About Charlotte's Plaza Midwood

This completely remodeled ranch home is located in the highly desired Midwood neighborhood, located just outside of Uptown Charlotte. This brick home was originally built in 1932 but has recently been completely renovated with modern amenities (42" Cherry cabinets, custom countertops, "Bruce" hardwoods, 30-YR shingles, energy efficient windows & doors with Thermal Guard insulation board and stainless steel appliances). The homes floorplan was designed for an accessory dwelling unit that could be converted for a guest/in-law suite or rental income unit. The seller, a NC licensed real estate agent, as well as a contractor, is open to discussing modifications any potential buyer may wish to be done with a full-price offer. This home is a must-see for those wishing to live in the Plaza-Midwood or Chantilly areas.

As we raise our children and talk about what is fair, we always say that everyone deserves a second chance. Well the same goes for neighborhoods and homes! One of our most popular areas of revitalization and growth in the Charlotte area is The Plaza – Midwood neighborhood in Charlotte, NC. This area was first developed in the 1920’s as one of the streetcar suburbs. Apparently, urban flight of the 1950’s through the 1960’s led this area to suffer and fall into decline. However, in the 1970’s, the area residents realized they needed to preserve the area and they developed a group to do just that. Click Here to go to the Plaza Midwood Website.

Over the past twenty years, the Plaza Midwood neighborhood in Charlotte, NC seen a great deal of upsurge in renovation and re-population. Homes are very interesting in this area; they’re not all of the same cottage or bungalow style. There are unique architectural styles and flavors throughout.

What you can find here:

For $259,450 you find a classic bungalow style home at 1629 Morningside Drive. The home has three bedrooms and two full bathrooms. It’s been reduced in price and they’re aggressive to sell. MLS 917036

· Modern upgrades such as dual sinks in the Master Bath.

· Refinished hardwood floors

· Bright, open floor plan with built-ins and double crown molding

· Large, fenced back yard

Next is a brand new home built in 2010 for $319,000, located at 1511 Tippah Park Court. Apparently, the paint is still damp on this one! MLS 917413

· Close to Veterans Park and the restaurants

· Gorgeous granite and stainless kitchen features w/ upgraded GE appliances.

· Spacious MBR suite opens to a private 2nd floor balcony.

· Open floor plan with brand new oak floors throughout the main level.

· Rocking chair front porch and a fenced back yard.

Staying on the same street, we’ll look at something a bit different. This home was built in the 1940’s but has been completely remodeled to look new inside. However, the beautiful architectural accents like arched doorways are untouched. For $475,000 at 2032 Tippah Avenue, you’ll find four bedrooms and three full bathrooms.MLS: 938134

· Brick 2-story, cedar shake accents, covered front porch

· Spacious formal living room with gleaming hardwood floors, crown molding and designer track lighting.

· Custom fireplace w/ onyx tile hearth

· French doors open to sunroom

· Formal dining room w/ hardwood floors, crown molding, brushed nickel chandelier

· Updated kitchen w/ granite counter tops, tile backsplash, recessed lighting

· Stainless steel appliances include dishwasher, built-in microwave and range with gas cook top

· Separate tiled laundry room w/ cabinets and laundry folding countertop

· Ceiling fans and plantation shutters throughout, updated bathrooms

· French doors lead to many rooms, finished hardwood floors everywhere

· Tiled terrace off master w/ views of Midwood Park

· Extensive stone work in the backyard!

· 2-car detached garage has built-in shelving and storage.

And for the Townhome tasted folks, there is a sweet deal on a place at 1533 Pecan Avenue. For $181,125, you can find a home less than ten years old with two bedrooms and two and a half bathrooms.(MLS: 925271)

This is an impressive end unit with:

· 10-foot ceilings, hardwoods, sunny windows, and a front porch

· Second floor balcony deck

· New kitchen w/ breakfast bar top open

· Double closets in the master bedroom, plus a skylight and a ceiling fan

· Walking distance from Nova Bakery, the Penguin, Thomas Street Tavern and shops!

Everyone and everything deserves a second chance and The Plaza Midwood neighborhood in Charlotte has seen its ups and downs. Now, it’s definitely on an upswing that will only keep soaring. This is a great chance to own a home that has been part of an historical neighborhood’s revitalization. Take a chance, maybe a second chance if you need one!

Oh and by the Way, Check out these great places to Eat and Hang out!!

The best Plaza/Midwood Restaurants.

1. Penguin
2. Zada Jane's Corner Cafe
3. Dish
4. Intermezzo Pizzeria...
5. LULU dine | wine
6. Lang Van
7. Common House
8. Thomas St Tavern
9. Fuel Pizza Cafe
10. Dim Sum Chinese

Plaza Midwood Neighborhood Real Estate Update

Data Gathered from the CMLS: 4/1/2010 - 4/30/2010
Foreclosure data gathered from Realist

April proved to be a great month for real estate in the Plaza Midwood neighborhood of Charlotte. In 2009, only four single family homes sold in the entire month of April at an average sales price of $304,125 at an average of $165 per square foot. During April 2010, home sales tripled with 12 recorded closings and an average sales price of $270,834 at an average price per square foot at $156. There's a lot more behind those numbers than a $9.00 per square foot drop in value.

Last month, only two of the closed sales were marked as being a bank-owned foreclosed property (known as a REO). Both of the REO properties were in need of repair with 2819 Attaberry Drive being 3/4 incomplete (partially finished home). That property was listed for sale at $38,000 and closed for $46,857. The other REO property, 2200 Thurmond Place, was a 3 Bedroom, 1 Bath 1,072 sq. ft. partial brick ranch home. It was listed for sale for 207 Days on Market before being sent to auction at closing for $89,250.

In most other neighborhoods throughout Charlotte, I would not ordinarily not eliminate the REO sales from the stats as I firmly believe that the distressed sales have become the market. However, in the case of Plaza Midwood, if you eliminate the two REO sales (one being an incomplete property), the stats improve to an average sales price of $311,390 at a average price per square foot of $163.

Half of the buyers that purchased in the Plaza Midwood neighborhood asked the seller for closing cost assistance of $4,860. Given the age of many of the homes in the neighborhood, only one buyer utilized FHA financing while three paid in cash and the rest utilized a conventional loan.

Sellers received 89% of their original asking price in April '10, down slightly from the 91% from April '09. With the foreclosed sales removed from that equation, the percentage remained the same due to the offset from one property selling for more than asking and other selling for much less.

29 Single Family homes were added to the inventory in the Plaza Midwood neighborhood in April, bringing the total inventory to 115 as of the date of this posting. Only two of the active listings are bank-owned foreclosures and six are listed as short sales.

Over the last year, home values in the Plaza Midwood neighborhood in Charlotte have stabilized. While prices are down from the 2007 high of $204.50, year-over-year prices only dropped a couple dollars.

With over a ten month supply of homes for sale in the Plaza-Midwood neighborhood and 184 pre-foreclosures in the 28205 zip code, I would anticipate prices falling by a slight margin throughout the summer. While 184 pre-foreclosures sounds like a large figure (and it is), the 28205 zip code encompasses far more than just the Plaza-Midwood neighborhood.

The actual Plaza-Midwood neighborhood is holding reasonably stable so any further loss of value short-term would be the result of an overabundance of inventory or the surrounding neighborhoods experiencing trouble. Shadow inventory isn't much of an issue in Plaza Midwood as 2219 The Plz is the only REO that's pending a listing since the beginning of the year.

Are you looking for or looking to sell in Plaza Midwood? Give us a call as we would love to help.

Charlotte NC Homes For Sale