July 25, 2006 News & Views » Cover

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A Buyer's Market 

Urbanites looking for downtown living can still find affordable homes in many Charlotte neighborhoods

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"People don't want to do anything to a house," said Longstreet. "They don't want to change a light bulb. That's too much work. They think that a fixer-upper means they'll paint the bathroom. I think that's a huge problem in trying to get a value. You need to at least expect that an old person's house will have ugly wallpaper and ugly counter tops and an ugly kitchen floor, because if you want to buy it fixed up, then you are paying the price for somebody else having done that work."

None of which means you have to lift a finger, of course. Most of what Longstreet is talking about can be tackled by contractors over a weekend.

"People are more willing to pay $179,000 for something that is all redone than to pay $140,000 for something that just needs to be painted," stated Longstreet. "I think that is the hardest thing they have to overcome is not necessarily finding the houses but doing the work, making that adjustment mentally that they are going to have to paint and pull up rugs."

And it's also important to do your research, says Dan De La Portilla, a realtor and urban pioneer who was one of the first to move into Wesley Heights off West Trade Street, a neighborhood with home values that have tripled in less than a decade. Just because a neighborhood close to downtown is a little gritty around the edges doesn't mean it has a crime problem. Home values in an up-and-coming neighborhood that's affordable often begin to quietly creep up before all the yards start looking nice, but you can't tell what's going on without finding out what houses were selling for two years ago, who lives there and what's changing.

In the end, Lefoy was one of the fortunate ones. Her landlord happened to be renovating a house in Merry Oaks, a cute but far less expensive neighborhood right next to Plaza Midwood on Central Avenue. Lefoy had never heard of Merry Oaks, but as soon as she saw the beautifully renovated house, she knew she was home. At $131,000, less than half of what she would have paid in Midwood, her payments aren't cramping her style, either.

"I'd never heard of Merry Oaks before," said Lefoy. "Nobody had. It's kind of like a hidden jewel."

EAST OF DOWNTOWN/PLAZA MIDWOOD AREA

Merry Oaks

It's one of the downtown area's least expensive and most centrally located neighborhoods, which makes it one of the best bargains on this list. Located next to pricey Plaza Midwood off of Central Avenue, it's a five-to-seven-minute drive to downtown and less than two miles from the hip "Plaza Central" retail district.

Home prices run about $100 less per square foot than in Plaza Midwood -- in the low $100,000s for fixer-uppers up to $190,000 for renovated houses.

click to enlarge A home in Colonial Village, bound by Park and Scaleybark roads, Hartford Avenue and South Boulevard - TARA SERVATIUS
  • Tara Servatius
  • A home in Colonial Village, bound by Park and Scaleybark roads, Hartford Avenue and South Boulevard

It's an ideal place to buy and hold for a few years because it is quietly seeing significant appreciation as renters are replaced with homeowners interested in the urban lifestyle. Merry Oaks has large lots, big shade trees and homes built in the 1940s through the 1960s. A new paved greenway path connects Merry Oaks and Plaza Midwood, making the neighborhood ideal for runners and bikers. The neighborhood is a mix of older home owners, 40-somethings who discovered it when it was still rough a decade ago and stayed because they love it, young professionals, and renters. No particular group dominates, which adds that quirky flavor unique to urban neighborhoods.

Country Club

"It's a lovely secret," says resident Liz Boarman, 42, who paid $206,000 for her house last year. "It's progressive and people-friendly. I love that it has mature trees. It's beautiful and it's quiet."

Like Merry Oaks, Country Club bumps up against Plaza Midwood, where you'll pay twice as much for a house the same size and a lot that's likely to be smaller. The neighborhood is sandwiched between Midwood, Central Avenue, and Eastway and Hilliard drives and is a seven-to-10-minute drive to downtown. Homes have seen a large jump in value in the last few years, as young professionals have discovered them and bought them from older homeowners who still dominate the neighborhood. Properties sell for $100,000 to $215,000, depending on their state of renovation.

Sheffield Park/Eastway Park

Realtor Lexie Longstreet calls this neighborhood "one of the best values" in the Plaza Midwood area right now. The neighborhood, which is bounded by Eastway Drive, Central Avenue and Independence Boulevard, is loaded with different styles of homes built in the 1950s through the 1970s.

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