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Trademark

49er

By 49er
in Charlotte

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uptowner Unincorporated Area

uptowner

Posted
Posted

Did my walk through today and got some pics of the views...

From the living area:

http://i200.photobucket.com/albums/aa63/jw...37/DSC00086.jpg

http://i200.photobucket.com/albums/aa63/jw...37/DSC00092.jpg

http://i200.photobucket.com/albums/aa63/jw...37/DSC00088.jpg

http://i200.photobucket.com/albums/aa63/jw...37/DSC00090.jpg

From the bed room:

http://i200.photobucket.com/albums/aa63/jw...37/DSC00100.jpg

http://i200.photobucket.com/albums/aa63/jw...37/DSC00101.jpg

Tried a panarama from the balcony:

http://i200.photobucket.com/albums/aa63/jw...naramasmall.jpg

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cltheel.sdl Burg

cltheel.sdl

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dubone Megalopolis

dubone

Posted
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I think to a larger extent than the projects not under construction, as I think the investors will be back to supporting jumbo mortgages in the future, but it does appear to be a short term fear period. I think very strongly that some buyers might struggle to get their loans, as I bet some people stretched to buy some of these condos, believing in their longer term potential. It is possible that the financial conditions of many buyers are better now than they were when they first put in a contract. But there will certainly be others who have had their finances get worse (possibly just last week), in some of the money they planned to make down payments with. If rates are suddenly up, or if a loan they had previously been approved for is suddenly unavailable, then some of them may truly have difficulty making it happen. However, I think there will still be new buyers if some have to walk away from their contracts.

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dman379 Unincorporated Area

dman379

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I think the spike in jumbo rates is definitely a reasonable concern for TradeMark buyers, specifically those in the larger units and upper floors where loan amounts will exceed the $417K threshold. Furthermore, TradeMark as a seller might have an issue on its hands as I saw a price sheet listing available units back in early July and ~50% of them (7 total) were the 2BR+Study D floorplan starting at $570K. They were already having trouble moving their biggest and most expensive units and the rate increase certainly won't help.

Does anyone have an opinion as to why those D units didn't sell as well as the others? It's a great floorplan with a great view, but it seems that Uptown buyers just don't need (or can't afford) more than 2 bedrooms.

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Uncle Dennis Unincorporated Area

Uncle Dennis

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I think the spike in jumbo rates is definitely a reasonable concern for TradeMark buyers, specifically those in the larger units and upper floors where loan amounts will exceed the $417K threshold. Furthermore, TradeMark as a seller might have an issue on its hands as I saw a price sheet listing available units back in early July and ~50% of them (7 total) were the 2BR+Study D floorplan starting at $570K. They were already having trouble moving their biggest and most expensive units and the rate increase certainly won't help.

Does anyone have an opinion as to why those D units didn't sell as well as the others? It's a great floorplan with a great view, but it seems that Uptown buyers just don't need (or can't afford) more than 2 bedrooms.

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jfuptown Unincorporated Area

jfuptown

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Posted

My 2 cents:

While there is no doubt that we have a mortgage problem and banks are going to be much more cautious. I don't buy into the sky is falling mentality that everyone in the country is facing foreclosure and lenders are just going to stop lending. If you have great credit and a good down payment, lenders are going to be fighting for your business.

I'd also like to point out that some people who might be buying a 400,000+ condo might not be financing that much. There are plenty of people in Charlotte that could pay $500,000 cash.

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