The front page of the Charlotte Observer (issue Friday, 21 Mar 07) had an article on the Uptown condo market.  The premise of the article is that Charlotte’s once booming uptown condo market is falling on hard times as two projects have been cancelled and work on two others have been slowed or stopped temporarily.  Factors cited are rising construction costs, financial market turmoil, building code problems, and risk-conscious lenders.  Lenders are limiting their exposure these types of residential projects.  Read the entire article at the link below.

Link to Charlotte Observer Article

Short term: 

  • Sellers need to price their condo’s correctly for the market conditions.

  • Buyers can expect seller concessions / buyer incentives.

 Long Term:  “With the delays and lack of new project announcements, residential real estate analyst Emma Littlejohn of The Littlejohn Group said, ‘the demand for an uptown residence could outstrip the supply.’ “

Respectfully,

Rufus Hutchinson

Charlotte, NC Area Real Estate

NC and SC Realtor