12 Nov Mortgage News Summary for November
New residential projects are on the horizon for the Charlotte area. Meanwhile, in the Cape Fear region, sales of luxury homes have regained their footing after the downtown that followed Hurricane Florence. Meanwhile, Mount Pleasant has another new community for those seeking convenience and coastal living. Here is more on the mortgage news stories we are watching:
An Overview of What’s to Come in Residential Real Estate Development in Charlotte
The residential real estate market is continuing to grow in the greater Charlotte area, with new multifamily and townhome projects getting the green light. Charlotte City Council approved several townhouse developments during its October rezoning meeting, adding almost 400 units across the city. Here is a look at what’s coming:
- Revolve Residential (Charles Ave., Whiting Ave., Spencer St. and Clemson Ave.): deferred 16 single-family homes, four townhouses and 16,000 square feet of adaptive reuse
- City Park (West Tyvola Road just south of Yorkmont Road): approved 260 townhouses
- Llewellyn Development (Park Road, north of Sharon Road): approved up to 20 townhouses
- Ryan Homes (north side of Wallace Lane, east of Independence): approved up to 119 townhomes
- Preston Park by Meritage Homes (Cranford Drive and Franklin Street in Pineville): approved to develop 229 lots for single-family homes
- The Townes at Sherrills Ford (western side of Lake Norman): planning a 153-unit townhome community
The Cape Fear Region Sees Improvement in High-End Home Sales
According to the North Carolina Regional Multiple Listing Service, the high-end home market bounced back in October after suffering its worst month ever documented. Hurricane Florence hit the Cape Fear region on September 14, compelling real estate, mortgage and law offices to shut their doors and delaying scheduled inspections and closings. This extreme weather event was responsible for an uncertain and sluggish September for the local housing market. During October, eight luxury homes sold in New Hanover County after only two sold in September. However, looking at the year-to-year comparison, four fewer high-end home sales occurred in October 2018 than in October 2017. In total for the three counties (New Hanover, Brunswick and Pender) that make up the region, 16 luxury home sales took place in the month of October.
Another New Community is Being Developed Off U.S. 17
Pointe at Primus is a new upscale neighborhood slated to be located between the Isle of Palms Connector Bridge and Boone Hall Plantation in Mount Pleasant off U.S. Highway 17 North. The Pulte Homes community has amenities such as high ceilings, garages and multiple bedrooms in all homes, with prices starting at $437,990. The planned neighborhood offers an arrangement of home sites, including park, pond and privacy settings, and is convenient to top schools, dining and shopping attractions, area beaches and historic downtown Charleston.
With so much activity in the Carolinas, isn’t it time that you partnered with the best? Our service and communication are top-notch. At Fairway Independent Mortgage of the Carolinas, we treat your real estate customers like you do — with fairness and with their best interests at heart. They are our priority, as is closing loans quickly with no surprises. Let us change how you think about mortgages.
Martin, Jenna. “Residential roundup: A look at what’s new in the Charlotte market.” Web blog post. Charlotte Business Journal. 7 November 2018. Web 7 November 2018.
Nunn, Cece. “Luxury Home Sales Fared Better In October Compared To Storm Month.” Web blog post. WilmingtonBiz. 9 November 2018. Web 9 November 2018.
Parker, Jim. “Brief stroll to grocery among features distinguishing Pulte Homes enclave east of Cooper.” Web blog post. The Post and Courier. 10 November 2018. Web 10 November 2018.