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Saturday, April 5, 2008

Charlotte Didn't Play Speculation Games...

April 5, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo Charlotte NC

"Charlotte didn't play speculation game like the rest of the nation did
New statistics reveal the big difference"
ALLEN NORWOOD Charlotte Observer
You've read that speculators didn't drive up home prices in Charlotte as they did in many of the former hot markets now struggling.
Here are recent numbers that provide specifics:
Charlotte consultant Chuck Graham, on the Web site introduced by the city's builders, says investors bought 14 percent of homes sold here in 2006.
The National Association of Realtors says investors bought 22 percent of homes sold across the country in 2006.
Doesn't seem like a huge difference -- until you consider that's half again as much buying and flipping of houses.
The Realtors last week released their annual survey of vacation and investment home buying. Because it's a survey, not a study of buying data, information for specific markets like Charlotte is skimpy.
"Second home owners are not very good at responding to surveys," said Realtors spokesman Walter Malony. "We have to do a lot to get usable samples."
But here are interesting tidbits:
• Nationally, investors bought 21 percent of homes last year. That doesn't seem like a big drop either -- until you realize that's a share of a down market. Total sales of investment homes fell 18 percent from 2006 to 2007.
• The typical investment home cost $150,000 last year.
• Most investment homes -- 61 percent -- were single family; 20 percent were condos and 11 percent were townhouses.
• Seventy-one percent were existing homes.
• Thirty-nine percent were in the suburbs, and 20 percent were in urban areas. The rest were in small towns or rural or resort areas.
• The median income of investment home buyers last year was $92,900.

Friday, April 4, 2008

Condos: Question and Answer via Condo CanDo

April 4, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

On Fridays, Condo CanDo Answers Questions on Condos...

Condominium:Architecture or legal description?
Condominium" is a legal form of ownership. Many styles of residences (or even business properties) can be condominiums.

Condominiums and Co-operatives? Are they alike or different?

Condos and Co-ops?Condos and co-ops are different forms of ownership. Condo units are owned individually. Co-ops are owned collectively.

Can a Flat be a garden?A garden unit can sometimes be a flat, on one floor, but it always has no one above or below, and is like a little attached house.

What's a villa? Another name for condo. Generally speaking.

What does U/F mean?
"U/F" in the legal description means Unit File.

A definite town home clue is: two stories or a survey?
Condos can be two or three stories, a house, a garden, an office...a townhome requires a survey.

There are many nuances in attached housing including that name "Attached Housing".
Condos do not necessarily have to be attached. Townhomes do not necessarily have to be attached. Does it makes a difference? Yes. Perhaps in financing, definitely in insurance, perhaps in maintenance, for sure in maintenance and most assuredly in Home Owner's Dues.
If you have a question or a condo subject you would like to know more about, please check-in at CondoCanDo.com...I am listening.
Lynnsy Logue The Real Estate Lady and Condo CanDo Charlotte, NC

Thursday, April 3, 2008

Condo CanDo Talks Condo-ese and What makes Some Special

April 3, 2008

Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte ,NC

After twenty years as a real estate broker and specializing in condominiums, you know I have favorites. Many I have walked through wearing a hard hat during construction, many I have watched through conversion, many I have seen go through transformation from ragged, rental property to shining examples of what home owners can do if they pull together. And when I met Condo CanDo® many of the streets where condo communities were built were not on the maps.
It was before the Internet, of course, before we were as interconnected as we are now with all of our search tools. I bought a whole set of the large, cumbersome, bound tax map books. There were three or four of the big books. I went through every single page looking for the clusters of buidings, the townhouses, the duplexes and the areas where I thought there were fourplexes. And then I took a trip down to The Register of Deeds and looked up every one on the microfish file. And I read about the details of every one on a bigger viewer. The files were like negatives and the print was small and really hard to read. I loved every minute of the search.
And once I wrote down the addresses and the details of each complex, I set about to visit every single one. It was the only way you could tell about such things as heating source, conversions, structure, amenities and such.
Over the years I hve photographed almost all of them on more than one occasion. When I first started working with the web, I spent days and days taking all the condo pictures. It was a little more labor intensive. There were not digital cameras that I could afford. I shot thousands of pictures, kept Wolf Camera's photo lab busy and scanned them all in to my database. Even all the ones at Lake Norman and Lake Wylie.
Charlotte has changed a lot. Condos seem to be more acceptable. There sure are many new ones, fancy ones, lofts and warehouses, towers and more towers. And the business of condominiums has gotten more energetic. So I keep reading about every aspect particularly the pitfalls, especially the surprises. And I am cautious these days about what I see and what I hear.
I know the history of Condominiums in Charlotte. The future of this home-choice is in the hands of the buyers, the owner occupants more than the investors. So much of what I write about is for you. The folks who want to live in a condo for reasons that are as individual as they are themselves. You drive the market. You make the market.
So I will write about my favorites and why they are my favorites. I will write about unique buildings and plain complexes and problems and pitfalls...and yes, even the good stuff.
And this will be a weekly feature on our blog as well as on our podcast. We hope you'll join us. Condo CanDo® and I have our digital camera and camcorder and we are off to have some fun.

Lynnsy Logue, The Real Estate Lady® and Condo CanDo® Charlotte NC

Wednesday, April 2, 2008

Charlotte Condos Featuring SouthEnd Creativity

April 2, 2008

Lynnsy Logue, The Real Estate Lady® and Condo CanDo® Charlotte NC

Uptown Charlotte, Center City, Lofts and Condos and Creativity…
Our market is pretty energetic. There’s definitely buying and selling going on in our fair city…and where there is more inventory than the builders and developers would like, there are incentives. I like it when someone colors outside the lines and this idea seems unique and forward moving.As reported by Doug Smith of The Charlotte Observer:

A South End developer has devised an unusual way to lure buyers to his live-work condos: invest money in their businesses.
"People are capital starved. Money is as tight as it has ever been," said MECA Properties President Tony Pressley. "What better way to help?"
The incentive is being offered at The Abbott Condominiums, whose 16 units are devoted to entrepreneurs seeking to live and work in the same building.
Qualified condo buyers will be eligible for a one-time investment of up to $25,000 in their business ventures.
There're strings, right?
Every potential buyer must submit a complete business plan and professional credentials and be financially qualified to purchase, Pressley said.
After that?
"I base my decisions more on gut, commitment and track record than credit and collateral," he said. "I'm a 28-year veteran of running my own business."
The exact form of the investment, depending on the needs of the buyer, could vary from repayable debt to an ownership stake in the business, he said.
Commercial and residential developers typically offer incentives such as interior upgrades, flat-screen TVs or rent concessions to fill their buildings.
Pressley, who helped pioneer revitalization in South End, said he came up with this unusual idea himself as a way of "keeping the entrepreneurial spirit alive" and paying forward his success.
But he concedes the offer is more than an act of kindness. "I have product. I want to move it sooner rather than later," he said. "I'll do whatever I need to do to generate interest."

Tomorrow, we start our Spotlight Feature…catch Condo CanDo and one of her favorites.

Tuesday, April 1, 2008

April 1 2008 Condominium Docs, One of Many

April 1, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Condominium Documents…Important.Important. Important.

These are the documents you read and know well. Not the documents you read some night when you can’t go to sleep. How important are they? Here’s the quiz:
Can you park your boat and trailer overnight?
Does the association draw interest on its reserve account?What are the restrictions on children?Are pets allowed? How many and is there a weight limit?May I replace my pet if he/she dies?Or these scenarios:
The Greens are avid gardeners. They find a lovely condo with an enclosed patio perfect for a small garden. After moving in they discover the by-laws strictly limit the type of plants that can be grown because of allergy problems of many of their neighbors. Or

The Smiths buy into a co-op building and they plan to spend the summer with their grandchildren in Florida and sublet their unit while they are gone. The by-laws do not permit this arrangement.In addition to these restrictions, the by-laws may prevent owners from making unauthorized alterations, and from using units for business purposes.

Every Tuesday, our podcast and blog will talk about some of the fine points. On our website www.CondoCanDo we will be publishing Typical Condo docs for your amusement, amazement and need to read lists.

Check in to the website. We have a monthly calendar noting daily subjects and features. Our effort to have a more cohesive schedule. If you have suggestions, questions, please let us hear from you.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Sunday, March 30, 2008

Home Owners Questionnaire...March 31, 2008 Revised

Monday March 31, 2008

Lynnsy Logue The Real Estate Lady and CondoCanDo Charlotte NC

Information YOU Need to Know as Well as Your Lender:
HOMEOWNERS’ ASSOCIATION QUESTIONNAIRE
PROJECT NAME:_______________________________________________________________________
ADDRESS:_____________________________________________________________________________
BORROWER:_______________________________________________________LOAN NUMBER:_______________

This company is processing a mortgage loan, which is located in the subject homeowners’ association/project. Your assistance is required in answering the questions on this form. Your immediate response is requested as the subject loan funding is pending.

1. Legal name of project/homeowners’ association is:__________________________________________________________________
2. The project is a o Condominium o PUD
3. Was the project created by the conversion of an existing building? If yes, please provide the following information:
Age of subject:____________ Year converted______________ Original use_______________________
4. Voting control of the Board of Directors has been turned over from builder/developer since:______/_______ (month/year).
If not turned over yet, please provide anticipated date of transfer: ________/_________ (month/year).
5. The project is o is not o a legal phased project. The project consists of _____total units in _____ legal phases.
6. Are all units and common areas/facilities complete? o Yes o No
7. Can the project be expanded beyond its current size? o Yes o No If yes, number of add’l units to be built_______.
8. Please indicate the common amenities (other than those in a Master Association):
o Pool, # of ______ o Clubhouse, # of _______ o Tennis Court, # of ______ o Playground, # of _______
o Other _______________________________________________________________________________________
9. Is there any commercial space designated in the project? o Yes o No Describe_______________________________________.
If yes, is the designated space more than 20% of the total square footage of the entire project? o Yes o No
10. Is there more than one association for the project, such as a “Master” or “Umbrella” Association? o Yes o No If yes:
Name of Master Assoc.:_________________________ Recreational Amenities:__________________________________________
Are the amenities complete? o Yes o No Date control of MHOA turned over to unit owners:_____________
11. Is the subject association involved in any litigation? o Yes o No If yes, please provide copies of all litigation information available.
12. How is title held to units? o Fee Simple o Leasehold If leasehold, provide copy of lease(s).
13. Are there any leased common areas/facilities? o Yes o No If leasehold, provide copy of lease(s).
14. Do the unit owners have sole ownership in and the right to the use of the project facilities? o Yes o No
15. Does the project contain any leased or rented units? o Yes o No If yes, how many? ___________
16. Is there a rental service for leasing/renting units? o Yes o No
17. Does the homeowners' association provide a cleaning service for the leased/rented units? o Yes o No
18. Does the project have a front check-in desk for the leased/rented units? o Yes o No
19. Does any single investor or entity own more than 10% of the total units in the project? o Yes o No
If yes, please identify the investor/entity and indicate the total number of units owned by each separate investor:
_______________________________________________________________________________
20. Does an outside, professional management firm manage the project? o Yes o No If yes, please provide contact information:
Name of Company:__________________________________ Contact:__________________________________ Address:___________________________________________Phone:______________
21. The unit assessment charges/fees for all units are:
o Uniform charges of $____________per month o Varying charges of $__________ to $___________ per month
22. How many unit owners are delinquent more than 30 days in their payment?_______; The total amount is $____________
23. The amount currently held in a segregated reserve account for future repair/replacement of the project is $_____________
This amount is adequate for replacement of major components o Yes o No
24. Are there any special assessments now approved, or have there been any in the past year? o Yes o No If yes, please describe nature of assessment, amount and per unit charge:__________________________________________________________________
25. Are there any mortgages or other long-term debts currently outstanding for the association? o Yes o No If yes, please describe and state the terms of the loan:_________________________________________________________________________________
26. Does the Declaration or any other constituent documents governing the project contain a right of refusal (or to provide a substitute
buyer) in favor of the association or developer to purchase any unit in the project offered for sale, lease or transfer? o Yes o No
27. If a unit is taken over in foreclosure or deed-in-lieu, is the mortgagee responsible for delinquent HOA dues? o Yes o No
If yes, are they responsible for o 0-6 months or o 7+ months?
28. Please provide the following insurance information for the project:
Insurance Company:____________________________Agent’s Name:_____________________________Phone:_______________
29. Please provide the following sales information:
_______Total number of completed units in project ________Total number of units conveyed
_______Total number of units under contract ________Total number of units conveyed/under contract to investors
** PLEASE NOTE **
Please provide the following documents along with the completed questionnaire:
1. Homeowner’s Association Budget
2. Management Company Agreement (if applicable)
3. Copy of Declaration page from the Master Insurance Policy that reflects hazard, liability, fidelity bond and flood insurance if applicable.


THE UNDERSIGNED DOES HEREBY CERTIFY THAT THE INFORMATION ABOVE IS TRUE AND ACCURATE TO THE BEST OF THEIR KNOWLEDGE AS OF: ________________________.
(date)


___________________________________________ __________________________________________
Name of authorized signer Title


___________________________________________ __________________________________________
Organization of signer Signature Phone Number


THIS FORM IS TO BE COMPLETED BY A DIRECTOR OR OFFICER OF THE HOA OR MANAGER OF THE MANAGEMENT COMPANY ONLY.

9. Is there any commercial space designated in the project? o Yes o No Describe_______________________________________.
If yes, is the designated space more than 20% of the total square footage of the entire project? o Yes o No
10. Is there more than one association for the project, such as a “Master” or “Umbrella” Association? o Yes o No If yes:
Name of Master Assoc.:_________________________ Recreational Amenities:__________________________________________
Are the amenities complete? o Yes o No Date control of MHOA turned over to unit owners:________________
11. Is the subject association involved in any litigation? o Yes o No If yes, please provide copies of all litigation information available.
12. How is title held to units? o Fee Simple o Leasehold If leasehold, provide copy of lease(s).
13. Are there any leased common areas/facilities? o Yes o No If leasehold, provide copy of lease(s).
14. Do the unit owners have sole ownership in and the right to the use of the project facilities? o Yes o No
15. Does the project contain any leased or rented units? o Yes o No If yes, how many? ___________
16. Is there a rental service for leasing/renting units? o Yes o No
17. Does the homeowners’association provide a cleaning service for the leased/rented units? o Yes o No
18. Does the project have a front check-in desk for the leased/rented units? o Yes o No
19. Does any single investor or entity own more than 10% of the total units in the project? o Yes o No
If yes, please identify the investor/entity and indicate the total number of units owned by each separate investor:
__________________________________________________________________________________________________________
20. Does an outside, professional management firm manage the project? o Yes o No If yes, please provide contact information:
Name of Company:____________________________________ Contact:_______________________________________________
Address:_____________________________________________________________________Phone:_________________________
21. The unit assessment charges/fees for all units are:
o Uniform charges of $____________per month o Varying charges of $__________ to $___________ per month
22. How many unit owners are delinquent more than 30 days in their payment?_______; The total amount is $_____________
23. The amount currently held in a segregated reserve account for future repair/replacement of the project is $____________________
This amount is adequate for replacement of major components o Yes o No
24. Are there any special assessments now approved, or have there been any in the past year? o Yes o No If yes, please describe
nature of assessment, amount and per unit charge:__________________________________________________________________
25. Are there any mortgages or other long-term debts currently outstanding for the association? o Yes o No If yes, please describe
and state the terms of the loan:_________________________________________________________________________________
26. Does the Declaration or any other constituent documents governing the project contain a right of refusal (or to provide a substitute
buyer) in favor of the association or developer to purchase any unit in the project offered for sale, lease or transfer? o Yes o No
27. If a unit is taken over in foreclosure or deed-in-lieu, is the mortgagee responsible for delinquent HOA dues? o Yes o No
If yes, are they responsible for o 0-6 months or o 7+ months?
28. Please provide the following insurance information for the project:
Insurance Company:____________________________Agent’s Name:_____________________________Phone:_______________



29. Please provide the following sales information:
_______Total number of completed units in project ________Total number of units conveyed
_______Total number of units under contract ________Total number of units conveyed/under contract to investors


** PLEASE NOTE **

Please provide the following documents along with the completed questionnaire:

1. Homeowner’s Association Budget
2. Management Company Agreement (if applicable)
3. Copy of Declaration page from the Master Insurance Policy that reflects hazard, liability, fidelity bond and flood insurance if applicable.


THE UNDERSIGNED DOES HEREBY CERTIFY THAT THE INFORMATION ABOVE IS TRUE AND ACCURATE TO THE BEST OF THEIR KNOWLEDGE AS OF: ________________________.
(date)


___________________________________________ __________________________________________
Name of authorized signer Title


___________________________________________ __________________________________________
Organization of signer Signature Phone Number


THIS FORM IS TO BE COMPLETED BY A DIRECTOR OR OFFICER OF THE HOA OR MANAGER OF THE MANAGEMENT COMPANY ONLY.


Homeowners Association’s Certification 12/1/98

March 30, 2008 Permits and Inspections, Let's Take a Look...

March 30, 2008
Lynnsy Logue, The Real Estate Lady and CondoCanDo in Charlotte, NC
Permits and inspections, let’s take a look…
Charlotte and change. The two go together. Huge building cranes populate the center city and the crane sentinels keep watch and work on a hospital site off Randolph Road, in the SouthPark cluster of office buildings, out Ballantyne Country Club way and up at the ever-expanding University of North Carolina-Charlotte.On a smaller scale, homes are being remodeled or torn down. Condos are coming out of conversion or under new construction…decks and patios, fences and driveways, room additions and garages with apartments above…new home sites tend to be smaller and one might wonder about surveys…and the importance of permitting for furnaces and decks, driveways and the like. And the follow-up of county inspections. Charlotte is a busy, growing city in every direction. Both old and new homes and offices are undergoing transformation.

Here’s an example: supposing you installed a new furnace and air conditioner two years ago. You thought the contractor was licensed. You assumed the unit was permitted and inspected. It was only when it was sold, inspected by a structural and mechanical inspector and then by a HVAC company that the buyer/seller discovered that the unit had never been permitted, never been inspected and the contractor was not licensed in North Carolina.Consequences: if a fire happened and the insurance company in their due diligence discovered this, your claim might be in jeopardy. If the information were divulged to FHA (assuming the loan were going FHA), the FHA appraiser would deduct the system from the appraisal. So the house would not appraise for the purchase price in most cases.

You can check property yourself in Mecklenburg County by going to
www.meckpermit.com. Just simply enter the address and you will get a record of items permitted. Checking a contractor’s license in North Carolina, go to N.C. Board of Examiners and follow your nose. You can search by name and by county.Verifying has always been our job, even more so now in our energetic market.
Coming up: Condo Documents