When real estate listings say a property’s value is in the land, they aren’t kidding.
This south Charlotte property has a classic ranch house and a pool. The listing says those two features aren’t even a factor in the $2.6 million price tag.
Why?
The land.
5019 Carmel Park Drive is a 3.96 acre lot. Bonus points for woods and a stream.
At this point in Charlotte’s development, finding that much land with easy-enough access to uptown and in an affluent, established neighborhood is going to be a tear-down situation. Or a multiple-tear-down, lot-combining situation.
[Agenda related story: See teardowns in Myers Park, Plaza-Midwood and Elizabeth asking $357k-800k]
Many of the neighboring homes in this section of Olde Providence North — loosely bordered by Carmel Road, Fairview Road and Providence Road — are multi-million-dollar estates on about an acre.
This property will be a competitive prize for someone who wants a grand estate without seeing their neighbors — and wants the opportunity to build from scratch.
That combo is hard to find.
Or as the listing puts it, “almost impossible.”
For comparison, a nearby established estate-sized (10,800 sq. ft.) home also on a large amount of land — 4.7 acres — is asking $5.2 million.
It will be interesting to see how long it take for this property to move. Homes up to about $1 million can move pretty fast, but it’s normal for properties in the what’s the ultra-luxury price-point for Charlotte — $2-5 million — to be on the market for six months to a year.
Debbie Levine has the listing for 5019 Carmel Park Drive, Wilkinson ERA Real Estate. All photos courtesy Wilkinson ERA Real Estate.
