Charlotte NC Condo Real Estate Market Report | The Renaissance | Market Absorption Trend Shows Strong Buyers Market September, 2011
One of the hardest hit condo complexes in one of Charlotte's historic districts (NoDa) is The Renaissance Condominiums. This brick community with great amenities, condos that feature a 1-car garage AND parking space for owners and close proximity to everything Charlotte, has taken a tremendous hit with the downturn in the economy.
With only 7 closed transactions during the past 12 months and 12 condos currently on the market, the market absorption trend has increased dramatically with a supply that is currently over 24 months. The sales prices have also fallen from an over- $200,000 price tag when new in '05 to an average sales price during the past 6 months at just over $130,000. Distressed sales are dominant in this complex.
The good news for buyers--The location (near Uptown Charlotte) of this hip, updated complex is a sought-after one and the ability to purchase a condo at this price with the interest rates that are currently available (some under 4%), you can't RENT this cheaply! Take advantage of this strong buyers market in this popular complex NOW!
Below is the current Market Absorption Trend for The Ranaissance Condominimus in Charlotte NC. Note the list to sales price ratio--reflective of savvy sellers and banks who are listing at prices that are closer to market value than ever before! Visit The Renaissance today!