In Charlotte’s competitive housing market, with inventory scarce and prices rising fast, homebuilders are trying to lure potential buyers with options for new construction.
Builders have broken ground recently on several new projects around the city, with a variety of designs and prices, several aimed to appeal to renters looking to buy. Some are further away from Charlotte’s center, in suburbs like Pineville and Concord, where prices are generally lower. And one is restricted to buyers age 55 and older, a segment of the market that’s performed well in recent years.
Here’s a look at some of the newest housing developments underway:
Developers Real Estate Advisors and CapRock are building 19 townhouses near Seigle Avenue in the Belmont neighborhood. The 1,600- to 1,800-square-foot units will start in the $360,000 range. Each three-story townhouse will include a private rooftop terrace with skyline views.
“There is a huge market demand for transit oriented housing around center city Charlotte. Many of our customers are eager to transition from apartment living to home ownership,” said T.J. Larsen of My Townhome Realty, which is handling sales. The goal is to sell the townhouses to buyers “at a price point that allows buyers to lock in a monthly mortgage payment that is comparable to current apartment rental rates.”
The houses should be complete in summer 2019.
South of Charlotte, Imagination by David Weekley Homes is seeking to appeal to first-time buyers, a group that’s had a particularly rough time finding house in Charlotte for the past several years.
The Chadwick Park development near downtown Pineville will include 36 single-family houses, ranging from 1,900 to 2,400 square feet, and 84 townhouses, ranging from 1,400 to 2,100 square feet.
Prices will start in the low $200,000s, and sales are starting this fall.
Taylor Morrison is selling 183 homesites at the Allen Mills development in Concord, on Cox Mill Road near the intersection with Poplar Tent Road.
Prices will start in the low $300,000s, and models are open. Floor plans available range from 1,877 square feet to more than 4,300 square feet. Interest has been strong, the developer said.
“With over 30 presales, we’re very pleased with the enthusiastic response Allen Mills has already received,” said Kevin Granelli, Charlotte division president for Taylor Morrison.
In east Charlotte, Kolter Homes is building the next phase of its Cresswind development for buyers 55 and older.
Located off Albemarle Road just east of Interstate 485, the development is being built on 370 wooded acres. Since June 2017, the company has sold more than 120 houses.
Prices for the next phase of houses, 53 of which are for sale, start in the mid-$200,000s. Cresswind is an “active adult” community, and includes amenities such as field trips for residents, pickleball courts, bocce ball, indoor and outdoor pools, special interest clubs, a fitness center and a full-time “lifestyle and activities” director.
An 18,000-square-foot clubhouse is under construction, with completion planned for spring 2019.
“Our new clubhouse... is focused on fitness, nutrition and relationships,” said Mike McClendon, the project director.