Wilmore, Charlotte

[sleightofhand]

I was wondering if I could get some feedback on this area. It's the neighborhood near dilworth. Once East Blvd turns into West Blvd you're basically in Wilmore. Furman and Blvd Centro are putting up some condos there. I've noticed that there are many houses in the area that are being remodeled. Also, I believe it's a new design center that is being built in the area. I'm sure that it is very inexpensive to buy there considering it has the label of a "bad neighborhood". With its close proximity to uptown I'm assuming one day it could be turned around. It looks like some investors are already working on it considering Furaman's condos and the remodeled houses I mentioned. Anyone else have an opinion on this area?

[atlrvr]

Wilmore is getting there.....it has a mix of mid-quality and low-quality houses. There is still money to be made, but not like there was a year ago. The biggest hurdle to a place like Wilmore is to turn it from a renter neighborhood to a owner-occupied neighborhood. I think that Furman's project is a solis step in that direction, but more momentum will have to occur with condo projects in South End first.....MECA is doing the Abbot St. live-works which will be a boost......

[Seeker]

This neighborhood has been mention before in other posts. Yes it is near Dilworth, but I'm not sure if I agree with it being inexpensive. That is unless you want to remodel a home yourself. But for the homes that have already been renovated, I've seen them with asking prices ranging from 180k-250k. I personally think that's too high at the moment.

[f0xym0p]

I agree that it is too high right now. I would be okay living there, as long as I wasn't too far away from Tryon, but the prices are a little steep for a neighborhood that still has a way to go. The few houses that I see listed at what I would consider reasonable prices are too far away from South End and look like they need quite a bit of work.

[monsoon]

The owners of the property there have already been clued in to not sell for low prices and the prices reflect that. The fact that it is sandwiched in between I-77 and S. Blvd doesn't help its long term prospects as an investment property either.

If you are looking to make a killing in real estate, you are going to have to look elsewhere.

[Mobuchu]

When I was looking for a house about 2 months ago I looked at two that were next to each other right on Wilmore ave. They were going for 130k each and were in horrible shape. Had potential if you could put some money into them, but out of my price range to make them liveable for me.

There is a new comunity being built called Wilmore Walk I think. Its pretty close to Tryon, south of West Blvd, mostly townhouses. I have pics, but not on this comp, i'll post them when I get a chance.

[sleightofhand]

I didn't realize the residents had already been "clued in" and were asking high prices. Ofcourse, I'm usually a little bit behind to find stuff like this out.

Wilmore Walk is the Blvd Centro project I was talking about. Before it sold out they were selling 3bedroom condos for 142K. To me that sounded pretty inexpensive for being that close to uptown.

[Miesian Corners]

When I was looking for a house about 2 months ago I looked at two that were next to each other right on Wilmore ave.  They were going for 130k each and were in horrible shape.  Had potential if you could put some money into them, but out of my price range to make them liveable for me.

There is a new comunity being built called Wilmore Walk I think.  Its pretty close to Tryon, south of West Blvd, mostly townhouses.  I have pics, but not on this comp, i'll post them when I get a chance.

<{POST_SNAPBACK}>

Wimore Walk is joint venture with CHA, BofA and Furman. Units sell from $90K to $110K. Families have to earn 80% or below Charlotte's median income to qualify for purchase. A family can be a single person, btw.

[dubone]

Wilmore has been on the radar for a turnaround for a decade. Investors seem to have already gotten all the deals, and prices now reflect that.

Wilmore has the benefit of tree canopy, and many pre-wwii middle class homes similar to those found in dilworth. The northern part of wilmore close to west morehead has many cool industrial buildings that i did a photo tour of... that part will certainly be a great place for urban infill when momentum gets there.

In the mean time, South End itself, which has the namebrand, the transit line, and the urban lifestyle will need to mature a bit more before the development money starts pouring into wilmore.

[ElricSeven]

Wilmore has been on the radar for a turnaround for a decade.  Investors seem to have already gotten all the deals, and prices now reflect that.

Wilmore has the benefit of tree canopy, and many pre-wwii middle class homes similar to those found in dilworth.  The northern part of wilmore close to west morehead has many cool industrial buildings that i did a photo tour of... that part will certainly be a great place for urban infill when momentum gets there. 

In the mean time, South End itself, which has the namebrand, the transit line, and the urban lifestyle will need to mature a bit more before the development money starts pouring into wilmore.

<{POST_SNAPBACK}>

So, what's the next neighborhood? Belmont?

[dubone]

even belmont is tough to find sub 100k. but yeah, i think belmont is a good buy considering how much money will be spent there in the next 5 years.

[Sabaidee]

On the tax records,in Belmont there are still plenty of houses that predate WWI, but they aren't in the best condition and there are many Habitat for Humanity homes too.

[peaceloveunderstanding]

what about Cherry, why isn't any work being done there. That is a pretty prime location IMO.

[dubone]

i think some activity will eventually hit cherry...wasn't there news of the group that owns 100 rental homes in the neighborhood possibly selling some of that property?

Cherry is very small, though, and it is very political important for it to not be gentrified in a way that pushes out current residents. However, if there is a way to protect current residents while letting some property become more dense and higher rent/value, i'd be for it. I think with the Midtown Sq project, Cherry is bound to change, though.

[Miesian Corners]

Cherry is very small, though, and it is very political important for it to not be gentrified in a way that pushes out current residents.  However, if there is a way to protect current residents while letting some property become more dense and higher rent/value, i'd be for it.  I think with the Midtown Sq project, Cherry is bound to change, though.

<{POST_SNAPBACK}>

I don't know dubone, it's starting to look like the Midtown Square project is somehow tied in with Mr Levine or Mr Verna (tongue firmly in cheek)...we may be piloting flying cars before anything happens on the site. I've been told on three different occasions over the past four years that "...demoliton will begin on the Charlottetown Cinemas by the end of the summer..." Three summers have come and gone...nada.

[sleightofhand]

  If you are looking to make a killing in real estate, you are going to have to look elsewhere.

<{POST_SNAPBACK}>

Well, where do you think this "elsewhere" is?

[dubone]

yeah... we discussed that briefly in this thread:

http://www.urbanplanet.org/forums/index.ph...opic=9550&st=45

i'm guessing that now that it has actually been rezoned, and the city subsidies are approved by council that this will happen, at least the bigbox part.

i agree, though, we have been waiting a long time for it... but 2002-2004 was a very different time for retail and urban development than 2005-2007 is expected to be.

[graydog]

what about Cherry, why isn't any work being done there. That is a pretty prime location IMO.

<{POST_SNAPBACK}>

A real estate agent told me that many real estate professionals give up on Cherry because the titles can't be easily cleared. Often people will spend months trying. According to this agent, a lot of the houses have been handed down so many times the rightful owner cannot be determined.

[miyake7]

I actually purchased one of the units in Wilmore called Wilmore Walk. And you're right, Wilmore is poised to become the next Dilworth with its location and bungalow style houses and charm. There are currently 24 houses on the market in Wilmore and about a third of them are priced and $300K or more. I expect the neighborhood will see fast paced revitalization in the next few years. Get in now if you can!

[A2]

I actually purchased one of the units in Wilmore called Wilmore Walk. And you're right, Wilmore is poised to become the next Dilworth with its location and bungalow style houses and charm. There are currently 24 houses on the market in Wilmore and about a third of them are priced and $300K or more. I expect the neighborhood will see fast paced revitalization in the next few years. Get in now if you can!

Welcome to UP miyake7 ! Are you from CLT?

A2

[fulcrumsf]

Yeah, my friend bought a house last year for 80,000, and has already gotten offered 160,000 without hardly any restoration work on his part. He turned it down though.

[MZT]

That's still a far cry from 300K Dilworth territory. Someone could buy in Wilmore at 160K and manage to earn equity as the neighborhood updates.

But I think the transformation will go forward at a modest pace. Wilmore is still pretty close the the public housing farther down Tryon street. Buying and living there takes a gutsier attitude, than the typical 'burbanite or potential uptown buyer has stomach for.

[peaceloveunderstanding]

yea the area still looks questionable even during the day.

What is the rent to ownership ratio in Wilmore?

[MZT]

In the Y2004 Quality of life study, 7.5% substandard housing, 38.3% home owners.

http://ww.charmeck.org/qol/template.asp?ID=15

But that's not a very good yardstick of a suffering area... Even Elizabeth has only 36% of the people owning homes. I think "percentage of people on food stamps" is more revealing (22.8% in Wilmore).

[monsoon]

Most of Wilmore is owned by investers and house flippers. Houses near the transit line may rise some, the closer to I-77 much less so. There is an article in the paper today that says they expect house prices to start falling where investors have bidded up the price of houses to unreasonable levels. It's already started in the DC metro and I don't see any reason it won't head to Charlotte. The article states they expect nationwide for home prices to fall every quarter in 2006. The reason, higher interest.

I wouldn't expect this in most Charlotte neighborhoods, but in overheated ones like Wilmore, I would be very nervious if I was sitting on un-sold property.