Charlotte picked in 25 home markets poised to fall

lulz they own a unit at the surf still - and are there right now.

 

Is that Oceanic?

 

condos have to be nearly at the top of the "really fucking stupid overbuilding" right now. People got so gung-ho on the idea of building a brand new downtown condo in every town that has at least one 10+ story building that I've been to, in this state, and most of them rely on a couple big businesses downtown that I don't think are that stable.

I just don't get it. One thing out of your control happens, and you're stuck living downtown in a depreciating asset and you're commuting from downtown to a half-hour-away job instead of walking to work. Don't know if it's that grim in Charlotte, and I'm thinking more of other towns in NC, but I know people investing in these supposed luxury condos on the idea that they will turn a big buck in two years and I don't know that the new units are even filling that fast.

 

yes...they filmed several episodes of Matlock aorund there...my old place was on one episode and they refered to it as "a dump"...it was

mags, condo market in CLT is outrageous. saw an article the other week where one place, people who bought pre-construction are getting the shaft because the condos switched builders , and changed the prices of the units. person sold house in the burbs to get down...uh uptown and now has to deal with long wait and then that BS. buyer beware

 

we've been planning on moving to a nicer neighborhood for the last few years. and by "nicer" i mean, near the ocean, not really like this neighborhood is bad or anything.

anyway, a few years ago i was thinking prices would be correcting so i considered the idea of selling at the high point and renting for a few years till prices came back down. the thing is, prices have continued to go up so that would have really sucked. they've been kinda flat for the last year or so maybe, but still. i'd hate to have bought and watched the market continue to rise.

in our situation, we'll be moving up so any over-all price correction is actually a good thing. we'll "lose" money on the sale of this place, but we'll save money on the purchase of a more expensive home.

 

Many of those beach condos were built by investors with one year interest only notes. The investors expected to build and sell before the notes renewed. Now, couple that with banks that keep rolling over these one year interest only notes and you get no principle paydown coupled with depreciation. These investors are in for a world of hurt. Regulators aren't going to keep allowing banks to roll these notes and, given the lack of cash flow analysis some banks do, it's a given investors can't afford P&I payments on these $1M+ homes.

 

A good friend of mine lived on Columbus (across from the old Buddy's) for a few years. I went there for alot of completely insane weekends. I usually stumbled into work at about 11 on Monday morning after staying through Sunday night.

 

Charlotte is already overbuilt for downtown condos with several buildings still under construction. A friend of mine was working with a developer that closed up shop lately. Too many condos already on the market. 500 sq ft starting at $350k is ridiculous.

 

It's interesting to see where it's hitting. I wonder if the $1.9 million crib on .2 acres on my street will be able to move.

 

I'm releaved I sold when I did. Especially since I grew to hate the house.