28 Jan Mortgage and Real Estate News Recap for January
Property values have been evaluated for the first time in eight years, and many Charlotteans are startled by the results. Elsewhere, in the Cape Fear region, Cape Fear REALTORS® has parted ways with CEO Taylor Oldroyd. Here is more on the mortgage news stories we are watching:
New Property Values Give Many Charlotte Homeowners Pause
Even though this story has been in the news for almost a year, it doesn’t seem that Charlotte homeowners are really prepared for the large increase in the reassessed tax value of their properties. So many people flooded Mecklenburg County’s property website last week to review their valuations that the site slowed to a crawl. As required by state law every eight years, Mecklenburg County assesses the value on every piece of property in its jurisdiction. In Charlotte proper, homeowners pay $1.31 for every $100 of assessed value. The last revaluation occurred in 2011, and much — including an average of 70 people moving to the Queen City each day — has transpired in the real estate market since that time. For the past 18 months, properties have been evaluated and compared based on recent nearby sales, taking into account size, the number of bathrooms and bedrooms, and various improvements by county tax assessors. The center city area and the suburbs are seeing the largest gain on the residential side, but businesses are feeling the hit even more with the average commercial property value increasing almost 7%.
Cape Fear REALTORS® Without a CEO
Taylor Oldroyd is no longer CEO of Cape Fear REALTORS®, according to a recent news release from the organization. “After careful consideration, the leadership believes it is in the best interest of the association to pursue a different course in management and has already begun the search for a new executive,” a statement read. Jo Anna Edwards has been named interim CEO by the executive committee and will serve until a replacement has been found. Edwards has been with the association for 27 years and is executive vice president of the REALTORS® Commercial Alliance of Southeastern North Carolina.
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Dunn, Andrew. “Charlotte gets sticker shock as new property values go online.” Web blog post. Charlotte Agenda. 25 January 2019. Web 25 January 2019.
Nunn, Cece. “Oldroyd Out As CEO Of Cape Fear Realtors.” Web blog post. WilmingtonBiz. 22 January 2019. Web 22 January 2019.