It has been a strong year for what I’m coining luxury plus condos in Charlotte’s Myers Park and Eastover neighborhoods. Fueled by strong existing home sales, prospects have found it an advantageous time to sell their single family properties and make the transition into condos and town homes. We are tracking 5o of these properties that were either sold and closed in the last 12 months or are under contract (mostly new construction with CO’s).
What do these 50 condos and town houses look like? The average luxury plus home is 3 bedrooms and 3 baths; is 2873 square feet, and sold for $391.77 per foot. With an average price of $1,125,500 it appears that the primary buyer motivation is a change in life style, instead of a financial downsize. Most of the buyers are coming from the neighborhood, buying new or newer properties that offer limited maintenance in an accessible location, with room for family and friends. There are nine more new properties listed for sale in MLS, so expect the trend to continue into 2017.
In other business, clients top design trends according to real estate professionals as listed in BUILDER (11/14/16) were:
- Open layouts
- Neutral color schemes
- Multigenerational floor plans
- First-floor master suites
- No dining rooms
- White kitchens
- Extra-large garages
- Big closets
- Finished basements with 9′ ceilings
- Barn sliding doors
Ps. Your comments are welcomed.