20 Jun Fairway of the Carolinas Mortgage News Review
Charlotte was named one of the nation’s ‘sweet spots’ for housing, and new townhomes are being considered for Charlotte’s South End area. In Wilmington, a new development of patio homes is attracting retirees. Here are a few of the stories we have our eye on this week.
Charlotte named one of nation’s ‘sweet spots’ for housing
The Charlotte Business Journal shared a report from Zillow stating which metro areas make owning more affordable than renting. Also in the report, Zillow showed which markets have the largest growth in both income and employment. Charlotte ranked number 6 on the list nationwide as one of the nation’s ‘sweet spots’ for housing. The report showed that in Charlotte, residents will live in a home for an average of one year and seven months before they decide it is financially beneficial to buy rather than rent. Additionally, it stated that incomes are growing at an average rate of 5.1% and the area’s employment is growing at a rate of 2.6%.
Townhomes being considered for South End development
Scaleybark Station, a transit-oriented project in Charlotte’s South End, may receive townhomes. Scaleybark Partners, LLC has filed pre-application materials for a 58-unit townhome project. The townhomes would be built on an 8-acre parcel on Clanton Road. The townhome project is part of a larger mixed-use development that has been planned since 2008. The total project will cover 23 acres and be located on the LYNX Blue Line. Plans encompass three phases of development, including 400,000 square feet of office and retail space, 440 residential units, a 125-room hotel, and 58 townhomes.
Patio home development is under construction in Wilmington
A neighborhood of patio homes is coming to Echo Farms. When complete, Echo Farms Village will include over 90 patio homes with lawn maintenance covered by the neighborhood’s homeowners’ association. Hardison Building and American Homesmith will be building the development, using floor plans similar to those in the WyndWater development. Wilmington area Realtor, Don Harris, commented on the construction of patio homes:
“We’re seeing a demand for them primarily because we’re a retiree destination place because of our culture and our weather.”
With so much activity in the Carolinas, isn’t it time you partnered with the best? Our service and communication is top notch. At Fairway, we treat your real estate customers like you do with fairness and their best interest at heart. They are our priority as is closing loans quickly with no surprises. Let us change the way that you think about mortgage.
Fahey, A. “Townhouses being considered for site of planned Scaleybark project”. Web Blog Post. Charlotte Business Journal. 14 Jun 2016. Web. 20 Jun 2016.
Martin, J. “How Charlotte hits the ‘sweet spot’ for homeownership”. Web Blog Post. Charlotte Business Journal. 15 Jun 2016. Web. 20 Jun 2016.
Nunn, C. “Patio Homes Appeal To Retirees”. Web Blog Post. WilmingtonBiz. 16 Jun 2016. Web. 20 Jun 2016.