Since comments are not always as visible to readers as the posts, I like to move them to posts when I feel it is important that everyone see the content. The question was asked about evidence that niche products had fallen in price. Below is the response from Jonathan Osman, a realtor in Uptown whose site is at CharlotteHouseHunter . As I mentioned in previous posts, I am very appreciative of the information Jonathan has shared with us and do want to remind folks that he is not taking a public position one way or the other in regards to purchasing at the Vue. I am hoping that at some point if I can ply him with enough wine he will provide me with his “private” position, but until then, thank you Jonathan for your feedback!
Most definitely! The million dollar market in the Charlotte area. From January through July 2006, 242 homes sold above one million dollars and they did so at an average price per square foot of $267.99. During the same period but in 2010, only 171 units sold averaging $227.40.
In one of Simonini’s own neighborhoods, Heydon Hall, buyers paid $235.14 per square foot for one of their custom homes. Today, the same home can be had for only $199.53 (using the same January – July time period above). Our 4,011 sq. ft. home in that neighborhood, which sold new for $884k is now listed for $710,000 or $177 per sq ft.
If you were buying a condo in Uptown during the first seven months of 2006, you likely paid $299.87 per square foot (284 people did). Today, those same units are selling for just $216.54.
At the same time, your average single family home in Charlotte priced between of $200,000 – $300,000 still averages $108sq ft – the same as it did in 2006.