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Residents To Sell Entire Neighborhood

DigitalSky

By DigitalSky
in Charlotte Coffee House

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DigitalSky City

DigitalSky

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The homeowners on Sherbrooke Drive are betting the land is worth more than their houses. They're selling the entire neighborhood.

Real estate experts say they've never seen anything like it.

On a quiet street in south Charlotte, a one-of-a-kind real estate deal is putting every one of Sherbrooke Drive's houses up for sale as one big package to the highest bidder.

"We felt like it should be attractive to a potential buyer, developer," said neighborhood president Jim Rogers.

Rogers said the idea started over dinner last year. With bigger and bigger homes squeezing onto every spare piece of land along Sharon Road, 20 families -- all of Sherbrooke Drive -- began to wonder what their whole neighborhood might be worth.

The neighborhood is about 15 acres of prime real estate, just a stone's throw from upscale SouthPark Mall.

> The full story > http://www.wsoctv.com/specialreports/4481083/detail.html

> Sherbrooke Drive > http://maps.google.com/maps?q=Charlotte,+N...10664&t=k&hl=en

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atlrvr Metropolitan Area

atlrvr

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Hello Mr. Simonini.......

It's an interesting strategy......I think $600k is perhaps reasonable per house, but $700k is pushing it....$600k is the going price per teardown on Harris Rd, and I couldn't imagine Sherbrooke being a more desireable street.

I'm somewhat conflicted emotionally. Teardowns for the sake of mega-houses has no appeal to me, though these houses aren't really special in their own right......I guess it comes down to I believe in personal property rights.....too bad something with connectivity couldn't be purchased....but then I'm sure that would devalue it for the likely homebuyers. <_<

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DigitalSky City

DigitalSky

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NPR's Morning Edition did a story about this neighborhood a couple weeks back. Apparently that NY Times listing has caught the eye of a few developers. No names were mentioned, though.

EDIT: spelling.

<{POST_SNAPBACK}>

Interesting they've attracted the attention of NPR!

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MZT Burg

MZT

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I sometimes wonder if Park road is doing all that well... There are a lot of commercial FOR LEASE signs out between Midtown and Woodlawn. A little south of Park Road shopping center is a storage unit place... something you normally find with low value land use.

Maybe land holders are being just a bit too greedy. Assuming the area is more upscale than it is and pricing themselves too high.

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SCP4U Crossroads

SCP4U

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I'm very familar with this street. I know many of its residents. The owners will want very close to the $700K before they'll sell. They are not willing to co-broke in order to facilitate a sale. There are many homes with one oil tank, one in particular I'm aware of has two. There is a creek that runs the length of the street on one side. Residents in the surrounding neighborhood will be relunctant to allow higher density rezoning. That area of Sharon Rd. has always been a step child of Southpark. If there is a deal struck, the homeowners will be difficult to deal with. There are above ground power lines, many are too low that would have to be buried. Some of the homes are built on less stable soils, of course when these homes were built they did not lay footings. These are just a few of the concerns I would think a developer would have. The price more adequate for any possibility of reasonable profit would be $560K per home. Just my observation. :rolleyes:

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ngp Whistle-Stop

ngp

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The impression I got from the NPR story is that the homeowners know this is their only chance of making even close to that much on resale. So at least they sorta kinda acknowledge this is all just a get rich quick scheme.

How old are most of the houses in that neighborhood? I don't think I've ever been out there.

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ngp Whistle-Stop

ngp

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Looks like this may become a trend.

http://www.charlotte.com/mld/charlotte/new...=charlotte_news

Jim DeMare is targeting Montibello Crossing, a neighborhood of 63 modest, 1970s-era homes off Carmel Road, just a stone's throw from Quail Hollow Country Club and the million-dollar homes that surround it.

There is also an update on Sherbrooke. So far, nobody has offered them their asking price of triple value. Imagine that.

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kbot Crossroads

kbot

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Rumor has it that The Boulevard Company is very far along in the process for this land and adjoining lots into surrounding neighborhoods to create additional access roads. The adjoining lots have all been surveyed within the last week.

If South Hill (another Boulevard Company creation on Sharon View) is any example, at a little over 9 acres and approximately 106 townhouse units, we can conceivably be looking at close to 200 units on the approximately 17 acres of Sherbrooke Dr.

The rezoning push should be coming shortly...

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