Charlotte, North Carolina has culture, food, entertainment, and is considered to have some of the friendliest people in the country. In 2018 there was a population of 2,569,213 and was ranked 23rd in the U.S. most populated cities. Charlotte is the home of the Nascar Hall of Fame, Charlotte Motor Speedway, and the 7th Street Public Market which is a market full of home-grown produce. According to US News at this indoor marketplace, you’ll find a selection of local produce, wines, flowers, and sweet and/or savory treats. Among the vendors selling their local goods is one of the city’s favorite pizza joint, Pure Pizza, known for using ingredients sold right in the market. Also if you stop by in the morning, instead of your usual Starbucks coffee trade it in for the freshly brewed coffee available at Not Just Coffee. Charlotte is also known as a millennial hub, meaning a lot of young people and young families are moving there due to the lower cost of living and a strong job market.
But let’s talk about Charlotte’s real estate trends. According to Zillow, the median home value will rise by 6.1% over the next 12 months which leads us into 2020. Right now the median home value is about $226,000 which is average for the U.S. There has always been a large correlation between job opportunities and booming housing markets. When a city sees that their unemployment rate dropping they also see a drop in housing inventory. Charlotte is a major banking and financial hub. It’s the corporate headquarters for Bank of America and U.S. Trust but also headquarters for companies like Lowes, Family Dollar, and Hanes Brands. This market has seen its unemployment rate drop to 3.4% according to Home Buying Institute, which is a huge difference from the peak in 2010 during the recession when it was 12.9%. This is a big reason a lot of people are looking to Charlotte as their new home base.
Since Charlotte is a market that is on the real estate rise, Sharestates has taken a big interest there. We recently funded a blanket loan with 10 separate townhomes in the Wessex Square neighborhood in South Charlotte. Wessex Square is in Mecklenburg County and is one of the best places to live in North Carolina. The borrower previously acquired the property as land and then constructed residential townhomes that are now complete and listed for sale by unit. Two loans were taken to fund this property totaling $5,090,000.
- First loan –
- Loan Amount: $2,670,000
- Loan Type: Refinance
- Property Type: Residential
- LTV: 70%
- Second Loan –
- Loan Amount: $2,420,000
- Loan Type: Refinance
- Property Type: Residential
- LTV: 71%
For more information on loans Sharestates has funded or for more information about our loan programs click below.
