The Charlotte real estate market is seeing a clear upswing, as property values are increasing and days on the market are dropping, and the team at Henderson Properties is noting a trend in these changes. In Charlotte, it is the young professional, moving to the city in search of one of the many jobs available in the metro region, that is driving this upswing. A recent article in the Charlotte Business Journal agrees, stating that, while sales of condos and townhomes have not yet reached pre-recession levels, developers are seeing more success than they have in recent years.
Developers Targeting Young Professionals Are Seeing Success
Why are young professionals so valuable in this market? According to the Charlotte Business Journal article, these buyers, along with Baby Boomers who are starting to downsize from the homes where they raised their kids, priorities other than yard work and home maintenance are pushing buyers towards low maintenance properties.
Post-recession, condos and townhomes were moving, but existing units were, by far, the largest sellers, and developers were not focusing on building new properties due to the poor sales. This is starting to change. Building permits for townhomes in Charlotte totaled over 1,060 in 2014.
Where developers are seeing the greatest response to their available condo and townhome units is in the smaller, more affordable units that target young professionals. A 33-unit townhome development called Easton Park, a project of Cambridge Properties and Cooper Builders, is an example of this. Already, 11 of the units are under contract, even while the property is yet to be finished. This is just one of many examples of developments targeting this specific demographic.
Location Key to Young Professionals
Low maintenance living is just one of the perks for young professionals who are buying up condos and town homes. They also enjoy the location of many of these units, near work and other amenities. Living in the downtown area means the option to take public transportation to work, so forgoing a car, and enjoying close proximity to education options, entertainment, shopping, nightlife and dining.
As Charlotte continues to crawl its way out of the real estate recession, experts believe that the condo and townhomes market will continue to increase, and young professionals will lead the way as new developments grow in popularity and price.