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Wilmore, Charlotte


sleightofhand

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^^^Could not agree more MZT. I think a 50K-100K from the current sticker is more appropriate for the homes being listed. They were waaaaay to optomistic. Now that lending standards are tightening, and housing is cooling down (waaaay down) I would bet at the current price they will sit there another 2+ months.

A2

I got to looking on the MLS today, and brother- there are some really sad looking "restorations" listed. What are these flippers thinking?Check out #637663... only $350,000 for this one. It doesn't seem to be in any hurry to sell... photos were taken back in the fall with leaves on the roof. Sheesh. At least update the pics and show finished interior walls.
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I really don't get some of these investors who think they can buy a house for cheap, put cheap things into it, don't do anything with landscaping or making it look attractive at the very least, and expect to sell for $100,000+ profits. Those homes that you listed in Wilmore will NEVER sell at the price listed, even at today's market and the Spring season approaching. Whoever is their real estate agent needs to be fire immediately, because it is so obvious that those homes will not sell at its current status. Wilmore WAS hot, and since has cooled down. It's still an attractive neighborhood, but because it's so close to I-77 and there are still what I consider hazardous things going in around the neighborhood, it's still fragile. Honestly, for the kind of prices people are trying to ask for those homes, I'd much rather look at Sedgefield, Madison Park or Colonial Village. They are located right next to SouthEnd and with its intersection of Park Rd, which has now become the HOT area, ala Myers Park used to be 5 years ago, the value of these homes will hold steady and more economic development, as it's happening right before our eyes, will only increase its value.

Unless all the crime and investors get out of Wilmore, it will be at a minimum, a few years, before you'd see any large appreciation in the Wilmore area. What's even more interesting, since I live in Sedgefield off of Marsh Rd., I saw two homes sold in just 12 hours! right practically in front of my house. What's even more amazing were these were fixer-uppers, and they both went above asking price and still sold before the day was up! This means that the market demand for area 6-1 is still HOT and clearly indicates that the homes in Wilmore are just WAY OVERPRICED. Like the one poster said, $100,000 mark-down MAY get the house moving, but don't count on it going fast for even that price. For $229k, I can get a similar home in Madison Park where I can comfortably allow my children to go out the yard and play with their friends rather than having to carry a leash around them in fears they'd get mugged. Certainly, this doesn't mean that ALL of Wilmore is bad, but it is no where near the calibur Dilworth, Sedgefield or Myers Park offers, but you wouldn't notice that with those absurd prices sellers are trying to command for their homes there.

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Wilmore for the past few years has had dead sales *except for fixer-uppers* during the winter months. That is often a slow period in many other neighborhoods. Not saying prices haven't risen too fast, but a test during the winter might not be the best indicator of whether prices are stalled or not. From now until June is a better time to see if the spring buying season does anything. For instance this patter is very similar in Dilworth - most people in Dilworth, unless they have to, don't even put their homes on the market until April or later.

Example from the MLS:

November 2005 to April 2006

14 sales, 12 of them between $95,000 and $191,000, two others "higher" at $290,000 and $425,000

Then from April 2006 to July 2006

14 more sales but only 5 under $200,000 and the rest were $237,000 to $435,000 with 5 of them over $312,000

November 2006 to present

8 sales, 3 range from $148,000 to $189,000, and I was just surprised to find these, the others sold for: $229,000, $230,000, $300,000, $475,000, $520,000 <-- it actually had higher sales than I realized.

At any rate, winter is typically a dead time of year for sales. We'll all know if Wilmore has past its realistic pricing in another month or two. Right now there are more factors at work than just pricing. IMO. There have been two sales recently in the neighborhood for homes that would be classified as "fixer-uppers", they sold for $230,000 and $229,900 and they were very rough.

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After looking at those stats, I wanted to see if there were any other "interesting" figures in this market (note I watch this stuff as part of my job, but mostly for center city condos like Courtside and M Street -- we watch to see absorbtion rates for flip properties).

I found this interesting, fixer-upper properties in Wilmore (and in other similar neighborhoods) are generally on the market 60 days or less, even the ones that seem a bit pricey for their condition. Improved properties and renovated properties take an average of 120 days to sell, and a couple were as high as 250 days. I looked at the ones that were in the 250 day range, and all of them without exception, didn't go under contract until they were finished. Literally two, from the MLS notes I read and their market history, went under contract the very week they were completed.

Just interesting, to me, side notes from a real estate stats geek.

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Hey Charlotte_native,

Are people expecting an upswing in Wilmore once the light rail is finished? Meaning, are investors waiting for the light rail to finish before proceeding with rehab projects or new developements in that area of South End?

Also, do you think the 3rd Ward Park, baseball, and/or the new Wachovia complex (theater, museums, etc.) will have any impact on prices in Wilmore since those things will be about a mile away?

One last question! What kind of changes do you envision for the area of West Blvd. near where the light rail station is being built? When I drive through that section I see tons of potential for both sides of the street.

Thanks for your informed thoughts! I live in Wilmore and sometimes get a bit giddy when I think of the potential of Wilmore in five years.

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Hey Charlotte_native,

Are people expecting an upswing in Wilmore once the light rail is finished? Meaning, are investors waiting for the light rail to finish before proceeding with rehab projects or new developements in that area of South End?

Also, do you think the 3rd Ward Park, baseball, and/or the new Wachovia complex (theater, museums, etc.) will have any impact on prices in Wilmore since those things will be about a mile away?

One last question! What kind of changes do you envision for the area of West Blvd. near where the light rail station is being built? When I drive through that section I see tons of potential for both sides of the street.

Thanks for your informed thoughts! I live in Wilmore and sometimes get a bit giddy when I think of the potential of Wilmore in five years.

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I took a bunch of pix of new construction in Dilworth today (see new thread "McDonald Madness"), and thought I'd take a spin through Wilmore as well. I didn't realize that new construction was happening this much over here across South Blvd. Two of these are being built on lots that cost over $100,000.

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  • 7 months later...

Was riding through this area recently. Some streets are MUCH farther along than others. If the new construction houses on McDonald are asking 700-800K then I guess I could see where some of the houses pictured above could ask 400-500k. (I think both are ambitiously priced, but I'm sure there are buyers.)

I agree with what others have posted that this neighborhood will become fragmented where the area from mint over to tryon will come along nicely but other areas will take more time. I-77 and the projects to the south on Remount are the two biggest detractors.

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Was riding through this area recently. Some streets are MUCH farther along than others. If the new construction houses on McDonald are asking 700-800K then I guess I could see where some of the houses pictured above could ask 400-500k. (I think both are ambitiously priced, but I'm sure there are buyers.)

I agree with what others have posted that this neighborhood will become fragmented where the area from mint over to tryon will come along nicely but other areas will take more time. I-77 and the projects to the south on Remount are the two biggest detractors.

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