::"NightLine" Looks At Charlotte Real Estate
From Raleigh Chronicle Staff & Wire Reports
Tuesday June 19, 2007
CHARLOTTE - The "NightLine" national television news program on the ABC network recently aired a segment on the still growing real estate market in North Carolina.
The program, which aired last week, revealed that prices of homes in North Carolina hotspots such as Charlotte and Raleigh are holding steady and even rising, despite a recent national downturn.
According to NightLine's statistics, the average prices of homes in Charlotte had risen by 6.8% in the last year, while home prices were down an average of 1.8% over last year across America.
The report said that the surge in Raleigh and Charlotte was driven by several factors. Unlike some large cities that are experiencing a bubble burst in the real estate market, neither Raleigh nor Charlotte saw a massive spike that other cities experienced.
The rise in real estate in the big city markets in North Carolina has been slow and steady, so there was no major drop off, said the report.
"Beware of hot markets," commented a Charlotte real estate developer on the show. "Slow and steady wins the race."
Other markets that continue to well include Austin, Texas and Boston, said ABC.
Other factors include the massive influx of retirees to the state. According to the program, North Carolina is now the number one retirement home destination in America.
A real estate agent in Charlotte who was interviewed in the segment said that a lot of retirees who they called "halfbacks" had moved to Florida, but possibly because of hurricanes or other reasons were now moving half-way back up the coast to North Carolina.
Those new residents who are moving to North Carolina from other states such as those up north can sell their old house and buy a much nicer house for the money here, said the real estate developer.
"You get more room for your money," said the reporter in the segment.
Big Economy Growth
Other reasons in Charlotte include a booming bank economy. The program interviewed Hugh McColl, CEO of Charlotte's Bank America, who explained that the city is now the second largest banking city in the country behind New York.
The real estate developer in the piece also added that the city is the number two destination for workers in the 25 - 34 year old range, which is a hot demographic.
With dual incomes and executive jobs in the banking industry, couples can often afford a larger house than homebuyers elsewhere, said the real estate developer.
In addition, in terms of numbers, there is just a massive influx of people moving into the Charlotte area.
With approximately, 80,000 new people a year moving into the Charlotte area, it would fill Charlotte's football stadium with new residents, said the report.
"We can't build them fast enough" said the real estate agent about new houses in the area.
Of course, there is one major downside to all of the growth in Charlotte -- urban sprawl.
"One downside -- strip mall after strip mall, gated community after gated community," said ABC News in the report. ::