The brand new Tega Cay Wal-Mart has barely been open a week and now there is confirmation that Wal-Mart has purchased a large tract of land near Regent Park in Fort Mill to build another store. This store will be located on Hwy. 21 near the NC state line. The new store doesn't plan to be open until late 2010. Below is a link to the Charlotte Observor article.
Another Wal-Mart
As part of the 2008 Economic Stimulus Package, HUD recently announced that they will be temporarily raising loan limits which will allow more people to qualify to finance their home with an FHA loan. The new act will permit FHA to insure loans on amounts up to 125% of the area median house price. The new loan limits are already in effect and last until Dec. 31 2008.
The new FHA loan limit for the Charlotte area is now $303,750. For more information on FHA loans and to read the entire article check out the link below.
FHA Loans
Here is an interesting article about Real Etate Markets and values in the US. This article from Forbes Magazine gives good insight as to why Charlotte's Real Estate market has remained strong despite downturns in the rest of the country.
Check out the entire article below and feel free to contact us if you have any questions about moving or living in the Charlotte area.
America's Undervalued Real Estate Markets
Edenmoor, a 868 acre master planned community located in Lancaster County, SC recently opened it's doors to new home buyers. Ryland homes is the first builder to begin selling in Edenmoor and they will have two models opening soon. The master plan for Edenmoor includes 1,950 homes when completely finished, 100,000 square feet of commercial space, and 250 acres of greenways and open space.
Edenmoor will also feature a one of a kind skate park built within a 60 acre county park that will also include recreational fields adjacent to the community. There will be five builders to choose from in the first phase with prices ranging from the low 200's to 400k+.
Now is a good time to buy in Edenmoor to get entry level pricing and incentives. Please contact us here at Plasma Realty if you have any questions or would like more information about Edenmoor or any other neighborhood in the Charlotte area.
I recently got the chance to go check out the new U.S National Whitewater Center just west of the Charlotte International Airport off of I-485. We had a great time and I highly suggest giving it a try if you are in the area and looking for something fun to do.
The Whitewater Center is the largest manmade Whitewater facility in the US. You can enter the park for free but the cost is $33 per person for about a 2 hour rafting session. This includes a safety instruction and each raft has an experienced guide to take you around the course. Most of the rapids are in the Class II-III range with a couple of Class IV's. I suggest making reservations if you plan on going rafting during the weekend.
There is also a 42 foot climbing wall if you're into that or you can take a walk or bike on the 11 miles of trails along the Catawba River. Check out the photos I took while we were there.
US Whitewater Center Photos
Recently, the Office of Federal Housing Enterprise Oversight(OFHEO) released their annual review of the nationwide housing market. Nationwide, prices for the Fourth Quarter of 2006 were 5.9% higher than the same period in 2005.
According to this study by the OFHEO, the Charlotte area overall saw a 9.09% increase. NC and SC saw an average increase of 8.19% and 8.07% respectively. The South Atlantic region in general increased at 7.35%. While the New England region showed the smallest gain at 2.26%.
Eventhough the Charlotte area showed a 9% gain overall, some areas are flat while other areas in and around Charlotte are producing greater returns. For more information about Charlotte Real Estate feel free to contact me.
Below is a link to the entire report by the OFHEO.
US House Price Appreciation Rate Steadies
Every Spring the Charlotte Homebuilders Association selects a neighborhood to host their annual Homearama event where some of the areas top builders showcase their talents and the industries latest in design and technology.
This year Homearama is being held at Springfield, an upscale golf course community in Fort Mill, SC with Custom built homes starting in the 600's. This year seven builders are on site showing off their products. All seven homes back up to the Springfield golf course and are for sale to the public.
For more information about Springfield or moving to the Fort Mill area please feel free to give me a call. Below is a link to photos I took of the beautiful homes at this year's event. The event runs through June 10th and is open to the public. Tickets are $15.00. You can find more information about Homearama here.
Homearama Photos
Not only has Charlotte experienced a rapid residential housing boom over the past few years, we are also seeing growth in office and retail space as well. In the past few years the uptown Charlotte area has been dominated by residential condo project announcements such as 210 Trade and The Vue, with little heard in the way of new office buildings. Now there are 7 new office projects either underway or proposed in uptown Charlotte. Below is a link to a Charlotte Observer article about the growth we are going to see over the next few years.
You Aint Seen Nothing Yet
The first "Big Box" store is now officially open in Fort Mill. The new Lowes Home Improvement Store is located off Hwy. 160 in Fort Mill off I-77 and exit 85. Wal-Mart is scheduled to open in Tega Cay later this year. Below is a link to the Lowes story.
Lowes Now Open
Donald Trump may be expanding his real estate empire to Charlotte in the near future. His company is in the process of trying to acquire an entire city block in uptown Charlotte on Tryon Street. Below is a link to the article in the Charlotte Observor.
Trump to Charlotte
Nationwide, new home starts were up 9 percent in February, following a 14 percent drop the month before. Construction of new single-family homes was up 10.3 percent. Permits however were down 2.5 percent in Feb. and off 28.6 % from last year.
Here is a link to the entire article:
NAHB Housing Starts
The benchmark 30 year fixed interest rate fell 3 basis points to 6.16%, down from 6.36% four weeks ago. Below is a link to the full article.
bankrate
new home
• 2,463 sq. ft., 3 bath, 4 bdrm 2 story "optional 3rd floor!"
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$229,900
- base price
Steele Creek, Charlotte
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The Rosewood is a beautiful open floor plan with a master down and two-story family room. The kitchen is open to the family room with a breakfast bar and eat-in area as well. The master on the main level is spacious with a large walk-in closet and separate shower and tub.
Upstairs in the Rosewood are 3 secondary bedrooms and an optional huge bonus room with a walk-in closet for storage and a full bath as well.
A third floor suite is also an option on the Rosewood. Also, you can add a sunroom or a screened in porch off the breakfast area.
Please contact us for current incentives and pricing.
Property information
Wentworth Model
• 3,280 sq. ft., 4 bath, 4 bdrm 2 story "optional 3rd floor bonus room"
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$319,900
- Base Price
Fort Mill, Fort Mill
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Beautiful new floorplan with many structural options. Optional gourmet kitchen has a huge island with built in appliances. There is also an optional step up bonus room on the 2nd floor and a 3rd floor option for more square footage. You can also turn the study downstairs into and optional 5th bedroom for guests.
Property information
Many upgrades included
• 3,023 sq. ft., 3 bath, 5 bdrm 2 story "Traditional Style"
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$309,990
- Base Price
The Windsor has an inviting 2 story foyer with a formal living and dining room opposite each other. The massive family room has a gas fireplace on the back wall of the home. The kitchen is open to the family room with a breakfast bar and an island. Around the corner from the kitchen is a guest suite with a full bath and a walk-in closet.
The upstairs or the Windsor includes the master suite with 3 more bedrooms. The laundry room is located in the upstairs hall for convenient access. The hall leads to the huge bonus room above the garage.
Property information