I recently got back from an investment trip to Charlotte and wanted to provide some insight on the market and my experience with you.
Summary
Charlotte is known for it’s vibrant culture, southern hospitality, many sports teams, and great nightlight. Checkout the video below that provides a great summary on things to do in Charlotte. With a total population of 2,296,569, Charlotte is the 17th largest city in the United States and is growing quickly. It is also the second largest banking center (both Bank of America headquarters and east cost operations of Wells Fargo are located there).
While making my way to the hotel, I had an informative discussion with the cab driver who recently relocated to Charlotte from New Jersey. He said that many New Yorkers were moving to Charlotte for its lower cost of living and cheaper housing and that many of the wealthy ex-New Yorkers live in the South Charlotte neighborhood of Ballantyne. Later that day, I met the neighbors on both sides of the new investment property I purchased. Both families were transplants from New York State. Trend confirmed. During my trip, I was also told by several different individuals that Charlotte has been experiencing amazing population growth over the last few years and that “most people now living in Charlotte are not originally from here”. I believe this New York to Charlotte migration will continue to push property prices up.
Here are some charts of forecasted job and population growth:
Charlotte Video Tour
Trip Photos
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Alegria Capital Management is a real estate investment management company that manages funds invested in quality residential real estate in high-growth markets nationwide.
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