By Amalia Otet, Associate Editor<\/p>\n
The Charlotte metropolitan area is currently seeing an improvement in home sales, indicating signs of a market rebound; numbers show a sound 9.7 percent increase in closings as compared to the same period last year\u2014from 1,980 in July 2010 to 2,173 in July 2011\u2014according to a report released by the Charlotte Regional Realtor Association<\/em>. The median sales price also increased 2.8 percent, from $159,000 in July 2010 to $163,500 in July 2011. Average home sales prices for the month, however, were $213,354, dropping 1.5 percent from July 2010\u2019s $216,528.<\/p>\n Having built a strong economy and enjoying a steady population growth, The Queen City’s future looks bright; many of the best investment opportunities today are presenting themselves in the multifamily industry where demand is continuously growing. \u201cCharlotte was a middle-of-the-pack type of market up until the last few months,\u201d Jay Denton, vice president of research with apartment market research firm Axiometrics, told MHN.<\/em> \u201cIts annual rent growth ranked 50th out of 88 markets in January. Now it has the 10th best annual rent growth in the country, at 8 percent. Presently, the average occupancy level in the city is a respectable 94 percent, the highest since 2007.\u201d<\/p>\n Considering the favorable economic climate, Tampa, Fla.-based Phillips Development & Realty LLC decided to move ahead on its plans to develop a high-end apartment community along Mallard Creek Rd., which will include 328 residential units. The company secured financing for the project through a Housing and Urban Development program in the form of a 40-year, fixed non-recourse loan.<\/p>\n The upscale apartment community will occupy 30 acres near the University of North Carolina. With easy access to major thoroughfares like I-85 and Hwy. 29, and in close proximity to prominent employers such as AT&T, Carolina Medical Center, IBM and the University Research Park, the development is going to provide one-, two-, and three-bedroom units.<\/p>\n","protected":false},"excerpt":{"rendered":" By Amalia Otet, Associate Editor
\nThe Charlotte metropolitan area is currently seeing an improvement in home sales, indicating signs of a market rebound; numbers show a sound 9.7 percent increase in closings as compared to the same period last year\u2014from 1,980 […]<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[],"class_list":["post-1004053620","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-latest"],"acf":[],"yoast_head":"\n