Wilmore, Charlotte

[SmellyCat]

The articles I've seen of late cite numerous "bublets" around the country. As you say, DC looks like the first to fall, which I think will soon to be followed by San Diego, Miami, New York, San Francisco, Las Vegas and Boston. I believe the house affordability index for Charlotte as a whole is still very low, amongst the lowest in the country.

If you want anecdotal evidence that the sky really is falling in certain markets, check out this link and scroll to the bottom for articles:

Housing Bubble News Links

I think the micro bublets in Charlotte are few and far between. Perhaps Wilmore is one. Wesley Heights could be another.

[atlrvr]

I'm expecting a fizzle across the country with little to no affect here.

I returned from a conference regarding real estate and the economy and learned a few things.

Charlotte is adding jobs at twice the rate per capita as other major southern metros, including Atlanta, Dallas and Houston.

Also consider that Charlotte is one of the most affordable housing markets in the nation, and most of the in migration is from metros with much higher housing costs.

Another is there is really no limit to the supply of land for new houses, they can sprawl as far as people are willing to drive.

These factors will help to keep Charlotte's housing prices rising slowly, until we reach 30 year mortgage rates of 7.5%, though BofA released projections actually anticipating mortgage rates to fall in 2006.

As far as bubblettes in Charlotte, I'm actually not concerned. The national trend for intown housing, combined with Charlotte's lack of housing means that the supply here currently doesn't meet demand. Additionally, most investors are improving the properties before they flip them, so they are in a sense stabilizing neighborhoods both cosmetically, and with the fact that the rehabbed homes are selling at prices that can't sustain rentals, which means they are being sold to owner-occupants.

[carolina_fan]

I'm expecting a fizzle across the country with little to no affect here.

I returned from a conference regarding real estate and the economy and learned a few things.

Charlotte is adding jobs at twice the rate per capita as other major southern metros, including Atlanta, Dallas and Houston.

Also consider that Charlotte is one of the most affordable housing markets in the nation, and most of the in migration is from metros with much higher housing costs.

Another is there is really no limit to the supply of land for new houses, they can sprawl as far as people are willing to drive.

These factors will help to keep Charlotte's housing prices rising slowly, until we reach 30 year mortgage rates of 7.5%, though BofA released projections actually anticipating mortgage rates to fall in 2006.

As far as bubblettes in Charlotte, I'm actually not concerned. The national trend for intown housing, combined with Charlotte's lack of housing means that the supply here currently doesn't meet demand. Additionally, most investors are improving the properties before they flip them, so they are in a sense stabilizing neighborhoods both cosmetically, and with the fact that the rehabbed homes are selling at prices that can't sustain rentals, which means they are being sold to owner-occupants.

I hope you right, atlrvr! Do you think the uptown condo market prices will drop any/much in the next 2 to 5 years?

[atlrvr]

I don't see the uptown condo market dropping in price, though possibly losing the rate that it has been apprecation, mostly due to the amount of new inventory planned.

I think 8-9% annual appreciation can be expected for Uptown until interest rates top 7% which could slow appreciation to 5-6%, and once interest rates top 7.5% I see apprecation equal to wage growth.

Demand for affordable housing will shift to some neighborhoods that are "sketchy" now, and I believe we will continue to see lots of infill townhome/condo projects in Wilmore, Optimist Park, Belmont, Cherry

[sleightofhand]

^Thanks for the info.

I live in Wilmore Walk myself. It's absolutely amazing how many houses are being remodeled right now!

Seriously, every time I turn down my street I notice a new house that's under construction. There's a few that have finished that rival anything over in Dilworth, and I mean anything.

If they refurbished as many skyscrapers uptown, right now, as they are fixer-uppers in Wilmore, some of you junkies would spin right off this planet.

[dubone]

"Flipping", an act that typically renovates the properties to marketable standards, usually creates inherent value. If that is what is really happening in Wilmore, then I think the strong prices are here to stay.

The problem comes when people charge exhorbitent prices for fixer-uppers. When people are willing to pay high prices for junk (like stock in pets.com), then there is a bubble. But if the rise in prices is through the creation of value, I would not worry.

Wilmore's promise has definitely been slow in coming. I remember when I moved here 5 years ago, people were all about Wilmore being like Dilworth within a couple years.

With Furman's Wilmore Walk, with Camden Square Village now reaching Tryon, with Citispace, and with all the developments along Camden in South End, I think Wilmore will eventually turn the corner.

[carolina_fan]

According to this article, Charlotte real estate is 6% undervalued.

http://www.usatoday.com/money/economy/hous...d-housing_x.htm

[peaceloveunderstanding]

According to this article, Charlotte real estate is 6% undervalued.

http://www.usatoday.com/money/economy/hous...d-housing_x.htm

Overall our real estate is undervalued but there are pockets of overvaluation, Wilmore being one of them.

[sleightofhand]

I tell ya it's been crazy the amount of houses that are being rehabilitated.

It grabbed my attention so much I put a call into my mortgage broker to see if i could qualify to buy one of these places.

Ofcourse, I'd be screwed if I couldn't resell it but I'm thinking of taking the plunge.

[MZT]

I can imagine the east half of Wilmore from Mint Street over to South End becoming affluent. But when you get closer to 77, I think it becomes more doubtful. That side of the neighborhood will remain rentals for quite a while.

[SmellyCat]

Overall our real estate is undervalued but there are pockets of overvaluation, Wilmore being one of them.

Doug Smith says there's no real estate bubble in Charlotte. And we all know his word is Gospel.

http://www.charlotte.com/mld/charlotte/bus...th/13266412.htm

[utcltjay]

One of my best friends owns a house on Park Ave. 3 houses on that street in the last 6 months have sold for over 300k after being remodeled, but at the same time, My friend owns a rental property around the corner, very beautifully renovated, exquisite inside, not to unfair rental price, and he can't rent the damn thing. It is a sketchy neighborhood at best during the day, and certainly takes brave of heart investors to purchase in. It is however promising when you do drive around and see half of the houses that were condemned being either knocked down completely for new structures, or totally rebuilt, and made larger with second stories and huge additions. I have no doubt this area is going through the roof, but since it lacks the retail/commercial corridor that Dilworth had on East Blvd, it is not getting as much recognition as Dilworth when people pass through on their way to restaurants and shopping, and it will take longer for investor confidence to grow. It is a great place to buy though if you are looking for a fixer-upper to flip in 3 years.

There is one resident in the neighborhood in particular who has been re-investing tremendously, buying old quads and duplexes and fixing them up very nice, well above the standard renovation. So far he has done very well, and I think his actions along with other catalysts projects are about to push this area over the hump, and we will see all the homes bought up and fixed in the next few years.

Also of note, the Blvd. Company is planning quite a few large scale town home and loft projects off S. Tryon, which will also include more South End retail space, and that just might be the East blvd. like development the area needs to thrive!

[dubone]

I think these renovations will prove to make this neighborhood no longer be "overvalued". I think Dilworth might have been considered overvalued during that stage when the neighborhood had a bad rep, and only a few houses had been renovated.

The Blvd Co projects in South End are really cool, and will help the revitalization movement continue west. They are discussed in more detail in the South End thread:

http://www.urbanplanet.org/forums/index.php?showtopic=15072

[DigitalSky]

http://www.wcnc.com/news/topstories/storie...e.16ceee4c.html there was a report today on WCNC about Wilmore

[Charlotte_native]

I've read the discussions about Wilmore that seem to have ended in December. I find a lot of interesting comments throughout.

The prices in Wilmore have now continued to rise rapidly. There has now been a sale at $425,000, another under contract at $455,000, and TONS of new homeowners, TONS of homes in process of huge remodels, and a seemingly endless number of folks looking for a steal-of-a-deal in the area. The renovations I have seen are, for the most part, extensive and as good as anything I have seen in Dilworth (where I live).

A lot of my friends have moved to Wilmore and love it. The comment about it being sandwiched in between I-77 and South Blvd being a negative factor I think is off-base. This is a neighborhood of wonderful old homes located between one of the most prized neighborhoods in Charlotte (Dilworth, yea, I am biased...), the ever growing and popular SouthEnd, the light-rail, lots of new mixed use projects...from my vantage point, and from the fact that homes in Wilmore are now selling for up to $200/foot, you won't know the difference between Dilworth and Wilmore in only a few years. The pricing has almost caught up with Dilworth as it is (average price in Dilworth $250 - $300/foot).

As far as Wilmore being priced too high now for new homeowners or even investors to have or build equity...the upper end has gone up WITH the lower end. The fixer-uppers are much higher than they were but the renovated larger ones are now over $400,000.

As for the comment about someones friend that can't rent a well renovated home: in highly appreciating areas rents don't tend to follow value. Just because you have a home you purchase for $300,000, doesn't mean renters will suddenly pay your mortgage payment when a home unimproved is $600/month down the street. Furthermore most people I know that have moved into Wilmore did so for a handful of reasons -- similar homes priced less than those in other close-in neighborhoods, potential for equity (quickly!), anticipation of amenities being built around them -- all of this makes up for the fact that there is still some crime in the area and all properties are not in great shape. In effect staking their claim in the area. Renters aren't doing that -- they won't build equity and are not staking any claim -- so why would they take the risk with an up-and-coming neighborhood when you can still rent in a quad or small home in Dilworth for the same rental rate? I've watched this in NoDa, Midwood, and Dilworth -- as prices rise and rents don't they are great markets but not great rental markets. Most "for rent" signs in Wilmore are almost too faded to read...

Obviously I am a fan of the neighborhood and there are negatives, no one denies that, but NO ONE I know that lives there has had a problem with anything other than minor property crime, i.e. don't leave your lawn mower in the front yard over night.

[Charlotte_native]

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

Seversville, Biddleville, Bruns, Belmont, Villa Heights

[UrbanLifter]

Thirty years ago, I worked in circulation for The Observer. The eastern edge of my district was Wilmore. It was the best route I had which gives some clue as to where the rest of my district lay (west).

In order to find individuals to take the paper route in that area, I had to advertise the route as "West of Dilworth".

It worked!

Its great to see that Wilmore is living up to its potential. There is great housing stock in the area and its so convenient to the urban core.

[lewy2000]

Hey all,

I recently purchased a home in Wilmore (W. Kingston Ave.) and wanted to chime in. Purchased the house two months ago, doing a total renovation and plan on moving in on August 1st.

Since I've purchased my house, three more homes have begun renovations on W. Kingston. Another house was recently put on the market for over $550,000.

I tend to agree that the area of Wilmore between Mint and Tryon is likely to appreciate the quickest because of its proximity to the light rail and South End, although a house on Wilmore Ave (overlooking a used car lot no less) recently sold for around $420,000.

I don't agree that this area is overvalued. It will continue to appreciate as South End grows. It's all about location... not to mention once these homes are renovated (and "the element" is kicked out) it will simply be a nice neighborhood to live in... a la Dilworth.

Glad to be here and to be a part of Wilmore's turn-around.

[Charlotte_native]

Hey all,

I recently purchased a home in Wilmore (W. Kingston Ave.) and wanted to chime in. Purchased the house two months ago, doing a total renovation and plan on moving in on August 1st.

Since I've purchased my house, three more homes have begun renovations on W. Kingston. Another house was recently put on the market for over $550,000.

I tend to agree that the area of Wilmore between Mint and Tryon is likely to appreciate the quickest because of its proximity to the light rail and South End, although a house on Wilmore Ave (overlooking a used car lot no less) recently sold for around $420,000.

I don't agree that this area is overvalued. It will continue to appreciate as South End grows. It's all about location... not to mention once these homes are renovated (and "the element" is kicked out) it will simply be a nice neighborhood to live in... a la Dilworth.

Glad to be here and to be a part of Wilmore's turn-around.

Glad to see new happy folks in Wilmore -- I work over there a lot and lots of my friends live there (and i suspect I know which house is yours!).

I don't think it is overvalued at all -- it is just as good a location as any center city neighborhood, has great homes, and was undervalued -- it is now just catching up to Dilworth and Wesley Heights.

The home on Wilmore Drive sold for $435,000!

Watch also for announcements soon for mixed use and condos on the Tryon corridor through the 'hood!

Oh, and there is a new listing on your street for $415,000...

[DigitalSky]

Glad to see people like you contributing to Wilmore's turnaround lewy!

[sleightofhand]

Wilmore's renovation hasn't slowed down one bit. I continue to see new homes being renovated all the time. You can sense the neighborhood turning more and more positive.

[Charlotte_native]

Wilmore's renovation hasn't slowed down one bit. I continue to see new homes being renovated all the time. You can sense the neighborhood turning more and more positive.

Yea, the changes are pretty rapid now. There are probably over 30 homes being renovated now and sales over $300,000 are no longer uncommon. I think this neighborhood has changed faster than any I have seen in Charlotte. NoDa and Wesley Heights were fairly fast, Wesley being faster, but nothing like this pace. We did a study about a year ago and there had been a 90% appreciation rate on average for the two year period before.

[voyager12]

It would be nice if some new mixed income housing was interspersed in Wilmore. I suppose that is too much to ask though. It will become a lily white uberaffluent Dilworth once "the element" really nice terminology, btw are "pushed" out. The majority of whom are hardworking and will have no place to go. But who cares about them right? We just want more renovated bungalows for "our kind".

[lewy2000]

There's Wilmore Walk.

Wilmore had literally been decaying for years. Houses condemned, boarded up, burned down, etc. and homeowners without the means or care to repair them.

The only ones complaining in Wilmore are the renters... one of whom offered to give me a Monica Lewinsky in exchange for some spare change.

She was definitely a hard working lady!

[voyager12]

Hey now, as a responsible renter being inexorably pushed out of my old apt in Dilworth I take offense to that Everyone can't be a homeowner instantly. There should be consideration for different income brackets in gentrifying neighborhoods like Wilmore. Including consideration for long time law abiding residents not the criminals. And yes I can drone on about that..but thats just me And I tend to ramble so I shall spare you