Nothing to panic about, but in addition to the condo glut Uptown we now have some weakness in single family homes as this Charlotte Business Journal report details:
“The days of assuming that Charlotte isn’t like the rest of the nation are well past us,” says Jim Medall, president of Rhein Medall Communities, developer of The Palisades, a master-planned, 1,600-acre community in southwest Charlotte.
D.R. Horton Inc., one of the country’s largest home builders, recently defaulted on a contract for 70 lots at the Lake Wylie development, Medall says. He would not disclose the financial impact of the move but said St. Lawrence Homes has been brought in to build on those lots.
Wouldn’t be that big of a deal were it not for the fact that local government spending is growing at a double-digit clip each year. A big chunk of that is fed by rapidly growing property tax revenue. A responsible civic leadership would understand that those days cannot go on forever.
Uh, correction. Time to panic.
