I have been working the Charlotte Luxury home market for years and always watch for the market activity. This year is almost 50% behind last year but new indications are that this is about to break loose. Last year at this time Charlotte Real Estate market sold 118 million dollar homes (this is from the Carolina MLS so some additional sales are not included). This year to date we have only sold 53. Why do I think the Charlotte Million Dollar home market is about to change?
First consider Charlotte Real Estate values. A million dollar home in Charlotte is often 6,000 square feet and larger. There were some neighborhoods that were building up too fast and saturated the market. Many of these homes were selling for a million dollars but now are just under a million. Neighborhoods like Providence Downs South is one such neighborhood. Builders had their hand on the pulse of demand and built brilliant Charlotte Estate homes in Providence Downs South. As the market changed many builders are still holding inventory. A million dollar home takes more than three months to complete and many take a year for just the right touch. These homes are now being offered at great prices. You can not beat these for a new million dollar home. These homes no longer meet the price standards of "Charlotte Multi million dollar homes" although their value is outstanding! This skews the year after year sales data downward.
What I found revealing is that there are currently 46 multi-million Charlotte Luxury homes under contract! This is huge! There are almost as many multi-million dollar homes under contract as "sold" so far this entire year! But wait a minute. Perhaps these homes are still being built and the closings will actually be spread across the next 8 months. I checked on this to see how many were new homes. 4 of the 46 homes are completed in 2009 and all four of these homes were complete. The numbers are real!
Charlotte Luxury homes are selling and now is a great opportunity to buy. The deals will not be around for long at the rate the million dollar Charlotte NC homes are selling! If you have been sitting and waiting for the market to break all indications that the Charlotte Market is breaking now! At this rate, the best deals will be gone soon. Does anyone else smell opportunity?
We have Charlotte Lakefront homes on Lake Norman and Lake Wylie, a variety of Country Club Estates (most are centralized around South Charlotte), and a variety of other million dollar home opportunities. Call Rick Waite at 704.770.6559 today to take advantage of this opportunity or visit my website at Charlotte Real Estate - Charlotte NC Homes for Sale to learn more.