Long Term, Interest Only Mortgages?

That's why I'd only consider right uptown, but like Freakshow said, the availability is still high right now. I see a lot more people living uptown now, though, and the more stadiums and other bullshit we build, combined with the likelihood that gas prices don't come down, I see it as an increasingly desireable location. I could be wrong, though, which is why I haven't pulled the trigger yet.

 

that is happening everywhere other than downtown.....even Weddington's spike has simmered down...my house only appreciated 30K in 3 and a half years....now it's slowly but surely shrinking back down to what I paid. Interest rates have created a buyers market....if they are qualified and willing to pay....they are getting choice deals.....

 

Just had a closing on a property at 5th and Poplar (new ritzy condos). The realtor told the buyer to expect about 35% appreciation over the next couple of years...While I think whe might be a little aggresive...she may be close. Charlotte is STILL adding stuff to Uptown. Condos are going up like mad, but there is a new Arena, the light rail BS coming in, Nascar HOF (will that help or hurt???), possible baseball in South End or SOMEWHERE around, plus more and more restaurants, bars, shopping....Some guys here have bought some units in a condo that has not even begun construction...and they are already up $10,000!

 

That's what I'm seeing and hearing. I'd hate to guess wrong with that kind of money at stake, though.

 

Are you paying cash?

If not - you may lose a good bit of that 'ideal' 35% appreciation losing renters to brand new units in a couple of years.

That's the trouble when alot of new is being built over a period of time. Unless the dirt goes way up, your property will depreciate - why buy a 3 year old unit when you can buy a brand new one? Why rent a 3 year old unit when you can rent a brand new one?

Cash keeps the alligators away. Alligators will eat even a 25% return pretty quick. Plus the realtor fee...

 

Crazydave?

 

I built some condos on Pecan....from the time the development sign was in the ground to the time I obtained the CO the units prices increased $50K.....only a handful of original investors actually moved in and didn't flip their property....

samething with some condos off Clarice I was working on before moving to FL. Those units were preselling and then reselling before the ground was broke for $20-30K more......

really doesn't matter what kind of loan you have in these cases.....but I can assure you that this condition does not exist in Ballantyne....too many developers have saturated the market and the land is plenty...

union county attempted to infuence market prices and catch up the municipalities by placing a moritorium on building...it worked for a while...but now with interest rates the way they are.....houses are taking longer and longer to sell.

 

Bank of America or Wachovia leave. Wachovia would be the better bet.

 

Boy that's scary, because interest rates are fucking low.

 

Just closed a refi a good bit under 6%. They're still low. Also, Micstool is apparently right about the Charlotte market - it's a complete sellers market in the non-McMansion homes. No f'in inventory left in mid to lower range.