Gurgaon, a bubbling city of Haryana, has undergone significant developments in the past couple of years and is sprawling as a mega city. The city boasts of not only good quality infrastructure but also splendid real estate. Gurgaon property market has allured many big real estate players and many people have happily invested in the city. The city has a very vibrant lifestyle and high standard of living and because of its prime location and good connectivity to Delhi-NCR region, it has attracted people from all over the India. Another factor that has augmented the growth of real estate in Gurgaon is that it has housed many MNCs because of which many people are busy looking for an accommodation here.

 

Both residential and commercial property in Gurgaon is booming. The city has come up with many new shopping malls and retail showrooms. According to a realty report, the price per square feet for a commercial property was Rs.4400 but if we look at the current market scenario the prices have soared and the commercial space at a prime location would now cost around Rs.10, 500 per square feet. There are many commercial centers in Gurgaon like Udyog Vihar, IMT Manesar, InfoCity, Pace City etc, which have made it a significant commercial hub. Many people from all over India are coming to Gurgaon in search of livelihood and better education.

 

Apart from that, many commercial projects are still in pipeline like iValley at Manesar, Cyber Park at Sector 67, Element 9 at Manesar, which will further contribute to development of the city and its suburbs. The credit for making retail market hotcake in Gurgaon goes to malls like Metropolitan Mall, Mega Mall, DLF City Centre, Ambi Mall, Omaxe wedding Mall etc.

 

Both the demand and supply of commercial as well as residential properties is in abundance in Gurgaon. Many big realty players have come up with new projects and some builders are planning to launch new projects soon. DLF is planning to come up with mid segment premium new projects like Express Green and Express Towers out of which express towers is supposed to have 2BHK and 3BHK apartments where as Express Green has apartments as well as independent houses. These projects are targeted for middle income group people and have quiet affordable prices.

 

Other projects by DLF are Park Place and The Belaire, which are luxurious apartments targeted for higher income group people. Other than that, Vatika Group has launched affordable housing project namely ‘Vatika Lifestyle Homes’ located in sector-84. Emaar MGF has come up with Emerald Estates located at sec-65 Gurgaon. It has 2BHK and 3BHK apartments with 2 BHK costing around Rs. 38 lakhs and 3 BHK costing around Rs 48 to Rs.51 lakhs. Woodstock floors in Nirvana country by Unitech has come located at Sector 50, Edge towers by Ramprastha builders and many projects by India Bulls, BPTP, EMAAR group are in pipeline.

 

Here it is! The Charlotte real estate  housing update*…whew!

We’re not reeling, but we’re not moving upwards, like we had been for the past four months.

September closings (1,945) were down by 12.4%  over the month of August (2,221).  Even our average sales price dipped down by 6%. September sales averaged $196,760 whereas August sales averaged $209, 245.

Sales are down, but not down and out.

This is not a unique performance for the housing market this time of year. The fall is a traditional season with a traditional decline in home sales and real estate activity.

 

For the Charlotte market, we fared no differently.  Contracts (2,199) for September 2009 have declined by 9.7%  over the fine month of August where home contracts totaled 2,434.

The average time a home spent on the market was only three days less than last month…which was 115.7 days…this from its “active” status until the time it went “pending (under contract)”.

In the national scheme of things, that is overall pretty darn good!  Still, we have a lot of Charlotte homes coming on the market. In September alone, 4,701 new residential real estate listings came aboard! The market changes daily.

Charlotte sellers listed pricing has come down a bit as well. In the month of August, the average list price of a “sold” property was $234,504…and in September this price had dropped down 6.2% to $219,925. Quite a dip in just one month!

The first time home buyer tax credit, has helped stimulate not just one, but two levels of housing: The first time home buyer, and the first time home seller (who then became a second time home buyer).

As seen by our dip in pending residential real estate contract numbers, the surge that took place, has pretty much run its course. 

For first time home buyers that procrastinated, you may have just lost out on one of the best deals going. (Unless, of course, it comes back again.)

Why? The ability to get a loan processed to close by November 30, 2009,  has just about come to an end. The loan processors typically need a good solid 45 days to make it happen!

Was the tax credit a success?  You be the judge.  The National Association of Realtors®, states as many as 350,000 home sales this year can be directly attributed to the $8,000 first-time home buyer tax credit.

That’s a lot of first time home buyers, who may never have even contemplating owning a home before.

The big question? “Will there be a tax credit extension?”housing tax credit

The big answer, “Maybe, maybe not.”

If you were one of the many first time home buyers that did not have your 3.5% saved up for a down payment, hopefully, the stimulus package has motivated you to get that savings put together (just in case).

And, those that were locked in to leases, perhaps your lease is coming up for renewal. Go month to month (just in case).

Buyer beware…if the $8,000 tax credit comes back again…hopefully, you, too, will then take part in the American dream, your own home.

Until then, it is something wonderful to dream about and plan for!

*The numbers used in this September 2009 residential realty report became available on October 8, 2009, courtesy of the Charlotte Regional Realtor® Association based on Carolina Multiple Listing Services, Inc. (CMLS) data covering the Charlotte region.

Work has begun on the hotly debated Spring condominium community at Third and Bowie in Austin. The planned 42-story 250-unit tower will feature one bedroom condos as well as two-bathroom, two-bedroom units. Smaller condos will begin at 575 ft.², with a starting price of $237,000. Two-bedroom condominiums will range in price from $430,000 to $530,000. A few larger penthouse units, starting at $700,000, are also part of the plan. Spring is the brainchild of Robert Barnstone, Perry Lorenz, Larry Warshaw and Diana Zuniga. Vancouver-based Rafii Architects is providing design for the project, which is expected to be completed in 2009.

The new condominium tower has not been without its controversy. The project was proposed at 400 feet, and some suggested that the tower height be limited. The Austin city Zoning and Platting Commission allowed the project to go ahead, despite the criticisms. Spring attracted much controversy due to its proposed 400 foot height. The height would have made Spring one of the tallest buildings in the city. Developers for the project claim that the height was necessary, since the condominium tower was designed on the skinny towers that dominate the skyline of Vancouver. The dream team behind the condominium tower also pointed out that Spring is one of only a number of residential high-rise condo plans for the downtown core, and some have proposed heights just as towering as Spring itself. The Vancouver-inspired “”point tower”" style of building, developers claim, is the best way to add more housing to the prestigious Austin area at less cost. Some claim that the new thin towers will allow the historically high cost of real estate downtown to be more reasonably priced for buyers. Real estate experts say that demand for residential properties in the downtown Austin area continues to be very strong, which may be part of the secret behind the big building boom. There are a number of building projects underway, besides Spring. Despite this, the marketing team behind Spring isn’t worried — the marketing department is seeing two reservations a day for the tower.

To add even more to the condominium market in Austin, two different buyers have purchased Windsong Apartments and Parkside Apartments recently. Both buildings are reportedly being converted into condo communities. The sellers in both deals were represented by Transwestern’s Central Texas Multifamily Group. The Sutton Co. bought Windsong from from Halisco Ltd. for a reported $4.3 million (approximately $82,700 per unit). The 52-unit complex across from the University will be converted into condos. The Parkside was sold for an undisclosed price. A local investor, who remains unnamed, purchased the 18-unit property at 4209 Burnet Road. The two sales represent the third and fourth sales for condominium conversions in the city this year alone. Experts are saying that the market for condos in downtown is so hot right now that investors hope that conversions will allow them to tap the market fast. While a number of new condo communities are being built in downtown area right now, investors hope that conversions will take less time and will therefore allow them to place their condominiums on the market first.