Charlotte University City Area REO and Short Sales

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REO Dominates Sales, Short Sales Dominate Listings in the University area

Looking at single family homes in the University area, this price research for a client yielded interesting results. Short Sales dominate the Home Listings in the University area, but homes Sold? Of 85 sales since 6/1/09 reviewed, there were zero short sales sold, and about 40% of sales were REO properties.

Note the 3 short sale offerings, and the actual REO sales from this past summer in green. The spread between Asking and Selling prices is quite small suggesting the Short Sales are reasonably priced… so why don’t they close? Take a look…


Asking Price	Last Sale Price	Tax Value	REO	SS	Size Approx	Asking$$ /sf	Community	HOA	Notes
180000	238500	185700		X	2700	66.67	Withrow Downs II	355	Pool-clubhouse
209900	250000	234100		X	3200	65.59	Withrow Downs II	390	Pool-playground
219000	254000	320000		X	3150	69.52	Withrow DownsII	225	Pool-playground

212000	L 262900	265800	X		3045	69.62	Riverwalk	?	na

Sales	Sales Price	Tax Value				Sold/sf
207500	195500	247200	X		3100	63.06	Withrow Downs	355	Pool-clubhouse
207600	198300	240600	X		3644	54.42	Withrow Downs	399	Pool-clubhouse
229500	207000	239300	X		3307	62.59	Mallard Lake	550	Pool-playground
294900	272500	343300	X		3800	71.71	Fountaingrove	495	pool recreation area	all brick 3car side load OSP 380K

So- as we’ve discussed before, REO sellers are much stronger and easier to work with than the Short sale. It seems the market agrees- even though price differentials are small, the short sales sit, the REOs sell. The best deals in Charlotte are REO… not pre-foreclosure or Short Sales.

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The McDonald Team is your Buyer Agent… we work for our Buyer Clients as Exclusive Buyer Agents- our Agents won’t show you a house with their name on it, so there is never a conflict of interest and we’ve got your back covered every step of the way, A -Z. New Home, resale, foreclosure… we’ve got you covered! We love getting great REO deals on Charlotte Real estate for our buyers!!