There are unbelievable deal in some great new homes in Charlotte. One neighborhood in particular is offering unbeatable deals! The neighborhood is Providence Downs South. It is located just south of Ballantyne/South Charlotte in Marvin NC (Union County). How can I be so sure that you can have this kind of equity in your home in five years? It begins with fundamentals. Location, location, location.
Union County in North Carolina became very popular because of their school system. Weddington Schools were known throughout the nation for high academics; this is that much more impressive since this is a public school. As Weddington continued to expand, the high school area over flowed. Within the past three years this area went from one high school to three! One of the three is Marvin Ridge High School. What do you get when you divide one great school in 3? You get 3 great schools.
Weddington is located southeast of the prestigious Ballantyne area. Marvin, largely farmland during the initial growth of Weddington Real Estate, followed Weddington's growth. By the time the Marvin property was being developed the property appreciation had already taken hold. In addition, Marvin is directly south of Ballantyne and more convenient that Weddington! Multi-million dollar developments exploded. Providence Downs South is one such development.
As Providence Downs South began, the custom builders could not keep up with demand. Providence Downs South continued to expand. The demand attracted additional custom home builders. A custom home takes much more time to plan and build. Dozens were in various stages of development when the financial crisis hit. Sales stopped, buyers backed out and custom builders were left with spec homes.
Now we have today. Banks are no longer financing at 100%. Most borrowers are now utilizing FHA loans with 3.5% down but these homes are way beyond the FHA max financing. 2 years later builders are still making payments without an actual income. Do you smell opportunity? This is not to harm or disrespect the builders or the community. Both are great; it is just that the market conditions have changed. Millionaires are created by choices made under various market conditions.
There are now foreclosures and short sale opportunities in this neighborhood. The homes are easily worth every bit of $1,400,000. There are several listed in the $600, $700 and $800 thousand range! If you have positioned yourself to make a 10 or 20% down payment and can swing the mortgage for a few years, you will definitely have a half million in equity!
Providence Downs South is an unbelievable neighborhood, fantastic amenities, convenient to shopping and restaurants and loaded with class and character. The deals are unbelievable for those intelligently positioned to take advantage of opportunity.