Market Conditions in 28269>Question Details

Roz Spratt, Other/Just Looking in 28269

Why are values in 28269 depreciating at such a rapid rate?

Asked by Roz Spratt, 28269 Tue Sep 22, 2009

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4
The depreciation that Charlotte & surrounding areas are experiencing in NC has to do with GREED. People are living WAY BEYOND THEIR FINANCIAL MEANS and it is "catching up with them."
Homes are being foreclosed at an alarming rate. They are listed in the Meckleburg Financial Times newspaper updated every Friday. When I arrived in Charlotte about a month ago (to purchase foreclosures) there were about 2.5 pages of foreclosures... last week I counted over 6 pages.

I've been through this scenerio about 20 months ago on the West Coast & Arizona. The west has changed their attitudes from a "what about me & my property value?" to "how can we help our neighbors pull thru & as a neighborhood, keep our property values from going down?" It's amazing what can be accomplished when neighbors ban together for a cause.
For example, when you've got about a dozen of your neighbors (each with their proof of owning their home in your neighborhod) and you carpool to the bank to re-negotiate your terms of your mortgage, your bank is much more apt to work with you especially if some of your neighbors have their own mortgage with your bank... there are so many possibilities available ... by momentarily "letting go" of your pride.

And.... it is best to have a long term renter in your neighborhood because any investor who bought the property is going to hold it for a while and wait for values to bounce back (they will) .........................
therefore your neighborhood will not have to deal with ABUSE of abandoned properties.

Best of All ......... you get to really know your neighbors & you begin to realize that the HUMAN SPIRIT of PEOPLE ............. is TRULY PRICELESS compared to a loan on your home.
1 vote Thank Flag Link Sat Sep 26, 2009
Highland Creek is the largest neighborhood in the 28269 zip code, they are not experiencing a decline in values. Not all homes in 28269 are declining in value, there are pockest like any other area. There are a lot of factors that come into play. If you have a home to sell or need specific information, please contact me - I'm always happy to help!
0 votes Thank Flag Link Fri Jun 28, 2013
I live in zip code 28269 (University City area) and have been very happy here. My husband and I own our home in Davis Lake and we also have a rental in the general area. The two folks below gave some great answers and suggestions. As a local Realtor, I see this everyday.

Many of the neighborhoods were built in the last 10 years and are starter homes we call them. Those folks purchased with very low or no down payments, and hence don't have much "skin" in the game. Job losses in the area (Wachovia become Wells Fargo) had a major negative effect. I am optomistic that things are changing and require our patience, and we will bounce back better than before!
Web Reference: http://www.susanzongker.com
0 votes Thank Flag Link Wed Aug 25, 2010
HI Roz,
The data shows a higher rate of foreclosures in that zip code vs other parts of the city. A lot of the builders 5 years ago had looser loan programs that they offered with their new homes for sale. First time homebuyers were able to get sub-prime loans with very little money down and 28269 was a hot area to purchase these types of deals. It's also a very transient area of the city (people moving in and out with jobs) and some folks who moved could not get their home sold due to the dropping values. We have seen personally that as more homes went to foreclosure, the neighborhoods were depleting a bit due to more renters coming in. They were not keeping up the yards as well as the owner occupants.

Hope this helps.
Mike
http://www.BigBankDiscounts.com
0 votes Thank Flag Link Tue Sep 22, 2009
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