At any given time I have a stack of ideas about 3″ tall of articles for this blog. One category, real estate and Lake Norman/Charlotte business news, had grown to an unmanageable level. So, rather than write a dozen individual blog posts I have decided to combine them into one longer one sharing just the highlights. If you want more information, please send me an email!
Mooresville – Statesville named # 1 micropolitan area by Site Selection Magazine for economic development projects in 2009:
20 new economic development projects ( which must include a corporate facility expansion of $1 million or greater, 50 new jobs or more or 20,000 sq. ft or more of new floor space) put Mooresville – Statesville ahead of 576 micropolitan areas nationwide in 2009 as well as for 7 out of the last 8 years. According to Ron Starner, general manager of Site Selection Magazine and Conway Data Inc. “Statesville – Mooresville dominates the micro category year after year because of its products, location, work force and business climate.” Clearly, we are a great place for business! Related news: A Mooresville manufacturing plant, Polymer Group Inc, is considering its Mooresville site for a $70 million dollar, 150,000 square-foot addition.
Charlotte – Gastonia – Concord had the 3rd highest drop in home listing prices according to Forbes.com.
They used Altos’ January data of single family residences in 27 of the country’s most closely watched metropolitan real estate markets.
Forbes also ranked Charlotte – Gastonia – Concord as #2 in their list of top cities where it’s smarter to buy.
This is based upon computing the premium to buy versus rent spread and determining locales where economists predict home prices will go up the most over the next 5 years. Besides the housing statistics they based their ranking upon the quality of life and job stability.
Charlotte/Iredell/Lincoln/Catawba Counties all see rise in unemployment rates
All of the counties in and around the Charlotte/Lake Norman area experienced increased unemployment rates that now range from12.2% in the Charlotte area to 14.4% in Catawba. Iredell County rose to 13%.
“Upper-bracket prices still ice cold, but there are some signs of a thaw”
This headline, in Business Today was one of several articles recently that specifically addressed our high-end housing market. They offered numerous examples of specific Lake Norman estates that sold for far less than the peak prices of 2006/2007. In general, those interviewed supported my own opinion that prices are back down to 2004-2005 levels. While we are seeing some increases in showings in properties over $1 million, it is too early to say that we have hit bottom. On the national front, Inman News ran an article on March 12th: “Foreclosure tsunami hits high-end homes” with pundits like Stan Humphries, chief economist at Zillow.com, who said he has “noticed an unusual surge in failed mortgages at the top of the market.”
“Recession ends in 2010, UNC Charlotte economist says”
This was the headline of a March 16, 2010 article in the Charlotte Business Journal who was quoting John Connaughton. According to Connaughton in the quarterly report, the NC economy should grow 3.5% in 2010. He went on to say: “After two years of consistent job losses, we still haven’t seen a month of job growth either nationally or in North Carolina. Once job growth begins, it will be very slow. It’s likely to take several years for the state’s economy to replace the almost 250,000 jobs lost over the last two years of recession.”
So, there you have it…a bowl of alphabet soup of news both local and national!