The Charlotte housing market is currently experiencing an unprecedented seller’s market, and luxury properties are flying off the MLS. Due to a lack of inventory, luxury buyers are more flexible than they have been in years, open to untraditional floor plans, unusual financing options, and even multi-family living.
Luxury townhomes are having a moment in Charlotte.
Where are luxury townhomes being built?
In case you haven’t noticed, home builders are having a field day all over Charlotte. Both local and national builders have started high-end townhome projects in what are considered “infill” areas like Southend, Dilworth, Southpark, and Myers Park. In general, luxury townhomes in CLT range from about 2,500-4,000 square feet and are selling for anywhere from the low $700,000s to over $1,000,000.
What does this mean for the Charlotte market?
Some real estate pros suggest that the townhome market in Charlotte is even further behind in inventory than other areas, by up to 40%. Buyers are scrambling to find any properties available, and they’re willing to spend more to do so, pushing some high-end buyers firmly over the ‘luxury’ line. Many of these projects are selling out during pre-sale or, at the very least, experiencing heavy interest before construction is even finished. Bidding wars are not uncommon on premium units in townhome developments, and developers all over town are raising prices while construction is still going on.
What do Charlotte’s luxury townhome buyers want?
Luxury buyers are looking for something special, particularly if they’re willing to sacrifice space for townhome living. A majority of the ultra-high-end town home buyers in town are retirees, downsizing, or moving to Charlotte from a more urban area. They don’t mind having close neighbors or even a lack of square footage, but they want their home to be finished to the nines.
Here are a few of the trends we’re seeing in Charlotte’s luxury townhomes:
– One or two car garages for cars and sports equipment; tandem garages aren’t unheard of
– Best-use of all available space: lap pools in tiny backyards, rooftop decks on multi-story units, and multiple porches
– Extravagant interior finishes including quartz countertops, custom mouldings, and integrated home technology systems
– Plenty of bedrooms (3+) for hosting out-of-town guests and/or to use as a home office
We’re working with developers all over Charlotte to help them design and stage their luxury townhome projects. Call Creative Model Designs today to find out how we can help your plans get off the ground.