How is the Charlotte Light Rail affecting nearby neighborhoods?
The Lynx Blue Line is changing the face of Charlotte. Many investors have followed where the city planned on pumping money into our local economy, and one major factor was the placement of the Light Rail. Basically the Charlotte Light Rail is Charlotte’s above ground subway system. The smart money started buying up residential properties in these nearby neighborhoods. Now, this isn’t a strategy for everyone. You have to be patient, and back in the 1990’s these weren’t the nicest neighborhoods to be involved in. It took vision, determination, and the ability to handle low income rentals. But these landlords are finally seeing the fruits of their labor. Their investments are rising. They bought cheap back in the day, the tenants rents have paid for the property mortgages, and the equity in their properties are skyrocketing as the neighborhoods continue to revitalize and grow. If you bought back in the 1980-1990’s you were able to get properties, well, dirt cheap. You could pick up a house in NoDa, The Arts District for next to nothing. These days, you’ll pay $100-115K for one of the few remaining vacant lots, or you can try to pick up a tear down for around the same amount. New construction now goes around 400-500K depending mostly on the square footage.
Can I still find a deal?
You can still find deals in NoDa, Villa Heights, Belmont-Charlotte, Hidden Valley, Old Concord Rd, Sugar Creek, and towards the University, but the secret is out. Villa Heights is especially HOT with new construction in the 300’s and Belmont-Charlotte in the 200’s. People are already starting to be priced out but if you are diligent, you can find a better deal on existing construction (smaller square footage, and maybe not all the newest fancy bells and whistles but instead, the charm and quirkiness of a 1920-30’s mill house/bungalow). Course, you could also head slightly further north along the Rail Line, there’s deals to be had there, as well.
History repeats itself.
We saw the same happen on the South Side of town when the Light Rail was built there. The Starmount neighborhood is a good example of renewed desirability and renovations happening, in that case, to older brick ranch homes. And you only need drive down South Blvd to see the amount of high density apartment complexes that are going up.
So if you are interested in purchasing in any of these areas, or anywhere else around Charlotte or surrounding areas, contact me, and let’s get started!
Check out this video about the Lynx Blue Line: