Charlotte recently revalued all real estate in the area, but there had been a delay on condo revals. This week, the new values were mailed to all condo owners. Some condo owners saw increases, some saw decreases. All the news can be found at the Charlotte Observer in an article entitled: New Condo Values Reflect Uneven Market.
Reading the article in the Observer, it is clear that a small number of condos that increased offset a large number of condos that decreased, allowing one to say “values up an average of 5.8%.” But in truth, the financial damage incurred by many condo owners was breathtaking.
Owners at Fifth and Poplar for example, saw 40% decreases. Michael Cook, who in the article is mentioned as operating the website LivingUptownCharlotte.com, estimates condos in Uptown dropped 30% and as he describes it, took a “massive hit.”
There is a database lookup on the page, but I’ll need a little help from my virtual friends to understand how to find the Vue units tax values that have sold. So far I have had no luck doing so, but hope to provide more information soon on how to look up the values.
If I had to speculate, it would be that the values overall are going to be down from contract prices, but not by as much as the average of 30%. The Vue Charlotte will probably downplay any decreases, and certainly hype any increases. The truth is, the folks doing these valuations, as data driven and diligent as they are, have no true market values on which to base their assessments on. Until the Vue Charlotte prices their units where they will actually sell in the open market, all the rest of us can do is guess as to what the true market value is.
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