Overlook

I am worried that the appraisal we had done in 2004 has not changed now that things have gone in the dumper here.  Is Charlotte that bad as far as falling home prices?  Our house is at 12483 Preservation Pointe Dr. Charlotte, N.C.  28216.
We paid 476,000. and I am afraid we will just about break even if we were to sell it now. It is 4100 sq. ft. and has a 2000 unfinished unheated basement.  I am afraid of what we could put it on the market for now.  Oh, if only we had done this back in late 2006 or early 2007 before the sub prime fiasco.
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December 17 2008 - Charlotte
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Answers (1)

There are many issues related to OVERLOOK Subdivision. One major issue is that the location is listed as Area 42 in the MLS System. Most buyers in this market are not aware of Area 42.

One huge selling feature is your basement. There are not enough to go around for the area! Based on current properties on the market you are probably correct that you might break even. But breaking even, and buying a reduced priced home elsewhere-- where you would get a great deal, might make the sting better. If you "lost" $100,000 equity, but you "gain" $200,000 equity in another property-- then you're actually ahead in the end... so don't give up just yet.

The closest property on market is 4427 Serene Ln which is listed currently at $493k with an unfinished basement, and it's built in 1998. So I think with some creative thinking and really playing up the possibilities in your basement, maybe even getting a contractor go give a quote on finishing it might make it a better sell.

Feel free to call me if I can help: Nate Wolf 704-606-7268.

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December 19 2008
 
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