David Rodak, Home Buyer in Spartanburg, SC

looking to buy an investment condo in downtown charlotte within walking

Asked by David Rodak, Spartanburg, SC Tue Oct 16, 2007

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You can find some good deals uptown as Inventory is high and Rates are lower than 6%. There are a few properties that I consider good investments and a lot of Condos I do not. There is a lot of pre construction which is going to lower the future demand and make it harder to find renters.
0 votes Thank Flag Link Mon May 19, 2008
David,

I specialize working with buyers and sellers in downtown/uptown Charlotte. If you can tell me a little more about what your parameters are for the investment property, I can make some recommendations. Do you have a certain price range you are trying to stay within? Will this be a property you are going to rent to someone?

By the way, I firmly believe that this is one of the best areas to buy investment property. Downtown/uptown is one of the fastest appreciating areas of Charlotte and has been for the past couple of years.

-Scott Hartis
0 votes Thank Flag Link Wed Oct 17, 2007
Your question didn't come through 100% however it seems that you were looking to purchase an investment condo within walking distance to, I guess work or entertainment. Currently, there are a lot of options in both uptown (the center city), mid-town, noda, and even in the new, hip-trendy south end. To flip something new wouldn't be a wise investment however will some money down, you can get a unit that you can rent and ride the expected wave of real estate appreciation.

I think that most in the business are concerned when we look at the Uptown area if the developement that was planned and sold today will have the same value or greater as it will when the project is completed. Its this kind of speculation that caused a glut in condo markets in Las Vegas, Florida, and elsewhere. In my humble opinion, the advantage to Charlotte is that its not all high-rise residential towers but rather a lot of it is much speculative commercial space. In fact, Charlotte is approaching a historically low commercial vacancy rate in Uptown as there's just far more demand than need. With that will come more people who will no doubt want a place to live that's close to work since parking is a bit of a nightmare. Plus, NASCAR's employees will need housing and some will most likely take up residence in uptown, mid town, and the south end.

Here's a link to the center city partners presentation, showing the 2010 vision for Charlotte and the projects currently underway. Let me know if I can help any further.
0 votes Thank Flag Link Tue Oct 16, 2007
"Dog Patch!" Hopefully, the name will tell you something.

There are better areas to purchase investment property.
0 votes Thank Flag Link Tue Oct 16, 2007
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