Charlotte real estate market

[toldozer]

9 hours ago, onmyown said:

Yep. I live in Salt Lake City and it is absolutely bat poo insane. It’s quickly becoming Seattle/Cali. For three main reasons. First people breed here like crazy, most in the nation. They want to stay here as it’s family friendly and they’re probably Mormon.

Second is the tech boom. We call this silicon hills. People from Cali are flooding this city. BYU and the city invested very very heavily in tech, it’s all over here. And someone from Cali drools over a decent house for 800k. Tech brings them and so does being the closest largest city to Cali other than Vegas (10+ hours).

Lastly the space. There is no where to go. The mountains, salt lake and Utah lake make space very very limited, and in conjunction to that the politics here want ‘healthy growth’. They will not build mass housing despite houseless people.

I sat down with my realtor for two hours the other day. He is very passionate about his job and good at it. Couple points (granted SLC market) -

The foreclosures will be a blip in the grand scheme of things and will not affect housing in any significant amount.

The market is indeed leveling out at this moment, but it is not coming down for the foreseeable future. People are still going to offer asking and then some.

This will go on through next year when things will still be appreciating but at a normal rate.

I have decided to sell. I bought my house two years ago with a first home buyers loan and zero down payment. 4.5 interest, 375k. It’s now worth $550,000 (got it appraised), after 20k of updates. And my realtor expects a bidding war/offer to pay fees etc.

So I will walk with about 200k in two years. I will stay in an apartment for a year or so when it levels a bit more, it may not be a better home, but if I put it down on the house similar to it I’ll get a lower rate and eliminate PMI and not pay for refinancing BS. That and I’m not a fan of the house in the first place.

Charlotte is a joke compared to Salt Lake City. People are making cash offers within hours, waiving inspections, without even seeing the house lol. It happened to me before this house. I put in an offer 17 hours after listing and someone offered cash an hour after posting and don’t even want to see or inspect it. I’d absolutely KILL to have my budget and job in Charlotte, I’d be living very nicely (I’ve been checking houses for sale there just to torture myself).

 

Charlotte market is probably more aggressive then what you just mentioned just at a lower price point.  

[LinvilleGorge]

6 minutes ago, toldozer said:

Charlotte market is probably more aggressive then what you just mentioned just at a lower price point.  

It's not. Yeah, Charlotte is experiencing a nice uptick but it's insane out west. If it was anywhere near as aggressive in Charlotte then the price points wouldn't be so much lower.

[toldozer]

8 minutes ago, LinvilleGorge said:

It's not. Yeah, Charlotte is experiencing a nice uptick but it's insane out west. If it was anywhere near as aggressive in Charlotte then the price points wouldn't be so much lower.

300k dollar houses  are going for 40k over list, site unseen cash offers are happening here too and due diligence fees are getting crazy high. Everything he said after Charlotte is a joke is happening here as well. That was my point.

[LinvilleGorge]

31 minutes ago, toldozer said:

300k dollar houses  are going for 40k over list, site unseen cash offers are happening here too and due diligence fees are getting crazy high. Everything he said after Charlotte is a joke is happening here as well. That was my point.

Yeah, understood. My point is that if it was anywhere near as aggressive those prices wouldn't be so low. $300k in Charlotte is $700k+ in the town I bailed from in CO.

 

[toldozer]

Yeah I know its not as bad as some places for sure. I looked at rentals yesterday.  We rented our place out in May for 1450 and I thought that was high, we could get 1650 today.

[LinvilleGorge]

Oh, I get it. It gets a lot worse than CO too. That $700k in Evergreen, CO is $1M in Seattle. $2M+ in San Francisco.

[onmyown]

12 hours ago, LinvilleGorge said:

What's going to bust the Denver bubble IMO is people realizing that the days of being able to feasibly take day/weekend trips to the mountains are basically over. Everyone moves out there for the mountain access. Without that, Denver is just another city with nothing to justify the rapidly becoming insane cost of living.

Why are those days no longer feasible? I honestly don’t know. Population? I can at least half understand Colorado. What I don’t get is Salt Lake City, it’s hard to understand. Aside from tech companies what in the hell justifies the demand?

Denver has renowned restaurants, liberal marijuana laws (not interested myself but I get it for others), all major sports teams, nice beers and brewery’s and yea mountain access. Charlotte same things minus MLB team but has blue ridge, and easy drive to beach or Florida. Both have better weather than SLC, easily. Both have any event/musician you want that will come though there.

Can’t understand what in the holy hell does SLC have that males people think it’s Cali? It bewilders me as someone who has lived everywhere in the United States. SLC has almost nothing to offer.

Snow? Skiing? That’s a niche when consider a place to move to. NBA team that’s it. College teams yea, ok, give it that. Desert weather or tons of snow. Sure mountain access is 20 mins away. Food? Known to be incredibly bad, because children make up most the population and no one needs good food with a ton of kids for taste and price. Beer? lol nah…Mormons don’t/can’t support that. Events, bands etc. don’t come here for that reason and other reasons, forget anyone worthwhile coming to SLC regularly. 

As I laid out in my last post/rant I understand why, just not why the why. I don’t understand the appeal. I just don’t get it to be honest, all I can think of is it’s because of the dominating religion.

Edited July 29, 2021 by onmyown

[LinvilleGorge]

9 minutes ago, onmyown said:

Why are those days no longer feasible? I honestly don’t know. Population? I can at least half understand Colorado. What I don’t get is Salt Lake City, it’s hard to understand. Aside from tech companies what in the hell justifies the demand?

Denver has renowned restaurants, liberal marijuana laws (not interested myself but I get it for others), all major sports teams, nice beers and brewery’s and yea mountain access. Charlotte same things minus MLB team but has blue ridge, and easy drive to beach or Florida. Both have better weather than SLC, easily. Both have any event/musician you want that will come though there.

Can’t understand what in the holy hell does SLC have that males people think it’s Cali? It bewilders me as someone who has lived everywhere in the United States. SLC has almost nothing to offer.

Snow? Skiing? That’s a niche when consider a place to move to. NBA team that’s it. College teams yea, ok, give it that. Desert weather or tons of snow. Sure mountain access is 20 mins away. Food? Known to be incredibly bad, because children make up most the population and no one needs good food with a ton of kids for taste and price. Beer? lol nah…Mormons don’t/can’t support that. Events, bands etc. don’t come here for that reason and other reasons, forget anyone worthwhile coming to SLC regularly. 

As I laid out in my last post/rant I understand why, just not why the why. I don’t understand the appeal. I just don’t get it to be honest, all I can think of is it’s because of the dominating religion.

Denver's population growth and the reality that there's only two roads all of the Front Range is trying to head up I-70 or 285 every weekend. 

SLC's draw is that it actually is what Denver tries to position itself as - a major city with the mountains in your backyard. When you land at DIA, you'd think you were in Kansas. The mountains are waaaaaay over there in the distance. In SLC, you're 30 minutes from a ski lift.

[toldozer]

2 hours ago, onmyown said:

Why are those days no longer feasible? I honestly don’t know. Population? I can at least half understand Colorado. What I don’t get is Salt Lake City, it’s hard to understand. Aside from tech companies what in the hell justifies the demand?

Denver has renowned restaurants, liberal marijuana laws (not interested myself but I get it for others), all major sports teams, nice beers and brewery’s and yea mountain access. Charlotte same things minus MLB team but has blue ridge, and easy drive to beach or Florida. Both have better weather than SLC, easily. Both have any event/musician you want that will come though there.

Can’t understand what in the holy hell does SLC have that males people think it’s Cali? It bewilders me as someone who has lived everywhere in the United States. SLC has almost nothing to offer.

Snow? Skiing? That’s a niche when consider a place to move to. NBA team that’s it. College teams yea, ok, give it that. Desert weather or tons of snow. Sure mountain access is 20 mins away. Food? Known to be incredibly bad, because children make up most the population and no one needs good food with a ton of kids for taste and price. Beer? lol nah…Mormons don’t/can’t support that. Events, bands etc. don’t come here for that reason and other reasons, forget anyone worthwhile coming to SLC regularly. 

As I laid out in my last post/rant I understand why, just not why the why. I don’t understand the appeal. I just don’t get it to be honest, all I can think of is it’s because of the dominating religion.

I dont get slc either. It was fun to visit for a few days but I wouldn't live there.  All I heard about when I was there was severe drought and not enough snowfall to feel comfortable with their water supply and wildfires. Ill keep my happy ass in Charlotte.

[onmyown]

15 hours ago, toldozer said:

I dont get slc either. It was fun to visit for a few days but I wouldn't live there.  All I heard about when I was there was severe drought and not enough snowfall to feel comfortable with their water supply and wildfires. Ill keep my happy ass in Charlotte.

I lived in CLT for 15 years and would’ve stayed too no doubt. Much better than SLC. But when you’re offered twice what you make…and guaranteed promotion to make triple what you make in a short time and can retire with a large pension at 57…I gottta go for it. But you better believe when 57 comes around my happy ass will move back to CLT and live like a king lol.

And yea, severe drought this year people are freaking out. Like I said it’s either desert or fuging snow. I live on a mountain. Last year fireworks set off on it put it in flames, all over national new. My drunk ass neighbor comes banging on my door at 3 AM and we had to evacuate for 2 days. People don’t give a fug, about firework bans, you think sovereign cotezins hate the government? Try a Mormon/Utah people.
 

https://www.google.com/amp/s/ksltv.com/440367/traverse-fire/amp/

Also earthquakes. The fault line here is set to go off and it will be bad. Within 6 months I experienced a 5.7. I was in my office, 6 floors up, literally felt like I was in water waving around.

https://en.m.wikipedia.org/wiki/2020_Salt_Lake_City_earthquake

You can’t make this poo up. I envy you Charlotte people, love and love life, you know not how lucky you are.

Edited July 29, 2021 by onmyown

[LinvilleGorge]

1 minute ago, Inimicus said:

Fist time I came to Denver I was flying in an isle seat so I had no view of the approach.  I was flying Frontier so I got my luggage in the east terminal.  I walked out to find the shuttle to the car rental and was floored to be looking out at the vast nothing of eastern Co.  I was like "Where are the mountains? Denver is in the mountains!"  Imagine my surprise to not only find out it wasnt in the mountains but its in a hole.

 

 

It's amazing how Denver has marketed itself as a mountain town. People get very unpleasantly surprised when they get out there and find out that Denver is actually very much a Great Plains city that used to have great mountain access until traffic became prohibitive. When I moved from Huntersville to Lakewood in the fall of '07, Charlotte traffic was WAY worse than Denver traffic. Like not even close. We bounced up to Evergreen in early '08. Within five years, that traffic situation had pulled a complete 180 and Denver traffic had gotten WAY worse than Charlotte traffic.

[Ja Rhule]

Woah, wth happened to mortgage rate…

[LinvilleGorge]

31 minutes ago, Ja Rhule said:

Woah, wth happened to mortgage rate…

Inflation. Historically speaking, these rates are still pretty damn low. We've just had historically low rates for so long at this point that it's hard to realize it. We should've been creeping rates up for years so now we get to take it all over the course of months instead of years.

[toldozer]

18 hours ago, LinvilleGorge said:

Inflation. Historically speaking, these rates are still pretty damn low. We've just had historically low rates for so long at this point that it's hard to realize it. We should've been creeping rates up for years so now we get to take it all over the course of months instead of years.

Arm loans are coming.  First time I've been concerned about a potential drop in the market but that will be 5 years down the road.  Hopefully rates aren't 13% then and it'll be fine.  I have one client that's doing the arm and another considering it. I don't like that product at all but I do get it.