Uptown Charlotte’s First Ward Calendar Year Activity for 2009.

During the calendar year 2009 First Ward in Uptown Charlotte enjoyed steady selling activity!  By the last day of the year, 20 townhouses/condos had sold.  These 20 townhouses were on the market an average of 92 days.  The average heated square footage of these 20 units was 957 square feet.  The average list price was $208,369, and the average sold price was $198,275.  These properties sold for an average 95% of the list price.

Eleven of the 20 units had more than one bedroom.  Nine units had one bedroom, one unit had three bedrooms, and ten had two bedrooms.  The third quarter of the year was the busiest in sales.  Ten units sold during the third quarter, while the second quarter came in second with six closed sales.  The first quarter of 2009 saw three closed sales, and the fourth quarter had only one closed sale in First Ward.

Courtside Condos at the corner of East Sixth and Caldwell Streets enjoyed the majority of the sales. Of the 20 units sold, six were at Courtside Condos, or 30% of the units sold in First Ward during 2009.  Court 6 Condos located on 6^th Street, between N. Davidson and Caldwell followed Courtside Condos with 3 sales, or half the sales of Courtside, during 2009.

Looking at 2010 year to date, First Ward currently has 18 townhouses or condos on the market, and one unit pending the closing of the sale.  There have been no closed sales in First Ward year to date.

Greece’s debt level is a high concern. Goldman Sachs was quick to point out that if Greece is handled incorrectly by the Euro Zone then a large portion of Europe’s GDP could be at risk.  That would be the catalyst that would encourage investors to pay higher prices for safer assets such as Treasuries and MBS and pull money from riskier assets causing rates to fall. and setting the economy back three months and erasing the hopes of a strong first quarter. 

Though the thought falling interest rates is attractive, be cautious of the banks putting their wallets away and shoring up for a rough spring.   With first-time buyer incentives ending in April, all-time low rates, and the most liberal lending environment in the last year, it may be wise to act now. 

Edward Mayor, Wyndham Capital Mortgage (704) 369-2629

Wyndham Capital Mortgage rates:

Conventional 30yr Fixed ………………..4.750%

Conventional 15yr Fixed…………………4.125%

Conventional 5/1 ARM……………………3.500%

FHA 30yr Fixed……………………………4.750%

FHA 15yr Fixed……………………………4.250%

There were 65 properties on the market with an average list price of $317,220

5 property were conditional.
6 properties were pending.
2 properties were contingent.
23 properties were withdrawn.
30 expired listings.

The 7 sold units had an average listing price of $259,409 and sold for of $238,557 averaging 135 days on the market.

The 7 units that were sold for the month were located at Fifth and Poplar, 230 South Tyron, 626 North Graham, 400 North Church, Avenue Condominiums and two at Cedar Street Commons.

The total cost of the development will be around $700 million.

December numbers were a little different than your normal month.  Fourth Ward Square Condos, started to close on their condos.  There were a total of 35 units closed over at Fourth Ward Square.  This month’s numbers will not include the condos at Fourth Ward Square as it does not reflect normal market conditions.

There were 44 properties on the market with an average list price of $300,254

4 property were conditional.
5 properties were pending.
0 temporary off the market.
0 properties were contingent.
21 properties were withdrawn.
27 expired listings.

The 8 sold units had an average listing price of $338,588 and sold for of $269,888 averaging 148 days on the market.

The 8 units that were sold for the month were located at Jefferson Square Condos, 3 at Fifth and Poplar Condos and 4 at Avenue Condos.

There were 47 properties on the market with an average list price of $338,399

5 property were conditional.
5 properties were pending.
3 temporary off the market.
0 properties were contingent.
27 properties were withdrawn.
23 expired listings.

The 14 sold units had an average listing price of $301,077 and sold for of $289,339 averaging 128 days on the market.

The 14 units that were sold for the month were located at Court 6 Condos, The Ratcliffe Condos, Metro 10 West Condos, Springfield Square Condos, Frederick Place Condos, 400 North Church Condos, 701 Nortch Church Condos, 2 at Fifth and Poplar Condos, 2 at The Garrison at Graham Condos, 3 at The Avenue Condos.

According to the MLS there have been two units that have closed.  Both were 2 bedroom 2 baths and were purchased for $333,306 and $335,241

This building is located in the 4th Ward and has a total of 6 floors.  What makes this building unique is the fact that each unit has two floors, so the building has 12 stories.  These units come with a wide variety of upgrades for potential buyers.  All the units face west which gives you a very nice view of the skyline. 

The top floor is a very nice amenities deck that offers more spectacular views of the Charlotte skyline.  There are 2, 12 person hot tubes as well as 2 fire places.  Throw in a 2 Viking gas grills with some palm trees and you are ready to have a fantastic fiesta! 

If you are interested in purchasing a one of these units please check  The Garrison at Graham page!

There were 66 properties on the market with an average list price of $318,261

5 property were conditional.
3 properties were pending.
1 properties were contingent.
24 properties were withdrawn.
25 expired listings.

The 11 sold units had an average listing price of $229,870 and sold for of $216,909 averaging 102 days on the market.

The 11 units that were sold for the month were located at Courtside Condos, Skyline Terrace, The Corners, Trademark Condos, Avenue Condos, Davidson Square, Barringer Square, Jefferson Square Condos , and 2 at Fifth and Poplar.

According to court documents, there are over 300 creditors seeking an estimated $52.54 million in claims connected to 210 Trade.  The general contractor R.J Griffin & Co is owed $9.77 million for unpaid work.  R.J Griffin & Co is also the general contractor at The Vue Condos.  The Vue Condos was behind in payments but have recently paid.  R.J. Griffin & Co. will resume construction again.

There were a total of 265 buyers under contract at 210 Trade.  It’s highly unlikely these buyers will receive their earnest money back.  The Park Condos had 80 buyers under contract who lost their deposits.  The Park Condos was recently purchased by a developer from Florida and hopes to finish the tower soon.

Click here for Charlotte Condos For Sale

R. J. Griffin & Co. abruptly stopped working on the nearly complete The Vue Condos almost a month ago.  The proposed 50 story tower only had a few floors unfinished.  Many pre construction buyers were holding their breath, hoping that construction would begin sooner than later.  With recent condo developments like 210 Trade Condos and The Park Condos going belly up, this would have been a nightmare situation.

With The Vue Condos now facing a “heavy lien” from the bank, should we expect The Vue Condos to reduce their prices to become more affordable in this buyers market?  The price per square feet at The Vue is one of the highest in Uptown Charlotte.  The prices range from $319,000 studio to a $2.59 Mill shell to be built penthouse.

Click here to search The Vue Condos for sale.  Interested in buying a house?  Check out the network of Charlotte Real Estate!