Once a historic textile mill, Savona Mill is set to emerge as a 30-acre redevelopment project, bringing in an influx of new retailers, office space, restaurants and 600 new apartments. With groundbreaking for the first phase set for October, this development signifies massive growth for the area. The project will feature state-of-the-art amenities and an unprecedented connection to greenspace and gardens with direct access to the expanded Stewart Creek Greenway and nearly 40 acres of adjacent parks.

New businesses continue to gravitate towards West Charlotte, including a slew of highly-anticipated new restaurants. Residents can look forward to nine new restaurants and businesses coming to the area by early 2023. Whether you’re in the mood for Mexican street food, or tapas and wine, a home in West Charlotte means you’re never far from the tastiest eats. 

 

Here are a few new restaurants we can’t wait to try:

For those days when you want to ditch your car in favor of a leisurely walk or bike ride, West Charlotte is the perfect place to be. Seversville is the 35th most walkable neighborhood in Charlotte, meaning you’re always steps away from things to do and places to go. This area is also conveniently located just minutes away from the 510 CityLYNX Gold Line and the 33 Bus Bridge bus at the Wesley Heights CityLYNX stop, meaning you’ll always have access to core parts of the city.

 

Thinking about calling West End Towns home? Discover what’s around the area and a few of our favorite hot spots to put on your radar.

1. Strong Single-Family Demand Expected To Continue

Older millennials are having a huge influence on single-family housing demand — a trend that we have seen over the course of 2020 and one that is expected to continue this year. As a result of low interest rates and more affordable pricing in suburban areas, millennials have begun transitioning to townhouses and detached homes outside of the downtown core that accommodate the growth of their families and their need for more personal space.

 

2. Near-Term Challenges Impacting Condo Apartment Demand Should Fade

According to Altus Group, there has been a reduction in apartment sales year over year across the country. These challenges aren’t just related to the impacts of the pandemic on consumers, but rather, to the lack of supply within the market as both the number of units and new openings dropped by 6,000 units from the year before. However, demand has weakened in urban areas especially within the downtown core as consumers have shifted from working in their offices to working from home — where their focus and attention was once on living close to work, it no longer is now. Although, according to Matthew Boukall, Vice President of Product Management Data Solutions at Altus Group, the downtown core is not expected to “empty out” anytime soon. He explains that pre-pandemic, Generation Z, the younger demographic, was just making their entrance into the housing market. While many of them may have been temporarily sidelined and forced to move back in with family or friends, they are expected to make a return back to the market and potentially back into homeownership sooner than you might expect. Once this demand is pushed back into Ontario’s urban areas and market balance returns, the near-term challenges impacting condominium and apartment demand should fade.

3. Investment & Ownership Activity May Look Different This Year

Last year’s market sales volumes were noteworthy to say the least, especially given the challenges. While we lost two to three months of sales varying by region, we had a nine-month sales year — all in the course of a global pandemic. As Matthew Boukall puts it, “the fact that we saw it wasn’t a big shock, but the fact that we saw it given the challenges of the pandemic kind of is.” Given how strong sales were, certainly in single-family housing, the reporting does suggest that consumers moved forward with the home buying process. While this was a favourable forecast for 2020, this could reduce the pool of buyers in 2021. Lower immigration levels which are a key driver of housing demand could also influence the investment and ownership activity that we see this year.

4. Pre-Existing Supply & Pricing Challenges Will Continue Into 2021

Tight supplies, pricing and affordability are some of the pre-existing and pre-pandemic challenges that are expected to continue into 2021. According to Matthew Boukall, we can expect these challenges to influence the single-family housing market quite significantly where demand has and continues to exceed supply. As a result, 2021 sales volumes could be impacted by higher pricing due to lower inventory levels and by potentially higher interest rates as well.

5. COVID-19 Will Continue To Influence Home Buying Decisions

Over the past year, we’ve had to adopt new styles of working and adapt the way that we live — factors which have and will continue to impact and influence our housing decisions post-pandemic. With many offices closed, the work environment has become much more flexible, allowing individuals the freedom to decide where to live without the pressure of having to commute to and from work. We have also seen increased savings across the country as gathering, dining and traveling restrictions have been implemented — a result of individuals spending more time at home and there being less to do. As a result of these increased savings coupled with lower interest rates, we can expect those who were employed during the pandemic to potentially fuel housing demand over the course of the next year. Those who are looking to purchase, however, will likely make housing decisions based on proximity to family and friends in an effort to maintain the relationships that they’ve strengthened over the course of the pandemic.

Great Schools

Texas is the sole state to have more than one high school ranked among the nation’s best, with more than a tenth of the top 100 high schools in the United States in the state, according to U.S. News & World Report’s annual ranking. And it isn’t only Texas’ high schools that are top of their class — 16 elementary schools and 5 middle schools in Texas were named National Blue Ribbon Schools last year, a prestigious award that recognizes schools where students master challenging curriculums. Texas’ school districts not only provide rigorous academics, but opportunities to exceed in the arts, sports and other areas.

Master-Planned Communities

Another plus for Texas homebuyers is that many markets boast master-planned communities, which means that developers take a holistic approach to building. In these communities you’ll find more than just homes, but impressive amenities that include recreation centers, pools, playgrounds, trails and more, plus thoughtfully-planned streets and proper detention to minimize flood risk. Master-planned communities are usually near major thoroughfares and zoned to top-rated school districts.

Just Call It ‘Tech-xas’

In spite of the pandemic slow down, Texas remains one of the best states for jobs in the tech sector. Austin and Dallas deliver a one-two punch as the top “Tech Towns,” according to one report. Overall, Texas’ tech scene is robust, with more than 17,600 tech-related firms in the region and more than 203,700 workers employed in the industry. A number of tech-based firms are moving to (or opening offices in) Texas, including Google in Houston, Austin and Dallas; Tesla and Oracle in Austin; and Hewlett Packard in Houston.

Amazon is also coming to Pflugerville, bringing with it 1,000 full-time jobs at a fulfillment center expected to open next year. Facebook — who first took root in Austin in 2010, with fewer than 10 employees — now stands to be the largest tenant in the city’s downtown core, with space in several towers and all 17 floors of Domain 12. The Austin Business Journal has also reported that the company is seeking another 1 million square-feet of office space.

And while we’re name-dropping tech companies, we can’t leave out Google, who announced its own plans for significant expansion in Austin in 2019 with a deal to lease 42 stories in two different buildings, including a tower in downtown Austin and another in East Austin.

The four tech giants are in good company in Austin, whose mega-employers include Samsung, Oracle, IBM, Intel and Dell. Expanding companies QuestionPro (an online survey software provider); Airtable (a customer engagement center); and Bold Commerce (Canadian-based app developer) all also found a new home in Austin this year. In total for 2019, Austin’s Chamber of Commerce tallied 58 corporate relocations to the area.

All of this is good news for homeowners. A wealth of jobs are excellent for the economy, meaning you’ll enjoy a Texas-sized helping of services, retail, dining and entertainment in years to come. Home values will also appreciate, so those who recently purchased or are about to take advantage of low-interest rates will quickly see home equity. And with so many people new to the neighborhood, you’ll find it easy to make friends eager to explore their new surroundings.

 

Empire builds in nine Austin-area communities, including Goodnight Ranch and Mueller in Austin; Blackhawk and Villas at Rowe in Pflugerville; Plum Creek in Kyle; Lakeside at Lake Georgetown in Georgetown; Double Eager Ranch in Cedar Creek; and Blanco Vista in San Marcos. And since there’s never been a better time to move to Austin, be sure to explore our communities and our homes.

The Rewards of Co-Buying

Co-buying with a significant other, family member, friend or business partner is a great way to get your foot in the real-estate door. “The decision to co-buy is just another way to get into a real estate investment. If you have $200,000 sitting around, great — but if you only have $25,000, there are ways to start leveraging that,” Ravi says. “Try and find people who are like-minded and are on the same page as you” because now that Toronto’s market is becoming a bit harder to get into, “it’s about getting your foot through the door and partnering with people to accomplish the first purchase,” says Justin.

 

“Mitigating the risk and being able to share the rewards has been the best part,” he says. “There’s also less stress on one person to come up with the deposit at one time. Cutting a cheque for $30,000 is doable but cutting a cheque for a portion of that takes some of the pressure off. Co-buying also allows you to diversify — you can put $100,000 into one project, or you can put $50,000 into two,” Ravi says. “We saw the potential of the project we wanted to invest in, and while at the time we weren’t able to do it on our own, we decided to partner up,” Justin says. “The more people that are involved, the more you can accomplish.”

Start with a Talk

Now that you’re familiar with the benefits of co-buying, it’s important to discuss your goals and prepare for any unforeseen circumstances. Before you scour the internet for properties or call a realtor, consider the following questions with your co-buyer.

 

• What are your short-term and long-term objectives with this purchase?
• Are you planning to live in the unit or use it at a rental property instead?
• If you’re planning on renting, who will decide on the tenant?
• If you’re not each other’s significant other, how will your personal relationship change your homeownership situation?

 

When you’re making a mutual purchase with your co-buyer, it’s important that you remain mindful and respectful of one another. In order to do so, effective communication is imperative. “When you co-buy a condo, you’re entering into a partnership so make sure that there’s strong communication between you and your partners. When you start renting, repairing or managing the property, there will be questions that you have to come to an agreement on,” says Ravi. “Make sure that everyone is on the same page — not just with the present, but with the future as well,” says Justin. Before purchasing, it’s important to answer the questions above so that you have a clearer picture of what joint ownership will look like for you.

Swap Credit Scores

The terms of your mortgage will most likely be calculated based on both co-buyers’ credit ratings. Your credit report is a very important indicator of your financial health; it contains a full history of how you’ve paid your bills, how much outstanding credit you have and how responsible you are with managing loans. Before you purchase, swap credit scores with your co-buyer, which will give you an indication into whether you should enter into a joint investment. Credit scores offer no indication of someone’s financial situation, but offer information on how they’ve handled loans, instead — insight which is vital to your decision to buy with them. Want to know more about your credit report? Here’s a handy introduction to credit reports from the Financial Consumer Agency of Canada.

Put Your Plan in Writing

A neutral third party, like a lawyer or other mediator, can assist you in putting your plans in writing, including how long both parties will have to commit to owning before they can sell. A lawyer can also help you keep track of the percentages that each party owns in the event of an uneven split. This ensures that the party who contributed more is protected and won’t lose out in the event of a quick sell or another unexpected situation. The cost of maintenance or other monthly expenses is also important to address. All in all, reach an agreement that makes both parties comfortable and put it in writing so that there’s no confusion. This will kick your co-buying experience off on the right note.

Finance It Responsibly

If you trust your co-buyer enough to split the mortgage payments among yourselves, say from a joint account that you both contribute to, great. However, you may consider a Mixer Mortgage, which can be split into multiple parts, such as one variable part and one fixed part. In many situations, mortgage payments can be made separately and can be split to reflect the specific percentage of the mortgage that each party owns. Some mortgage lenders will even accept two separate applications from each co-buying party, so that one person’s financial details or sensitive personal information will not be disclosed to the other co-buyer.

 

The key is finding a suitable arrangement that works for all parties. “The cheques happened to come out of my chequing account when Justin and I purchased — the deposit amounts were being placed into my account which was later used for the deposit cheque to purchase at Maverick,” says Ravi. In this case, “whoever delivered the cheque made sure that the other partners deposited their money in time into the bank account so that when the installment came out, there was a sufficient amount of funds for withdrawal,” Justin says.

Check-in Often

Twice a year, particularly if you don’t actively see your co-buyer, sit down to discuss your shared investment. Perhaps property values have skyrocketed and you’d like to consider selling sooner than you thought, or your co-buyer wants to move out and rent their share of the property. Yearly maintenance to keep the place running smoothly should also be discussed, as well as any other upcoming events that will require both buyers’ attention. These discussions should be in addition to frequent communications that you have with your co-buyer and are key to a great co-buying experience.

Where to Purchase

If you’re considering co-buying a property, it’s important that you evaluate where to purchase and that your choice reflects what’s important to you. For Ravi and Justin, location, price and builder reputation were among their most important considerations. “Builder reputation, location, as well as price are all things that investors should consider,” says Ravi.

 

With 25+ years of experience and over 28,000 homes to our name, Empire Communities is a trusted homebuilder that is dedicated to building communities that you will love. One of our most recent projects, Empire Quay House, is located on the edge of Toronto’s waterfront, while still being close enough to the downtown core. With transit, bike lanes, shops and restaurants nearby, Quay House offers investors conveniences that other Toronto residences may not. Steps away from George Brown College and located directly across from Toronto’s waterfront, Quay House is perfectly located along the city’s Queens Quay. Don’t miss out on your chance to lock in some of the best prices per square foot in the area with this fair market investment that also offers plenty of opportunity for growth.

 

For more information about Empire Quay House, contact our sales representatives at 647-372-0619 or at quayhouse@empirecommunities.com.

 

*Empire recommends for those who are considering co-buying to consult with a lawyer to discuss your particular needs and circumstances.

Outdoor Recreation

These days, many people are turning to the great outdoors for relaxation and entertainment, and the family Fido has never been happier as long walks have become part of a daily routine. Trails and often lakes stocked with fish can be found in master-planned communities. What’s more is that many boast amenities granted by Mother Nature, such as frontage along the Blanco River in Blanco Vista, located in San Marcos. Lakeside at Lake Georgetown, located in Georgetown, has a series of hiking trails that will connect you to the lake when complete. Boating and fishing are just outside your door.

Planned Amenities

Another bonus of master-planned community-living is their array of planned amenities. Clubhouses worthy of an upscale country club, fitness centers that will make you want to your gym membership, playgrounds to keep the kids happy and resort-like pools to escape Texas summer heat are all hallmarks of some of the best master-planned communities in the state.

And pools don’t get much better than in Balmoral in Humble, home to Texas’ first Crystal Lagoons amenity. The two-acre lagoon is filled with shimmering blue water and surrounded by white-sand beaches. It’s your escape to paradise without boarding a plane. And perhaps the only pool that could top Balmoral’s lagoon is the 12-acre crystal clear lagoon in sister community Lago Mar, located in Texas City.

Connection with Others

Having access to world-class amenities spells fun for families, but many master-planned communities make it possible for you to meet neighbors and form lasting friendships. How? Lifestyle directors. Santa Rita Ranch in Liberty Hill and Woodforest in Montgomery are two communities that place a priority on helping neighbors connect with one another. Their “Directors of Fun” plan a variety of engaging events, facilitate community clubs for like-minded residents and are a point-of-contact for homeowners. In a typical year, these Directors of Fun plan 75+ events; even during the pandemic, residents have enjoyed a host of virtual and socially distanced events from the comfort of their community.

Location

Master-planned communities are surprisingly well-located. Although typically found away from city centers, most are located minutes from major thoroughfares allowing you to enjoy the advantages of living in a city like Houston, Austin or San Antonio while having a peaceful oasis to return home to. Some master-planned communities — such as Cibolo Canyons in San Antonio — are near popular shopping and entertainment destinations. And the growing number of rooftops often found in master-planned communities bring a wealth of nearby conveniences such as grocery stores, dry cleaners, medical offices and more.

 

So, what’s in your future? A house or a home and hometown?