Charlotte Information - Living in North Carolina

Forbes.com has included Charlotte, NC on its list of ten recession-proof cities in the United States. Chosen from among the country's fifty largest metropolitan areas, the ranking cites the cities for their high job growth, rising home values and low unemployment amid a national economic downturn. Charlotte continues to buck this national trend by ranking ninth on the list.

Despite a recent rise in unemployment, the economy in the Charlotte metropolitan area has been resilient. Home prices have shown healthy growth, and industries including professional and business services, leisure and hospitality, transportation, education and health are expected to steady the local economy throughout 2008. The stable and growing employment in these and other industries has helped maintain relocation to the area as these new workers search for homes.

Topping the list is Oklahoma City, Okla., followed in order by San Antonio; Austin, Texas; San Jose, Calif.; Raleigh; Salt Lake City; Houston; Seattle; Charlotte; and Dallas/Fort Worth, Texas.

In compiling its rankings, Forbes.com looked at unemployment and expected industrial growth data through February from the U.S. Bureau of Labor Statistics. It also surveyed home-price data from the National Association of Realtors and gross metropolitan product projections from the U.S. Conference of Mayors.

Cornelius commissioners voted to move forward with the largest development proposal in this town's history, a project that could lead to sweeping changes to the region's economic and traffic landscape.

The board approved a rezoning and conditional-use permit for The Village at Lake Norman, which will encompass up to 2.4 million square feet of shops, condos, restaurants, offices, parks and two hotels. The project will likely require the rezoning of 105 acres on the southwest corner of U.S. 21 and Westmoreland Road.

As part of the $516 million project, the developer has promised to widen Interstate 77 to at least three lanes in each direction between Exits 23 and 28 and add an interchange at Westmoreland Road.

Development plans like this project and others ongoing in Mecklenburg county attract business and relocating home buyers to the area and help support the regions stable home valuations.

The event is anticipating up to 10,000 spectators per day, according to the Center's director of marketing. Tickets purchased in advance are just $15 and include admission for all three days. For many sports fans, it may be their first and only chance to meet and talk with Olympic athletes.

The event will host whitewater athletes from all over the US plus at least nine other countries, including Canada and Australia, who are also competing for the right to go to Beijing. The kayak and canoe racing is just part of what promises to be a special weekend at the U.S. National Whitewater Center.

There will be fun stuff happening for the entire family, creating a festival atmosphere which will include live music, Red Bull energy zone, YMCA kid's zone, sponsor booths, a food court, beer and wine and fireworks on Saturday night. To top it off there will be a "Riverbottom Throwdown", a U.S. sanctioned rock-climbing competition on April 26 at the center's impressive climbing center.

It is events like these and nationally recognized attractions in the Charlotte metro area that attract business and relocating home buyers to the area and help support the regions stable home valuations.

A homeowner’s experience doesn’t stop at the door to the back yard. Rather, with leisure time and entertaining moving from indoors to out, creating an outdoor “room” remains high on the list of homeowner's upgrade projects. It also adds significantly to a homes market appeal and resale value.

An outdoor room can be created regardless of yard size or income, but common denominators include hardscaping and landscaping to shape the space. Homeowners, particularly those in new-home developments, may not want to wait years for their landscapes to mature. Remedies for lack of patience include adding elements that give form and structure. Arbors, pergolas, furnishings and container gardens lend a finished look to an undeveloped space until more permanent landscaping fills in.

Additionally, the market today is ripe with a wide variety of quality outdoor-worthy furnishings, from stainless steel grills and outdoor kitchens to durable furniture and accessories with the comfort and style of those once found only indoors. Add a few elements for sensory stimulation-outdoor heating, fire pits and fireplaces for warmth, fountains and spas for relaxation, and specialty lighting for just the right ambience, and you’ve created a place that really feels like home.

The fourth annual Mint Hill Highland Games (www.minthillscottishsociety.org) were a success yet again, despite the weather. The festivities began with a free concert and a torchlight ceremony and "calling of the clans."

Other activities that patrons enjoyed included:

• Athletic events such as the caber toss, the hammer throw and the sheaf toss.

• A parade featuring Jamestown Pipes and Drums, the Scottish-American Military Society, Scottish dog breeds, and men with bonnie knees wearing kilts.

• Sheepdog demonstrations.

• Celtic rock and traditional music throughout the day at two stages.

• Scottish dance demonstrations and performances by The Charlotte Scottish Country Dance Society.

• Information tents set up by various Scottish clan associations.

• A highland vendor village, featuring artists selling a variety of handmade goods.

• Scottish foods served for those who enjoy haggis, meat pies, shortbread and Irn-Bru, the official soft drink of Scotland.

North Carolina newcomers may wonder why the state has so many Scottish games. According to the Web site www.northcarolinahistory.org, North Carolina was one of the most popular places for Highland Scots to settle.

It is events like the Highland Games and other cultural happenings throughout the year that help keep Mint Hill home values growing. People from all over are discovering this small town southeast of Charlotte and are relocating to be part of it's southern charm.

Mecklenburg County has long had hundreds of million-dollar homes. Now, its neighboring county to the southeast is catching up!

Union County has tripled its number of homes worth more than one-million since its last property revaluation. Half the million-dollar homes were built since that last revaluation.

In 2004, Union had 306 homes valued at one-million or more. Since then that number jumped to 1010, according to Union County tax records. By comparison, Mecklenburg has more million-dollar homes now than tax records show. In the 2003 Mecklenburg County revaluation, 1977 single-family homes were worth at least one-million.

Searching mls listings, you will find more than 300 homes for sale with prices at more than one-million. The county's tax values are generally lower than what people actually pay for the homes. Mass appraisals set more accurate home values for typical homes than those with extremely high values. It is not easy to figure exact valuations for custom homes, which are a small part of the county's 58,000 total home count.

home valuations in many U.S. cities continued to drop by record levels in January '08 as sellers cut their asking prices and rising foreclosures took their toll, except in Charlotte NC, new data showed.

While the spring selling season usually gives the market a boost, a notable improvement may not come until well into the summer of '08. U.S. home prices fell 10.7% in January '08, and the Standard & Poor's/Case-Shiller home price index of twenty large cities saw the steepest decline in the index's twenty year history. Only Charlotte NC gained in the index, with a 1.8% rise in January '08 home valuations compared to a year earlier.

Worst-hit were Las Vegas and Miami, both reporting 19.3% declines, as the regions are still hurting from speculation and overbuilding during the boom years. Those cities and 14 others, including Phoenix, San Diego and Detroit, posted record lows.

You can view Charlotte NC MLS listings to see housing inventory in the area and get a current picture of our market.

Sales of existing homes nation-wide increased in February and remain within a stable range, according to the National Association of Realtors®. Sales of properties - including single-family, townhomes, condominiums and co-ops - rose 2.9% to a seasonally adjusted annual rate of 5.03 million units in February  '08 from a rate of 4.89 million in January '08, but remain 23.8% below the 6.60 million-unit level in February '07.

Buyers taking advantage of higher loan limits for both FHA and conventional mortgages are releasing some pent-up demand. As inventories are drawn down, home values in many markets should go positive later this year.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.92% in February '08 from 5.76% in January '08. The rate was 6.29% in February '07.

Total housing inventory fell 3.0% at the end of February '08 to 4.03 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.2-month supply in January '08. You can search Charlotte MLS to view local housing inventory and get a current picture of our market.

Relocation propelled two Charlotte-area counties to rank among the nation's fastest-growing in 2007 according to a U.S. Census analysis. This growth has had a positive affect on the areas housing market and home values.

Union County ranked seventh among fast-growing U.S. counties with populations over 10,000. Mecklenburg was tenth by adding about 32,000 people. Union County advertises good schools and lower taxes. It has grown at a faster rate each year since 2002. Its population grew to about 185,000, according to the estimate. That's up almost 50% from 2000.

Union's student population has grown by 84% in the last ten years. In that time, the system has built seventeen schools and spent more than $500 million on construction.

Overall, the 11-county Charlotte region grew by about 79,000 people. Mecklenburg, with a population of 867,000, is by far the region's biggest county. It grew by 3.8%.