Posted On: August 19, 2009 By: admin

When buying real estate in any area, it is very important to use an agent who knows the area well.  There are many different buildings in Uptown Charlotte to choose from, and you need to make sure each building is a good fit for you and your life style.

If a friend of mine wanted to buy a condo/house on Lake Norman or Lake Wylie I wouldn’t want to be his agent.  I would simply refer my friend to an agent who knows that area well.  Uptown Charlotte is very complex and I encourage you to use an Uptown agent if you are in the market to buy or sell.

 Scenario A:

I recently received a call from an agent who just helped her client purchase a foreclosed unit at XYZ.   She started asking questions and I started giving her answers.  She was unaware of the HOA dues that were going to be going to increase due to a recent lawsuit with the developer.  If she was an Uptown agent she would have known of the recent problems with the building and advised her clients before making an offer to purchase.

Scenario B:

There are a few condos in Uptown Charlotte which have high levels of Radon gas.  I’m not going to name them as I don’t want them contacting me complaining or trying to sue me.  Radon gas is the 2nd leading cause of lung cancer in the US.  Radon gas kills more people than drunk driving every year.  Radon Gas is a serious issue and its presence substantially diminishes the value of each property. 

As a buyer, would you want to know about Radon Gas being in the building before purchasing it?  Before selling their property owners must fill out a Residential Property Disclosure form.  They must fill this out honestly or face a legal action by the new owners after closing.

I have checked some of the Residential Property Disclosure forms in these buildings and they mention nothing about Radon Gas.  Frequently, the owners don’t tell the agent about the radon gas; an uninformed agent can’t disclose the information before an offer is made.  Sadly, some agents don’t reveal the problems until after an offer is made.  I recently talked to an agent who had a listing in one of these buildings and he said “It’s an easy fix, and we will worry about it while under contract.”

Obviously this agent was not well informed about how long it can take to get the unit repaired and made safe.  The seller or buyer has to gain approval of the HOA Board, pull city permits, and then have some ugly piping run throughout your unit.

In closing, be careful who you choose to represent you in buying property.  Make sure that the agent is familiar with the area in which you want to buy.

Category: Uncategorized

Posted On: August 19, 2009 By: admin

Small Brothers Charlotte which is a subsidiary of Florida developer Small Brothers LLC, has purchased The Park Condos in a private auction that started last month.  The Park’s lender BB Syndication Services of Wisconsin sold it for an undisclosed amount.

The building has been sitting dormant for 18 months with no siding and has been exposed to all kind of damage due to the natural elements.  The 21 story, 106 unit luxury tower was built during the condo boom in Uptown Charlotte.   Many of the 80 buyers put several thousand of deposits down, from which they will probably not recover those lost funds.

The new owners plan to resume construction in six months time.   Plans are to complete the tower as a for-sale condominium.

Category: Second Ward

Posted On: August 4, 2009 By: admin

July 2009 Charlotte Condos Report!

There were 64 properties on the market with an average list price of $406,853.

0 properties were contingent.
6 property were conditional.
4 properties were pending.

There were a total of 13 properties sold for an average of $283,823 and were on the market for an average of 95 days.  The average list price for these units was $283,823.

There were 13 properties withdrawn and 20 expired listings.

The 13 units that were sold for the month were located at Courtside Condos,  Hackberry Court Condos, The Corners Condos, Iveys Townhomes, Settlers Alley Condos, Fifth and Poplar Condos, 4 at The Avenue Condos,  2 at Springfield Square Condos and Sycamore Green Condos

Category: Statistics

Posted On: August 3, 2009 By: admin

Living Uptown Charlotte has been the best resource when looking for information about Charlotte Condos.  We are proud to announce that Walk Score and Latest solds have been added to the website!

Walk Score helps people find walkable places to live. Walk Score calculates the walkability of an address by locating nearby stores, restaurants, schools, parks, etc. Walk Score measures how easy it is to live a car-lite lifestyle—not how pretty the area is for walking.

Latest Solds gives potential buyers and residents information on how much their condo will sell for.  Granted there are many variables that are not accounted for when doing price per square feet, but you can get the general idea of what your condo could sell for.

The website will include the unit number, beds, baths, list price, sales price, sales price divided by list price, price per square foot and sold date.  Living Uptown Charlotte is the only website in Uptown Charlotte to have Video Tours, Walk Score and latest Solds.  This is why we are the best resource for Uptown Charlotte!  If you are looking to buy or sell real estate in Uptown, please don’t hesitate to call us!

Category: Statistics