11 Feb Mortgage and Real Estate News Roundup for February
One of the top takeaways from the recent Mecklenburg County property revaluation is that neighborhoods bordering or near the center city area experienced a greater increase in value. Meanwhile, on the coast, January was a banner month for high-end home sales in New Hanover County. Here is more on the mortgage news stories we are watching:
Where in Mecklenburg County Experienced the Most Notable Changes in Property Taxes?
The statement, “it’s all about location,” certainly applies to the neighborhoods that are seeing the largest increase in their property taxes. The average value is rising anywhere from 16 to 155% — which is significant to those on the high end of the increase. Residential property values in Mecklenburg County had a median growth of 43%. This also marks some of the recent trends in real estate that Charlotte-Mecklenburg is experiencing. These include money and development entering typically less developed or less financially stable neighborhoods closer to the center city, the extension of the city’s transit system, and the aspirations of many people to live closer in to the hub of the city. Specifically, the Grier Height, Washington Heights, Druid Hills, Villa Heights and Belmont neighborhoods saw the greatest average increases in the city to their property value, growing by 126% to 156%. These gains can be both a blessing and a curse for those living in these areas. In some cases, it can be nice to see investments rise in value, especially if people are looking to sell. However, for many people, higher property values will translate to rising rent or increasing taxes, and worst case, owners decide to sell, leaving renters looking for a new home. It is important to keep in mind that the government has not decided on its tax rate, so it is yet to be determined how these gains in property value will translate into tax increases.
Solid Start for High-End Home Sales in New Hanover County
Luxury home sales in New Hanover County for January were the best in over 10 years, based on data from a recently published report. For the first month of 2019, the county had eight high-end home sales. This is more than double when compared to 2018 totals for homes priced over $1 million. When all is said and done, the total sales prices for all eight totaled greater than $10.5 million. To find another month with these numbers requires going back to 2008 when eight high-end homes sold, totaling nearly $14.5 million. In addition, January saw 11 luxury homes go under contract. Experts agree that these numbers are strong when compared to historical data and perhaps foreshadow what’s to come in the next several months.
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Nunn, Cece. “Luxury Home Market Glitters At Start of 2019.” Web blog post. WilmingtonBiz. 8 February 2019. Web 9 February 2019.
Portillo, Ely and Gavin Off. “Here’s where property values went up the most — and least — in Mecklenburg County.” Web blog post. The Charlotte Observer. 31 January 2019. Web 31 January 2019.