| Fewer than 10 years ago, Charlotte, NC, was a | | | | the capital, good credit and job security, now is a |
| medium-size city with a strong banking industry. It | | | | good time to consider buying a home. One local |
| quickly grew into one of the southeast’s most | | | | development firm is happy that some people are in |
| prosperous cities, drawing revenue from Wachovia, | | | | this category. The Royal Court Condos, slated to |
| Bank of American and smaller, funds management | | | | open in February, are selling and prepared for |
| businesses. This growth spurred more growth. People | | | | occupancy. |
| arrived and the population grew. Residential and | | | | The building – 11 residential floors atop 21/2 of |
| commercial property was built and the real estate | | | | parking – has 35 units left for sale, but |
| market boomed. | | | | competition is getting scarce. |
| Then the recession hit and Charlotte’s quick rise | | | | Fewer than 1,000 high-rise units are still under |
| stumbled. Too many project developments, too | | | | construction in the center city. Three towers have |
| many residential properties on the market, and not | | | | been postponed, and two have been halted by legal |
| enough buyers, or not enough capital to sustain the | | | | disputes. |
| gigantic real estate bubble. | | | | “We feel good about Royal Court,” Hollidge |
| Now Charlotte is in a precarious situation. It is | | | | said. “The financing market on future |
| working hard to pull itself up from the recession. It is | | | | construction will limit the projects coming out of the |
| using its vital economic muscle to make the coming | | | | ground for the foreseeable future.” |
| years prosperous and healthy. It is leaning on its | | | | The market should tighten and could work in Royal |
| cultural attractions, its high quality of living and | | | | Court's favor as fewer units are built in and around |
| successful population to attract commercial investors | | | | the city, said housing analyst Emma Littlejohn of The |
| and realtors with the future in mind. | | | | Littlejohn Group. |
| Make no mistake, though, that real estate is a hot | | | | This is good news for some. For others, the trick |
| topic in Charlotte. Many downtown buildings and | | | | now is to wait out the economy, to raise capital and |
| office spaces are for sale. Bank of America and | | | | plan for the future. If that sounds like the most |
| Wachovia are in transition, Project developments | | | | reasonable thing for your and your family, a smart |
| need to be sold and homeowners are waiting for the | | | | option is to rent in Charlotte. Plenty of attractive, |
| economy to recovery before they think about selling | | | | affordable apartments are on the market. |
| or moving into another home. For some, if you have | | | | |