Since Southeast cities like Charlotte, N.C.; Raleigh, N.C. and Nashville, Tenn. didn’t really follow the condo boom, they’re not likely to experience the same fall-off as cities that did, industry observers agree.
In fact, Integra Realty Resources, a real estate valuation and counseling firm, believes a number of key Southeast cities are in an expansion mode. These include Atlanta; Memphis, Tenn.; Nashville; Louisville, Ky.; Charlotte and Greenville, S.C. Integra also places Columbia, S.C. on an upward cycle, starting a bit farther back, from the recovery part of the cycle.
The flip side of being singled out, says David Ravin, president of the Charlotte-based Crosland LLC’s residential division, “is that it’s almost the kiss of death to be listed as a good market. So stay away—they’re all bad,” he jokes.
On a more serious note, Ravin and other industry veterans point out the dangers of self-fulfilling prophesies about doom and gloom. “We do that to ourselves sometimes—it’s a storm we’re brewing ourselves. Everyone has to remain calm; real estate really depends on a vibrant economy.”