Fewer than 10 years ago, Charlotte, NC, was a medium-size city with a strong banking industry. It quickly grew into one of the southeast’s most prosperous cities, drawing revenue from Wachovia, Bank of American and smaller, funds management businesses. This growth spurred more growth. People arrived and the population grew. Residential and commercial property was built and the real estate market boomed.

Then the recession hit and Charlotte’s quick rise stumbled. Too many project developments, too many residential properties on the market, and not enough buyers, or not enough capital to sustain the gigantic real estate bubble.

Now Charlotte is in a precarious situation. It is working hard to pull itself up from the recession. It is using its vital economic muscle to make the coming years prosperous and healthy. It is leaning on its cultural attractions, its high quality of living and successful population to attract commercial investors and realtors with the future in mind.

Make no mistake, though, that real estate is a hot topic in Charlotte. Many downtown buildings and office spaces are for sale. Bank of America and Wachovia are in transition, Project developments need to be sold and homeowners are waiting for the economy to recovery before they think about selling or moving into another home. For some, if you have the capital, good credit and job security, now is a good time to consider buying a home. One local development firm is happy that some people are in this category. The Royal Court Condos, slated to open in February, are selling and prepared for occupancy.

The building – 11 residential floors atop 21/2 of parking – has 35 units left for sale, but competition is getting scarce.
Fewer than 1,000 high-rise units are still under construction in the center city. Three towers have been postponed, and two have been halted by legal disputes.

“We feel good about Royal Court,” Hollidge said. “The financing market on future construction will limit the projects coming out of the ground for the foreseeable future.”

The market should tighten and could work in Royal Court’s favor as fewer units are built in and around the city, said housing analyst Emma Littlejohn of The Littlejohn Group.

This is good news for some. For others, the trick now is to wait out the economy, to raise capital and plan for the future. If that sounds like the most reasonable thing for your and your family, a smart option is to rent in Charlotte. Plenty of attractive, affordable apartments are on the market.

Quick House Sale