I just recently purchased a home in Echo Hills. It is an older house (1950's) that was bought, redone, and

Asked by Matt Muzin, Charlotte, NC Thu Feb 14, 2008

flipped. Do you see this happening more and the area appreciating over the next 5-7 years?

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Dean Davidson, , Charlotte, NC
Fri Feb 15, 2008
Matt,
Congratulations on your investment. There are many such opportunities like yours in every market.
My son has invested in similar neighborhoods in the Raleigh market. The thing we looked for first
was an existing trend of investment and reconditioning / modernization of older homes. He is an
architect/designer, and a lot of his friends and associates are doing the same thing.

He just purchased a two bedroom / 1 bath home for around $230K that I believe will be worth $300K
by the end of this year, by just adding another bath which he can easily do.
Web Reference:  http://www.RelyOnDean.com
0 votes
Teresa Quinan, , Matthews, NC
Thu Feb 14, 2008
Dear Matt,

This is a great place to buy and you will see the prices start to rise in here. 9 homes sold since January 1st 2007, average sales price is $166,111, average listed price is $169,322 and the average days on market is 40 days. So most homes are selling for within 98% of asking price and turnaround is good. I believe this is a good investment and will appreciate over the next 5-7 years. Please visit my website at http://www.TeresaQuinan.com for all your real estate needs.
Web Reference:  http://www.TeresaQuinan.com
0 votes
Lexie Longst…, Agent, Charlotte, NC
Thu Feb 14, 2008
Congratulations on your purchase! Yes, Echo Hills is a great neighborhood... and being so close to up town it has yet to see it's zooming appreciation. Echo Hills is virtually unknown, when compared to Chantilly and Midwood ... so I think you will see that it appreciates faster than those neighborhoods. It's totally affordable and with people coming in and updating the "old lady" houses, you'll soon see them all selling in the $200,000....!! Ashley Rogers, an agent at Savvy + Co. recently bought in there...keep your eye out to meet her, and she can keep you updated on all the activity.
Web Reference:  http://www.hiphoods.com
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Trish Macdon…, , Charlotte, NC
Thu Feb 14, 2008
Yes. If you drive around Old Charlotte you see many older homes being either rehabbed or torn down and new homes being built. You also see this is smaller cities surrounding Mecklenburg County such as Concord and Belmont. Investors are also moving into the Wesley Heights area which is literally a few miles from uptown. I am working with a buyer/investor now who is looking for a historic home that he can rehab and then sell in 3-4 years. I think 5-7 if you are holding the property for 5-7 years, you should see a good amount of appreciation.
Web Reference:  http://www.trishandkathy.com
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