Cherry Community Becomes More than Charlotte's "Next" Big Thing
Charlotte’s Cherry neighborhood has finally arrived.
After years of being touted as one of the city’s next hot real estate communities, the historic neighborhood is bustling with home sales and new development. The latest sign of activity: Home builder Saussy Burbank announced last month that it is building 43 homes in Cherry, with some selling for more than $600,000.
It’s exactly what was expected in Cherry a decade ago, but as with much of the Charlotte region, the recession brought a halt to most real estate movement. Now, Cherry boasts the same features that once had it on everyone’s about-to-take-off list: It’s near the edge of Charlotte’s Uptown. It’s conveniently next to the popular Metropolitan retail and restaurant complex. It’s located in desirable Myers Park school zones.
“The walkability of the Midtown area, shopping and dining at the Met, and the new, improved greenway have given new life and vitality to the area,” says Leigh Bryant, a Realtor for the highly rated Keller Williams of Charlotte.
The boom has not come without some controversy. Cherry has long been home to blue-collar African-American families, and homeowners have spoken out against the impending gentrification of their neighborhood. Saussy Burbank's redevelopment announcement came on the heels of a rezoning that was fought by longtime residents.
In response to the underlying tension, Saussy Burbank is building two duplexes with 1,000-foot units that it is offering to current Cherry residents, the Charlotte Observer reported. The city has agreed to sell 2.2 acres to a developer for affordable rental housing units.
Meanwhile, other developers are snapping up single-family properties with an eye on tearing down existing homes. In the past year, the median selling price of Cherry homes is $509,559, with a high of $739,900 and a low of $128,000.
“Small lots are perfect for a contemporary build with uber modern feel as well as three-story homes,” Bryant says. “Builders are finding value in vertical real estate here and taking advantage of potential skyline views from these homes.”
It’s a development that was perhaps inevitable for Cherry, once the economy revved up again in this growing Charlotte market.
“Location has always driven real estate,” Bryant says, “and it always will.”