Posted On: February 8, 2010 By: admin

A three month look at MBS (mortgage backed securities) tells us that prices today are at the highest point of the year thus far.  As mortgage backed securities increase, interest rates will continue to fall and may hit all-time lows in coming weeks.  Today’s question would be “What will send MBS’s prices even higher?”  The answer would be strong signs that the economic recovery is failing both at home and abroad.

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%

Category: Uncategorized

Posted On: February 8, 2010 By: admin

January 2010 Charlotte Condos Report!

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23 properties were withdrawn.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.

Category: Statistics

Posted On: January 18, 2010 By: admin

Mecklenburg County commissioners have approved a $32 Million mixed-use development in First Ward in Uptown Charlotte.  The Developer, Daniel Levine could be on his way to making a huge impact in first Ward.  Levine Properties owns 23 acres in First Ward.  The plans call for over 280,000 Sq Ft of shops and restaurants, 2,000 Sq Ft of apartments and condos and a 175 room hotel.

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

Category: First Ward

Posted On: January 14, 2010 By: admin

December 2009 Charlotte Condos Report!

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.

Category: Statistics

Posted On: December 4, 2009 By: admin

November 2009 Charlotte Condos Report!

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.

Category: Statistics

Posted On: November 19, 2009 By: admin

Residents who have been under contract and put down deposits have recently starting moving into The Garrison at Graham.  We recently toured this building and were pleasantly surprised with all the upgrades and space made available to future owners.

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!

Category: Fourth Ward

Posted On: November 9, 2009 By: admin

October 2009 Charlotte Condos Report!

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.

Category: Statistics

Posted On: October 11, 2009 By: admin

It’s not looking good if you have a deposit for a unit at 210 Tradein Uptown Charlotte.  On October 2nd, Flaherty & Collins filed for Chapter 7.  The proposed 48 story, 419 unit tower will have to wait a while before being built.

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

Category: Second Ward, Third Ward

Posted On: October 11, 2009 By: admin

After a month of no activity, The Vue Charlotte will begin construction again.  The general contractor, R. J. Griffin & Co, was recently paid by the project owners resulting in crews’ getting back to work.

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!

Category: Fourth Ward

Posted On: October 8, 2009 By: admin

September 2009 Charlotte Condos Report!

There were 58 properties on the market with an average list price of $348,133

1 properties were contingent.
6 property were conditional.
3 properties were pending.

There were a total of 11 properties sold for an average of $224,332 and were on the market for an average of 46 days.  The average list price for these units was $237,927.
There were 35 properties withdrawn and 24 expired listings.

The 11 units that were sold for the month were located at Court 6 Condos, Tivoli Condos, 2 at Trademark Condos, Skybox Condos, 230 South Tyron Condos, The Gallery Lofts, The Avenue Condos, and 3 at Fifth and Poplar.

Category: Statistics