Zorn, 70, thought he had made a “pretty good deal” in a market where investors lined up to buy properties. Then the market cratered. “We tried to sell it and there was no activity,” he said. With prices having recovered most of the losses, he has put the property on the market for $280,000.
North Carolina
In Charlotte, price gains have been led by in-town neighborhoods, which have seen “huge gains,” said Mark Vitner, a senior economist at Wells Fargo Securities who lives in the city. “Charlotte did not see home prices fall all that much during the recession and the recovery here has been very strong.”
Doherty moved in-town because she and her husband enjoyed amenities and events including nice restaurants and professional football and basketball. They also wanted to be closer to their grandchildren.
The purchase also has helped fuel spending. After buying a “fixer-upper,” the couple poured more than $100,000 into construction, repairing termite damage and installing new air conditioning, electrical fixtures, roofing and siding. Next year, they plan to expand with a new master-suite bedroom and bath that could cost another $70,000.
Rising values of neighboring homes make them confident they are making a worthwhile investment.
“It was a little bit risky” to buy at the time, Doherty said. “The market has turned in our favor.”