Tag Archives for " townhouses "
Gvest Capital, a real estate investment and development firm has confirmed its plans to develop a 10-unit townhome project on Rea Road in South Charlotte.
The company plans to built the townhouse in a 1.3 acre lot on Rea Road adjacent to Souther Styles Nursery & Garden Center. Based on the property records, Gvest’s affiliate has bought the said lot last summer for $560,000.
The townhomes, inspired by New England-style architecture, will feature three bedrooms, 2,000 to 3,000 square feet big with a starting selling price of $400,000. The said project is expected to attract homebuyers who are planning to downsize from a much large property.
Charlotte-based firm Gvest Capital is the developer behind The Yards at NoDa apartment complex.
According to the National Association of Realtors, existing homes currently sell at their highest annual pace this year at 5.17 million. That’s an increase from August with 5.05 million. However, this is still below the home sales from last year.
Such sales comprised of single-family houses, townhouses, condominiums and co-ops. Law Yun, NAR Chief Economist claim that such increase in September can be because of “low interest rates and price gains holding steady.”
“Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter,” he added. Last month, the median home price was $209,700, which is 5.6 percent up from a year earlier.
Mortgage rates has also risen slightly last month, however, Yun believes that stock market volatility “is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now.”