Just how expensive are Uptown Condos?

[monsoon]

.....

And just for refernce sake...that $47k income is almost a decade old, the latest numbers (2008), which are released by HUD for federal housing cost regulatory purposes estimates the Charlotte metro median income at $64,300......

[uptownliving]

I don't think the question ever was can the average person afford a condo downtown. The question was if there is a misperception of the prices of the condos downtown on the market. It seems that the people here on UrbanPlanet are fairly informed and come in line with the statistics that Charlotte Native provided.

However when I know people that look for a new house a lot of them don't even take a serious look at downtown because they automatically assume they can't afford it because of their misperceptions of prices downtown.

[maratletter]

*ADMIN EDIT*

Under no circumstances do we allow personal attacks in our forums. Next time you will find yourself banned from participating in our forums altogether.

The straw man argument about "median income" is vacuous. Let's be real. One of the main reasons to move downtown is to avoid being around so called "median income" people.

[Andyc545]

When I mentioned how environmentally unfriendly the condo with the built in car elevators was, a big deal was mad on "oh but you can't sell condos in Charlotte with accommodation for the automobile".

[Charlotte_native]

OK, since this has become something many wish to discuss, lets go for some real numbers. In a check just now there are 68 condos and townhomes under $250,000. Of those, 20 are 2 bedroom units. 18 of them are over 900 SF.

In the $250,000 - $350,000 range there are 55 units over 900 SF, 26 of them over 1200 SF. 52 units are 2 bedrooms or more, 8 are three bedroom units and with a single exception of those, all are over 1500 SF.

No one is trying to say these will satisfy a large family or someone that wants the space a suburban product will give, but they aren't all shoeboxes as many people believe. Now, of course, to some those will seem tiny, but to many that is all they want or need. The thought of a suburban 3000 SF + home to many of us is just as absurd as buying a 1200 SF uptown condo is to someone else. It is all in what we want or need.

I don't think the question ever was can the average person afford a condo downtown. The question was if there is a misperception of the prices of the condos downtown on the market. It seems that the people here on UrbanPlanet are fairly informed and come in line with the statistics that Charlotte Native provided.

However when I know people that look for a new house a lot of them don't even take a serious look at downtown because they automatically assume they can't afford it because of their misperceptions of prices downtown.

[Charlotte_native]

I would have to agree with the poster who suggested looking at the price per square foot. I suspect uptown has the highest in the city. I think you will find they are about $200-$500/sq ft certainly much more expensive than comparable (luxury) in the suburbs.

[monsoon]

.... Just that. The numbers on this poll indicate that people have a perception that prices in uptown are higher than they are -- regardless of who will or won't buy them.....

[Charlotte_native]

I don't think that anyone who regularly participates in the Charlotte forum is way off the mark on prices downtown.

[monsoon]

However..... If anyone is serious about buying real estate in this city will engage a real estate agent who will hopefully clue them in on the real price situation downtown.

[Charlotte_native]

However..... If anyone is serious about buying real estate in this city will engage a real estate agent who will hopefully clue them in on the real price situation downtown.

[Charlotte_native]

Article in the Observer today talks about the slow down of high rise condo construction downtown. They confirm that The Park, 210 Trade, 300 South Tryon, and Trump are all officially on slow-down or total hold. They do go on to say that it is a primary effect of the lending problems with banks and not due to lack of demand. It can't be a bad thing, really, if so much supply doesn't hit the market at once and a more reasonable pace of construction comes from this. They do end the article with the comment that: 'With the delays and lack of new project announcements the demand for an uptown residence could outstrip supply'. I guess we can all wait and see.

[hueion39]

A $250,000, 30/yr, 5.75 loan would equate to a montly payment of ~$1460

Under traditional loan standards, 40% of monthly gross income is used.

$47,000/12 = $3,916.67

$3916.67*.4 = $1,566.68

Condos are affordable in Uptown Charlotte for median incomes using traditional loan standards.

[cltheel.sdl]

This is a random question but do you guys know what the average interest rates are at this point in time for a fixed rate mortgage?

[Charlotte_native]

The straw man argument about "median income" is vacuous. Let's be real. One of the main reasons to move downtown is to avoid being around so called "median income" people.

[Andyc545]

This is a random question but do you guys know what the average interest rates are at this point in time for a fixed rate mortgage?

[monsoon]

Under traditional loan standards, 40% of monthly gross income is used.

[HopHead]

Seems to me when they use this figure they also include taxes, homeowners dues, PMI and insurance in that percentage. The percentages that I am familiar is 30% for the mortgage, and 36% for all debts. Given either scenario, the median income household would be very challenged to purchase a condo in downtown.

[hueion39]

Seems to me when they use this figure they also include taxes, homeowners dues, PMI and insurance in that percentage. The percentages that I am familiar is 30% for the mortgage, and 36% for all debts. Given either scenario, the median income household would be very challenged to purchase a condo in downtown.