We think the greater Charlotte area may be the epicenter of the next hyper-growth real estate market.
The Charlotte region is expected to grow to 280% of its current size over the next 20 years – strongest of any major US city.
Charlotte’s economy continues to grow and diversify anchored by the strong financial community and with $1 trillion in banking resources it is second only to New York City.
Charlotte’s retirement population has grown by over 59% in the last 6 years, a trend which is expected to continue and accelerate. Projections anticipate over 200,000 people over the age 50 moving to the Carolinas in the next year.
There are 17 major infrastructure projects scheduled in the next six years.
The most conservative yearly residential real estate appreciation rates for 2006 · from Fortune Magazine were 5%.
The Charlotte MSA saw an actual appreciation rate of 7.88% for the year ending Q306. Furthering an accelerating trend.
The latest November 2006 analysis by Smart Money (the Wall Street Journal Magazine) indicates that Charlotte real estate is still 13% under fair market value.
Rental occupancy rates have tightened up to a level where 93.2% of any available rental property is occupied. Charlotte vacancy rate plunged by more than 35% in just two years. Occupancy rates continue to break records.
