posted On: April 14, 2009 By: admin

I couldn’t believe the price point when I discovered the Fourth Ward Square apartments were being sold as renovated condos!  The 1 bedroom 1 bath condos start as low as $99,000.  What you just read isn’t a Typo .  That’s right you read it correctly!  $99,000!  The condos are located at 501 N. Graham St in Fourth Ward Charlotte.

As of Tuesday 3:30 pm there were only 4 units remaining of the first phase.  They are more than likely going to release 2nd phase of the remaining 154 units to other potential buyers later on tonight.  The 2 bedroom 2 bath condos are listed for only $120,900.  The units range from 560 to 1,200 Sq Ft.

Each unit comes with new hardwood floors, GE stainless steel appliances, granite countertops and stackable washer and dryer.  They are also putting in new carpet in the bedrooms.

First time buyers can also take advantage of the $8,000 tax credit and if you have a credit score of over 650 you qualify to get 100% financing through BB&T. 

If you have been looking to buy a condo in Uptown Charlotte please don’t hesitate to contact me IMMEDIATELY!  These units will not last long!

Call me directly at 704.846.6121

Category: Fourth Ward

Posted On: April 9, 2009 By: admin

There are only two units remaining at The Trust Condos, which is located in 2nd Ward in Uptown Charlotte.  The building contains 8 custom designed homes with a boat load of luxury amenities.  The former Home Federal Savings and Loan Building is finishing up the roof as well as the basement social room and win locker area. 

The Trust units range from 3 to 4 bedrooms and 4 and 2 half baths.  The units range from 3,200 to 7,000 Sq Ft.  Prices start out at 1.5 to 3.9 million.  There is one contingent and one pending offer.  Every unit is one of a kind featuring Viking appliances, high ceilings and tall window walls.

The two units at The Trust Condos are currently on the market are:

Unit 3B
3600 Sq Ft
4 Bed – 4/1 Bath
$1,550,000

Unit 7A
3200 Sq Ft
2 Bed – 2/1 Bath
$2,025,000

Category: Second Ward

Posted On: April 3, 2009 By: admin

On April 1st, 2009 Rent Uptown Charlotte was launched.  Users will have the ability to search available condo / town homes rentals in Uptown Charlotte.  Most of the listings you will find won’t be found on popular sites like craiglist.com and rent.com

By using the site, you will have access to all the Uptown Charlotte Rentals and surrounding areas.  Due to recent recession, 1 out of 5 every Uptown Charlotte Condo is empty.  For more information on recent rental activity please see our blog entry titled “Uptown Charlotte Condos Turning into Rental War!”

Category: Uncategorized

Posted On: April 3, 2009 By: admin

March 2009 Uptown Charlotte Condos Report!

There were currently 74 properties on the market with an average list price of $352,460.

1 Properties were conditional and 0 was contingent.

There were a total of 7 properties sold for an average of $359,142 and were on the market for an average of 89 days.

There were 30 properties withdrawn and 24 expired listings.

The seven units that were sold for the month were located at M Street Condos, The Ratcliffe Condos, Cedar Mill Condos, Trademark Condos, 230 South Tyron Condos, Springfield Square Condos and a short sale at 400 North Church Condos.

Click Here to see February’s Numbers

Category: Statistics