Charlotte NC Condominium Specialist:CondoCanDo®

Learning how to walk quietly

2011-07-14T14:52:00.005-04:00

Distance. The last post before this one was in 2008. The real estate in our market started the tailspin. In Charlotte, the rise and fall of announcements for condo towers came in a rush and went almost as fast. I stopped and just listened and watched. And somehow managed to sell a few more listings, help a few more buyers settle in. In January 2009, as I walked in my thinking place, the garden, I asked aloud, "What could bring me down?". The voice was loud and clear, "Get health insurance. Have health insurance in place by March 15." I walked in the house, called friends, made calls, compared and discussed health insurance options and before the appointed time, health insurance was well in place. Then a dream where the word "Cancer" was spelled out in a font I would never pick. And in June, my first visit to a primary doc in twenty years. In July a second visit because still I was having difficulty swallowing and as she dismissed me, sent me to get Mucinex, I said, "What about these?" my hand on the many lumps on the right side of my neck. She said, "Well, I guess I better send you to an Ear, Nose and Throat doctor to make sure they are not cancer." The word 'Cancer' resounded through every cell in my brain. Two years ago almost to this day, the biopsies confirmed my dream, cancer. Tongue cancer to be precise and a not too rosy future.
So, here I am. Two years later, Chemo treatments, radiation and chemo, surgery, therapy, damage control for a hernia, a radiated thyroid and therapy for swallowing and talking.
In short, I am here. I am back. Sorry for the outage.
I am playing catch up on many fronts and getting stronger everyday. My business is one, although I never stopped working, drove myself to almost all my treatments, maybe missed a couple of days out of work, wrote a journal on line with over 200 entries and will publish on Amazon.com with Kindle Publishing eBooks.
Life is good.
I am rebuilding my websites to fit a more changing and mercurial market and a more seasoned and experienced eye as I pass twenty five years as a full-time active Real Estate Broker.
I begin again and invite your comments, your suggestions and your ideas.
Thanks for checking back. I'll make it worth your while.
Lynnsy

On the Job Training...

2008-09-11T22:03:00.000-04:00

September 11, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Being a Condo Specialist Is Great Training…We learn to dig deeper, question more, verify more. We uncover all he problems we can…the mold, the radon, the documents that forbid a pick up truck over a certain size and weight, the different mortgage products, the various insurance options or requirements. Condos require a little more inquisitiveness, a little more tenacity.And this is great training because this week and last we have been knee deep with transactions that have required both of us to leave no stone unturned when it came to purchasing a vacant lot at the lake. The purchase would involve the ability of the purchaser to build a pier. No small task with permits from Duke. And flood insurance.And to secure a mortgage. And to research all the comps of vacant lots whether they were purchased as extra lots with a home adjacent…or the purchaser could buy a home already built on the lake. So we previewed, assessed piers and parking pads and retaining walls and crawl spaces.The second transaction involves the purchase of a home with a seller rent back for up to a year. Is it a second home or an investment? How do we look at repairs that might be needed during the rent back? Meanwhile, we prepare the buyer’s current home for the market with the flurry of wallpaper being removed, painting underway, window cleaners afoot, furniture going to a storage unit. And we are also dealing with an assortment of mortgage originators, appraisers, attorneys, and agents. Some fun to work with, some slippery. We compare notes, and plan every step of each process together. Our custom is to work by the book, observe the protocols.Working with condominiums teaches that what appears to be often isn’t. Knowing that helps us with homes and piers on the lake, 2nd homes, investment homes…and we focus on another segment of our broad market.Sometimes people ask if we just do condos…liking the complexity of condominiumshelps hone our skills for the rest. We enjoy our playing field.

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

Condo-ese

2008-09-10T20:24:00.000-04:00

September 10, 2008
You say potato, I say Potato…
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

The subject of condos, condominiums, attached housing…and it follows townhouses.A condo is by legal definition air space. A townhouse has a footprint. It goes downhill from there.Can a single family structure with a detached garage be a condo?Can a cluster of single family residences be condos?Can a building have flats on the first floor and two story units above?Is a garden a condominium or a townhouse?Can a townhouse have a basement?If you live in a townhome do the monthly dues cover hazard insurance?If you live in a condo do you need insurance at all?Should you read the covenants and restrictions before purchasing?What is also good reading for discovering surprises with attached housing?
Can there be radon on a fifth floor condominium?Can the number of investors in a community skew the type of mortgage products? Here are some answers: For everything I know on condominiums, check out…you guessed it: CondoCanDo.com. We tell all…and if we missed something, please let us know. We love learning all we can about condominiums…and townhomes and patio homes.

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

It's My House...

2008-09-09T22:14:00.001-04:00

September 9th, 2008
It’s My House…
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NCSome days are longer than others. Some days the focus is on money, mortgages, interest rates, terms or the cost of repairs, or the buyer’s closing costs or the seller’s net…somedays it’s making the pieces fit with timing for buyers and sellers and agents and attorneys…or setting times for appraisers and inspectors.Many days are spent reviewing a step in the process of buying…both the one we just took and the one we are about to take. Real Estate is a process of many steps.Today, I spent most of the day focusing on one house.I crawled in the crawl space enough to see there was no hanging insulation, that a vapor barrier was in place, that it appeared free of standing water and smelled like a crawl space without mildew or mold. This was a first pass. I looked under the deck for pieces of wood, erosion, problems. And I looked at every square inch of all the trim, the paint job, the gutters and downspouts, the splash blocks, the roof vents, the outside mechanical units, the bushes, the mulch, the steps in the front and the back, the slope in the front and the back, the fences and how they attached to neighbors.Inside I started in the attic looking at storage space and looking at ventilation, and pans under systems…And then, room by room, closet by closet, making notes of size, windows and detail.I looked at other storage areas off bonus rooms, counted windows, noted ceiling fans and marked lighting fixture lenses that might be missed when the window cleaners come tomorrow. They are also instructed to clean all the light fixtures in and outside the home, clean all mirrors…scrape the windows from the new paint job and clean all the windows in and out.I checked all the carpeting and noted a faded area under the sideboard and asked that the dining room carpeting be replaced and while we are at it, to check under the piano in the living room as well to make sure that had not faded as well.All the rooms were measured and measurements were compared to the floor plan.The sellers had begun moving furniture readying a load for the storage unit they have rented. Cabinets were being polished. A painter came while I was working to give a price on the dining room, a half bath and an upstairs bedroom and full bath.The seller and I talked again about the market, the price, our marketing approach and how we would develop those plans. It is clearly a partnership.As we set ourselves to wrap up, they handed me the key. They said, “It’s your house. Bring us a buyer.”
Today was another good day.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

I Am Stuck

2008-09-08T21:08:00.001-04:00

September 8, 2008

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

Conundrum…Mold in a Condo…
This subject makes me crazy. The first time I started reading about mold in a condominium was the one that had been foreclosed and sat empty for 4 to 5 months…and finally when the neighbors and the HOA gained entrance, the place was black with mold.The unit had been trashed; the plumbing was leaking and then comes the mold. Common walls and common ceilings and common floors and vents…And now, I have learned of another instance. A young woman purchased a condo in a prestigious area. Pretty pool. Great location. Close to work and shopping and friends.She’s a first time home owner. I learned today that she is quite ill. Eyes red and itching, breathing difficult, headaches and she has moved in with friends. There is black mold on her kitchen cabinets. There is mold in her furniture. She has been gathering information. Requesting minutes from Board meetings for months and discovering problems and delays and poor maintenance and poor repairs. She has consulted an attorney. She has asked if I could list it for sale. The fact is, I could, but I can’t. I know too much. And the sad thing is, I am afraid there is little they can do because the HOA has no money. Poor management maybe. Non-professionals on the Board trying to do a job that really needs a professional…and frankly, some the professionals in property management are lacking.Being pro-active seems to allude many.The best I can do is try to get her information to a viable news source. The subject of mold is one of the top ten things we are all wary of…and rightly so…just last week I previewed a home at the lake…mold in a crawl space…and could not get out fast enough. I have been sick and remain congested and have flu like symptoms. The air we breathe…
I am stuck.

People, The Trouble With Condos

2008-09-05T22:14:00.004-04:00

September 5, 2008

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

210 East Trade/EpiCenter
Developer stops sales of units at troubled condo building
( Why is it we can't seem to say that the builders and developers blew it. Let's just call it another "troubled condo"...Cheez!!!)

With no end in sight to the legal troubles surrounding the stalled 210 Trade condo building, its onsite sales team has moved out.
In a letter to condo owners last week, Builder Services Inc., an arm of Allen Tate, said the team was leaving the sales office, citing “issues … in the court system, thus temporarily curtailing our ability to sell property at this location.”
The company plans to monitor the building's progress and update buyers through a Web site it created for them, the letter said.
Questions about the move were referred to a spokesman for the developer, Charlotte FC, part of the Indianapolis-based Flaherty & Collins. He did not immediately return phone calls Thursday.
Charlotte FC will not sell more units until the legal issues are resolved, its attorney, Lee Spinks, said.
Work on the 50-story tower, part of the EpiCentre complex uptown, stopped in February, with two floors built, because of a disagreement over technical building-code issues.
Its developer and the EpiCentre's, Pacific Avenue, part of the Charlotte-based Ghazi Co., have filed lawsuits against each other, alleging various breaches of contract that led to the stalemate.
Both sides have said they want the project to move forward. The latest contract gives developers until December 2010, with the option to extend up to four months beyond that, to finish the building.
Spinks said Charlotte FC hopes construction can be started in time to meet the deadline and that the developer will let buyers know when that will be – or if it's unable to start construction in coming months.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NCKirsten Valle/The Charlotte Observer

Condos: Consider The Risks As Well As The Benefits

2008-09-04T22:00:00.001-04:00

September 4, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Condos: Consider the risks a well as the benefits.Even in the newspaper story about Rosewood Condominium yesterday, the lines about buying a condo, downsizing from single family homes and eliminate maintenance chores made me laugh off my large medicine ball-chair.Why, you ask? Because I spent the better part of the morning reading the minutes from a popular condominium located in one of Charlotte’s most prestigious neighborhoods.Granted maybe the lack of proper maintenance is management company, maybe it is because when we do things by committee preventative maintenance winds up on the floor. And the older I become, the more I know, everything is about maintenance. Your bike, your teeth, the gaps in the cement between bricks.In this one particular complex there have been water problems from the air handlers of air conditioning units. And from the water problems, long neglected, come a mold problem.People who have health challenges are experiencing irregular temperatures and are having a hard time being heard.And then as I finished walking the dog and was closing the gates, my new neighbors walked by and stopped to tell me the Radon remediation on their condominium in the city went well. We spoke of being proactive. Another condo has been reported with Radon Uptown. Why is it I know and the residents don’t?And just when I figure I can’t make sense of a good concept, condos, gone astray, I am reminded of the superior job being done by a woman in Cotswold. She keeps amazing all of us with her tenacity, her focus and her single sterling vision of condo principles. Maybe we can persuade her to join us for a podcast soon. She is the example of how a community should be and can managed.
For Condo CanDo, This Is Lynnsy Logue, The Real Estate Lady in Charlotte,

Hat's Off to Rosewood Condominiums!

2008-09-03T21:20:00.001-04:00

September 3, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Hat’s Off to Rosewood Condominiums!
At the corner of Providence Road and Sharon-Amity in Charlotte, NC…there was a lovely two story yellow colonial home…white trim, stately, rose gardens, winding drive, green fields stretched to the back acreage. For years. On one corner resides St. Gabriel’s, a handsome edifice joyously anchoring the southwest corner and across the street a full brick and white column church and then across from the 85 year old home of the Rowe’s was a small strip shopping and a small office building…neither well done but heck, it was Cotswold. And Cotswold is a neighborhood with brick ranches and a charming shopping center that used to be a mall…it is real and personable.So when Rosewood was announced, there were of course the naysayers. Here was going to be an elegant complex, three eight story towers designed in the manner of French Renaissance-style…in Cotswold. If you looked ahead, if you caught a whiff of Charlotte’s bustle, you would have seen these dreamers were sailing into the future and doing it well. Oh, I am sure they at time wondered what they were doing and why…but the corner changed. The small office building is gone and in its place…newer, taller, more sleek commercial and retail, restaurants and service shops. And the shopping center has changed. It’s still personable but the little coffee shop is now more comfortable and there is seating outside. We like to drink coffee outside and dine outside…we like to watch the passers-by. I have visited Rosewood. Shown property at Rosewood. And it is stunning. Rosewood is like leaving the city and going to a fabulous resort...in Europe. The grounds are ample, the parking is elegant, the roses are tended and the benches are perfect for watching passers by.I thank the builders for their vision. Some say they will have a hard time competing with Uptown. As though we always have to be competing. Rosewood is unique. Hands down. It is gorgeous. And Uptown, people, is still just minutes away. We are still a small southern town. Rosewood has South Park, Cotswold, Myers Park, and Cotswold. Here’s to the folks who dreamed of a place that is right out of the same book as The Biltmore Estates…and here’s to the folks who had the foresight to buy into a lovely community.
More detail and pictures…on the way.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Trying To Figure It Out...

2008-09-02T22:44:00.001-04:00

September 2, 2008
Trying to Figure It Out
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
I should never write these podcast/blog when it is late at night…after a day where energy was spent carefully and consistently on important things like septic tanks. We live in a growing, bustling city. Charlotte will be one of the first out of the muck and mire because we are basically a conservative southern town. We like brick, traditional homes. We like
our medium size southern town that is looking towards being World Class. Why last year, the newspaper was consistently announcing condo towers…most of them in Uptown Charlotte.Today…The Park has tried to go through foreclosure but now is in the throes of an involuntary bankruptcy…but wait the court appointed attorney is looking through all of the documents to see if there is anything else going on…anything that is less than honest.The guy whose dream was this building…says he knows how to solve the problems, just let him finish.Okay…so there is a stalled 60-70% condo tower uptown, decaying. And just down the street is another dream turned nightmare…210 East Trade, a part of the Epicenter. Legal battles are being waged, condo definitions and process are in the air…and that may have been the gamble. The building stands unfinished.Then there is a three liner on the 2nd page about another large Uptown condo project…not started, no word. The word “condo” takes on less meaning. Nebulous.It’s hard to write about condominiums when the concept is tough to materialize because the people seem to be less than detail oriented or something like that.So I write about what will make this market…the lite rail, the fabulous Greenways and trails, the parks and the bond drive that bring us more green, the sections that are morphing from fringe areas to new…new designs, new pedscapes, new names. And everywhere, there is building and remaking…and cranes moving to the tunes we hear in this small southern city.
Yes, we can. Yes, we are. Yes.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Chuck Graham Looks at Charlotte's Second Quarter

2008-09-01T19:32:00.002-04:00

September 1, 2008

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

Analyzing the Second QuarterBy Chuck Graham, Charlotte Real Estate Consultant
Story Highlights •
Charlotte's return to normalcy will be quicker than most•
Soon to be the best time to buy
A comparison of the twelve months ending 2Q08 vs. 2Q07 reveals an existing market down 26 percent on an unchanged median price; the new home market was down a similar 26 percent on a 6 percent increase in median price.The total (new and existing) Charlotte for-sale housing market first slipped 2Q07 when total closings fell 5 percent 2Q07 versus 2Q06. Median pricing however continues to climb at 3 percent.3Q07 saw a 14 percent drop in closings with an additional 4 percent increase in the median price. 4Q07 reported a 20 percent drop in closings with 5 percent increase in the median price.1Q08 was a particularly difficult time period with total closings dropping 36 percent on a 1 percent increase in median price. Both new and existing closings were equally hurt.2Q08 saw a similar drop of 37 percent on a 1 percent decrease in median price. Existing closings were down 36 percent and new closings 40 percent. These statistics would suggest that the market’s deceleration has peaked.As previously noted, Charlotte’s residential title transfers never saw the run-up in the investor market, the sub-prime/alt A market, or pricing that has been seen nationally. Consequently its difficulties will be less severe and its return to normalcy quicker as continued Case-Shiller reporting suggests.For home buyers without a house to sell; future deceleration will gradually slow as we near the bottom of the Charlotte market – and the best of times to consider looking and buying depending upon your ability to satisfy desire.For home buyers with a house to sell consider that good times, average times and difficult times present very similar pricing differentials, what you sell your house for will be matched by a similar value in the house you buy.

Thank you, Chuck Graham.

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

We're Building a City: Green Space Is A Must for Us

2008-08-29T20:10:00.001-04:00

August 29, 2008

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

What's in park bond for you?
Proposal has projects all over the county, but possible $250 million price tag stirs debate.
1. New recreation center at Davidson
IB Middle School
2. Planning for new Linda Lake Neighborhood Park in east Charlotte
3. Double Oaks pool renovations.
4. Stewart Creek Greenway; Build 0.5-mile trail.
5. Expansions to Thomas McAllister Winget Regional Park in Steele Creek
6. New regional sports complex in Matthews
Northern residents will get a mega-sized, regional recreation center. Greenway trails will be added, including one to Martin Luther King Park in west Charlotte. A sports plex in Matthews is getting full-funding, while the Mecklenburg County Aquatic Center in uptown will get extensive renovations.
The projects, recommended by the park and recreation commission, are among 60 that could be paid for with a bond package this fall of up to $250 million.
The projects won't be spelled out on the November ballot, but county commissioners and other leaders will use the list to drum up support for the bond package. A public hearing is set for the Sept. 3 commissioners meeting. Commissioners also will vote that night on the final size of the bond package.
Scott McClure, chairman of the park and rec commission, told commissioners recently the plan has been well received by residents across the county. The mayors of Matthews, Mint Hill and Pineville also have lent their support.
But some residents are likely to push for changes. The Charlotte Tennis Association, for example, wants money to build a 20-plus court tennis center and to hire a director of tennis for the county.
And there is still some concern about whether the county should even ask voters to approve a bond package in light of the economy and the county's mounting debt load.
This spring, County Manager Harry Jones had recommended asking voters for $560.2 million worth of county bonds, including $360.2 million for a new jail. That would join $227.2 million in roads, neighborhood development and affordable housing bonds from the city of Charlotte.
Concern about the size of the local bond slate prompted county leaders to decide to pay for the new jail using debt that doesn't require voter approval. Commissioners then agreed to increase the size of the park bonds to no more than $250 million.
Commissioner Dan Bishop has said he thinks the bond package is unaffordable, and noted it is more than three times the size of the last referendum for parks.
Commissioners can decide to reduce the size of the bond package, but some say they expect to ask voters for the full $250 million.
Among the proposed projects for the bond is $25 million for a regional sports plex in Matthews, a project commissioner Bill James has championed. An original list of bond projects didn't list the sports plex.
James, whose district includes the sports plex, said Sunday he thinks the new list of parks projects better distributes the bond money across the county instead focusing on those areas closest to uptown. “It's fair,” James said.

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

The Park: Unfinished. Unresolved. Sad.

2008-08-28T08:11:00.001-04:00

August 28, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NCUnfinished condos may be decaying, lawyers say
The Park condo was auctioned at noon Thursday at the Mecklenburg County Courthouse. A bid of $17.9 million was offered by Tim Griffin, an attorney for the lender. Griffin's bid was the first and only bid.
Steel at The Park condos has started to rust. Wind and rain have damaged fireproofing materials on the walls, and stucco, glass windows and interior doors have been left inside, targets for vandals and the elements.
That rare scene of uptown decay – a sharp contrast from the city's shiny image – was painted by attorneys Wednesday in U.S. Bankruptcy Court.
As the fate of the stalled condo tower has languished in court, its developer burdened with financial problems, the building could be falling into disrepair, its lender's attorney said.
The 21-story project at Caldwell and Third streets uptown is about 70 percent complete, but it remains open to the weather, said Judy Thompson of Poyner & Spruill, an attorney for BB Syndication Services of Wisconsin.
In addition to the dangers facing its structure and the building materials inside, a city fire inspector has expressed concern about wood and debris, a fire hazard, she said. City officials have also revoked the developer's right to use part of Caldwell Street for scaffolding, raising the question of who will remove it, Thompson said.
The court on Wednesday appointed Langdon Cooper, a Gastonia attorney, as the property's interim trustee, meaning he will have control over those issues and others until the bankruptcy case is resolved. He will have the power to decide how to fix the problems and could ultimately market the project and try to sell it to another developer.
The high-profile Park is one of several uptown condo towers to face problems this year, despite showing strong sales. 210 Trade, the condo tower going up at the EpiCentre, has been stalled since February in a legal dispute between its developer at the EpiCentre's. Two other projects, One Charlotte and 300 South Tryon, have been postponed this year.
The Park went into foreclosure last month. As of Aug. 20, its developer, 222 South Caldwell Street Ltd. Partnership, part of Verna & Associates of Charlotte, owed more than $28 million on its $30.7 million loan.
After an auction and bidding period this month, a company called Summitt Shores had registered the high bid, $18.8 million.
But on Aug. 14, three contractors filed an involuntary bankruptcy petition, forcing the condo tower into court and temporarily halting the foreclosure process.
Those creditors, who say they're owed more than $1.8 million, want to see the project sold for a higher price and supported Cooper's appointment, said Kevin Sink of Nicholls & Crampton in Raleigh, who filed the bankruptcy petition on their behalf.
“There needs to be someone at the head of this ship,” he said. “… This gives them the opportunity to maximize (the project's) value.”
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Source: Charlotte Observer K. Vale

Here Comes The Sun

2008-08-27T21:51:00.000-04:00

August 27, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Here’s A Jewel:
Solar-powered mid-rise in SouthPark?
SouthPark could become home to the city's first fully eco-friendly mid-rise if one Charlotte man gets his way.David Thompson has filed a rezoning request to build SolarPark, an 80-foot residential building that would run entirely on solar power and electricity. The building would sit on one acre near Park and Sharon roads.Residential buildings in the SouthPark area generally must be capped at 40 feet without city permission. A community meeting is scheduled for September, with a public hearing in October.The pyramid-shaped SolarPark would use solar panels extensively to collect energy from the sun. That energy would be used along with electricity to run appliances and heat the building's air and water. --

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

Naming Rights...

2008-08-26T20:56:00.002-04:00

August 26, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Naming Rights…We are building a city here. Streets change, their names change. Sections become districts…the names change…down South Boulevard becomes South End, North Davidson becomes NoDa, now North Tryon becomes North End. Each has been and is a major transformation. We take lemons and make lemonade. Areas that once prospered and served various communities, gentrified, crumbled, were on the edge, are now being reclaimed and renamed. It is exciting.North Tryon reaches from the main point of Charlotte, The Square, which is the intersection of Trade and Tryon…stretches through the city to the fringes down the edge of North Davidson past the railroad station (soon to be rebuilt in the Inner City), through rag tag commercial area out to connect to Harris Boulevard and the University of North Carolina at Charlotte.. The studies are underway for the Northern corridor of the lite rail, the Federal Government has given more money than requested, Ikea is in the process of becoming an anchor in that section…and North End will happen. Lite Rail and all. And the area will change.Charlotte is becoming.So while we read about the unemployment rate rising to 6.1 per cent in June and foreclosures rising 25% in the second quarter…and local home prices dipping slightly in Charlotte.2% for the year ending in May…despite those figures, Charlotte has been the only city to see monthly gains from a year earlier in the 20 metropolitan areas markets Case-Schiller tracts. And yes, we watch, we are vigilant…and we are building.And others name us as well…among the tops for retirement destination, tops in area colleges and universities, tops in fastest growing, tops in use of text messaging, tops in opportunity to build wealth, home of The Panthers, The Bobcats, The NASCAR Hall of Fame, neighbor to N.C. Research Campus, and just to be balanced we also rank in the tops for air pollution, crime, and our bodacious desire to be world class.
We are, afterall, the Queen City.

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

Nothing Could Be Finer Than To Be in Carolina...

2008-08-25T21:43:00.001-04:00

August 25, 2008

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

Home Prices Are Down, but Stabilizing U.S. home prices appear to be stabilizing even as foreclosures increase, says First American CoreLogic, a mortgage analysis company that released its home price index Monday.Thirty-seven states are experiencing nominal price declines, which is the same as last month.Nationwide, home prices declined 10.7 percent from June 2007 to June 2008. And home owners also are facing rising inflation, which makes declines more troublesome, says Mark Fleming, chief economist for CoreLogic, The worst declines are in California and Nevada, where prices fell more than 20 percent year over year.The news isn’t so bad in other areas of the country where prices either fell less than 10 percent last year or they rose. Here are those metro areas:
Minneapolis-St. Paul-Bloomington, Minn., -8.65 percent
Chicago-Naperville-Joliet, Il., -7.25 percent
New York-White Plains-Wayne N.Y. and N.J., -7.06 percent
Edison-New Brunswick N.J., -6.77 percent
Atlanta-Sandy Springs-Marietta Ga., -6.15 percent
Detroit-Livonia-Dearborn, -5.93 percent
Seattle-Bellevue-Everett WA. -5.10 percent
Portland-Vancouver-Beaverton OR-WA, -5.08 percent
Philadelphia, -3.62 percent
Denver-Aurora CO, -2.78 percent
Charlotte-Gastonia-Concord, N.C., -1.49 percent
Honolulu, -0.89 percent
Raleigh-Cary N.C., -0.48 percent
Dallas-Plano-Irving, Texas, +1.56 percent
San Antonio Texas, +2.12 percent
Salt Lake City, Utah, +2.27 percent
Houston-Sugar Land-Baytown, Texas, +3.55 percent
Austin-Round Rock, Texas, +4.02 percent

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Source: First American CoreLogic (08/18/08)

Charlotte Scores Again in LIst of Bests

2008-08-22T19:15:00.000-04:00

August 22, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Charlotte-area colleges named among best
Several schools in the Charlotte region have been included in the 2009 U.S. News & World Report America’s Best Colleges list.
Davidson College ranked ninth among liberal arts colleges nationally. Such schools emphasize undergraduate education and award at least half of their degrees in the liberal arts fields of study.
In addition, U.S. News asked the experts who respond to its peer assessment survey to identify schools that fit the profile of "up and coming." Davidson came in first, with the most nominations.
Queens University of Charlotte ranked No. 20 among private master’s universities in the South. That category includes institutions that provide undergraduate and master’s-level programs but offer few, if any, doctoral programs.
In the category of baccalaureate colleges in the South, Lenoir-Rhyne College in Hickory ranked No. 13, Catawba College in Salisbury was No. 17 and Belmont Abbey College in Belmont was No. 28. Montreat College, which has a Charlotte campus, ranked No. 44.
Schools in that category focus on undergraduate education but grant fewer than half their degrees in liberal arts disciplines.
Winthrop University in Rock Hill ranked No. 27 among Southern universities offering a full range of undergraduate and master's degrees.
U.S. News & World Report evaluates the following criteria to determine each institution’s ranking: class size and student/faculty ratio, retention of freshman, student selectivity, financial resources and alumni giving.
Harvard University was the top-ranked college in the country. Duke University was the only N.C. school to crack the top 10 national university list. Duke tied at No. 8 with Columbia University and the University of Chicago.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Daniel Levine and First Ward

2008-08-21T20:04:00.003-04:00

August 21, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
New life for First Ward project
Daniel Levine makes pitch for $26 million in funding
Daniel Levine has a new plan for his key stretch of First Ward property. And, for the first time, the developer appears to have a key partner on board — taxpayers.
The massive project he unveiled to the city this week includes 2 million square feet of office space, 2,150 residential units and 282,000 square feet of shops and restaurants on 20 acres he controls.
Plans now call for a public investment of as much as $26 million in tax-increment financing from the city and county. The funding would pay for parking decks and other improvements. As much as $8 million more could be spent by the city for road improvements.
The county would also kick in the construction cost for a park of at least 3 acres.
“Our enthusiasm has never wavered,” says Levine, who has been pitching various development options for the site for a decade. “I am going to be excited when this moves from the drawing boards to breaking ground. We’re patient and we’re committed to bringing the best development to the city.”
A $46 million UNC Charlotte classroom building planned for the corner of East Ninth and North Brevard streets will anchor the initial phase. The school plans a 2011 opening and is also considering a second building in the project as it looks to grow its links with uptown’s business community.
The formal request for public money gives hope to political leaders and uptown boosters that Levine is serious this time. Real estate experts remain guarded, saying Levine’s past starts and stops have left them wary.
“It’s been a long time coming,” says John Lassiter, chairman of Charlotte City Council’s economic development committee. Adds Jim Palermo, executive-in-residence at Johnson & Wales University and a longtime uptown advocate: “Daniel has had a number of renderings and plans in the past 10 years. It’s a great plan if, in fact, he does it.”
The complex deal still has a long way to go before it becomes reality. Next week, Mecklenburg County commissioners get their first extensive look at the proposal. If commissioners approve further talks, more details must be hammered out, starting with land appraisals for a property swap between the developer and the county.
City staff hopes to have a final deal for council to consider by year end. The county would likely puruse a similar schedule. Construction on Levine’s first phase of development, dependent upon county agreement for a park and tax-increment financing for 1,300 of nearly 2,000 new parking spaces in First Ward, could begin in 2009.
In all, Levine anticipates a 10- to 15-year schedule for building out all of the First Ward land. The county park, UNCC, underground parking and a 300,000- to 400,000-square-foot office building would be built first.
Levine will build the office building with ground-floor retail. Next up would be a 1,500-car parking deck and a property encompassing 525 residential units, a hotel and street-level retail.
Talks gained momentum during the past three months, as stakeholders gathered to discuss possibilities and negotiate the framework of a deal. What emerged mirrors several other high-profile public-private ventures assembled in recent years in and around uptown.
These include:
•A $1.3 billion South Tryon Street complex anchored by Wachovia Corp. and several arts venues.
•The $225 million Metropolitan shopping, office and residential complex in midtown.
•Merrifield Partners’ Bryant Park project near Wilkinson Boulevard anchored by the Charlotte School of Law.
•Grubb Properties’ mix of offices, shops and restaurants in the Elizabeth neighborhood near Presbyterian Hospital.
In each case, substantial contributions for parking decks and other improvements near the projects were — or will be — paid for with city and county money.
Levine credits the city and county for working with him while also negotiating a deal “that puts all the risk in the private sector.”

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Photo of Daniel Levine by Nancy Pierce

Skybridge Condos: Up and Running

2008-08-20T22:37:00.001-04:00

August 20, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

West Morehead is on the rise
Skybridge Terrace is up and running …

Project size: 144 condos in three buildings off the 1200 block of West Morehead Street.
Prices: Units range from 500 to 1,078 square feet and sell from the $120,000s to $280,000s.
Timeline: First of three buildings completed. Two others to be started as the market dictates.
Features: Elevators in each building secure parking and controlled access, private balconies on most units, 10-foot smooth ceilings, double-bowl stainless-steel sinks, granite bar tops in kitchens and hardwood flooring in living areas.
West Morehead Street has emerged over the past decade as a commercial revitalization district as aging warehouses have been converted to modern offices.
Now, residential revitalization is poised to be The Next Big Thing in development there.
The first building in Skybridge Terrace, a planned 144-unit condo project, has been completed on West Morehead at Calvert Street near Interstate 77, and the initial owners have begun to move into their units.
The $22 million project occupies 2.2 acres with a greenway connection that provides pedestrian access to uptown via Third Ward and the Bank of America Stadium area.
Farther out Morehead at the Wilkinson Boulevard intersection, American Investment Exchange plans a 40,000-square-foot office building on a 1.6-acre parcel that once housed the Plantation Grill.
Ogunrinde, a principal in Neighboring concepts with Darrel Williams and Luis Tochiki, said the firm has been active on West Morehead since it bought the triangle-shaped Carolina Moving and Storage warehouse in 1998 and converted it to office condos.
The commercial development under way in the corridor is setting the stage for future retail and residential development, he believes.
The increased density has the potential to attract shops and restaurants to serve office workers and residents.
And the area also could appeal to office tenants and condo owners seeking to enjoy center city amenities without paying center city prices.
The remaining Skybridge Terrace condos – 500 to 1,060 square feet – are priced, for example, from the $120,000s to the $280,000s.
Prices fall in the $250-a-square-foot range compared with $350 a square foot or more inside I-277.
The project eventually will have three buildings – 48,000 square feet each – connected by sky bridges to give owners uptown skyline and Wesley Heights tree canopy views.
Ogunrinde said the skyline side, with the largest and most expensive units, has been the most popular so far.
Buyers put contracts on all the units, he said, but some are struggling to arrange financing and close in the uncertain lending market.
Purchasers have been a mix of older professionals, young professionals and people seeking a second dwelling.
For more information on the West Morehead Stretch, refer to our podcast on Bryant Park and on the Charlotte Law School. And also remember that the city-county offices at the Hal Marshall Center on North Tryon are being re-located to Freedom Drive.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Yes,Conservation Is Habit Forming...

2008-08-19T21:56:00.000-04:00

August 19, 2008

Conservation is Habit Forming

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

Ali, Ali In Free…The game was fun. We played after inner…dusk. We would play kick the can and then Ali,Ali in free. We got to come on in…no penalty. We played. We were tired. We came home.Conservation. We adapt. We change our habits, our thinking, our perspective. We return home better. Saved for another day of energetic play.I replanned my days as gas prices peaked upward.. Figured my stops more carefully. Sectioned out the city. Did not use air-conditioning. Checked tire pressure. Foot off the pedal going down hills, coasting to stops. Eating more at home. Finding more time at my home office to do more. More time with my companion dogs. Hung more laundry out to dry, checked all the light bulbs and changed where necessary. Programmed the thermostat to a higher temperature…used ceiling fans and vertical fans more than ever before. Used my electric lawn mower and electric weed eater. Changed the temperature on the water heater.I like it. It feels good to be proactive. Now I am on it. Check weather stripping, doors and locks. Security. Efficiency. Yes. We can do this.As summer vacation season kicked in, Americans got out of heir cars, driving 12.2 billion fewer miles in June than the same month a year earlier. The 4.7 percent decline which came while gas prices were peaking, was the biggest monthly driving drop in a downward trend that began in November according to the Federal Highway Administration. Overall Americans drove 53.2 billion fewer miles November through June than they did over the same eight month period a year earlier.I recall the town in Texas all set to build another coal burning plant. But they decided first to see how much they could conserve in a year. How much could they save by being prudent. A year goes by…what do you think? They proved to themselves they can conserve, they can act pro actively together…they do not need the coal burning plant. They are fine.

We can do so much if we believe we can. Hard times bring challenges.
Yes, we can!

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

We Knew...We Knew: June 2006 Report

2008-08-18T20:24:00.001-04:00

August 18, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

We Knew…June 29, 2006
That Hissing Sound
Robert Reich, pointing to leaks in the housing bubble, gives the Fed some advice:
Market Meltdown: Say goodbye to the housing bubble, by Robert B. Reich, American Prospect: ...America’s housing bubble has not exactly burst. It’s just sprung a leak the size of your average mortgage banker. What’s clear is the boom is over. All across America, backlogs of unsold homes are long. Price increases are slowing. In some markets, home prices are actually dropping...
It’s better that bubbles leak than burst. Gradual declines are always easier to manage than explosions. But the housing boom has been so large and important to the American economy over the past five years that even this slow leak will cause severe headaches.
One will be experienced by millions of households that had turned their growing home values into piggy banks to finance their continued consumption. That easy route to cash is just about gone. The inevitable result will be less consumption, which will mean fewer jobs.
A more immediate problem will arise for all the people making, financing, and selling houses. Here we’re talking about a vast army of carpenters, plasterers, roofers, plumbers, electricians, mortgage bankers, home inspectors, real estate agents, architects, structural engineers and many more. According to Moddy’s Economy.com, housing-related employment has accounted for almost a quarter of the five million jobs that have appeared since 2003.
These jobs pay well even though most of them don’t require a college degree. That’s because they don’t have to compete in global commerce. Workers in Beijing or Calcutta can’t easily build houses in Phoenix or San Diego. ... But now with the housing boom over, many of these good jobs are over, too.
In other words, without the housing bubble, the American economy will lose a lot of its fizz. I don’t like bubbles, but from a jobs standpoint this recovery has needed all the fizz it can get. Median wages have gone nowhere. The ranks of the long-term unemployed have been unusually high. The percent of the labor force with jobs is lower than in 2000. Housing has been one of the few bright spots in the economy.
All of which brings us to Ben Bernanke and his gang at the Federal Reserve Board Open Market Committee. They’re determined to raise interest rates because they think the economy is too fizzy and still prone to inflation. I hope they listen carefully: The hissing sound they hear is air escaping the housing bubble. There’s less fizz in the economy than they think. Raise interest rates, and the Fed raises the likelihood the economy will deflate.
We'll know more soon when the Fed announces its rate hike decision from today's meeting.

That was in June 2006. We Knew.

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

Just Another Day...

2008-08-15T22:11:00.001-04:00

August 15, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Just an Ordinary Day…
There are many unseen actions during the day as a real estate broker. They are the ones you don’t know about…the ones we don’t talk about. And maybe we don’t talk about them because they are too personal. I sometimes think the perception the general public has about real estate professionals is something about shiny cars, gold jewelry, big paychecks, fish fries and golf tournaments. Maybe so. Maybe not.
I began this morning as I always do on Fridays when it is not raining: walking with the neighbors at 5 a.m. for several miles as we talk about our plans for the weekend. So this morning began a little before I met them. The second item was a note that the truck was coming this morning to load up my neighbors. They are moving to Alaska. A young couple and their five year old daughter. They became friends the very first day they moved across the street and it deepened. Then they became clients as members of their family entered my world. And then they asked me to find a buyer for their house. And I did.Now they are going and I will miss them. So I have spent time thinking of them this morning. Missing them already.
And then as the movers were packing, a client called to brainstorm about “what if’s”, and think about Plan B…and on with another as we talked about what appliances stay and what really goes and how important it is to be patient…and another about a showing tomorrow as I reminded them about opening blinds and draperies…and the info sheet box that I will place in front of their home tomorrow during the Neighborhood Walk Around…And meeting our I.T. person for lunch. We share our excitement about Charlotte and the Market, how she has enjoyed experiencing the Lynx,our lite rail, how she has enjoyed arriving early uptown and can hear the birds uptown in the early morning…and walk along he tree-lined streets before everyone else starts arriving.
And on to show property as the prospective buyer brings his whole family and the family dog and the girl friend…and I give them the special folder I prepared with every bit of information I have on the property and adjoining properties. And told them to go home and talk about it, think about it. I am available.
And I come back to my home office, check email and find a thank you from a client who wanted direction and I sent him my decorator friend who is great with listening and they got along famously and I can hear the calm in his message.

I look out the window across the street. The truck is gone.

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

Here's Letter To Realtors and Link:New Tax Credit

2008-08-14T18:52:00.003-04:00

August 14, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Straight from the Horses's Mouth Almost:

Dear Lynnsy Logue,
Dear Brokers-In-Charge,
President Bush signed the Housing and Economic Recovery Act of 2008, immediate measures that will help homeowners facing foreclosure find ways to refinance and will help strengthen mortgage markets. The package also includes a very substantial tax credit available to first-time home buyers.
In this email, you will find a series of links that provide comprehensive details of the legislation package. We hope you will share this good news with your agents.
To summarize, the legislation package includes Federal Housing Administration Modernization that will simplify and make FHA-backed mortgages more available while helping thousands of families refinance existing mortgages and keep their homes. Other important components of the bill are reform of the government-sponsored enterprises (Fannie Mae and Freddie Mac), permanent increases to both GSE and FHA loan limits, a first-time home buyer tax credit and a program to expand FHA that would allow more homeowners to refinance their mortgages.
“Realtors® are in the business of building communities, and our 1.2 million members understand that this legislation will go a long way in helping people buy and keep their homes,” says Dick Gaylord, NAR’s2008 president.
Wendell Bullard, 2008 president of the NC Association of REALTORS®, agrees. “This is good news for our more than 43,000 members and even better news for our clients,” Helpful links:

Tax Credit Chart
Seller DAP
Reform Chart
Refinance Chart
Q and A

These are charts and might help clarify the program. Enjoy!

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

Do You Ever Wonder Why I Read So Much?

2008-08-13T21:16:00.002-04:00

August 13, 2008
Yes, I read a lot. Everyday. About the Charlotte Market, about Charlotte, about Charlotte Real Estate and what is going on in various sectors of the market. And why do you think I do that? Because I want you to know more about our market than just what's for sale. If you want to know just what is for sale go to CarolinaHOme.com and youll get our whole database of listings. The region. 17 counties. If you want some thoughtful insight, check out the writers, the thoughts, their opinions...their take on ...well, everything that pertains to the market that I think has value. So come on down...here's one from Bob Herbert of the New York Times.

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

A fast, cheap step toward energy sanity
While the presidential campaign was mired in the egregious and the trivial last week, there was a hearing in Washington that addressed what should be a critical component of the nation's energy strategy so writes Bob Herbert. He continues… It got very little attention.
Put aside for a moment all the talk about alternative fuels. They are important and the wave of the future, but the fastest, cheapest, easiest and cleanest step toward a sane energy environment is the powerful combination of efficiency and conservation.
That was the message delivered again and again at a hearing of the Joint Economic Committee that carried the title, “Efficiency: The Hidden Secret to Solving Our Energy Crisis.”
California's good example
Two political leaders who are no longer very fashionable were on to this long ago – former Gov. Jerry Brown of California and former President Jimmy Carter, who presciently said of the energy crisis in 1977: “With the exception of preventing war, this is the greatest challenge our country will face during our lifetime.”
It may be hard to believe, but largely because of far-reaching efficiency and conservation measures imposed by Brown's administration, California is now among the lowest of all the states in the per capita consumption of energy. Take automobiles out of the picture and it would have the lowest per capita consumption of any state.
Sen. Chuck Schumer of New York, chairman of the Joint Economic Committee, noted that California's extraordinary progress in this area over the past three decades was set in motion during Brown's tenure when the state established building standards that required greater efficiency with regard to heating and cooling. Utilities were required to operate more efficiently and the state, to the extent that it legally could, required appliances sold in California to be more efficient.
A national to-do list
It's not widely understood how profound a change in overall energy consumption could be realized from a big-time, coordinated efficiency and conservation effort.
In addition to the obvious need for more fuel-efficient vehicles, we should be demanding more efficiencies from utilities, we should be requiring states to revamp their commercial and building codes; and we should be trying to weatherize homes from coast to coast, including the homes of families without enough money to make such improvements themselves.
And, of course, there are the everyday good energy deeds that would help make a world of difference: car-pooling; taking public transportation when possible; using more efficient lighting; dropping the thermostat a couple of degrees; buying more efficient appliances; unplugging appliances that aren't in use, and so on.
A leadership shortage
Combining the development of alternative fuels with a real efficiency and conservation effort is the winning hand in the global energy crisis.
People in many parts of the country are already frightened, in the heat of the summer, about next winter's heating bills. Families are worried about having to choose between mortgage payments and fuel bills, or fuel bills and medicine.
The Senate considered but was unable to pass a measure that would have substantially increased financing for the Low-Income Home Energy Assistance Program. It was a bad sign. If the government can't get that done in the current atmosphere, it hardly seems likely that it could move to an even more important step: finding a way to get the homes of these cash-strapped families weatherized so they use substantially less fuel each winter.
We know what we should be doing. What we lack is the leadership, the common sense or the will to get it done.

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

Green and Clean Inside and Out...

2008-08-12T19:59:00.001-04:00

August 12, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Your lush lawn
Before you stretch out on (or let your kids run barefoot through) that green grass, consider that it may be blanketed with toxic pesticides. “The commonly used insecticides are all chemical cousins of the wartime gas sarin, which was used in the 1995 Tokyo subway attack,” says Philip J. Landrigan, MD, chairman of the Department of Community and Preventive Medicine and professor of pediatrics at the Mount Sinai School of Medicine in New York City.
“And the commonly used herbicides are chemical first cousins of Agent Orange, which was used in Vietnam.” So, that “healthy” lawn has the potential to increase your family’s risks of cancer or neurological conditions such as Parkinson’s disease. That’s partly because lawn-care pesticides “aren’t selective killers,” explains Jennifer Sass, PhD, a senior scientist at the Natural Resources Defense Council (NRDC) in Washington, D.C. — many can have an impact on your health.

There is good news, though: More and more towns are enacting neighbor-notification laws, requiring residents to issue warnings before spraying so people can shut their windows or even clear out with their kids and pets (the health danger lasts for days for the commonly used insecticides and weeks for the herbicides). If your town doesn’t have this law, ask neighbors to let you know when they’re spraying — and what they’re using.
On your own turf, do only integrated pest management (IPM), a gentler, environmentally sensitive way of preventing, monitoring, and controlling pests. Safer ecofriendly and organic lawn sprays and other nonchemical options — from aphid-eating ladybugs to heat (electrocution) for termites — are surprisingly effective. Caveat: You may not have the most manicured lawn on the block, but to keep your family safe you have to learn to live with a few dandelions.
Your child's toy box
The main threat here is lead-coated toys. In the past two fiscal years, the U.S. Consumer Product Safety Commission (CPSC) has issued 21 recalls of lead-tainted toys, including learning toys and train sets, most of which were made in China (this number doesn’t include lead-related children’s-jewelry recalls).
If you have little ones, consider lead the number-one danger in your home, Landrigan says. In very high doses, lead can cause convulsions and brain damage in young children. But if children are exposed to it in even small amounts, they can have a loss of IQ, a shortening of attention span, and behavioral problems. They’re also more likely to have dyslexia and to drop out of school.
Checking every toy in the house for lead may not help because not all home tests are accurate. Instead, make smart buys. Research toys at www.healthytoys.org before you go shopping. Other ways to protect your kids: Have them wash their hands after playing and before eating, and get them tested for lead.
Your closet
Mothballs are really dangerous chemicals, the vapors are carcinogenic and are also irritating to the nervous system. In fact, if your child swallows one, it can be fatal. Inhaling mothball vapors overnight doesn’t mean you will get cancer tomorrow, but it increases your long-term risk. So use safer moth-repelling alternatives like dried-lavender and cedar products.
And your work clothes swathed in dry-cleaning bags? They harbor perchloroethylene, the most common dry-cleaning chemical, which causes cancer in lab animals, according to the Environmental Protection Agency (EPA). Heavy exposure to this substance can cause dizziness and confusion, even in adults, so it’s best to minimize your use of dry cleaning. Machine-wash whatever you can on the delicate cycle (not everything labeled “dry-clean only” needs it). Another option: Find a professional cleaner who uses less-toxic solutions, like CO2, or does wet cleaning (a combo of water, biodegradable soap, and steam in special machines).
If you have an item conventionally dry-cleaned, remove it from plastic and air it outside for several hours before hanging it in the closet. This will give the chemicals time to evaporate, reducing the health risk.
Your cat's litter box
Anyone who has changed a litter box is familiar with that cough-inducing dust cloud. It likely contains low levels of crystalline silica, a carcinogen so check the bag or box before you pour it into Fluffy’s litter box. If the warning says to go to the ER if you swallow, it’s safe to assume it’s really toxic. Replace with greener versions made from corn, wheat, alfalfa, cedar, and even pine—all of which work well. You can find natural litters at major pet stores. To give the natural variety an odor-eating boost, mix in a little baking soda. And be sure to keep boxes in ventilated spots such as a screened-in porch.
Your home office
What’s in your home office or cube? Eye and lung irritants from copy-machine toners and fax-machine ink cartridges, in addition to gases from permanent markers, vapors from pesticides, and formaldehyde fumes from particleboard furniture. In the short term, these products—particularly in tightly sealed office buildings — can cause sick-building syndrome, a real illness that’s characterized by symptoms like headache and fatigue. Sick-building syndrome is the result of inadequate ventilation, so if there are no windows in your office, ask a manager to have air exchanges and filters turned on before the workday begins. Your request might fall on deaf ears, but it could also spur change. Why bother? Some of the compounds found in offices are neurotoxic, which means they can cause tingling or numbness and permanent damage to the nervous system over the long term.
At your office, avoid printers and copiers in your immediate work space and take 10-minute walks outside during the day to get fresh air. At home, keep printers and fax machines out of the bedroom, crack windows, and add chemical-removing plants. (Listed below.)
Plants that help
These three easy-to-find houseplants act as natural air purifiers:
Areca Palm removes xylene (from permanent markers and rubber cement).
Boston fern removes formaldehyde (from fiberboard furniture, glues and adhesives, and permanent-press fabrics).
English ivy removes benzene (from oven cleaners, detergents, furniture polish, and spot removers).More green and clean…from
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Charlotte Ranks No. 10 !

2008-08-11T20:50:00.000-04:00

August 11, 2008

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

Charlotte’s residents volunteer a lot – thanks, keep on!
Giving to help others keeps Charlotte vibrant.
We're No. 10. Hold on. That's good.
In a national ranking of 50 major U.S. cities on volunteerism, Charlotte comes out 10. We settle in behind, in order, Minneapolis-St. Paul, Salt Lake City, Portland, Seattle, Austin, Columbus (Ohio), Milwaukee, Birmingham (Ala.) and Kansas City (Mo.) Hanging onto the caboose of volunteer service are those capitals of excess – in the eyes of some – are New York and Las Vegas, with Miami dead last. Raleigh came in 33rd.
If there's an activity where we should welcome being in the top 10, it is in volunteer service. Volunteer work is evidence that people care about their neighbors and the health and welfare of the communities they reside in.
Charlotte has long been a community where residents commit to giving time and resources for civic service. Charlotte averaged 30.5 percent volunteerism in 2006. That percentage went up last year to 32.6 percent. The 403,000 volunteers put in 50.3 million volunteer hours, time estimated to be a $982 million economic contribution.
Now, that's puffing-out-your-chest worthy. The largest percent of Charlotte volunteers – nearly 31 percent – spent time tutoring or teaching. About 44 percent volunteer through religious groups or activities; about 23 percent do so through education.
Nationwide, nearly 61 million Americans volunteered in 2007, giving 8.1 billion hours of service, estimated to be worth $158 billion, according to the Volunteering in America report released by the Corporation for National and Community Service. Find the report at https://www.VolunteeringinAmerica.gov.
And though Charlotte saw a rise in volunteers, nationwide an estimated 22 million or one in three volunteers stopped doing so between 2006 and 2007. And it's not because they don't have the time.
Consider the amount of time volunteers and non-volunteers spend watching television. Volunteers report spending 15 hours watching TV while non-volunteers spend 23 hours doing so. That eight-hour difference adds up to more than 400 volunteer hours a year, the report said.
Volunteers make time to do this important work. They are increasingly necessary as economic difficulties push more Americans into the need category.
Don't stand on the sidelines and applaud these volunteers. Join them. It is vital to the health and prosperity of communities and the nation that people commit to such service, and that public and private entities encourage and enable their efforts.
Thanks to our volunteers! Come join us in Charlotte, NC

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

Still A Fixer-Upper

2008-08-09T20:06:00.001-04:00

August 9, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Still A Fixer-UpperBased on the figures, it will take ten months for the inventory of homes on the market to be sold. That’s down from a multi-decade peak of 11.2 months in March. The glut of homes has pushed prices down, scaring away would be buyers who don’t want an asset that could lose value. The new home market is trying to stabilize writes Ned Davis Research Analysts in a note. But other housing metrics, including a broader measure of inventories, still look grim. Inventory of New Homes For Sale
Based on the current sales pace, it will take ten months to clear out the inventories of new homes.Existing HomesThe supply of existing homes for sale is near an all-time high says Global Insight economist Patrick Newport. Vacancies for new and existing homes clocked in at 2.8 percent in the 2nd quarter of 2008 according to the census bureau compared to a long term average rate of 1.7 percent. Rising foreclosures and weak home sales mean the excess could remain stubbornly high-indeed, it could go up-through the rest of this year, says Newport.PricesSince peaking in July 2006, the Standard and Poor’s Case Schiller 20 city Home Price index lost 18.4 percent through May. But the rate of decline is moderating notes Wachovia analyst Gina Martin Adams. At least a temporary bottom in housing appears to be forming she says. We’ll wait a few more months before we buy into the idea that this spring marked a true bottomMortgage RatesThough the Federal Reserve cut its funds rate 3.25 percentage points in eight months to 2 percent, the average 30 year fixed mortgage rate has barely budged. Lenders, desperate for capital amid a credit crunch are keeping rates high so they can more easily resell the loans to investors. Freddie Mac said the 30 year fixed rate climbed to 6.63 percent the week ending July 24, the highest level since the credit crisis began a year ago, though it fell back to 6.52 percent a week later. Wells Fargo economist Scott Anderson says the Fed might hike rates to 3 percent by year end. That could push the 30 year mortgage rates above 7 percent for the first time since April 2002 he says. If this doesn’t push housing demand even lower it certainly will work against a robust economy.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
AP Shaila Dani, Kristen Girard.

Metro Areas and Transit: Charlotte and More

2008-08-08T21:59:00.001-04:00

August 8, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Metro Areas and Transit: Charlotte and More:
America’s major metro regions may be on the verge of transit independence. They tap federal aid when they can but increasingly find money for system expansion right at home. They’re learning to get cities and suburbs on the same page as they prepare for he post-petroleum era.While Atlanta and Detroit seem stalemated, look what’s happening elsewhere:
Houston has decided to move ahead with building an integrated five-corridor light rail system. Denver continues to construct its ambitious 119 mile 4.7 billion FasTracks system of light rail that voters decided, 58 percent to 42 percent in 2004. Charlotte is celebrating 13,000 passengers-a-day patronage, 4000 ahead of projections on the first corridor of its Lynx rail system launched last November. The Seattle region’s Sound Transit Board has just voted unanimously to put a 15 year mass transit package, including bus, commuter rail and a 53 mile regional light rail system on this November’s ballot.This December, Phoenix opens a 20 mile light rail link from its downtown to neighboring Tempe and Mesa…and so it goes across the US…check Dallas, Salt Lake City, Sacramento, Washington, Portland, Los Angeles, St. Louis, Minneapolis-St. Paul, Norfolk and more. In amazing numbers, rail transit systems are either experiencing record ridership or expanding or both.And right now there is a serious impediment: fuel bills, budget shortfalls, and about a fifth have been obliged to cut back service…and another, fast-rising construction costs for new lines.But the future path of metro rail systems in America is unquestionably upward, triggered by congestion, spiraling gas prices and citizen demand.

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

Growing Pains in SouthPark, Charlotte NC

2008-08-07T21:17:00.001-04:00

August 7, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Traffic problems hit development
Drivers in the SouthPark area are fond of using the tiny streets in Piedmont Town Center as a shortcut.
When Piedmont Town Center opened several years ago in the South Park area, residents and business owners hoped the development would become a popular place to live and shop.
They didn't expect it to become a popular driver shortcut with high-speed traffic.
Now residents and businesses in the center find themselves conflicted about what to do. They want to slow down – even deter – traffic so pedestrians feel safe walking to and from the shops. On the other hand, the businesses need traffic to drum up interest.
“We bought these units knowing we weren't on a cul-de-sac,” said Thomas Golen, president of the Piedmont Row Residential Condo Association. “The volume of traffic is just so high, though, that we feel things could have been planned better.”
Piedmont Town Center is on Fairview Road near the intersection of Barclay Downs Drive. Throughout the day, Barclay Downs Drive bustles with drivers trying to get onto Fairview Road from South Park mall and nearby offices and neighborhoods.
Getting through the choked intersection can be slow. So during rush hour, dozens of drivers funnel onto the tiny arteries running through Piedmont Town Center: Piedmont Row Drive, Carnegie Boulevard and Bulfinch Road.
Some residents have unaffectionately dubbed the route the “Barclay Downs Bypass.”
Restaurant managers in the area say they don't mind the increased traffic because it can be used to boost business.
“Our problem isn't that we can't get people here,” said Brian Boyce, general manager of Dolcetto wine bar. “The problem is they can't get out when they do want to leave.”
Boyce said he and other business owners have thought about how they might capitalize on the situation, perhaps providing to-go services. Food, bottled wine and other products could be delivered to customers' cars while they're sitting in gridlock.
A similar idea has occurred to Paula Cocking, co-owner of The Dinner A'Fare, a meal-preparation business at Piedmont Town Center. Cocking said she just worries about the speeding drivers who have become commonplace after rush-hour traffic has died down.
The streets in Piedmont Town Center are privately-owned roads, which means the development, not police, is responsible for controlling traffic there.
Residents and business owners have considered installing speed slowing measures such as speed humps or the gentler speed “tables.”
Cocking and others said something will have to be done before someone gets hurt.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

The Latest News from Charlotte's Historic South End

2008-08-06T22:46:00.001-04:00

August 6, 2008

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

Post Properties drops plans for South End development

Post Properties Inc. has scuttled plans to build Post Plaza South, a 300-unit apartment complex on South Boulevard at Remount Road. The Atlanta-based developer, citing difficult market conditions, says it will also terminate its contract to buy the site.
Post Properties disclosed the decision Tuesday in its second-quarter earnings report. A company spokesman was unavailable for comment. Among its holdings in the Charlotte area, Post Properties owns Post Ballantyne, a 319-unit apartment development in south Charlotte; Post Gateway, a 436-unit property on North Cedar Street; Post Park at Phillips Place, which totals 402 units; and Post Uptown Place, a 227-unit development on North Graham Street.
In its financial report, the company says it lost $27 million, or 61 cents per diluted share, in the second quarter. In the same period last year, Post Properties earned $62 million, or $1.40 per diluted share.
Post Properties (NYSE:PPS) incurred a loss on its funds from operations of $12.6 million, or 29 cents per diluted share, in the latest quarter. In the same period last year, its funds from operations totaled $22.1 million, or 49 cents per diluted share.
Funds from operations is the primary earnings measure for real estate investment trusts.
Post Properties operates in 10 markets across the country. The company owns 22,435 units in 62 developments.That’s news from South End!

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

Martha Stewart Visits Our Neighbors in Kannapolis

2008-08-05T22:33:00.003-04:00

August 5, 2008
Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC

About Our Neighbors in Kannapolis and Their Latest Visitor to the NC Research Campus
Banners came down for Martha
She was the secret guest that caused Kannapolis officials to remove tattered Dale Earnhardt markings.Now we know the identity of the secret guest whose visit to Kannapolis caused local officials to remove the tattered banners honoring the late Dale Earnhardt in the NASCAR driver's hometown.
It was Martha Stewart.
Stewart, the lifestyle guru, was the guest of billionaire developer David Murdock on Thursday and Friday. She visited the North Carolina Research Campus in Kannapolis and made a quick shopping trip in the Cabarrus County city Thursday afternoon. Stewart said she was in Kannapolis to take ideas from the research campus to her Center for Living at Mount Sinai Hospital in New York.
Last week, city workers took down banners honoring Earnhardt after an official at Murdock's real estate company and a local tourism official said some of the banners were dirty and torn and might upset a Murdock guest, who wasn't identified.
Lynne Scott Safrit, president of Castle & Cooke, Murdock's development company, said Stewart's visit had been planned for months.It's hard to work around those schedules, she said.
Stewart had dinner with Murdock late Thursday evening and left Kannapolis on Friday.
During her visit Thursday, she toured a research laboratory with Murdock. It's scheduled to open later this year.
The banners honoring Earnhardt had been placed along Dale Earnhardt Boulevard. Kannapolis city officials helped the Cabarrus Convention and Visitors Bureau in taking down the banners, following a request from Castle & Cooke. But earlier this week, Kannapolis city officials said they would continue to honor Earnhardt's memory and would be spending $25,000 for improvements at Dale Earnhardt Tribute Park.

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

A Signal for Strength in Charlotte Market

2008-08-04T21:50:00.001-04:00

August 4, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Charlotte homebuilders cutting back
New-home starts drop, but that's good trend for a market full of unsold houses and foreclosures.
The latest local housing market stats confirm the slump continues, but they also show the week's second positive trend.
Charlotte-area homebuilders started 49 percent fewer homes during the second quarter, compared with the same period in 2007, according to data released Friday by Metrostudy. The 3,011 new home starts marked the second consecutive quarter below 4,000, a level last seen in 2003.
Metrostudy, a Houston firm, compiles data on the Charlotte market and others nationwide. Crews visit building sites and tally vacant lots, homes under construction and homes completed. Metrostudy counts houses as sold only when its crews see evidence of people living in the homes.
The firm's method differs from those that compile building permit and sales data from public records. Results of the two methods tend to track fairly closely.
New-home closings fell nearly 40 percent in the second quarter but exceeded the number of houses started, according to Metrostudy research. That's important because it means builders are cutting back in response to weak demand rather than adding to a market glutted with foreclosures and other houses awaiting buyers.
That's a welcome shift from the last two quarters, when area builders started more houses than they sold, said Bill Miley, Metrostudy's Charlotte manager.
“Charlotte's new housing market is in a correction phase,” he said.
Earlier this week, a popular index showed Charlotte area home prices dipped slightly over the last year. But May was the third month in a row during which prices inched up compared with the previous month, according to the S&P/Case-Shiller Home Price Index. That could signal strengthening in the market.

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

FAQ: First Time Homebuyer Tax Credit

2008-08-02T17:22:00.003-04:00

August 2, 2008

Lynnsy Logue The REal Estate Lady and Condo CanDo in Charlotte, NC
FIRST-TIME HOMEBUYER TAX CREDIT
Frequently Asked Questions
As part of its major housing legislation (H.R. 3221), Congress has created a tax credit to provide an incentive for first-time homebuyers. The $7500 credit will be available for the purchase of a principal residence on or after April 8, 2008 and before July 1, 2009.
The Basics
Who qualifies for the new tax credit?
Only first-time homebuyers are eligible for the credit. A first-time homebuyer is defined as an individual who has not had an ownership interest in a principal residence in the previous three years. The 3-year period is measured as of the date of the purchase of the eligible principal residence.
Is there an income restriction?
Yes. The income restriction is based on the tax filing status of the tax return the purchaser files.
Individuals whose Form 1040 filing status is Single are eligible for the credit if their adjusted gross income is no more than $75,000. Individuals who file a Joint return may have income of no more than $150,000.
Do individuals with incomes greater than the $75,000 or $150,000 limits lose all the benefit of thecredit?
No. The credit has a phase-out. A formula is provided so that the credit is gradually reduced as an individual’s income reaches $95,000 (single return) or $170,000 (joint return). Adjusted gross income above $95,000 ($170,000 joint) will receive no tax credit.
Is the amount of the credit tied to the price of the home?
Yes. The credit is for 10 percent of the cost of the home, up to a limit of $7500.
What’s the definition of “principal residence?”
Generally, a principal residence is the home where an individual spends most of his/her time. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of dwelling.
Are there restrictions on the location of the property?
Yes. Eligible property must be located in the United States. Property outside the US is not eligible for the credit.
What if the purchaser is eligible for a $7500 credit but owes only $6000 of income tax?
The tax credit is a so-called “refundable” credit. Thus, in this example, the purchaser would receive an income tax refund of $1500. The refundable amount is the difference between $7500 and the amount of tax owed.
Why is the credit sometimes referred to as an interest-free loan?
Unlike most other tax credits, this tax incentive must be paid back. Eligible purchasers will be required to repay the tax credit over 15 years. The statute specifies that the repayment amount will be 6.67% of the credit amount each year. Thus, a buyer who qualifies for the full $7500 credit will repay $502.50 each year. There will be no interest charge on outstanding balances.
Some Practical Questions
How do I apply for the credit?
There is no application or approval process. Eligible purchasers will claim the credit on the appropriate IRS Form 1040 tax return and/or on any special forms the IRS might devise.
So I can’t use the credit amount as part of my downpayment?
Presently, there is no mechanism available for claiming the credit any earlier than the 2008 tax return that will be filed in 2009. Congress tried to devise a mechanism that would allow pre-funding of the credit, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.
So there’s no way to get any cash flow benefits before I file my 2008 tax return?
Any first-time homebuyers who believe they would be eligible for all or part of the credit would be allowed to make adjustments to their income tax withholding (through their employers) or to their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their take-home pay would increase.
If I don’t make an eligible purchase until 2009, do I claim the credit when I file my 2009 tax return in 2010?
Qualified first-time homebuyers who make their purchase between January 1, 2009 and before July 1, 2009 are permitted to make an election to treat the purchase as if it had occurred on December 31, 2008. This election allows them (depending on the timing of the sale) to claim the credit on their 2008 tax return that is due on April 15, 2009. They may also elect to extend their 2008 tax return by filing for an automatic extension. If they file their 2008 return before they have purchased the home, they may utilize this election and file an amended 2008 tax return.
My sister and I are both single and want to purchase a home together. Will we each receive a $7500 credit?
No. The purchase of a residence will generate a tax credit amount that will total up to $7500, no matter how many unmarried purchasers are buying the house.
My sister and I wish to purchase a home together. She previously owned a principal residence but sold it 2 years ago. I’ve never owned a residence. Can I qualify for a partial credit?
Possibly. The statute is somewhat ambiguous. It specifically provides that for a married couple to be eligible for the credit, both must be first-time homebuyers. Similarly, the statute provides that if a married couple files their tax return as Married Filing Separate, then the credit is limited to $3750 each. By contrast, the statute directs the IRS to determine how the credit can be shared when two or more unrelated individuals purchase a home. In that case, the statute does not specify whether all the unrelated purchasers must be first-time homebuyers.
I made an eligible purchase of a principal residence in May 2008. If my brother, also a first-time homebuyer, wishes to move in with me and purchase a partial interest in the home in 2009, will he qualify for the credit, as well?
No. Any purchase of a principal residence from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any interest in the home that he purchases from you.
I’ll be working outside the US for part of 2008, so part of my income will be eligible to be excluded from tax. I want to buy a home when I come back. Can I disregard my non-taxable overseas income when figuring whether I am eligible for the credit?
No. To determine whether you are eligible for the tax credit, you are required to combine your nontaxable overseas income with any US income you earn in 2008. Thus, if you are single and had $45,000 of non-taxable overseas income and $55,000 of US income, you would be ineligible for the tax credit because your 2008 income ($100,000) exceeded even the $95,000 phase-out amount. If you had $45,000 of non-taxable overseas income and $40,000 US income, you would qualify for a partial credit because your total income would be $80,000. If you had $45,000 non-taxable overseas income and $20,000 US income, you would qualify for the full credit (assuming you met all of the other requirements). Similar rules would apply if you had non-taxable overseas income in 2009 and wished to purchase then.
I live in the District of Columbia and am eligible for the DC Homebuyer Tax Credit. Can I use both credits?
No. You must choose one or the other. Note that the $5000 DC credit has no repayment feature, while the new $7500 credit must be repaid as an interest-free loan.
Repaying the Credit
What is the repayment feature of the credit?
The repayment feature of the credit is similar to a recapture provision: the tax system takes back all or part of a tax benefit. In this case, there is no precedent for repayment of an individual tax credit, so not much is known about how the repayment will occur, how it will be reflected at settlement or on the sales forms or how the IRS will collect and enforce the payments. The repayment is the equivalent of converting the tax credit into an interest-free loan.
What are the terms for repayment?
The credit amount is repaid in increments of 6.67% of the credit amount over 15 years. For individuals who take the full $7500 credit, the repayment will be $502.50 a year. Individuals who claim a credit of less than $7500 will also have a 15-year repayment period and will pay 6.67% of their credit each year. For example, an individual who claims a credit of $6000 will repay $400.20 a year ($6000 x .0667).
When do I make the payment?
The mechanics are not specified. Payments for credits claimed on 2008 tax returns will go into effect for the 2010 tax year. Payments for credits claimed on 2009 returns will go into effect for the 2011 tax year.
What if I sell my house before the 15-year repayment period is complete?
When the person who utilized the credit sells the home, any amount of tax credit that has not been repaid will be due in the year of sale. For example, if an individual still “owed” $4000 in repayments and realized $25,000 of proceeds from the sale, the $25,000 of proceeds would be reduced to $21,000 and $4000 will be remitted to the IRS.
What if there’s very little (or no) gain on the sale and the proceeds won’t cover the repayment
amount?
If the proceeds of the sale don’t cover the amount that must be repaid, part of the liability is forgiven. For example, if the individual still “owed” $4000 but the gain on the sale was only $3500, then the seller would not be required to repay the IRS the $500 shortfall.
Are there any other exceptions to the repayment rules?
Yes. If the person who utilized the credit dies before the full credit amount has been repaid, then any balance that remains unpaid is disregarded. Special rules are provided that make adjustments for people who sell homes as part of a divorce before the credit has been fully repaid. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency).

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

More Than Meets The Eye

2008-08-01T20:14:00.001-04:00

August 1, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

There’s More to My Real Estate Day Than Meets The Eye…
I sometimes wonder if the general public has any idea what a good broker does on a daily basis. Especially during this time of ups and downs, changing mortgage programs, changing market conditions, a media who keeps hammering on all the gloom and doom. Because still there are folks who are getting married, who are down sizing, who are starting their first real job…and there are still folks out there who have a job, good credit and money for a down payment or closing costs. And there are sellers who have fixed up their house or are fixing up their homes to put them on the market. Life goes on.
As a broker, I believe in research. I like delving into a housing project, I enjoy seeing new construction, and I feel empowered when I read about all the angst some of the builders and developers are going through. I feel empowered because I learn something with every article I read. I feel that I can be a better broker if I try to learn as much as I can. Charlotte is an energetic city and growth is happening in every direction. Even in this mess.
Buying or selling a home or doing both is, granted, stressful. So many unknowns. So much waiting. So quiet sometimes. And the more people involved, the harder it is. The sellers get nervous waiting for the inspection reports, the buyer wonders what they have missed asking questions about. Our jobs as brokers are to calm the seas, settle the jitters and work through each issue one at a time. Besides property and research, there is a lot of hand holding…much listening, offering options, being an angel's advocate. It is as one old-timer told me as I was just starting out, you have to be a people person or you won’t make it. I think of myself more as a problem solver. Sometimes all the problem needs is a little patience.
Real Estate is more than signs and locks, comparables and closings, the perceived big bucks and the fancy trappings. It is the daily communications, the hundreds of questions, the paper work, the dollars. The people.
The journey.

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

Never Say Never

2008-07-31T22:13:00.008-04:00

July 31, 2008

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

Never say never…Sure as we say that…the never happens…we are foiled. So here goes.It is not my plan to tout my listings on my blog or podcast. My intention is to speak about the market, voice my observations, gather the news and weigh it.
Yesterday at a birthday lunch, a friend asked where I was going afterwards and I replied that I was going to shoot a video at Quail Hollow Estates. In a raised voice she exclaimed that was one of her favorites. That if she ever left our neighborhood, that is where she would go. So she proceeded to tell our whole table about the community: the lakes, the clubhouse, the pools, but most of all the space. There is green space she explained, lots of green space and large mature trees. I just let her go on and on.And that is when I thought to put aside the never and talk about this fabulous condominium I do have listed in Quail Hollow Estates-East. First off, it is important to know where this community is…because it is not readily visible from the street. The entry could well be gated, the buildings look like large homes sequestered behind a brick wall…and bordered by large lakes on one side…all this in the South Park area…just around the corner from the prestigious Quail Hollow Country Club.

The unit I have has been lovingly cared for in every detail. The owners have replaced all four sliding glass door sets and all the rest of the windows. The entire unit has been repainted with neutral colors. New is everywhere: tile in the kitchen, new kitchen appliances, new countertops, new range/oven, new dishwasher, new light fixtures, newer carpeting…and pergo in the joining hall and foyer. The downstairs master suite bath has been remodeled from the studs out. The upstairs full bath has new flooring, new lighting, new paint, new fixtures and hardware. The rooms are large, every one of them. And the windows are many…the light is abundant. The living room, the dining room, the kitchen, and the downstairs master all lead to patios. The kitchen patio is oversized and rolls over to green space. Very park-like. Upstairs master has a trio of new windows overlooking green space. Large walk-in storage runs adjacent to the 3rd bedroom or home office. Carport and utility. Almost 2000 sq. ft for less than $220,000 in one of Charlotte’s Southeast finest. Quail Hollow Estates-East.Check it out:

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

Introducing Quail Hollow Estates in Charlotte

2008-07-30T21:20:00.003-04:00

July 30, 2008

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

Quail Hollow Estates:This is the third condominium built in Charlotte…we’ll begin with the introduction found on their complete website. We are also proving a link to that website.Quail Hollow Homeowners Association is the umbrella of three condominium associations, and forty-one single-family homes, which make up Quail Hollow Estates, the first Planned Unit Development in Mecklenburg County, Charlotte, North Carolina. The membership is comprised of 269 members, with each condominium association having separate documents that govern their individual membership in addition to those documents of Quail Hollow Homeowners Association.
Our 33 gently rolling, park like acres are located within the northwest quadrant of Park Road at its intersection with Sharon Road West. Our office and Club House is located at 7301 Quail Meadow Lane. If you are not familiar with our area, plan your route by using Our Map-see link to site. Our location provides easy access to shopping, schools, Churches and entertainment, while our grounds provide dazzling sunsets reflected in one of our three lakes and spaciousness not found in any other community in Charlotte. Resident’s have the luxury of a quiet moment by the lake, a fast game of tennis, swimming laps in one of our two beautiful pools, or a brisk walk along the quiet streets and jogging paths. The many natural areas are a haven to numerous species of birds for those who enjoy the peace and tranquility watching these ingenious creatures can provide. Location is key: hop to South Park, skip to Quail Hollow Country Club, walk briskly to the Lite Rail, 1.5 miles, and make a quick trip to the airport. Location! More about the community:
Our beautifully appointed clubhouse has a fully equipped kitchen, library, bar, game rooms, meeting room and spacious living room, lending itself very well to the many planned activities centered here.More in detail on Quail Hollow as we visit the interior of an almost 2000 sq ft condominium recently refurbished and on the market. Pictures tomorrow.

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

We Are Moving Out, Slowly. Change Is Coming

2008-07-29T21:11:00.002-04:00

July 29, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
We Are Moving Out…Slowly. Change is coming…
Some days are a plethora of information…as I read the morning paper…as I check email and the news on the Internet…as I clip articles from the professional periodicals I receive and as I drive into town and wind my way back trying to cover as much of the market as I can. As I stop in the offices of friends in the business…today a well-known and lauded appraiser.
From the morning paper, a journalist writes about the shift from McMansions to smaller houses with more amenities.From a colleague whose business is urban planning, about front porches and neighborhoods designed for walking.From NPR about the trails that bind a city together as in Europe.And driving, I see the cranes at work uptown and know their stories of stops and starts. In one large condo complex, besides selling units, I now see signs for leasing them. And I know the builders have to find some relief and I wonder about the long term effect.I see more signs that read New Price. I have clients who ask about the slowness in the market and I then realize that not everyone is so intensely focused on this market.
My friend, the appraiser, thinks that if Wachovia can stabilize, we will see a shift in our market. And that we might see a slow up tick in the next two to three months and it will not be fast for us here in Charlotte.Washington has finally agreed to pass some help for some folks…North Carolina has drawn its own bill to help homeowners through the process with help from various quarters. And maybe even the media has tired itself out from their rhetoric. We are becoming used to them and searching for data on our own.

Maybe this whole mess will make us stronger. More self-reliant.And then, it is July here. It is the one month I look forward to because there is less traffic, school is out. We can run up and down the roads and streets without having to gauge our departure and return windows. The sign people confirm that it is July too.

They are staying afloat they say…and after all, it is July.

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

Is it segregation a good thing for 55+?And real estate?

2008-07-28T20:58:00.002-04:00

July 28, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
More and more…I consider the 55+ communities.In our area, Charlotte, we hear about communities especially for the 55+ demographic. At firs, many years ago, we did not even have that designation…maybe we used the term Active Adult Communities. As I began researching this idea, I came across the acronym NORC. That is the government’s name for Naturally Occurring Retirement Communities.And went further to explain that these communities happen naturally because the homes are good for first timers, good for singles, and good for empty nesters. Usually smaller ranch style homes with modest yards, modest refinements but with sidewalks and adequate parking. When I began defining these communities in Charlotte and talking to the people who lived there, I found quite simply, community. The single and working couples liked the fact that someone was in the neighborhood during the day. The seniors liked it because there were young folks and young families around playing and growing. Of course it was not at all perfect but I would surmise it fit the bill in many ways.
And in my own neighborhood, I like the differences in age, in race, in religion, in orientation, even the grumpy ones have their moments. And maybe that would not suit everyone. Maybe some wear out their joy in crying babies and boisterous teens.Now an increasing number of Americans are choosing to live in age segregated leisure-villes where at least one household member must be 55 or older. No one under 18 may live there-ever. According to industry estimates more than 12 million Americans in the next decade or so will live in communities that forbid young families. This representsa drastic overhaul in our societal living arrangements. And by 2015 those age 50 and older will represent 45% of the U.S. population. I think about my own experiences with the younger generations…from babies to those just starting to receive their ARP magazine… how each of them enrich my life with their new and different perspective.
As I think about the cycles in the real estate world, I think about the afterward as the baby boomers sift through life’s last third. Are the numbers on the rise as great as the boomers to fill the hearths left? How does this growing bubble shake out?
Comments are always welcome!

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

Overview of Charlotte Housing Market

2008-07-26T21:26:00.002-04:00

July 26, 2008

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

Just returning from a quick trip to my home places, I gathered up the newspapers to catch up on our Charlotte Real Estate market. Of course, there are many opinions and new sets of figures from each source. The ones that more closely resemble my own are from Karla Hammer Knotts. She writes:No reason for fear about Charlotte housing market
No housing ‘bubble' here, just normal market ups and downs.

Karla Hammer Knotts
From Karla Hammer Knotts, owner of Land Matters, a real estate consulting company:
If you're waiting for home prices in Charlotte to fall significantly before purchasing a home, be careful. You may have been misled – or “Case-Shillered” – by a notoriously negative barometer of the national housing market.
Released at the end of each month, the Case-Shiller Index measures home prices in 20 U.S. cities. It's the media's report of choice on the housing market. Robert Shiller, creator of the index, claims home prices “will fall further than the 30 percent drop in the historic depression of 1930s.”
Why such alarming predictions? Seven of the 20 markets analyzed in Case-Shiller are from hard hit-areas in the West and Florida, places such as Las Vegas (prices down 25.9 percent), Miami (down 24.6 percent), Phoenix (down 23 percent) and Los Angeles (down 21.7 percent). This skews the index and leads to headline-grabbing proclamations that may result in a false fear that prices in Charlotte have a long way to fall before bottoming out.
For an example of a disconnect between the index and reality in Charlotte, look at May's Case-Shiller report and subsequent media coverage which concluded “home prices fall 14.1 percent.” At the same time, home prices in Charlotte, the only N.C. city measured by the index, actually rose.
So what's really happening in Charlotte? On June 18, the Observer declared “Housing slump slams Mecklenburg builders.” Building permits are down to lows not seen in years, the article tells us. This is true. While some view these numbers as further proof of impending doom, savvy observers understand these are signs of recovery and opportunity.
Charlotte is in the middle of a normal real estate cycle. We hit our peak at the end of 2006 and will quickly reach a bottom. Why? Charlotte's strong fundamentals (that is, no bubble) delayed the slowdown, allowing builders to anticipate the downturn and cut new starts and inventory quickly. Evidence of this foresight is clear in the latest building permit data: It shows a sharp, but expected, decline.
Our market had excess permits in 2006 and 2007. Those houses have now sold and permits are balancing with demand. This is good news for homeowners. For prices to stabilize and rebound, builders must eliminate inventory of finished homes. To opportunistic homebuyers, this is a signal that now is the time to buy.

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

The Power of One...

2008-07-25T10:09:00.001-04:00

July 24, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte.com
The Power of One…
From global to local…we live by the numbers these days. Interest rates, the numbers of foreclosures, the price of oil per barrel, the cost of gas per gallon, the number of building cranes uptown, the number of condo towers stopped, stalled and in litigation. Then the more human side: the number of jobs lost, the number of employees to be laid off, the number of plants closing, the number of top executives leaving the building, the amounts they have been paid, are being paid and benefits they collect. The numbers in our own checkbook, the months we can stay in the water.And what it boils down to, for me at least, is today. I am heading off to a farm in Virginia. It is an historic farm and has been in the family for generations. Not my blood family, my family by close bond, shared laughter, decades of history…and yes, numbers.Of the twelve children born on that farm in Virginia, one is 82, my 8th grade school teacher, another is 83, also a school teacher who lives in another part of the farm with her family, and another sister 85 who tends the herd of cattle, has a beer now and then and wears a baseball cap. Many others will join us as we head out to their lake house to cook breakfast tomorrow morning…a celebration of birthdays, mine at 69 and those other Leo’s mentioned before.I throw some things in my van and take out the signs and info boxes…data sheets and water bottles from my journey around Charlotte this week. Yes, some projects are stalled, some seem stalled, some though are finishing up and look terrific, some of the towers uptown have reported sales. There is buzz about the numbers of large apartments that can’t be found. . The news of how much the market is down. What I focus on is what is being sold in the market, the activity I see in the mortgage offices, the news I hear and read about new companies coming to Charlotte or the region. What I delight in is how people are adapting, how folks are being creative, how many help each other by sharing a ride, and grocery pick ups. What really touches my heart is the vast number of conversations about how we will get through this, the numerous discussions about how we can do something about the economy, the dozens and dozes of thoughts, ideas and articles about how we can approach global warming. It is about the power of One.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte.com

Charlotte Uptown Condo Tower Report-July 2008

2008-07-24T22:09:00.002-04:00

July 24, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte,NC
Regarding Charlotte’s Uptown Condo Status:

Is Wachovia going ahead with its First Street Cultural Campus which includes a new headquarters and a planned condo tower?
Tom Wurtz, Wachovia's chief financial officer, said to expect “continued progress on all fronts.”
“No change in schedule for the office tower,” he said. As for the planned condo, he said it is “of great interest to us.” However, Wachovia might pursue that project with a partner.
Uptown's condo market has struggled in the downturn, with two towers postponed, one in foreclosure and another stalled by a legal dispute. David Furman, one of Charlotte's early high-profile condo developers, said Wachovia has a year or more to consider its next steps because the condo would sit atop a museum still under construction. “It's not worth worrying about today,” Furman said.

And on another tower, from hotel-condo to hotel:

This is a rendering of the 16-story Hotel Sierra planned beside Time Warner Cable Arena.
A sliver of land beside Time Warner Cable arena that didn't work for a large condo-hotel development is getting a 16-story hotel without the condos.
LodgeWorks of Wichita, Kan., plans to start construction this summer of a 163-suite Hotel Sierra on a third of an acre on the Caldwell Street side of the Charlotte Bobcats home court.
Denny Meikelham, senior vice president of development, said LodgeWorks originally cooperated with Charlotte developer David Furman and his partner on a project that would have combined condos and hotel rooms in a 25-story tower.
When the plan fell through last year due to site restrictions and construction costs, LodgeWorks decided to buy the land from the city and proceed on its own.
“There is so much opportunity in this area, and it's close to everything,” Meikelham said. “This is a forever location. It's only going to get better with the NASCAR Hall of Fame and what's going to happen around it.”
He expects construction of the $35 million project to take about 14 months, which would put the opening in late 2009.

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

Yes, There Are Condo Buyers in Uptown Charlotte

2008-07-23T19:58:00.003-04:00

Jul. 23, 2008

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

Fall could be a catalyst for new condo's success so w rites Doug Smith of The Charlotte Observer

The Catalyst has already sold 58 of its 462 units. And the developer is pleased.
A rendering of the Catalyst condo tower under construction on South Church Street.
The Uptown condo market has suffered setbacks over the past few months, but that apparently isn't scaring buyers away.
The Catalyst, a 27-story tower under construction on South Church Street, has sold 58 one- and two-bedroom units during its first three weeks on the market.
It does have a ways to go – the project includes 462 residences priced from the $180,000s to more than $300,000 – but given the season and the economic climate, Atlanta developer Novare Group is pleased.
“Fall is always a good time in uptown Charlotte,” said Wendy Field, who leads the sales and marketing team. “If we are doing this well now, we feel good about where we will be then.”
Condo developers are selling in the face of some of the worst news the uptown housing market has seen since the center city high-rise boom began about four years ago. Two towers are postponed, one is in foreclosure and another is stalled by a legal dispute.
Developers are reluctant to try new high-rise projects, as lenders aren't interested in financing them until the economy improves.
Yet “inventory is line with a healthy market,” said multifamily analyst Emma Littlejohn of the Littlejohn Group. “The problem is with delivery.”
Littlejohn said about 1,200 high-rise and mid-rise units are under construction or in the pre-sale stage in the center city, and more than half of those are under contract for sale.
The central Charlotte area that includes uptown is performing better on sales and resales than the overall residential market, she said.
With four major projects now in doubt, Littlejohn said, a bigger issue for the center city could be a potential undersupply of high-rise condos.
She wasn't surprised to see an initial surge in demand at Catalyst. “People are out there on the sidelines,” she said. “They still need a place to live.”
Field said buyers today are less impulsive and more likely to secure financing before making an offer.
Catalyst, unlike most condo projects, was started without a pre-sales campaign and is expected to open early next year.
“It gives people more confidence to know they don't have to wait two years,” Field said.
Novare targets 25- to 40-year-old buyers with a predominance of one-bedroom units and amenities packages that include a fitness center, a club room, a pool, an Internet cafe and concierge service. About 65 percent of Catalyst's condos are one bedroom.
A good mix of one- and two-bedroom units have sold, Field said, with the project being typical for a high-rise: “The most expensive and least expensive tend to sell right away.”
Catalyst (catalystcharlotte.com) will overlook a planned uptown park, and that was a lure for many of the initial buyers, Field said.
Also a factor: gas prices. “Many of the people who come in are asking where the light-rail stop is in relation to the project,” she said.

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

Point, Counter Point, Rezoning for Towers

2008-07-22T22:50:00.002-04:00

July 22, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Council OKs tower on South Boulevard
No opposition voiced; controversy over views
By Clay Barbour

Developers are planning a 230-foot apartment tower, a 200-plus foot office tower and a 180-foot hotel on approximately 2.74 acres next to The Arlington (in background).
The Charlotte City Council Monday approved a rezoning bid for another high-rise tower along South Boulevard.
The approval came in spite of the recent controversy over the proposal. Residents of the nearby Arlington tower had complained that the new 230-foot-tall building would block their views of uptown.
But on Monday no one spoke against the proposal and the council passed it unanimously.
“We are excited and a little surprised,” said Tracy Finch of the Harris Development Group. “We expected more opposition.”
Harris applied for a rezoning of the former Simpson's Lighting property. The apartment tower is part of a $200 million project that includes a 200-plus-foot-tall office building and 180-foot-tall hotel on approximately 2.74 acres.
The Charlotte-Mecklenburg Zoning Committee unanimously backed the $200 million project last month, with some changes. Center City Partners also supported the plan.
But earlier this month some residents of The Arlington, South End's 300-foot-tall pink residential high-rise, complained that the new project would block their views and lower property values. They said they have a right to their views in the non-legally binding South End Transit Station Area Plan approved in 2005 – about two years after The Arlington opened. That plan caps building height in the area at 120 feet.
Hundreds of thousands of dollars sometimes separate condos with views of the city from those without. At The Arlington, available condos facing away from the city are larger and cost around $335 per square foot. Available uptown-facing units top out around $372 per square foot.
Finch, who spent the early part of Monday going back and forth between council members, said the idea that Harris' new project would hurt Arlington's property values is not accurate.
“They will go up than The Arlington isn't without its own controversy. Some residents of the Factory South Lofts complained about their view being blocked when the tower was built.Thanks to us,” she said.
And Counter Point:
South End tower wins swift OK
Reporting live, from City Council: Mary Newsom of The Charlotte ObserverThe City Council launched the vote-on-rezonings part of its meeting at roughly 6:25 p.m. By 6:39 p.m. it had finished its rezoning decisions. They ripped through 18 rezonings, all except one of them approved unanimously with no discussion on any, except for about 30 seconds on the one that was approved 7-2 for a day care center at The Plaza and Barrington Drive).That proposal to allow a 250-foot high-rise tower in South End? The one that was in violation of the South End Transit Station Area Plan, which set a 120-foot height maximum? I didn't have a stopwatch, so I couldn't tell you whether it was 5 seconds or 10, but there was no discussion, nothing. Unanimous approval, and on to the next agenda item.Sure, the council's rezoning meetings can drag. The public hearing part of the meeting tends to bring out developers and neighborhood opponents. It's 7:34 p.m. and they're just on No. 6 in a 15-item public hearing agenda. And council member Michael Barnes just pointed out that there have been numerous violations of the Northeast District Plan in recent years. So why didn't he -- or anyone else -- think it was worth maybe a little public discussion about why they were violating the South End station area plan, adopted in 2005?Maybe there were good reasons. Maybe the 120-foot maximum height limit adopted as part of the Transit Station Area Principles isn't a good idea after all. You, the voting public, have no way to know why the council members decided to treat their own adopted plans as virtually irrelevant.They're on auto-pilot. The biggest issue facing the city for decades has been growth and how to deal with it and pay for its impacts. You'd like to think your elected officials are thoughtfully debating the pros and cons of different growth proposals. Guess what. I'm watching them tonight, and it's pretty hard not to conclude they've abdicated that responsibility.

We see more and more of these decisions...and question their wisdom for the long term.

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

Here Come The Americans!

2008-07-21T20:24:00.001-04:00

July 21, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Here come the Americans…
I believe in the spirit of this country and have read so much about all the sub-prime mess…looking for the rays of hope. What I seek is the pathways that led us here and then the ideas and the pathways, even though we may have to blaze them, out and to better ideas of what we can and might do.Applause to Neal Peirce of the Washington Post Writers Group for his ideas.
I am selecting his very good ideas for path out of and not the path into this mess.
He first calls for Assistance for low-income renters through the national affordable housing trust fund… and then the restoration of HUD.
He writes: With a will, we could have top-notch leadership and a rejuvenated agency staff focused on a full spectrum of housing for all Americans. Though maybe with a caveat-to rename HUD the Department of Housing and Metropolitan Development. Why? To think more expansively, to make connections. No Other developed country lacks a national policy on cities, recognizing the vital importance of urban regions. We need such a policy-and department.He continues: Build in anti-sprawl incentives. Incentives for coordinated development could be built not just into housing but also highway or transit bills, requiring our nationwide set of metropolitan planning organizations to take on land use, working with city and suburban governments to limit wasteful outward sprawl of regions.But a HUD focused especially on cities and housing could be a special steward of the new relationships, providing incentives for core cities and suburbs which increasingly need housing supports, to work together.Plus a new HUD could watch to see that housing has meaningful income mixes and that it works hand-in-glove with transportation-making sure, for example, that when federal housing dollars are used, there will be upgraded zoning around highway interchanges or transit stops, providing higher density, more energy efficient and socially inclusive housing together with job-providing commercial development. That way, isolated housing projects for the poor and federally financed roads to developers Greenfield projects would be history.We could do all these exciting things. But first, we’ll have to make some smart choices-candidates with vision, and some tough political hides-in the November elections.
We have problems. We have solutions. Here come the Americans!

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

City Decision-Makers Deaf Ear to Area Plans

2008-07-19T19:42:00.001-04:00

July 19, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
City treats its plans as if they're on Kleenex
An Opinion from the Charlotte Observer
What's the point of plans if they get dumped to suit developers?
It was oddly appropriate that the article about a proposed apartment-hotel-office tower project in South End was positioned on the Observer's front-page right next to one about scams and counterfeit Panthers' tickets. You might view the City Council's 2005 approval of a 120-foot height limit for that part of South End as a similar scam, a sort of counterfeit assurance to neighbors.
The proposal, from Harris Development Group, has won a positive recommendation from the development-loving zoning committee of the city's Planning Commission and is due for a July 21 yes-or-no vote from the City Council.
The city planning staff also smiles upon it, because it's near a station on the light rail line. “That site can support that density,” planner Tim Manes told the Observer's Dan Tierney. “Sometimes when you have density you have to have height.”
So what's the problem? Simply this. The 120-foot height limit – which allows 10- to 11-story buildings – is common throughout many city plans adopted for older parts of town. It's the height limit in the city's MUDD, or mixed-use development, and TOD, or transit-oriented district, zonings. It's the limit in the Transit Station Area Principles. In reality, allowing buildings that tall is too lenient to be of any protection to the bungalow-filled neighborhoods such as Dilworth's historic district, that tend to border the light rail line, planned future rail lines and corridors where MUDD zoning is most likely.
City plans aren't legally binding. They're merely merely suggestions to developers. Even MUDD and TOD zoning, binding once applied to a property, offer generous wiggle room for developers who want taller buildings.
Some neighbors of the proposed 230-foot-tall South End tower complain that they bought condos in the 300-foot-tall Arlington (built before the 2005 plan adoption) because of views of uptown, which the new development would mostly block. You can always ask, of course, what else should they have expected in an area of booming development. However, the looming issue of tall buildings blocking light, air and views from existing buildings is one the city should study, and so far it has shown no appetite to do so. Already, uptown is becoming a canyon of shadow and wind tunnels, because of the city's unmitigated glee at over tall buildings. Further, the South End neighbors took part in good faith in meetings that produced the 2005 plan with its 120-foot height limit. Their dismay is understandable and, sadly, not unique to this plan. Why even bother with a plan if it only serves to let developers do what they'd do anyway, without the plan?
If the city approves this violation of the South End Transit Station Area Plan, it will be yet another in a lengthy litany of city decision-makers treating plans as if they're written on Kleenex. Residents all over town should take it as confirmation that even when the council approves an area plan, it might well be as counterfeit as a fake Panthers ticket. You might say it's the city's planning scam.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Doing The Right Thing...

2008-07-18T20:24:00.002-04:00

July 18, 2008
The Real Estate Lady and Condo CanDo in Charlotte, NC
Doing the right thing…
North Carolina lawmakers have approved a bill that would give the state commissioner of banks the power to step in when homes with subprime mortgages are facing foreclosure.
The bill requires mortgage servicers to give at least 45 days notice before they start foreclosure proceedings on subprime loans.
Notice also must be filed with the state commissioner of banks, who will review individual loans to determine whether they can somehow avoid foreclosure. If that’s the case, the commissioner will have the right to extend by 30 days the date on which lenders can start foreclosure proceedings. The state banking office then will work with borrowers and servicers to work out a deal.
Problems with housing are much worse in most other areas of the country than they are in North Carolina. But the state isn’t immune to the crisis: Foreclosures across the state are expected to hit 60,000 this year, up from about 50,000 last year.
The bill passed the state House on Thursday. The Senate has already approved the measure. Gov. Mike Easley is expected to sign the bill.
And here’s applause for Spectrum…
Times are tough for developers seeking to build uptown, but acting in good faith now will surely lead to success when the market turns around. At least that’s the philosophy Charlotte-based Spectrum Properties is following by giving back the earnest money it collected from buyers.The company cited an uncertain economy when it shelved plans for a mixed-use tower at 300 S.Tryon Street, a 200 million, 32 story office and condo building.In February, Spectrum Chief Executive Darryl Dewberry said the project had been suspended. Not only does the delay pull 150 residential units out of the development pipeline but it also removes about 316,000 square feet of office space from future inventory.The company recently decided to return deposits to condo buyers, a move that spurred many real estate watchers in the community to assume the deal was dead. That’s not the case, says Steve McClure, Spectrum vice president.Our plans have not changed-it’s still on hold. We want to make sure the market circumstances are right, so we felt that the right thing to do was to give buyers their earnest money back.The company had more than 50 per cent of the condos under contract he says. Everyone in this town is waiting to see how the financial markets are going to turn out. We plan on trying to do a lot more deals in this town, and we want buyers to come to us.
Good for Spectrum. Atta guys!

The Real Estate Lady and Condo CanDo in Charlotte, NC

Buying a New Condo?

2008-07-17T22:13:00.000-04:00

July 17, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Buying a New Condo…
With almost all new construction, the contract originates with the builder. There is language specific to new construction that outlines the process, the steps, somewhat of a time line, substitution of like materials, delays, deposits…well, you get my drift.To my way of interpreting these documents, there is very little, if any, room for the buyer. Sure, there are the disclosures about having an attorney review them. I have never had anyone change them, alter them in any way. I think it is time.I am hoping that good will come of this mess we are all in…and that buyers will realize that they can be in the driver’s seat…or at least perhaps the playing field can be leveled.To this extent:I read this morning and I knew it…about the failure of The Park and how the buyers could probably kiss their good faith money goodbye because of the following: a clause in the contract which says the developer can spend owners' deposits once construction begins means the buyer’s deposit is gone. Maybe that should read that the good faith money is just that…and that it is held in a Trust account as in most real estate transactions.And another situation: a buyer gives 10,000 good faith money/deposit on a 200,000 condo that has yet to be started but was slated to start in less than 6 months. The market slowed, the sub-prime hit and the project was stopped. But it took incessant hounding to get that money back for the buyer. So maybe there should be a time-line for starting and one for finishing…because the buyer in this instance lost valuable time…interest deductions, etc. Who gambled here?And I think all buyers should hire an inspector as construction starts and goes along. And I would very definitely include radon testing because we are seeing more and more evidence even in the multiple stories. Maybe having an inspector routinely check the progress would call attention to poor building materials and shoddy construction. Maybe.And I also think in the offer to purchase there should be a clause about the rebate that would mandatory should the builder sell out the last small per cent of the units at a discounted price…a practice we have seen repeatedly.And I also firmly believe that there should be language that states the buyer will not close, does not have to close until all the repairs are made to his/her satisfaction. And that if this is not met, the builder is responsible for the buyer’s costs, movers, and lease, whatever.I am sure there will be other issues…and I will also address resales and steps you might want to consider.

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

Real Estate Prices Are Rising! Hello! Out There...

2008-07-16T20:52:00.001-04:00

July 16, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo, Charlotte NC

Real Estate Prices Rise for Four Straight Months - Is Anyone Noticing?

RISMEDIA, July 14, 2008-Amidst the gloom on Wall Street about housing someone forgot to check the stats. The National Association of Realtors® has now reported four straight months of rising housing prices, but it seems no one is listening.
According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year.
“I just don’t know where Wall Street’s brains are today,” said David Michonski, CEO of Coldwell Banker Hunt Kennedy in New York City. “Everyone on the Street is wringing their hands over housing when in fact the average American has been out this spring buying homes and pushing the median price higher. This has got to go down as one of Wall Street and Main Street’s biggest disconnects in history.”
In addition, on an annualized basis the volume of home sales has also risen somewhat from a low of 4,890,000 homes in January to 4,990,000 in May.
“Rising prices on expanding volume should not a crisis make on Wall Street,” says Michonski.
So why the crisis?
“They say that there are bulls and bears on Wall Street but there are also pigs. Pigs try not just to profit from a crisis but create one to profit from. Today there are just so many people who have positioned themselves to profit from a crisis that they refuse to admit the reality of what is happening on Main Street. It might hurt their positions.”
Is this the bottom?
“No one can know for sure, but the hard data is clear. The median price has risen four straight months. The average American is out there taking advantage of bargains in their local real estate market. They are not listening to Wall Street but following their own belief that the best time to buy is when no one else is, and they are out there buying. If this keeps up, February may prove to have been the low in prices.”
“It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a home is at a five year high and is acting on it.”

The Americans Are Coming. The Americans Are Coming!

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

Charlotte's Rainwater Harvesting System

2008-07-15T21:37:00.003-04:00

July 15, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Charlotte’s Rainwater Harvesting System…Grant helps ministry reap the rainfall
Organic Gardening magazine helps Charlotte group use runoff to grow produce.
By Catherine Carlock/The Charlotte Observer

To serve the needy with fresh produce from their garden, the Urban Ministry Center in uptown Charlotte used a $9,000 grant from Organic Gardening magazine to install a 1,600-gallon cistern. Rainwater from the center's roof will irrigate the garden.
Fried green tomatoes aren't just the stuff of summertime chick flicks. They're one of the staple foods of the Urban Ministry Center's soup kitchen. And with the help of a new grant, the kitchen can serve the goodies all summer long.
The center received a $9,000 grant from Organic Gardening magazine to install a rainwater harvesting system. The 1,600-gallon cistern collects runoff water from the Urban Ministry Center's roof and cleanses it of debris, to water the center's garden.
The roof is the perfect rain collector, garden program director Don Boekelheide said.
Urban Ministry Center, located on College Street close to uptown, provides a daytime home and a daily meal for many of Charlotte's homeless. Its on-site organic garden was recognized by Organic Gardening's WaterWorks program, an effort to provide community gardens across the country with money to store and harvest rainwater.
The Urban Ministry Center's 3,000 square foot garden produces what Boekelheide called some of the freshest and best organic food in the whole county.
Instead of using only donated food, which is often close to expiration, the center can grow much of its own food for its soup kitchen.
We grow things that people like to eat, said Boekelheide. That includes okra, black-eyed peas, sweet potatoes, squash, cucumbers, and a summer mainstay – tomatoes.
Last summer's water restrictions forced the garden's food production to a bare minimum. And Mecklenburg County is currently under extreme drought conditions, according to the U.S. Drought Monitor.
“That's where the cistern comes in,” said Boekelheide.
This summer, instead of battling short periods of heavy rain followed by weeks of no rain at all, the cistern provides a consistent source of irrigation for the center's garden.
This week's thunderstorms have provided enough water to fill the entire tank.
“The cistern gives us the water to carry us between rainstorms,” Boekelheide said.
Boekelheide knows it's a small solution. But it's saving Charlotte thousands of gallons of treated water and providing food along the way.
“We're feeding people who are hungry here,” he said.

A great story on a day when we are just plain hungry for some good news.
Back to the grind tomorrow.

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

Charlotte's Light Rail, the Dough and Discussion...

2008-07-14T21:28:00.002-04:00

Monday, July 14, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo, Charlotte, NC
Senate earmarks $18M for Charlotte light rail extension
The U.S. Senate’s proposed transportation budget for 2009 contains $18 million for expanding Charlotte’s light-rail system. That’s $8 million more than the Charlotte Area Transit System requested. The proposed 11-mile rail line extension would run from Ninth Street in uptown Charlotte to Interstate 485 on the northeast side of town. The federal money would be used for preliminary engineering and assessing the environmental impact of construction and operation of the transit line.
This is great news for the Lynx Blue Line extension and residents of the Charlotte region as we continue to provide them with more transportation choices, says Keith Parker, chief executive of CATS. While we do not expect the transportation appropriations legislation to be enacted until after the presidential election in November, and there is no guarantee that the funding level will hold, this is a step in the right direction.
If the $18 million is approved, CATS will have received capital funding commitments of $40 million since March for bus, rail and rapid-transit projects. The funding has come from a range of sources, including the N.C. Department of Transportation, the U.S. Department of Homeland Security and the Federal Transit Administration.
The light rail extension would be a continuation of the 9-mile track that parallels South Boulevard from I-485 near Pineville to uptown Charlotte.

But Wait, Wait…Monday, July 14, 2008
Transit's threat to NoDa
This excerpt from Mary Newsome, Charlotte Observer
How to route the to-be-built northeast light rail line? CATS officials are pondering that question. I was hoping CATS would route the northeast corridor up North Tryon Street instead of the railroad corridor that parallels North Davidson Street. Apparently that's not to be, at least between uptown and NoDa. CATS is still considering whether to put a section of the line along North Tryon between Sugar Creek Road and Eastway Drive. North of Eastway, the route follows North Tryon Street.I'm very worried about the NoDa business district being beset by the same forces that are hitting South End and threatening the Dilworth historic district and its bungalows. Except the NoDa retail area is closer to the rail line than much of Dilworth, and NoDa's business district has a better preserved Main Street-type feel to it than anything that was in Dilworth. That's all at huge risk, because the Transit-Oriented Development (TOD) zoning that applies to transit station areas allows high-rise buildings of up to 120 feet -- or higher if your developer asks for an exemption.

And it will happen. We don't yet know how to curb the developer's voracious appetites.

Still…the growth and discussion is with us. It’s a good thing.

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

What's Next for Charlotte?

2008-07-12T22:39:00.002-04:00

July 12, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

As city's dazzle turns to dread, what's next?
The Charlotte Observer/DOUG SMITH
A lot of people are holding their breath in Banktown these days.
Troubled Wachovia Corp. has selected a new chief executive officer with impressive credentials, but he doesn't walk on water. Even as the announcement of former U.S. Treasury Department official Bob Steel's hiring came Wednesday, bank officials predicted second-quarter losses could reach $2.8 billion.
Wachovia's uptown neighbor, Bank of America, hasn't been immune either from the nation's sub-prime lending and financial markets turmoil. In Charlotte, I think we're starting to see bravado – “We're the nation's second-largest banking center” – give way to doubt and anxiety.
Wachovia and Bank of America are builders of the center city skyline, patrons of the arts, pillars of the economy.
If they falter, what happens to Charlotte?
Many worry that a weakened Wachovia could be acquired, losing its independence and hometown allegiance to Charlotte.
Real estate brokers say potential homebuyers who perceive their financial center jobs in doubt already are pulling back, wary of what might happen.
The uptown condo market in particular has thrived on a supply of young professionals, many of whom are employees of banks or in financial businesses tied to the growth of banks.
If hiring for those jobs wanes or if more layoffs come – and some say they already are under way – what happens?
Real estate developers believe there's little chance that a half a dozen or so residential towers proposed uptown – but not yet started – will get under way this year. Lenders will be skittish about financing them, they say, until the housing market shows solid signs of recovery.
Landlords in the office-leasing market are concerned, too.
One major office-condo-retail development – 300 South Tryon – was postponed earlier this year over worries that a bank slowdown could squelch office demand.
The city's big towers have filled with tenants in large part because the bank anchors pulled in law firms and other related vendors around them.
If the banks aren't growing, who leases the estimated 1 million-plus square feet of speculative office space expected to come on the market over the next two years?
Maybe the financial bleeding will stop, and everything will work out for Charlotte and the banks over the next year.
Some economists can see a turnaround coming possibly by mid-2009.
But in the meantime, nail biting has become the norm in Banktown.
The city's Hugh McColl Jr. swagger has faded.
Remember how the former Bank of America chairman used to dazzle stock market analysts in New York with the bank's next bold move?
Today, Charlotte's two big banks aren't dazzling.
They're too busy defending their actions to Wall Street analysts and fending off angry shareholders.
How quickly fortunes can be reversed. In Banktown, this is something we never thought we would see when our banking giants were flying high just over a year ago.

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

In Charlotte,Looking for a Sign...

2008-07-11T22:43:00.002-04:00

July 11, 2008
The Real Estate Lady and Condo CanDo in Charlotte, NC

Looking for a sign…

Today on the way to the inspections, I misplaced keys to a house I listed and sold in one day. Today, my computer guru came to install better safeguards for my main PC…and confessed he had sold all of his stock in October and that he is worried.Today I read the news that our man in the white house will take no steps toward global warning because it might adversely affect the economy. Today the news was changing minute by minute getting worse and worse. The last thing I read was the ice breaking up in Antarctica. And the last voice I heard before I walked out of my office was a client calling…worried about what is ahead.And it is still Friday. There is still a podcast to write.
What do I write about when so much seems to be melting away? What do I say when even I wonder if there is a light at the end of the tunnel?And opening MSNBC before I start to gather my thoughts, there is a headline about the religions of the world. The one featured is about the Whirling Dervishes. I laugh. My Mother used to say that when everything around us was highly energetic. And the laughter brought me back to myself. Grounded me on this struggling planet with its many selfish, narrow sighted people. Centered me in the moments of this week…children at a party, a little girl five who is already a spiritual woman, a little boy of eight who is enlightened, well read and engaging as he coaxed me out into his world.Best of all was the Charlotte Business Journal. I sat on my huge medicine ball that I use as my computer seat and flipped through this latest issue.
Get these story lines:
1. A new plan in play for Crosland Site. Green contest winners pitch range of options for development of 33 acre site on transit corridor and
2.Morehead Building under contract. High profile corner may be next in line for office development on rapidly changing corridor.
3. Business Groups Pitch In For Team. Knights gain business support in effort to sell tickets, sponsors for new uptown stadium
4. Jim Donnelly moving right along with luxury condo tower that will incorporate a renovated Carolina Theatre and set to break ground within 60 days…8 of the 20 are under contract priced from 1.7 million to 5.5 million dollars
5. Office market holding steady in turbulent economy
6. Research Campus Close to Key Hire for Core Lab Leader
7. Tough Time for Retailers but Family Dollar gains
8. Group Seeks Gay Friendly Climate at Nations’ Colleges
9. Solar Start Up to Invest 37 Million

All going on in Charlotte. Here was my report for this week. And I remembered on The RealEstateLady.Com website, on every page in small print, I have written, I am a part of Charlotte and Charlotte is a part of me. Through thick and thin…we move forward knowing the best is yet to come.

The Real Estate Lady and Condo CanDo in Charlotte, NC

More Specifics on South End Condos

2008-07-10T22:26:00.002-04:00

July 10, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
More specifics on Condos in South End…Lynx spurs housing boom in South End
The Charlotte Observer, Nicole Bell

South End projects
Several residential projects are under way in South End along the light rail line. They include:
Silos at South End:
The first phase of the project at South Boulevard and Remount Road, is a $45 million investment including 113 residential units and 70,000 square feet of commercial space. The first phase is expected to open sometime in summer 2009.
SouthHaus:
This project located at South Boulevard and Ideal Way will feature 89 two-and three-level lofts. A revised plan also includes 56 condos with a skyline view. Developers hope the project will be completed by 2011.
Circle at South End: This 360-apartment building on South Boulevard at Bland Street is expected to be done in October 2009.
Ashton South End: Located at Camden Road and Tremont, Ashton South End will feature an 11-story residential building featuring about 300 upscale apartments. It's expected to open in February.
The number of people living in Historic South End is expected to triple in the next two years, reaching a population of about 7,000 residents, according to Charlotte Center City Partners.
The rush of residents comes as developers begin to complete several housing projects in the area.
Much of the growth, they say, is because of the light rail.
“It's very rare that you see an entire residential neighborhood established overnight,” said James Mathis III, director of Historic South End. “It'll be exciting to see all those people walking around in the area at 11 o'clock at night.”
Historic South End spans from Morehead Street on the north to Remount Road on the south. It's bordered by South Boulevard on the east and South Tryon Street on the west.
The area was a thriving manufacturing community in the 1850s. It declined when the textile industry faded in the '70s and '80s. Revitalization efforts in the '90s brought a crop of restaurants, shops and design-related industries. Many were interested in reusing the old mill buildings and warehouses.
The launch of light rail in November has also helped South End.
The projected growth would push South End close to Uptown's existing population of 10,800.

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

Out of this mess, perhaps something good...

2008-07-09T22:29:00.001-04:00

July 9, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Out of this mess, perhaps something good, perhaps…
I liken the sub-prime mess to cleaning out my worst closet. Every single thing must come out…off all the shelves, out of boxes, pulled from racks, removed from hooks,to he very top where I find mittens and caps to the floor and the extra bag of batteries, an extension cord, a dog brush.All on the foyer floor, down the hall and some things stacked on the kitchen table…it is a magic closet because there is much more in it than I remembered, items forgotten some of them mine, some from guests, some…who left this anyway?
But the resemblance to the sub-prime ends there. I read an article today, I’ll quote, sometimes the rating agencies deviated from their own models and their own procedures.
The problems were serious enough to cause concern among employees of the agencies themselves as cited by internal e-mails uncovered in the SEC review.Among the conflicts of interest cited in the SEC report were the practice of companies that issue the securities paying the rating agencies for their work.The rating agencies have had to downgrade thousands of securities backed by mortgages as home-loan delinquencies have soared and the value of those investments has plummeted. The downgrades have contributed to hundred of billions in losses and write downs at major banks and investment firms.And then this, speaking Tuesday to a mortgage lending forum Treasury Secretary Henry Paulson said that many of today’s unusually high number of foreclosures are not preventable. There is little public policymakers can, or should, do to compensate for untenable financial decisions. And those very words signal that our problems are not mere closets. There are many layers…some were players, some are innocent bystanders.The players who invested lost money. Others lost their money and their homes.Some things never go back in the closet. For now. Many of us are weighing the details, looking at footprints, asking ourselves and others how can we do better, be better as real estate professionals. And some don’t care. They never did. It is just hard sometimes to tell us apart.

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

The 74/26 Vantage Point

2008-07-08T21:44:00.001-04:00

July 8, 2008

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

The 74/26 Vantage Point…
For as long as I have lived in this place, almost 55 years now, the magic is palpable…even though some uptown projects may be stalled or stopped, in spite of our neighboring counties being over whelmed with the energetic growth and lack of infrastructure…and the growling complaints of traffic and the on-going grumpiness about the school system…take a look from my vantage point:
South End
I read with delight how the number of residents in Historic South End is expected to triple in the next two years. Two years! In two years it will reach a population of about 7,000 according to Charlotte Center City Partners.The growth comes as developers complete several housing projects in the area. Observers say the communities will create a residential district where none existed, triggering a second wave of retail, restaurant and entertainment venues.
Much of the growth, they say, is because of the light rail.
Historic South End spans from Morehead Street on the north to Remount Road on the south. Its east side is bordered by South Boulevard; its west side bordered by South Tryon Street.
Breath of Fresh Forest Air
That is the caption under the photo of Naturalist Laura Domingo leading visitors on a morning hike at Ribbonwalk Urban Forest in Northern Charlotte . The forest includes 192 acres of woodlands and wetlands with several miles of nature trails and a variety of native flora and fauna.
Northeast Light Rail
The public will get a chance this week and next to offer more input on the proposed Northeast Corridor light-rail line, which could be running between the uptown area and northeast Mecklenburg County by late 2015.
On the West Side
Just west of uptown, Wesley Heights is somewhat of a secret despite a dramatic revitalization in recent years. Developed around 1920, the neighborhood is a designated historic district that offers a great view of the city’s skyline. In addition to the historic district, Wesley Heights also is home to newer developments such as Lela Court and Walnut Hill which have drawn young professionals. Other developments such as Skybridge Terrace, Wesley View and Celadon are also being built.
Some say the market is down 26%...the above is a view from the 74%...we keep rowing.

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

Our Neighbors in Union County Are Making Lemonade

2008-07-07T22:23:00.001-04:00

July 7, 2008

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

Our Neighbors in Union County Are Making Lemonade…

MONROE -Developers looking to build in Union County have been running
into a serious roadblock: permits for sewer and water are not easy to come by.
Due to the rapid growth and the inability for infrastructure to keep up, many
developers are having trouble securing sewer permits. Drought conditions have
also forced a moratorium on water permits. Officials have some ideas for ad-
dressing the county's sewer and water needs, but some of the required projects
could take up to 15 years.
The problem has already slowed development in what has recently been among
the nation's fastest-growing counties. Union County experienced immense growth and most public officials agree there was too much growth without enough infrastructure to support it. Today county's sewer system is operating is at capacity, meaning it cannot safely handle any extra Wastewater. Water could be at capacity, but in dry times they areon restriction.
Allan Baucom, chairman of the Union County Board of Commissioners, explained that the reason behind this was "pretty straightforward." He said that, "there have been previous boards and previous paid officials that have allowed the capacity to be utilized without creating additional capacity."
Baucom explained that when he took office in 2006, "I knew there were sewer
challenges ...I just didn't know we were absolutely out."
The county's primary wastewater facility, 12 Mile Creek, near Waxhaw , was
built in the 1980s, for what was a much-less-populated Union County.
Last year, the state rejected 30 sewer permits for various construction projects
around the county, including residential developments, two hospitals and other
commercial developments. Sewer space was then allocated to those projects based on a tiered priority plan and so construction on many of those projects has moved forward.
,
The Downturn buys time...
The slow economy might actually be a good thing in this instance. Union County Manager Al Greene noted that due to the economy, he's not sure they would have as much development as they'd had in the recent past, even if the sewer and water permits weren't an issue. He said the slowing market gives them time to negotiate and work on building their infrastructure, and perhaps by the time the market picks up they'll be in a position to move forward. Greene said that while this is not a good situation to be in, this is probably the best time to have this problem - while the economy is slowing and demand is down. He said there is "never a good time to have these capacity challenges that we have," but with the current market conditions, now is "probably as good a time as any ."
This report from The Mecklenburg Times/Carolyn Steeves

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

Stucco, Water and HOA...

2008-07-05T22:22:00.001-04:00

July 5, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Stucco, Water, and HOA…
Question:
I own a condominium that I have been trying to sell as I have been relocated for a new job. I have lowered the price on the condo incrementally over time and finally received an offer to purchase.
I received, however, a letter from our homeowners association stating that severe water penetration issues have been discovered in several of the condominiums in our complex, but not in our unit, and the exterior stucco had to be removed and the outer structure in these Units needed to be rebuilt. The letter also speculates that the
water issues may be much worse than expected and further investigations have begun.
In signing the purchase agreement, I had to disclose this information by forwarding this letter to the buyers, and the buyers obviously backed out of the purchase agreement. I offered the buyers a $10,000 escrow account that they could use toward future special
assessments levied within the next year. The buyers signed the purchase agreement again and everyone is following through with the sale process.
My question is do I have any legal recourse against the association, or anyone else? The association has essentially made our property value worthless and unsalable in this market. We lost our purchase agreement because of their actions -or inaction. ,
The complex was built in 1984, so action against the builder is outside the 10-year window. The condo association has claimed they have been inspecting the stucco every two years for the last decade or so. The only confirmed time I know about was in 2006, and they didn't report any problems then. They have apparently been inspecting using a moisture probe.
Right now, I'm stuck with this property. I can't turn it over to the bank; they obviously
won't take it. I can't even short-sell it, because no one else will buy it. I just have to continue making double housing payments and hope another buyer comes along who doesn't notice the problems if the buyer I have fails to get to closing.
Answer
You do not have any legal claims against your homeowner's association. The homeowner’s association is simply disclosing a potential problem. I could not tell from your letter when the homeowner's association will act to correct the stucco and moisture problem. You should contact the homeowner's association and the property manager to determine when they will obtain bids to make the repairs and how much each unit will be assessed. This information will possibly help in selling the unit or entering into a short sale with the lender. The events have placed you in a difficult position with no clear or immediate solutions.
In Charlotte, a condo complex was not maintained, the siding rotted, a vinyl siding was installed on top of the rotting wood and the vinyl siding was not done properly and worse, the wooden windows also rotted out…both wood and vinyl had to removed down to the studs and a new siding, new windows and new decks were installed. But guess what, Condo CanDo asked the contractor if anyone checked for mold. Do you think they did conduct a mold assessment?
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Home Is Where The Heart Is...

2008-07-04T20:52:00.002-04:00

July 4, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Sometimes Homes Come With History…
In my role as a real estate broker, my days are spent on the phone, in front of a computer, driving in and around our market place looking at new construction, visiting different sites around the county…and like yesterday, previewing over a dozen properties for buyers I worked with this holiday. Last last night I culled the ones we wouldn’t see and made appointments for those I thought fit the bill.
Today we met and set about to look at various homes. The first had been a rental in a nice complex and the owners had spent some money painting, putting in a new heating and air unit…the place was vacant…even of voices or smells or signs of anyone who had lived there.
The second condo in the same complex was occupied and we were met at the door. There was history of a remodeled kitchen, a closet door off the track, boxes in the closets making preparation for the next move…to an even smaller space…as we all begin to know the value and the necessity of scaling down.
The townhouse we next visited was also vacant only had been “staged”, the newest jargon in our business…someone had planted red flowers around the patio many years ago and left the cast iron angel hanging on the brick wall…I could only hear whispers here.

The next was an historic building…feeling very much like a edifice out of Gramercy Park in New York. The homes were each different but carried a similar air…that of fine design and décor and an appreciation of art…and a keen eye for space. The personalities carried through the hallways for decades…musicians, artists, architects, doctors, conductors, actors…still there…vibrant.

Next we visited a new condominium unit in Dilworth. There was good light and arched windows…but for my ears silence. I thought about how we shop for a nest and what we bring to it and what we leave. In the new, we will add our own colors, our own flowers, our own footprint. Surely in the older units, we also make changes, tearing out or building in…someone has been there before. Someone has lived there, been happy or sad there, celebrated or wept…I can feel much of that energy even though I try to just pass through.And what I come away with much of the time is that home, home is indeed where the heart is.

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

Being in the trenches is pretty heady stuff...

2008-07-03T22:35:00.001-04:00

July 3, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Being in the trenches is pretty heady stuff…
Time was we would search through big, thick books that held all the listings in our Multiple Listing Service looking for the perfect fit for a client or researching the market for what was active or sold to get a handle on the market. Then along came Texas Instrument Terminal that could be leased and line by line on thermal paper, a search was printed out…it was fabulous!Technology went foot loose after that and now…it is all very quick…in seconds. Now it is all complete with many pictures, maps, disclosures in .pdf format, access to tax bills and deeds and pictures of the front lawn. Quick.And when I start working with a client, I go through all those steps and then I hit the streets. Like today. I completed research for property for an out-of-town buyer who has very specific wants/needs…and sent this couple my final data sheets late last night. I made all my appointments to preview property, planned my route and timing and set off…electronic key, camera, recorder, cell…you know, the regular cadre of tools.Previewing property is one of my most favorite segments…Researching the property is fun because we do get most if not all of the information we need…and can send off an email to the listing agent if more is needed…making the selections is interesting because comparing all the property in a complex is enlightening, the options, the views, the amenities, the dues…and actually going in and out of every property…Today I was looking for charm and light. Charm is sometimes in the construction, most often in the floor plan…and light is in both elements as well. A superbly built condominium that has a dark interior is quickly crossed off the list for these folks. And the glistening, sparkling new concrete and steel structures are as well. Especially when I heard the words “Synthetic stucco”…And out in the trenches, I meet other agents. Sometimes see old friends and engage in a little shop-talk. Out on the streets, I can see up close, the construction efforts especially in Uptown Charlotte…and out there, walking through the city, I can see how the older condominiums blend with the new and newer ones…it is charming. It is evolution. I like seeing the progression from converted hospital, and converted apartments and converted churches to towers that shoot straight up like steel arrows.My ears perk up as I listen to building materials and run my fingers across the finishes and open cabinet doors and inspect the bathroom showers.Sometimes I pick up the Public Offering Statement and the hard copy of the marketing piece. Actually I try to get them for every condo I visit. It is amazing what some people like to look at before sleep.And maybe even more amazing…after twenty two years of being The Real Estate Lady and Condo CanDo, I love being in the trenches!

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

Green Rooftops in Charlotte, too!

2008-07-02T21:05:00.000-04:00

July 2, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Suddenly, green roofs are sprouting across North America. Designed to curb air pollution, decrease energy expenses and reduce storm runoff, the environmentally friendly assemblies are adding a decidedly earthy element to urban skylines — a sign that the green roof industry is rapidly coming into its own.
Particularly in cities, the rise of roof-topping grasses, succulents and other vegetation is fueling a boom for landscape architects, growers, builders and consultants in the know. As the roofs bloom in size and number, cities are weighing new incentives to developers and owners to install the admittedly costly growing medium and plant life as a long-term investment that could benefit both businesses and surrounding communities. And with a strengthening infrastructure to support them, designers are branching out in new directions.
Steven Peck, founder and president of the Toronto-based industry association Green Roofs for Healthy Cities, said the industry’s “mother ship” hails from Europe, particularly Germany. Research there in the 1970s on lightweight, low-maintenance green roof systems dominated by hardy sedum grasses, he said, “opened up thousands of miles of roofscapes that had been unavailable to any sort of greenery.”
German policymakers quickly took notice of the advantages, including the potential to reduce both stormwater runoff and the urban heat island effect associated with asphalt, concrete and metal surfaces. In response, they created dozens of incentives and regulations encouraging more green roof construction. In the mid-‘90s, a European industry mostly dominated by French and German firms began expanding into North America and introducing the basic concepts to a new generation of specialists.
Peck, himself introduced to the idea in 1997, was tasked with leading a federal study on its benefits and barriers in Canada, only to find that there was little scientific information available for North America. “There was no proof, it was all in German academic studies,” he said.
One of his committee member spent hours translating many of the studies into English. And even those reports sidestepped analysis of big-picture benefits that had been largely taken for granted.

A decade later, the industry has been buttressed by research and case studies detailing both individual benefits like savings on cooling costs and enhanced commercial values, and bigger-picture pluses like reduced air pollution and storm water overflows.
Another essential element has been building expertise across a talent pool that remains unevenly distributed. Peck’s group has been working for five years on an accreditation program modeled in part on LEED certification (Leadership in Environmental Energy and Design). The new Green Roof Professional, or GRP system, should roll out sometime next year, he said. In the meantime, Green Roofs for Healthy Cities has grown to include more than 80 corporate members and has trained more than 4,500 individuals. “You can’t have an industry unless you can have people who can design and deliver,” he said.

And here in Charlotte, the new roof for the Federal Reserve? Going to Green!!!

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

The Real Estate Lady and Condo CanDo are registered servicemarks 1989.

Signs Suggest Regional Influx Slowing

2008-07-01T21:50:00.001-04:00

July 1, 2008

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

Signs suggest regional influx slowing
Wavering real estate sales, power hookups and CMS enrollment growth are among the indicators cited.
By Christopher D. Kirkpatrickand Amy Baldwin/Charlotte Observer
The Charlotte region's march of newcomers appears to be slowing.
Some indicators, including school enrollment, new electrical service hookups and reports from businesses that cater to new residents, point to a migratory slip.
Economists and others say the change, though just a hiccup and no threat to long-term prosperity, illustrates how Charlotte's economy is feeling pressure from a flagging national economy.
It could also ease traffic, pollution and a classroom space crunch, among other growing pains, said Douglas Shoemaker, a research analyst with UNC Charlotte's Center for Applied Geographic Information Science.
“A lot of towns have been overwhelmed by quality of life issues and providing services such as water and sewer,” Shoemaker said. “A lull would allow planners to get the upper hand again.”
The latest Census Bureau population data on newcomers isn't available until the fall. But institutions such as Charlotte-Mecklenburg Schools and Duke Energy have noticed a recent decline.
CMS officials expected to add 5,200 students this school year, but only about 2,900 new enrollees turned up. It marked the first time in four years that CMS forecasts overestimated enrollment.
Duke says new electric power hookups in the Carolinas fell to 38,391 for 2007 after increasing to a high 40,828 in 2006.
Gentle Giant, a Boston-area-based mover with a Charlotte office, has seen its once-strong flow of New Englanders into the region pull back, said Jon Vogel, regional branch manager. It started about six months ago, he said.
The company also specializes in out-of-state corporate moves. “We've had a lot of really big jobs get canceled. There isn't the drive to invest as much.”
Vogel said real estate prices have fallen so far in the Northeast that homeowners can't afford to sell at a loss: “So they're putting off moves.” Side business from relocations is also affected – fewer newcomers move their parents down after them, for example, he said. “All that stuff used to trickle down.”
The region has benefited this decade from transplants who spend money, buy houses and work available jobs, said Mark Vitner, senior economist with Wachovia.
About 88,000 newcomers moved to Charlotte in 2006-2007, and about 14,000 moved away, for a net population increase of 74,000. That's up from 80,000 newcomers in 2005-2006, with 30,000 moving away for a net 50,000 increase, according to an annual Observer analysis of census data released each fall.
Federal Reserve economist Matt Martin said he expects this fall's census data that counts newcomers to confirm a decline. He said he's been hearing a collective buzz since the fall about the slowdown of newcomers.
He said a tightening local job market is adding to the falloff. “There are not as many opportunities at the moment,” said Martin, who works at the Federal Reserve branch in Charlotte.
Jobless rates for the Charlotte area and the Carolinas have been higher than the U.S. rate, which was up to 5.5 percent in May from 5 percent in April. The region's jobless rate was 5.1 percent in April. The latest Carolinas unemployment figures are due later this month.
Vitner said he's expecting the newcomer slowdown to extend into next year, sapping tax revenues and local economic sectors that offer services “directly tied to population growth.”
Savvy + Co., a residential real estate company in Charlotte, is seeing out-of-state clients take a lot longer to relocate. A year ago, it took only a month or two for them to sell their homes and be ready to buy here, said owner Lexie Longstreet. Now it's more like seven or eight months or longer, she said.
“Sometimes they just say, ‘We can't sell our house, so we are going to stay here,'” she said.
Suzanne Meyer, owner of The Welcome Service, which dispatches welcome baskets in the Lake Norman area, also blames slower housing markets in other regions
Business “has slowed down a bit for us,” she said. Meyer's company targets affluent homeowners, those who buy homes with price tags upwards of $300,000.
Gina DeCarlo recently decided to leave Las Vegas for Charlotte. But it wasn't meant to be.
After more than 30 years in Nevada, she and husband Bill wanted a change. She visited Charlotte in late April and loved the area as much as her sister in Matthews predicted she would.
But DeCarlo, 50, doesn't want to sell her home in Las Vegas' sinking real estate market, one of the nation's hardest hit.
“I can't get what I want for my house,” she said. “The house has taken probably a $50,000 dump.”
She'd like to get $300,000 for the house she bought in 1982 for $100,000.
Martin and Vitner predict the slowdown of transplants won't create lasting economic woes.
“It's nothing to panic about,” Vitner said, noting that housing prices in hard-hit states should bottom out by the end of next year and those markets should loosen up. The flow of newcomers should pick up as those homes start to move, he said.
And Charlotte is already faring much better than most large regions, Martin said.
“I think this is all short-term,” he said. “I don't think the conditions that have driven Charlotte's growth over the last decade are all of a sudden gone.”THE MORE THE MERRIER
Population for nine-county Charlotte region. This is the same region the Observer uses to calculate its newcomer statistics every fall when the American Community Survey data is released by the Census Bureau.
2007: 2,143,946
2006: 2,065,520
2005: 1,991,060
2004: 1,934,195
2003: 1,893,429
2002: 1,858,327
2001: 1,820,030
2000: 1,775,860
Note: For this story, the Observer defined the region as the retail trade zone counties of Mecklenburg, Cabarrus, Catawba, Gaston, Iredell, Lincoln, Rowan, Union counties and York County, S.C.

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

Green Building Booms in Western North Carolina

2008-06-30T21:08:00.003-04:00

June 30, 2008

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

Green building booms in WNC
by Paul Clark of the Citizen Times, Asheville, NC
The N.C. HealthyBuilt Homes program is a voluntary, statewide green building certification program. The number of certified and finished HealthyBuilt homes in Western North Carolina more than doubled between June 2007 and January 2008 — from 51 to 125, according to the Western North Carolina Green Building Council.
Green homes in progress increased nearly fivefold — from 100 to 482. Currently, there are 668 in development, the council reports.
The number of HealthyBuilt homes for sale in the county jumped from 11 in the year preceding June 19, 2007, to 113 in the year preceding June 19, 2008, according to the WNC Regional Multiple Listing Service, a tool that real estate professionals use to list and sell homes.
“This is not a fad. This is the future,” said Pat “Tree” Spaulding, a certified environmental consultant for Keller Williams Professionals real estate company in Asheville. She provided the MLS numbers above. “These homes are more durable, healthier and far more energy-efficient. Why would anyone want to buy anything else in the world as we are now experiencing it?”
“Everything (green) is going through the roof and shows no sign of stopping,” said Stephens Farrell of Stephens Smith Farrell Architecture in Asheville. “The thought of owning a 4,500-square-foot, poorly conceived and insulated house 45 minutes from work send shivers down people’s spines when they think about $4.50 gas.”
Farrell is the architect on a house on Cantrell Mountain south of Brevard that should be ready for its owners this month. They wanted a house that produces more electricity than it consumes. Farrell suggested a photovoltaic system — a typical residential system costs about $40,000 — that feeds excess energy into the electrical grid. Every three months, the owners should get a check from Duke Energy, Farrell said.
Their super-insulated house reduces its energy needs by using a geothermal heat pump, which uses the consistency of the earth’s temperature — about 55 degrees five feet below the surface — to heat and cool. The house, with solar hot water, stays cool in summer and warm in winter because of its living roof — a mat of live sedum that needs watering the first year but none later, barring a searing drought.
Bigger than it was
In its Enka Hills subdivision, Asheville Area Habitat for Humanity built 16 HealthyBuilt homes in 2007 and plans to build the same number this year, communications manager Ariane Kjellquist said. All have non-toxic water-based paints and high-efficiency appliances. Its largest four-bedroom house won’t cost more than $34 a month to heat or cool, Kjellquist said.
There are more than a dozen LEED-registered buildings in WNC, said Matt Siegel, director of Western North Carolina Green Building Council. LEED — Leadership in Energy and Environmental Design — is a voluntary, consensus-based national standard for developing high-performance, sustainable buildings. Siegel is working with the Eastern Band of Cherokee Indians on the largest LEED-certified project in WNC — a 470,000-square-foot, three-building school complex under construction.
“For years, we have been having Realtors saying, ‘We have a customer (for green housing), but there’s nothing out there,’ ” Seigel said. “They didn’t have 50 different options as far as size and price.”
“I’ve got clients who moved to Seattle just to buy a green-certified home,” real estate agent Michael Figura said. “And they came here, and (green homes) are all over the place.”
Energy prices are one reason green building is so popular, Seigel said. As a result “a lot of our green builders haven’t seen the downturn in real estate that others have,” he said. Developers of large communities are coming to the council for its advice on how to build green. In two and half years, the council’s membership has grown from 150 to 520.
Eco Concepts Realty completed Hudson Street Cottages, a green development off State Street in West Asheville. Now it’s working on Gaia, another green development of clustered homes on Shelbourne Road. Gaia has solar heating and hot water, water-saving toilets, bamboo and stained concrete floors.
Ed and Kate Daigle are moving into a condo at Gaia this fall. They live in a 1930s house in Brevard that other than the grass, isn’t green at all, Ed Daigle said. The move is philosophically based — he believes that global warming is the world’s most pressing matter.
Michael Figura owns Eco Concepts Realty. He’s also a planner at GreenPlan, an Asheville company that promotes sustainable development. And he’s chairman of the Eco Consultants Association, a division of Asheville Board of Realtors.
“It’s the best way we can impact the sustainability of our culture,” Figura said. “We only have one earth. We’ve got kids and want to try to leave it a better place than we found it.”
Green with envy
Got a green home you’re dying to show off? ECO (the Environmental and Conservation Organization) is organizing its first green home tour in August in conjunction with the Southern Energy and Environment Expo on Aug. 23. It is looking for homes in Transylvania, Henderson or south Buncombe counties. Call 692-0385 or visit www.eco-wnc.org.
Eco-friendly home features
The N.C. HealthyBuilt Homes program has an extensive checklist that calculates eco-friendly aspects of a dwelling before designating it as a HealthyBuilt home. Green features at Stan and Colette Corwin’s Chunns Cove home include:
• Recycled gray water system.
• Salvaged building materials.
• Sealed crawlspace.
• Locally milled/fabricated cabinets with FSC-certified zero-formaldehyde hardwood plywood.
• Decking and hardwood floors made of sunken river wood.
• Natural cork bathroom floors.
• Zero-VOC Earthpaint in interior and on decking.
• Icynene insulation throughout.
• Rain harvesting.
• Wood-burning stove.
• Tankless water heaters.
• Looped on-demand hot-water delivery system.
More green in the Carolinas from the mountains to the coast!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Bringing Green to The Mainstream

2008-06-28T20:29:00.003-04:00

June 28, 2008
Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC

Homeowners and builders find going green is a balance of cost and concerns for the environment.
In 1970, Kermit the Frog sang "It's not easy bein' green," and today's homeowners are feeling his plight as they try to balance costs and concerns for the environment. While the initial cost of "going green" is still a significant deciding factor, there are several benefits. Homeowners are doing something positive for the environment, their families and the future by saving
energy and resources. There are also sometimes rebates and credits to encourage people to incorporate green building practices. Many lenders now offer energy efficient mortgages. To learn more, visit http:/f.Nww.dsireusa.org/, the Web site for the Database of State Incentives for Renewables & Efficiency. The database is an ongoing project of the North Carolina Solar Center and the Interstate Renewable Energy Council (lREC) funded by the U.S.
Department of Energy.
What actually is green building or remodeling?
According to the National Association of Home Builders (NAHB), a home can be considered green when energy efficiency, water and resource conservation, sustainable or recycled products, and indoor air quality considerations are incorporated into the home building process. Key components of a green home include:
Energy- Efficient Features
Many energy-efficient qualities of a green home are easy to spot. Appliances, windows, and water heating systems will likely have ENERGY STAR@ ratings. The home should also include efficient lighting fixtures and bulbs. Renewable energy sources, such as photovoltaic electricity and water heating systems, further decrease the overall energy consumption
within the home.

Water-Efficient Features
Fixtures and appliances such as low-flow showerheads, faucets and toilets -along with ENERGY
STAR@ dishwashers and washing machines -all conserve water. Programmed, low-volume irrigation systems, rainwater collection systems, wastewater treatment systems, and hot water recirculation systems also save water.
Resource-Efficient Features
These decisions -from home size, to orientation of the lot, to floor plan layout -are made in the design of your home and development of the lot. The house orientation and design should take advantage of natural daylight to reduce lighting needs, and should use strategies to reduce heat gain in the summer and heat loss in the winter. The home should contain renewable materials (including rapidly-renewable wood species such as bamboo) and recycled-content materials in carpets, tiles, and concrete formulations.
Indoor Air Quality Features
The heating, air conditioning and ventilation system (HVAC) must be appropriately sized for an efficient and properly ventilated home. Fans in the kitchen and bathrooms should cycle fresh air inside, and release stale air. Low-VOC paints and finishes and wall papers should be used as well. NAHB has developed the NAHB National Green Building Program, a comprehensive resource on green building and remodeling at www.nahbgreen.org. .
Source National Association of Home Buiiders (NAHB) www.nahb.org
As a disclaimer: I am not a proponent of bamboo flooring and would personally do more research. Wall papers trap moisture. Light bulbs with mercury are on my watch list and hopefully, another option will appear.
I have included links where you may find other good articles on the National Home Builders site:
www.nahb.org our source for this article on going green.

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

Chalk Up Another "Best" for Charlotte

2008-06-27T20:13:00.003-04:00

June 27, 2008

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

Charlotte named best place to live
Relocate-America.com ranks top 100 cities in its annual list
By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) -- Apparently, there's just something about North Carolina. For the second year in a row, America's best city in which to live lies within its borders, according to Relocate-America.com's annual list.
This year, Charlotte, N.C., is in the top spot, the site announced this week. Last year's winner was Asheville, N.C., which slipped to No. 7 on this year's list.
"North Carolina is very active on our radar," said Steve Nickerson, president and CEO of HomeRoute. "It continues to get a flood of interest from all over."
HomeRoute is the real estate firm that operates Relocate-America.com, a source of community information and real-estate resources for those who are relocating. Each year, the site ranks the top 100 places to live in the country.
Areas need to be nominated on the site in order to be eligible for the list; more than 2,000 were nominated this year, Nickerson said. Special efforts are made to prevent spamming campaigns from influencing the results, he added.
But the site's editorial team also takes into account an area's growth, its educational and employment opportunities, crime rates and housing options before granting it a spot in the top 100. Environmental highlights also play a role, with a city gaining points for good air and water quality or the strength of its recycling efforts, Nickerson said.
Home-price appreciation does get some consideration, however it's only one piece of the analysis, Nickerson said -- explaining why some struggling real estate markets in California and Florida, for example, still made the top 100. Areas that offer a comfortable climate and economic opportunity tend to be the most sought-after communities on the site, he said.
Charlotte's diversity of housing options and home affordability were two of the reasons users nominated the city, Nickerson said. The city's strong economy, boosted largely by the banking industry, was another selling point.
Second on this year's list was San Antonio, Texas, which people praised for its cost of living, recreational opportunities and diversity, he said. Chattanooga, Tenn., came in third place, noted for its vibrant downtown and affordable home prices in the nominations.
Below are the top 10 cities in Relocate-America.com's 2008 list:
Charlotte, N.C.
San Antonio, Texas
Chattanooga, Tenn.
Greenville, S.C.
Tulsa, Okla.
Stevens Point, Wis.
Asheville, N.C.
Albuquerque, N.M.
Huntsville, Ala.
Seattle, Wash.
Read the full list at Relocate-America.com.
The firm also plans on releasing a coffee table book on the top 100 in the near future, Nickerson said. Proceeds will benefit American Red Cross and Habitat for Humanity, he added.
The view from the top
Certainly, being ranked as the top city to live in has its benefits, mainly as a marketing tool for the area to use, said Tony Crumbley, vice president of research for the Charlotte Chamber of Commerce. An email blast sent news of this list to thousands of residents, and the chamber actively keeps track of where Charlotte falls in many of the lists that are published.
"They are important," Crumbley said of the good rankings the city receives. But he also knows that these rankings come and go and that they're somewhat subjective; the city's appeal can change from one day to the next, depending on who is writing the list.
There weren't any significant changes in Charlotte during the past year that would account for boosting the city to the top of this particular list, he said. But the city definitely gets recognized a lot more today than it did 25 years ago, he added.
Bank of America and Wachovia have their headquarters in Charlotte, and it's also a hub for US Airways -- all of which seem to have increased the visibility of the city outside its boundaries, Crumbley said. The addition of professional sports teams since the 1980s has also helped.
In recent years, Charlotte has been successful in attracting young, educated workers to relocate there, he said. Asheville, on the other hand, has become a popular choice with retirees, he added.
But cities can easily make it to the top of one list and rank poorly on another, he said. Case in point: One recent Forbes.com list ranked Charlotte as one of the country's most miserable cities, a ranking, not surprisingly, that Crumbley and others disagree with. Forbes also ranked it as one of the best places to invest in foreclosures, in part because the real estate market there is relatively stable.
"If they're good, you use them. If they're bad, I won't tell you you should ignore them -- you look at them," he said of the lists on which Charlotte appears. But negative rankings aren't likely to end up getting used as a marketing piece for the city.
Amy Hoak is a MarketWatch reporter based in Chicago. The Best was printed in May 2008

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

Coincidence? Maybe so. Maybe not.

2008-06-26T19:56:00.002-04:00

June 26, 2008

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

After all, We are Americans…Coincidence? Maybe so, maybe not.

I spend a lot of time reading and thinking and verifying and being the diplomat or trying to be. I spend a lot of time listening and asking questions and evaluating. It’s really my job. As a real estate broker, I feel that my obligation is to be true to myself, to be honest with others and to consider their options, the buyers and sellers I work with, my clients.
And during my day, I think about what I would like to write about for my podcast or blog. Because of my long history in Charlotte and my two decades in Charlotte as a real estate broker, there is much to write about. I have a friend who says my blog and podcast should be more personal, like a journal. What I do, read, hear, think and write about seem to go hand in hand. If I reprint an article or report statistics, to me, that is personal because I am always looking, evaluating.

And then, when I started these communiqués, I told myself I would try to refrain from being yet another opinionated voice. Another critic, another Monday Morning Quarterback. After all, we are pretty bright as a people. We are going-forward kinds of folks. We are independent. We tend to be courageous, we Americans.

And I remembered being an American in Russia before the wall came down. I travelled with 90 other Americans to Moscow in the middle of the winter. What stuck with me is how we, the Americans were different from the Russians. The Russian people were square and stockier, pale, sad or without expression, or maybe that was fear. There were soldiers with guns everywhere. Everywhere.We, the Americans, had a sense of humor. Could subsist on cabbage and warm champagne. We couldn’t drink the water. And we knew how to lag behind the tourist groups and go to more places than we should…ask more questions than we should. We were after all, Americans.
And now as we approach this Fourth of July, I wonder what happened to the jovial, thin, courageous Americans. We were then Captains of our own ships and now we seem to be floating, waiting for someone else to throw us the life preserver…when we are capable of rescuing ourselves. We are Americans, we are the Can Do people, we are the pioneers, the inventors, the creators, the American dream…Now we seem to be held captive in a sea of negativity. And this sea carefully masks those who hold tight reins, relish the power and control they have or they covet.
Each of us has the power to be positive, to be helpful, to be pensive, to listen, to give, to receive, to exercise, to say no to the negative forces…each of us can adapt, adjust, focus, put our best foot forward. Try. Try again. Try again and again…until the Americans become Americans again. And claim our own freedoms.

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

Charlotte's Underbelly

2008-06-25T22:44:00.002-04:00

June 25, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

Charlotte’s Underbelly…

By now you know all too well that I love this city. I have lived here for almost 55 years and have driven up and down most of the roads and streets and now loops and Interstates many, many times. I used to motorcycle into uptown on Sunday mornings and go up and down the alleyways and through and around new construction…and then out to Unionville and down to Lancaster, S.C. because it was beautiful farmland. And part of what I want to do with both podcast and blog is give folks an accurate picture of our hometown.
Charlotte is a beautiful city, the people are friendly and welcoming and folks are coming here from all over the world…with or without jobs…with or without families, coming because they hear or know it is really a good place to call home, find a job, raise a family.

But we have our underbelly and I thought I might just mention a few issues. The morning paper helped me decide this. The headlines read “Dozens Held In Gang Sweep” with the caption under the faces of young men reading,” The faces of defendants charged in a scheme that spanned two countries, three states, and several North Carolina cities.” The caption on another front page picture, “ Eastland Mall was once a shining jewel of Charlotte’s eastside, but a quarter of its tenants have left.” An article earlier in the week spoke about the owners of the mall having a 42 million dollar loan coming due and responding that the mall was not valued at that today and they might just walk away.On the other hand the city takes an option on a part of the mall… pushing forward an effort to tear the mall down and replace it with homes and businesses. There is the Ying and the Yang of Charlotte.
Another headline reads Charlotte-Area Home Price Drop is First Since 1991.Our drop was one tenth of one percent and another report showed increase in sales by 4% in our South region. Prices are down, closings are up…incrementally. I tried to figure a way to compare realistically last year with this. I went back and read last years real estate reports, and on line to see if I could find anything to hang my hat on…last year and this year here in Charlotte is like comparing tires with oranges. So the numbers are just some kind of benchmark.

And then there was the report that Charlotte ranks 90th out of a hundred cities for the nation’s worst gas hogs. Followed by an article about how some of our council members are heading to Chicago to study the transit system. Our new lite rail…much fought over between our citizenry…is quite the darling. Ying and Yang.

And of course there is the weekly harangue with and within the school system. The daily journal of what is going on with our banks…the schools are always in the spotlight, they should be, it’s our kids. The banks…they’ll figure it out with us watching daily.
Charlotte is still great…with broken water mains and I-77 traffic…we are growing, sometimes it’s not so pretty…but mostly it is. Ying, Yang.

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

Good News While Side Stepping The Meanies

2008-06-24T20:37:00.002-04:00

June 23, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
It would be easy for me to get my feathers ruffled when the media speaks about housing prices falling in Charlotte. We’ll take the one tenth of one percent anyday. And I’ll also walk away from the fighting developer/contractor battling lawsuits and attorney’s lingo at 210 East Trade because it has web like charactertistics…
Let’s see what we are doing in Charlotte to help folks, to rebuild neighborhoods…oh, and here’s my chance, forgive the real estate investors who argued against this proposal. They are in the minority. Here comes the good news:
Peachtree Hills to get help from city
Charlotte will spend $449,000. The goal: Save a neighborhood hit by foreclosures.
By Julia Oliver of The Charlotte Observer
The City Council on Monday took its boldest step yet to address Charlotte's foreclosure problem: It agreed to spend almost half a million dollars to help rehabilitate a subdivision blighted by vacant, boarded-up homes.
The vote was unanimous, but it came after questions about the city's role. A real estate investor argued officials should let the market settle out rather than use tax dollars to intervene. And a council member wondered whether focusing on one neighborhood would shortchange others.
The city will spend $449,000 as part of an $3.4 million effort to encourage homeownership in Peachtree Hills, a northwest neighborhood where a glut of foreclosures has left remaining residents vulnerable to vandalism and other crime.
Self-Help, a Durham-based nonprofit organization, will pay for most of the project. It plans to buy as many as 25 properties in Peachtree Hills and start a lease-purchase program for new homeowners.
The idea is unusual, housing experts say, and seems tailored to Charlotte's specific type of foreclosure problem – relatively new subdivisions where foreclosures have snowballed. Of Peachtree Hills' 147 homes, at least 42 have gone through foreclosure or been owned by a bank since 2003, according to county property records.
The 5-year-old community is one in a swath of northwest Charlotte starter-home neighborhoods that have been hit hard by the mortgage crisis. Self-Help found Peachtree Hills suitable for its program, however, because the neighborhood is not too far gone – it still has enough homeowners to form a strong foundation.
The organization and city officials hope the program will be a model.
“We're looking at this as a pilot program,” said Stanley Watkins, Charlotte's neighborhood development director. “If it works, maybe we can replicate it.”
The city's contribution will include lighting, sidewalks and landscaping – standard public services. But the city also has agreed to spend as much as $10,000 per home rehabilitating the houses purchased by Self-Help.
Kevin Pfannes, a local real estate investor who spoke at the meeting Monday, argued against the city's participation in buying and rehabilitating homes. He said the city would be spending taxpayer money to compete in the private market.
“We've already got a private pool of people that are willing to do that,” he said, urging the city to focus on code enforcement and other more traditional roles. “It takes a little time.”
But Richard Payne, a project manager at Self-Help, said investors didn't seem interested in Peachtree Hills.
City Council member John Lassiter said private investors were not likely to increase homeownership in Peachtree Hills. He said they would only bring more renters, and could make the problems worse.
Watkins said the money that will go to Peachtree Hills is taken from other programs citywide, but wouldn't have a dramatic impact on neighborhood services.
On the other hand, he said, the surge of investment into Peachtree Hills could save it.
“Our intent is to get that neighborhood back to stabilization as quickly as possible,” he said.

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

Harvard's 2008 Housing Report

2008-06-23T20:20:00.003-04:00

June 23, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
The Sharp Housing Downturn Continues to Pressure the Economy
Harvard Releases the 2008 State of the Nation’s Housing Report

If you are interested in an excellent overview, I have included a link to this report. Harvard also makes it available in a .pdf format. I will quote a snippet...
"Until the number of vacant for-sale units on the market ... falls enough to bring vacancy rates back down, house prices will remain under pressure," the report said. "Working off the oversupply will require some combination of the following: housing starts fall even further, prices decline enough to bring out new bargain-seeking buyers, interest rates drop enough to improve affordability, job growth improves, consumer confidence returns, and mortgage credit again becomes more widely available."
Single-family home prices in the first quarter of 2008 were down 12 percent from their October 2005 peak -- 18 percent in real terms, after adjusting for inflation. A "dispiriting picture" of housing affordability issues nevertheless remains.
The report, "The State of the Nation's Housing 2008," is more optimistic about medium- to long-term prospects, estimating that unless there's a serious, prolonged economic decline or a marked cutback in immigration, the nation will gain 14.4 million new households between 2010 and 2020, compared with 12.6 million between 1995 and 2005.
http://www.jchs.harvard.edu/media/son_release_2008.html

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

Holding Steady in Charlotte, NC

2008-06-21T16:51:00.004-04:00

June 21, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Holding Steady in Charlotte…
Our city is much like a teenager, or at least that is my definition. There is rapid growth here. Some projects going well. Some not so well. I think that is pretty normal. You know, the old saying, “take things with a grain of salt’? Well, I think that might apply here at the moment.For example, two of our condo towers are facing rocky roads. One is The Park where the bank is foreclosing on the stalled condominium project as the developer defaults on 30.7 million loan. A receiver has been assigned to secure the building until its future is settled in court.The other, with the description of condo/hotel, is 210 Trade . The battle is heading to court and the contractors are stuck with unpaid bills.The details on these two projects are layered and deep. And the causes perhaps myriad. I think perhaps the problems are unrelated to our current credit crunch.On the other side of growth, there are many good projects moving ahead. And here is a thumbnail of each:
New Uptown Office Tower Signs First Tenant
The developers of a 15-story office tower planned on South Church Street in uptown Charlotte have signed their first major tenant.
In Kannapolis, home could be 1.5 million
The old Kannapolis Country Club and a course designed by Davis Love III are part of David Murdock's Irish Creek project.
There's no doubt the $1.5 billion North Carolina Research Campus that Castle & Cooke is building in Kannapolis will be a Next Big Thing for the city and the region.
Uptown condo tower begins sales this week
The developer hopes buzz about the tower will pay off
The Catalyst condo tower – which last week reached its ultimate height of 27 stories – seems to have sprung up almost overnight on South Church Street.
More upscale homes to rise on Park South
Ardsley Court condo project has dual lure of SouthPark and convenient commute.
Over the past five years, half a dozen residential infill projects have sprung up on Park South Drive, a roughly mile-long street connecting Fairview Road with Park Road in south Charlotte
Microsoft buys offices off Arrowood
Microsoft has purchased two buildings it has leased for more than seven years in ArrowPoint Office Park off Arrowood Road in southwest Charlotte.
Pricey penthouses will cater to pricey passions
This unusual uptown development targets residents eager to showcase their enthusiasm for art, cooking, wine, technology and entertaining.
The developer of uptown's 20-story Encore condo tower wants to create five of the most unusual and most expensive penthouses Charlotte has seen.
Development tied to town vision
The town of Cramerton expects its population of 3,200 to double in about 10 years if the proposed 143-acre Village at South Fork is developed along the South Fork River as planned.
Wachovia doesn't plan to slow condo tower
The company will open a sales center in the fall. Waiting gives the bank flexibility, experts say.
Wachovia Corp.'s $880 million, 48-story office tower is still climbing skyward in uptown Charlotte.
Fat City facade will live again in NoDa
Neighbors invited to help decide on graffiti for wall of new lofts
A NoDa landmark disappeared a year ago when high winds blew down the graffiti-splashed facade of Fat City Deli.

All in all,We will both suffer and celebrate these times and ultimately be the wiser for them.

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

Condo CanDo-Friday's Q/A

2008-06-20T16:57:00.002-04:00

June 20, 2008
Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC

Condo CanDo, Friday Q/A…

Let’s Start:
1Q.I live in Matthews and own what I thought was a condo. Now I am told it is a townhome. How should I be able to discern that myself?
A. In our tax records under property description you will see a Unit File Number. Shortened that is U/F and then a number or numbers. If it has this as part of the description, then it is a condo. Townhome descriptions have a Book and Map because the land beneath the townhome is owned.
2Q. I live in a condo that was built 5 years ago. I am the original owner. I recently looked up our restrictive covenants to see what our Master Policy covers. I thought it was everything from the paint out, including the electrical and the plumbing. Apparently one set of Board of Directors changed what the policy covered to reduce the costs and it does not now include plumbing and electrical. How can this happen?
A. First, pat yourself on the back for discovering it now…and secondly, ask for a special board meeting to discuss this…after notifying neighbors of the change.
3Q. We are looking at an Active Adult Community. They are ranch type duplexes which suits us just fine. They are located within a busy shopping center where one large box store is open 24/7 and has a large parking area that is always jammed. I am concerned about high traffic and frankly, crime, with that easy access. My husband thinks being close to shopping is great.
A. Yes, being close to shopping is sometimes good when you can walk to pick up groceries or visit the drug store. Have you explored other areas that might have more of a buffer. I think your instincts are right on. Check the police reports in the area and listen to your gut.
4Q. We were thinking about selling our house, scaling down and buying a condominium or perhaps into one of those retirement communities. But we also have heard many boomers are adapting their homes to fit their needs better so they can stay in their homes longer. This has great appeal…and financially, it makes sense as well. What do you hear?
A. I hear and read more and more that folks are doing just that. Of course, it depends on your home and how adaptable it is. I have a friend who lives in a mobile home and has even prepared the 2nd bedroom in the event that she needs a caregiver. Of course, for her 80th birthday she gave herself a gift of a couple of sky diving expeditions…and she prepared for that adventure as well. For some folks, staying in the home is a good option, for others, scaling way down, travelling and having a smaller abode woks well. Listen to yourself. You have more than one option.
Got Questions? Send them in and we’ll see if we can answer them for you.

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

Charlotte Residential Sales For May 2008

2008-06-19T13:10:00.001-04:00

June 19, 2008

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

Looking at Charlotte Residential Sales For May 2008…
From The Charlotte Observer,Stella M. Hopkins

The number of Charlotte-area houses, townhouses and condos sold last month through the Carolina Multiple Listing Services dropped 26 percent compared with May 2007, marking a full year of double-digit declines.
Mecklenburg County new home construction also remained stalled.
The 2,778 houses sold was the lowest count for May since 2003, according to the MLS, which accounts for nearly all existing home sales within about a 50-mile radius and roughly one-fourth of new home sales.
The average MLS sales price fell nearly 4 percent, to $223,946, the sixth consecutive month of declines.
Builders took out permits for 614 new residences in Mecklenburg last month, down 36 percent from a year ago and the lowest number of any May since before 1998.

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

Condo-Tel Concept:SEC Consideration

2008-06-18T20:49:00.000-04:00

June 18, 2008

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

Condo-Tel Concept: SEC Consideration:

From an article published by the Associated Press, June 2005 Mike Schneider

"The hybrid concept of a luxury hotel that sells some of it units as condominiums has become one of the most popular trends in the industry in recent years. Condo-hotels in the past two or three years have expanded beyond traditional markets in ski resorts or Hawaii and into other tourist destinations such as Orlando and Las Vegas. Projects also are under construction in urban centers like Atlanta, Chicago and New York, where the Plaza Hotel is being converted.The concept has risks for both the developer and the condo buyer.
Financial risks
The Securities and Exchange Commission considers the condo offeringa security if income and expenses from the rental units are pooled and if a condo unit is sold with the explicit expectation the buyer will earn money or derive tax benefits from it. If the development is structured as a security, it can only be sold by a securities broker and it is easier for an investor to sue the developer under the SEC's anti-fraud rules, according to Los Angeles attorney Jim Butler.
Most developers choose not to sell their projects as securities to avoid the SEC complications, so they are prohibited from discussing the economic or tax benefits from a rental arrangement or project on how much a condo unit can earn in rental income. Many buyers make decisions without all the facts.A developer typically has to come up with around 40 percent of the equity for a traditional hotel; a condo-hotel development requires much less investment.
"If you're not allowed to communicate revenue expectation, often times buyers are making a decision based on incorrect information or overly optimistic information," a quote from Mark Lunt, Ernst & Young in Miami.
And for further information, please take a look at this questionnaire used by a mortgage company when looking to lend funds for a condominium purchase:http://www.condocando.com/wHOA.htm which we also have made available in a .pdf format.

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

Looking Back at The City of The Future

2008-06-17T21:58:00.004-04:00

Jun. 16, 2008

Looking Back at The City of The Future
Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC
Though Charlotte has different kinds of challenges than most of the country, we do have them.
The many condo tower announcements that came week after week...the drawings of how the city would look in 3 to 5 years...the condominiums' amenities...the sparkle, the dazzle, the excitement...and now the scuffle, the lawsuits, the claims. We have our challenges.
Here's the latest news:

Dispute plagues EpiCentre tower
Work on 50-story tower has stopped; $70 million lawsuit
From The Charlotte Observer By Kirsten Valle

A dispute between the developers of the EpiCentre and a luxury condo tower on the site has brought the tower's construction to a standstill, its developer alleges in a $70 million lawsuit filed this month.
Work on the 50-story 210 Trade building stopped in February, with two floors built, because of a disagreement over technical building-code issues. Until the problem is resolved, lenders will not finance the rest of the project, and county officials will not issue certificates of occupancy, the lawsuit says.
The suit was filed in federal court June 6 by a subsidiary of the tower's developer, Indianapolis-based Flaherty & Collins Properties. It alleges that the Charlotte-based Ghazi Co., which is developing the EpiCentre uptown, has failed to live up to contractual agreements and refused to cooperate with local and state requirements that would allow the condo construction to move forward.
At stake is the future of the EpiCentre, a high-profile mixed-use complex on the corner of Trade and College streets uptown. The project was conceived with a luxury residential building – as well as offices, retail, entertainment and a hotel. But the condo tower won't move forward until the suit is resolved, developers say.
The rest of the EpiCentre development is progressing. Its first tenants, including the Suite nightclub and Dale Earnhardt Jr.'s Whisky River bar, opened in recent months.
If the tangle is resolved in coming months and work on the tower resumes, its first residents could move in by summer 2010 – more than a year later than originally planned, Flaherty & Collins' attorney, Lee Spinks, said Monday.
“If we do not get the issues resolved, we are intent on getting every dollar back that we've spent or paid them, and lost profit,” he said.
The condo developer is seeking $70 million if the issues are not resolved and the project scrapped. If construction can continue, the company is asking for $28 million in damages, it said in the suit.
Ghazi Co. officials did not return phone calls Monday.
Construction on 210 Trade, which is being built atop part of the EpiCentre, started in October 2007 – and tension between the project's developer and The Ghazi Co. arose even before that.
In the lawsuit, Flaherty & Collins investors allege various physical and structural problems, including getting fewer parking spaces than they paid for. The company also says it's owed more than $2 million because of a provision in the contract that said the company would be paid if The Ghazi Co. erected a second tower on the site that would obstruct some condos' skyline views.
Despite the issues, construction moved forward, and developers sold 265 of the tower's 420 units.
In February, the condo tower's lenders, U.S. Bancorp and Corus Bankshares, ordered construction stopped after being informed of the developer's building code issues. The problem arose with the county's code enforcement department after it discovered the project had been filed as a single-owner building on the EpiCentre site, when ownership is actually being shared by the owners of the condo tower, the office-entertainment complex and a hotel that's going up on the site.
According to the lawsuit, The Ghazi Co. has refused to enter into an agreement that would place the development under a condo form of ownership, satisfying the code requirements. That has stalled the project and turned off lenders, the suit said.
“We have 265 buyers who are counting on our company to deliver their homes, but we have been thwarted by the (Ghazi investors),” Flaherty & Collins spokesman Mark Conover said in a statement. “They have refused to cooperate in providing reasonable and necessary agreements that are routinely required by lenders. … It is their refusal of lender requests that have delayed construction.”

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

Flipping Rules Suspended, FHA Loans Popular

2008-06-16T17:07:00.001-04:00

June 16, 2008

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

Daily Real Estate News June 11, 2008

Property-flipping rule suspended
The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.
WASHINGTON (AP) -- The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties.
For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.
The policy was put in place in 2003 to deter property "flipping" schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern.
"A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community's recovery," FHA commissioner Brian Montgomery said in a prepared statement.
The new policy "will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes," Montgomery said.
Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday.

FHA Loans Gaining Popularity Source: The Washington Post, Dina ElBoghdady (06/10/08)

As lenders toughen their standards, loans by backed the Federal Housing Administration are increasingly popular.The number of FHA loans issued rose 126 percent in the first quarter of 2008, compared with the same period a year ago. Most of FHA's business now comes from refinancing.The volume of FHA loans at Wells Fargo has increased 342 percent this year from the same time in 2007, says Greg Gwizdz, the company's national retail service manager. Helping increase business were live simulcasts for real estate professionals that the lender recently held in movie theaters nationwide touting the benefits of FHA loans.Only borrowers who can make at least a 3 percent down payment or have at least 3 percent equity in their homes and who can document their income can qualify for FHA loans.Guy Cecala, publisher of Inside Mortgage Finance, says FHA paperwork remains daunting and the rates aren’t always the lowest. “But if your choice is vanilla ice cream or no ice cream, vanilla starts looking good," he says.

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

Charlotte Restrictions Will Protect Open Space, Area Waters

2008-06-14T19:10:00.002-04:00

June 14, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Restrictions will protect open space, area waters
Charlotte Business Journal - by Susan Stabley Staff writer

The landscape for real estate development is dramatically changing next month when new rules designed to protect area streams and rivers take effect.
New projects will be required to include open space on nearly every site, bigger buffers for streams and new systems for capturing and cleaning rainfall.
Developers are chafing at the law taking effect July 1. They say it will substantially increase the price of future homes, apartments, offices and industrial buildings. City officials say the rules follow federal requirements and provide a long-term benefit that prevents flooding, slows erosion and cleans Charlotte's polluted streams.
Charlotte is the last municipality in Mecklenburg County to comply, with similar laws already in effect in Cornelius, Davidson, Mint Hill, Matthews, Huntersville, and Pineville.
Developers contend the Queen City's version is too stringent. But the city says without the new rules, the cost of fixing the damage to the streams -- if forced by federal officials -- could be exponentially greater because restoration is more expensive than prevention.
"Pay now, or pay later," says Daryl Hammock, water quality and environmental permitting manager with Charlotte's stormwater services division.
The impending change has prompted a surge of applications to Charlotte permitting offices in advance of citywide implementation of the post-construction controls ordinance, as it's known. Recent conversations between government staffers and site designers suggest a serious spike will start soon.
"Since this is a very deadline-oriented business, I expect the last week of June will be the time where we really see an unusually high number of new plan submittals," says Tom Ferguson, Charlotte's land development permitting manager.
Federal mandates tied to the Clean Water Act required city adoption of stormwater rules by June 2009 for engineering controls for stormwater. The goal is to remove 85% of the pollutants picked up by rain water pooling on pavement before it flows into a city stream.
It was only after three years of negotiating among government staff and the development community that Charlotte City Council found the rules palatable enough for approval in November.
Many developers have been forced to follow the post-construction controls ordinance ahead of the implementation date. That's been the case in the past few years for any project that required a rezoning. For example, Beacon Partners wrestled with the city over a 75,000-square-foot industrial park in north Charlotte. The local development company turned in four versions of its site plan earlier this year before finally agreeing to the stormwater requirements and gaining approval.
Now all developers will have to embrace the rules.
Those who haven't realized it are in for a "very unpleasant and expensive surprise," warns real estate consultant Karla Knotts, a local industry figure since 1986.
The dramatic change in requirements directly impacts development costs, she says. "If you didn't realize you were subject to these rules, you can lose money and go belly up."
Extra expenses come from building new stormwater infrastructure plus the loss of land -- as much as 25% of a site will need to be set aside for undisturbed woods. In some cases, developers may have to add plants or remove them. A project site that contains an invasive species, such Japanese honeysuckle or kudzu, in natural areas must be removed before the developer can get a certificate of occupation and be allowed to open.
And the new rules mean developers now have to worry about things such as goose poop. As silly as it sounds, animal waste running off into the area's water supply is a serious matter. Fecal matter from animals and sewer overflows havecontributed to the impairment of most of the county's 3,000 miles of waterways.
About 30% of Mecklenburg County's watersheds contain streams and creeks considered unfit for human contact. And about 70% are deemed too dangerous for prolonged exposure.
Sediment clogging the county's water, often caused by construction, only worsens the situation.
Then there are concerns over flooding, erosion of creeks and damage to habitats, says Hammock of the city's stormwater division. Plus, Mecklenburg has the responsibility of passing clean water back into the Catawba River, the water source for York County and our other neighbors to the south, he adds.
Hammock says it's a tricky balancing act to accomplish the goals of the stormwater rules. Calling for undisturbed tree growth along streams conflicts with plans to build trails along greenways.
On the flipside, the post-construction controls ordinance helps developers meet state environmental requirements for projects that could impact the endangered Carolina Heelsplitter mussel, he says.
But that still doesn't mean developers have to like it.
"First and foremost, the ordinance is something we had to do," says Beacon Partners' Jon Morris. "There's nothing more important than the water we drink. What we were doing wasn't sustainable. In theory, it's a great idea."
But, Morris adds, "this will affect pro formas in a significant way."
The new requirements could add up to $15,000 an acre to the cost of a single-family subdivision, according to estimates from the development community. Using an industry standard multiplier, that extra development expense means home buyers could have to pay as much as $160,000 more per house.
City officials counter that development costs could be factored into the value of land, with the market adjusting to new costs.
Also at issue: conflicts between the post-construction controls ordinance and urban street design guidelines that require more sidewalks and pavement areas, exacerbating the amount of rainfall that runs off a property.
Nor do the stormwater rules do enough to address velocity, says Jim Medall, president and partner at the Charlotte-based Carolinas division of Rhein Medall Communities and developer of The Palisades, a master-planned golf community on 1,600 acres along Lake Wylie in southwest Mecklenburg County.
"This could be as simple as figuring out how to slow the water down," Medall says of the stormwater rules. "It's not going to apply to everything that's been built already. It's not going to fix the existing issues, and it may create new ones we don't know about."
Morris, Medall and others also find fault with some of the newly required infrastructure systems, arguing that they don't consider the nature of the Carolina's red clay dirt, which can't quickly absorb water.
Hammock says many of the concerns broached by developers are often from a lack of understanding of how the ordinance and the new stormwater controls work: "The engineers don't ask these questions."
What doesn't work can always be revisited, he adds. And better ways of controlling and cleaning stormwater can be added. Currently under consideration: "green" roofs and porous pavement.
"We wouldn't propose these things if they were going to be a huge nuisance," Hammock says. "This technology has been used in other parts of the country for decades."
THE POST-CONSTRUCTION CONTROLS ORDINANCE
Federal law mandated city adoption of stricter stormwater rules by June 2009. After three years of negotiating with residential and commercial developers, City Council approved the new rules in November 2007.
The regulations generally require undisturbed natural land on every site and the engineering of infrastructure that captures and cleans rainfall.
Among their options, developers can install:
* Rain gardens, which use plants and sandy soil to absorb and filter stormwater into an
underground drainage system.
* Wet ponds, or man-made wetlands, that detain stormwater and collect sediment.
* Underground sand filters.
Other types of stormwater protections under consideration include:
* "Green" rooftops that absorb and clean rainfall.
* Porous pavement that aids in the absorption of stormwater.
Thnaks to the Business Journal for this excellent article.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

Two Sides To Every Story

2008-06-13T21:38:00.002-04:00

June 13, 2008

Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Two Sides To Every Story…
I am immersed in all the details and stories, the reports and the surveys, the announcements and the statistics of condominiums, real estate and the sub-prime mess.My days are spent between being an active full-time real estate broker and an inquisitive, sleuth, fact-finding, digging, interviewing, photographing web master.I look for balance inside and outside without being critical or cynical…and try to refrain from being what our culture loves being best, the Monday morning quarterback.
At best, I am the observer.
So when people ask me why am I so animate about quality building products and quality construction because, after all, those people know what they are doing. Those architects and contractors and developers…those home owner’s associations and boards. We cannot assume they do. As consumers I feel that we have a responsibility to ourselves to ask questions…and yes, to question authority. At the end of the day…it is your bottom line.
I still get perturbed when I see stucco on a house or condo or office building and especially synthetic stucco when it was used knowingly. I get agitated when I am told that sloppy construction is “urban construction”. What happens in five or ten years when siding needs to be replaced, when severe plumbing problems impact a whole building?What do I want? Buyers to realize they are in the driver’s seat. Maybe buyers don’t really want granite and stainless, but they are touted so much, people think they have to have them. Maybe I want buyers to really sit and read all the documents, know about the budget, the financial statements and be prepared to walk. Maybe I want people to take as much time buying a condo as they do a car. And then I think…well, there are good developers and really good builders and really fabulous buildings. Why is it that 10% of the people still cause 90% of the problems? And seem to get away with it.
So maybe I know too much or too little. Maybe I am too direct and too serious.
But there are two sides to every story. Right?

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

A Tack To Take With New Condos

2008-06-12T22:20:00.003-04:00

June 12, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
A Tack to Take With New Condos…
Pricing on real estate depends on the market and the circumstance. And recently I would also add the strength of the buyer. But it is not unusual to see new construction drop the prices on the last units or even the last single family homes. I can list projects where I have seen that happen…to my dismay and to the values of the folks who purchased at full price.
Existing condominium projects are starting to have concerns- and problems- where here are too many renters as compared to owner occupied units.Mortgage lenders are sometimes reluctant to approve loans where the investor ratios are higher than the owner occupied units. The secondary mortgage market such as Freddie Mac and Fannie Mae have imposed certain restrictions, such as no more than 40 or 60 percent of the units’ owners can be landlords.Many community associations’ leaders believe renters do not have the same incentive as owners to honor and respect the rules and regulations of the association and do not take good care of the property. Maybe that is a grey area, but it is more possible than not.
So, if there are problems with existing condominiums, I suspect there will be even more issues when the association is brand new. Legally, the developer- as owner of the unsold, rented units-may be obligated to pay the condominium fees for the units that are rented, but the legal documents of the association have to be reviewed to make sure what he obligations of the developer are.The price was lowered to attract buyers. Do you have any guarantee the price will not be lowered more- after you buy?
Real estate is in flux now and maybe for a while to come. Your investment is no longer guaranteed to give you a good return. If you are considering living in the unit and can get some more perks from the developer, then it may be something to consider.
This is what you should ask the developer to do for you:
1. Pay all the closings costs and pre-paids, and
2.If the price of similar units is lowered within the next year, provide a proportionate rebate.If you are hesitant about number 2, ask them if they have ever practiced lowering the price on the last 10%...or look it up in your tax records.
Again, the web is a great tool.
As you know, I read a good bit about condos and about real estate and Benny Kass, a practicing attorney in Washington, has written some great articles on condominiums and I am learning a lot by being an avid reader of his columns. With thanks.

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

Promises Made Should Be Kept...

2008-06-11T20:25:00.003-04:00

June 11, 2008

Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Promises Made Should Be Kept…Today is one of those days spent thinking, planning and reading, searching, and sorting through all the newspapers, the on-line reports from our local MLS and the then, the National Association of Realtors. Except for the storm we have been having since dinner time, it has been a quiet day.Quiet day seem to summon voices from the past…I had forgotten we were so close to Father’s Day. My Dad has been gone a long time…and we were distant even before he died. But sometimes he hangs around and I can hear him …or not hear him because he was always working. And that is probably one of the best gifts he gave me…working and working through the challenges of our jobs. He started in the textile mills at 12, got as far as 5th grade in school…and became one of the leading textile experts in the world. He taught himself. He liked to see how each piece of machinery in a textile plant worked. In every department. He would go back to work at night and work with the machines and the machinists. He could separate things and put them back together and he could see how they interfaced.So, two things…I have been reading and thinking about what is going on with our market…real estate…credit…banking…and as best as I can tell, the stop is in place for the kinds of loans that brought us to this point. Not perfectly, not 100%, but curtailed. It’s the defaults, the foreclosures and the inventory. So the next wheel that turns is how to make the best of this…foreclosures become, sometimes, good investments. Builders are doing everything to get approved buyers and their brokers in the door. And the spinsters are doing their work, too. There is always that…and we just need to be aware that they are out there.The apartment market will grow…building permits were up in that sector. Some condo projects have been changed and are heading towards being apartments. Some condos that have sat on the market are being offered with many kinds of incentives with even some giving a part of their profit to non-profits. My mantra is the same. There is no such thing as a free lunch. Be careful. Be patient. Have good representation. And walk away from a deal that doesn’t feel good.
The second thing…I broke a promise to myself the other day when I did a podcast that poked fun at a developer. It was the Bark, Bark one…what I should have said about that developer who wrote in such a condescending, holier than thou attitude…that he affirms what I think about his kind…if you don’t agree with them, you are wrong. I should have said something about honoring his viewpoint but agreeing with the Op-Ed writer who was dismayed over the bulldozing of ancient trees and fifty year old azaleas and an old but stately house that could have been saved or re-used, but not just crushed.I could have done better. I could have kept the promise I made to myself to refrain from being cynical and critical and snide. So, please accept my apologies.
That’s for My Dad and for me. Happy Father’s Day!
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

Signs of Growth in Charlotte, NC…and Caution.

2008-06-10T20:48:00.004-04:00

Water color by Warren Burgess, Urban Planner and Watercolorist

June 10, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

Signs of growth in Charlotte, NC…and Caution.

I look for ways other than numbers to illustrate the energy in Charlotte, NC. While we face different challenges than most of the country, we still have our set of consuming issues. Our town is changing…but how it is changing concerns many of us as we watch the great trees fall, the historic houses get raised and the McMansions sprout up from tear downs…it’s not all bad…there just has to be a way to achieve balance before what makes Charlotte special melts away.So there’s the issue of the tear downs, and then there’s the applause for the Lite Rail…and we had to fight each other for that…even to the point of a special referendum hard fought…and now, well, now, Charlotte is the visionary.And because we tend to be cautious and conservative, there are some delays in building particularly the downtown towers or close in town large condo projects. In this case one is builder is nixing condos in favor of apartments. Of course, I look to those very apartments to convert later to condos…I wonder if there building quality will be that of apartments or of condos. Might want to make a note.So here we go, some stories gleaned from the daily:
1.
Local neighborhoods could soon join forces to fight the spread of “McMansions,” newly built, giant homes that some people say damage the look and feel of older communities.
Residents from several neighborhoods, including Dilworth, Elizabeth and Plaza Midwood, are meeting tonight at the Midwood Baptist Church Fellowship Hall to discuss methods for stemming certain kinds of infill development.
Leaders are expected to focus much of the discussion on new city districts that would protect the established aesthetics of neighborhoods.
Tear-downs have become increasingly popular in the area. Developers buy small homes and replace them with large ones – with equally large price tags.
Last year in Mecklenburg County, 794 single-family houses were demolished. That's up from 697 in 2006.
2.
The developers of a 75-unit condo project in South End have stopped sales and will build it as apartments instead."We designed Chelsea South End with multiple strategies, and one strategy was a condo building," said Terrence Llewellyn, whose Llewellyn Development is doing the project with Dean Kiriluk of Kirco.
Since condo sales began there in November, home sales have slowed, financial markets have become more volatile, and lenders have tightened mortgage lending requirements.

3. Charlotte-Mecklenburg's business, civic and government leaders worked for years to create a plan to both improve traffic flow and provide alternatives to the automobile. Then they asked voters to approve a local sales tax to fund it. In 2002 county voters passed a half-penny sales tax for transit funding, along with a $100 million road bond referendum. Now the road system is being improved, bus service is expanding, the first leg of a light rail system is carrying even more riders than expected and Charlotte-Mecklenburg has become a model for urban areas seeking to shape their own transportation future.

Our challenges are easy to bear given what most of the country is experiencing. Ours are those trying to shape growth and balance.

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

Barking Dogs...That's Who They Are...

2008-06-09T19:49:00.002-04:00

June 9, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Barking dogs…That’s Who They Are…

A wise person once said that builders and developers are like barking dogs...that's what they do and you can't change them. And the following proves that point quite well.
Peggy Porter wrote a letter to the editor about a condo project, The Vyne, where the developer did what most developers do…just bulldozed , tore down the old house and started construction. Well, the developer responded. This is the vernacular so well expressed by my housekeeper who often translates canine speak:
Bark, bark, bark….”forefront”….bark, bark, bark, “conservative”…bark, bark, “incrementalism…implementation tool”…bark, bark, bark, “developers” bark, bark, “public policy”…bark, bark, bark, “incremental steps” bark, bark, bark…”others jump on the bandwagon”…bark, bark, bark…”scale”…bark, bark, bark “market risks”….bark, bark, bark.
Did I hear “tree” anywhere? Oh, that’s right, they are gone.

On the newly announced front:
Ardsley CourtSize: 15 two-story townhomes and stacked flats in 3 buildings on 14 acres. Loaction: Park South Drive at Park Road Prices: $364,000 to $449,000 for units ranging from 1625 to 1987 square feet. Amenities: Private porches or balconies, private garages, vented gas fireplaces, stainless steel appliances, garden tubs with separate showers, double vanities, granite. Time table: Site work to begin in August, first model unit ready by March 2009.

We’ll take a look at everything on Park South and report back for a comparison.

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

Home Prices Back To Earth...and The Charlotte Scene

2008-06-07T20:40:00.001-04:00

June 7, 2008

Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Home prices back to earth…and the Charlotte Scene
Housing turmoil has yielded one benefit: more reasonable prices. Homes in just eight U.S.metropolitan areas were overpriced by 35 percent or more as of the first quarter of 2008, down from a peak of 53 in the second quarter of 2006, according to a study by Global ln sight and National City Corp. The median price of a U,S. home slipped at an annual 6.7 percent rate in the first Quarter due to weak demand, rising foreclosures and fewer sales of high-priced homes. This marked the third consecutive quarterly decline for home prices. California, Florida and Michigan were the hardest hit areas, accounting for 45 of the 50 biggest metro-area price declines, while several regions in the Northwest were still overvalued.The study based its regional valuations on factors such as current and historic home prices, interest rates, household incomes and population density. The study’s authors doubt the housing slump is over, given cost pressures on consumers and tight credit markets, which make mortgages less accessible. “There is also excess supply that needs to be absorbed, plus the rate of foreclosures entering the market needs to slow down before housing can begin to pull out of its current downward trend”, says Jeanine Cataldi, senior economist and manager of Global Insight’s Regional Real Estate Service.

So what I am reading here is:
1. More reasonable prices.
2. Qualified buyers, this is a good time to purchase.
3. Do your homework when looking at a sales price
4. Ask about number of foreclosures in immediate area and next quadrants
5. Ask about the number of building permits in the last quarter
6. FHA seems to be capturing the mortgage business…and VA where applicable
7. Excess supply needs absorption
8. Foreclosures need to slow down

From my own vantage point, builders who have inventory are more willing to negotiate closing cost, purchase price and most recently for one of my buyers, paying off the termination of an apartment lease.

And if the government is more and more involved in mortgages, make sure to allow time for reviews and delays. It is the government.
In Charlotte, one of our biggest challenges is for the folks needing to sell their homes in other parts of the country so they make a purchase here. And there other good markets around the country as well. Here is a chart comparing 01-06-07 to the same period 08.
Off we go into another week with interviews on our podcasts and photos on the blogs.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

In The Spirit of The Day...

2008-06-06T21:55:00.002-04:00

June 6, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

In The Spirit of The Day…Our business has so many levels…perhaps just like any other business. Only sometimes I think our pendulum swings wider and deeper because people seem drawn to real estate, lured by either the desire to own their own home or thirsty to drink deep of the possible wealth with buying and fixing, flipping and making lots of money…in what seems like an effortless job. And we hear of all the stories…the majority of which seem to be about the unscrupulous brokers, the devious bankers, the shoddy inspectors and the shady appraisers…not too mention the scallywag attorneys.

But this week, for me, was about going out into the city, going out to open houses given by other brokers for new construction. It was about going out to see what I could see…how new projects were coming along, what the prices are like, what the availability is.

And always in the morning, I start by reading…and this week there was a delightful article about the 81 year old Carolina Theatre…soon to be brought into this century with a splash. How in this market one developer is taking the old, the long-time vacant and making his version of lemonade…with a twist. Encore 5 was announced and the concept is both daring and exciting. Five penthouses- each with a particular resident in mind. Developer Jim Donnelly said the idea behind The Encore Five concept is “if you have an interest in your life you can build the interior of your penthouse around it." Enter: The Epicurean, The Gallery, The Connoisseur, The iPad and The Cosmopolitan. More about Encore 5 soon to come.
Continuing on after morning coffee, computers and the news to an Open House at Dilworth Walk neatly located between Scott and Kenilworth within walking distance of all the fun and charm of Dilworth, ergo the name. Look for a podcast with Lana Laws, who will talk to us about Dilworth Walk.
Then, I took a quick hop to South Park and toured South Gate Corners…on the corner of Tyvola and Fairview. Quite a different approach…as one might expect where Dilworth Walk is for perhaps a younger demographic and hip, South Gate is posh. After all…it is South Park and South Gate fits like kid gloves…podcast on that coming as well.
I ended the day with Simonini’s Stephen Square…great care, superb planning, elegant and melting into Myers Park as though it has been there forever. Alan Simonini speaks to us soon in a podcast on site.
And because closings are our rewards, the day ended with a young Veteran buying his first home for his family in Concord. We had many hoops to jump through, all of us…builder, loan originator and support staff, paralegals and attorneys…but at 5:30 we made it through the closing…a little bit worn for the wear, frazzled for all the words back and forth, but we made it and I think everyone is happy and pleased.
The week was full of promise and surprise, frustration and doubt…but in the end, tonight I am grateful for the Spirit of things…it keeps me going.

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

Queens Road Is The Queens Way…

2008-06-05T21:15:00.005-04:00

June 5, 2008
Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC
Queens Road Is The Queens Way…
Charlotte is noted for many things, but most of all for her trees. Flying over Charlotte, the uptown is clearly visible and then there is the canopy of the great ladies. The Willow Oaks and Post Oaks, the Red Oaks and all their beautiful Sisters: the Maples, and Elms, and Pines, the Willows…a forest of green. And yet, today Charlotte has slipped beneath the Federal requirement for green space…so I wonder.

Do we move so fast, tear down so quickly, change for what we deem to be better…when we already have such an incredible city with such amazing streets as Queens and Queens Road East and Queens Road West.Sound silly to have all those Queens? Believe me when I tell you, it is not nearly enough. For over fifty years I have ridden through the Queens' pathways, the wide boulevard-like streets and breathed in the elegance and charm of our history. We who have lived here for eons, speak to the trees, bask in their shade and calm our racing minds by walking or running in their shadows. We treasure this beautiful city.
This evening, I had the distinct pleasure of meeting and talking to Alan Simonini about hislatest community: Stephens Square…on the corner of Queens Road West and SelwynAvenue. Stephens Square looks as though it has been there for many years. As a matter of record it replaced two fourplexes that had been there for years and none the worse for wear…I asked Alan how the vision came and what was their notion. Stephens Square has its name and its roots in Myers Park. Please allow me to introduce George Stephens. I’ll read this from the Simonini presentation…

"There are no freeways in his name, no hospital wings, auditoriums, libraries or museums. Yet George Stephens left an imprint on Charlotte that all but defines this city.
It was he, more than any other individual, who conceived of creating Myers Park. With his father-in-law John Springs Myers, he purchased the land, funded its development through his company and led the city to embrace the brand new notion of suburban living.
In those days, what is now Myers Park was largely farmland. At first, few could see the wisdom of Stephens' plan to build large houses on the open space beyond the city limits. But steadily, progressive citizens came to appreciate what Stephens had in mind -and to make Myers Park their home.
To fulfill his vision, Stephens enlisted the services of the most promising landscape architect of the day, John Nolen of Harvard Square in Boston. On account of Nolen's exceptional contribution, his name has come to be most closely associated with Myers Park through the years.
It is our hope that Stephens' name will also come to be remembered for our city's pre-eminent neighborhood as it should. It only seems right that the landmark corner of Queens Road West and Selwyn Avenue be forever known as Stephens Square.

Now we’ll follow soon with my interview with Alan Simonini and Scott Teel... and pictures from Stephens Square.Simonini is to be applauded for preserving, making better, honoring the grace of QueensRoad West. If you love Charlotte, I am sure you’ll agree. Stephens Square is very welcomed...as it sits behind the gracious old trees. As it should.

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

Each Condo Has It's Own Nuances...

2008-06-04T20:02:00.006-04:00

June 4, 2008

Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC
Each Condo Has It’s Own Nuances…

Oh, sure I love seeing the announcements and seeing the renderings of the new towers or the villages that are being built. It’s fun seeing rooftop gardens appear and outdoor fire pits, sumptuous exercise facilities and meeting the concierge.

And I also enjoy knowing some of the intimate details of condominiums…
for instance…did you know that there is a front and a back elevator at
The Poplar, a rooftop terrace and a central laundry on the lower level?That in The Ratcliffe…all the floor plans are unique. There are no two alike.That the mailboxes at 400 North Church are reminiscent of The Plaza in NYC? And that there are some two story condos there as well as flats and one unit that merged two condos.That at Chapel Watch all the units start with a “5” even if you are on the second floor?That Springfield Square has a pool? On the street level?That Gateway Plaza’s interior units look down on a fabulous pool and gardens?That The Frederick has a historical
designation (and is a favorite of mine).That there is a condo community in
Fourth Ward called Manhattan on The Park? That there are two condominiums by Myers Park Country Club, both of which were converted from apartments, share a common pool.
That Greenfield, a complex in Raintree, has it’s own pool?

And I enjoy reading about the wondrous new condos, where windows turn out 180 degrees for fresh air and for cleaning!For the latest details on Encore 5 from the team that brought us The Trust…the folks who design
the box as well as color outside of it…especially admirable and commendable as we wade through this particular season in the market.We have some details and pictures from both coming up soon as well as our very first telephone interviews. We’re listening for what you want to know. Thanks for tuning in.

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

Charlotte City-Condo CanDo

2008-06-03T20:25:00.002-04:00

June 3, 2008

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

Charlotte City-Condo CanDo…

For many, many months, announcements came from every corner about a new condo tower uptown…and rendering of what our skyline would look like when yet another tower was completed. Glass and steel filled the sky…and the numbers people filled the units both large and small with the great immigration from all parts of the world, all ages. The uptown population increased into thousands and thousands and it sounded as though we simply wouldn’t have enough. Some of us thought we might have too many small one bedroom condos but were assured that the young bankers and the young executives would take to Urban living like ducks to water.
And we went through the light rail debate…the half full cup and the half empty cup went at it…to the tune of an expensive vote and a overwhelming “Yes” vote in favor of the shiny blue Lynx Line.That light rail, thought to be the elephant in the room, is now even more so the darling. Lucky Charlotte.

And the No. 2 banking city ranked in more top rankings for everything from retirement favorites to one of the leading cities attracting young, creative types… yes, despite our being in the headlights of the sub-prime mess,Wachovia will continue building the fabulous art center with an equally fabulous condo tower.
And then the half empty and the half full geared up again, this time on the U.S. Whitewater Center... where Olympic Training is going on as I write…
Historic Districts are being challenged and houses are being torn down to accommodate condos, more density, tax revenues.There are 28 building cranes uptown and they are not idle.
There are three major condo complexes being built or started in North Davidson, three or four in the Plaza Midwood area, several in Myers Park, three in Dilworth and two or three on the Westside…and I am not even looking.
I looked at the statistics from May 2007 and compared to May 2008 for just Uptown. And our market is down almost 50%. But remember, builders are not always represented. Our market is slower but we still have a market. We still have appreciation, though miniscule. People are coming by the droves and new real estate agents are filling the real estate schools.Charlotte is perking.
And when you hear or read that this is a good time for buyers. It is a good time for good, well qualified buyers in Charlotte, NC. Everyday there is an invitation from a builder about a fancy lunch, a special drawing, buyer incentives, broker bonuses, agents are being creative to get other agents and their buyers on the property. The market is cooking.
We are not out of the woods by a long shot…people are still concerned about all the credit and money matters…but you can hear the sounds of the future buzz if you take the time to listen. One of the woman brokers said during a gathering, “We are building a city here”. Yes, Ma’am, we are building an incredible city here.

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

Something Old, Something New, Something Borrowed

2008-06-02T17:37:00.002-04:00

June 2, 2008
Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC
Something Old, Something New, Something Borrowed…
I’ll start with something borrowed: In this morning’s Observer, a letter to the editor that brought a smile to my lips. And while I read this letter, I thought back to last fall when there was a spat going on between a developer and the neighborhood association in Dilworth, one of our historic districts. A fellow with the historic commission made the comment that developers and builders are like barking dogs…that’s what a dog does and you can’t really change that behavior, the barking. Well, I thought about that as I read this letter:
Condos don't leave me `feeling earth-friendly'
In response to "Advocates: Tree rules not tough enough" (May 27):I was thrilled to see signs on Briar Creek Road and Central Avenue touting "The Vyne," a "green" condo development. Imagine my surprise and dismay when developer Citiline Resortline razed almost every tree on the site, including maples, magnolias and the city's signature willow oaks. Also flattened: Mature 6-foot azaleas and other shrubs, tended over half a century, as well as the white clapboard house they surrounded. The house was destroyed without any visible attempt to reuse or recycle its materials.
Why are residential developers required to save only 10 percent of trees? Can City Council do more to force developers to act responsibly toward their environment?
The Vyne's Web site chatters about "sustainable building practices" and "energy-efficient features that'll have you feeling earth-friendly." But signs on the Vyne's construction site no longer use the word "green." Nothing on this mudplain is green anymore.
Thanks to Peggie Porter

Something Old
In NoDa, that’s North Davidson, also an historic district, Fat City Lofts are underway again.Here’s a brief on yet another condo development in the Arts District…picked up from our daily:

Fat City Lofts under construction on North Davidson Street.
A NoDa landmark disappeared a year ago when high winds blew down the graffiti-splashed facade of Fat City Deli.
Now, the developers, who had planned to integrate it into the new Fat City Lofts on the site, are working to bring back the funkiness and perhaps create another icon for the North Charlotte neighborhood.
Fat City Deli opened in the early 1990s and closed about five years ago, leaving the original building on the site vacant.
Deli founder K.C. Terry, a partner in the new venture, said he chose the location back then for one key reason: "It was the cheapest building in town."
Fat City Deli became a neighborhood gathering place for NoDa's body-pierced musicians and artists, but over the years the clientele grew to include business people in dress shirts and suits.
Fat City Lofts, which includes 26 condos and 8,000 square feet of street-level retail, is the latest example of the neighborhood's transition from restored mill houses to commercial and multi-family development.

And Something New…Allen Norwood is leaving after 12 years as Home Editor and nearly 33 years in the building at Tryon and Stonewall. The home section was recently named the best in the country for papers their size by the National Association of Real Estate Editors. I personally thank Allen for all of his good work, his great energy and the perspective he brought to the Home Section. As a former employee of both the Observer and the News, I sent him bouquets of new found freedom. Thanks Allen.
Lynnsy Logue the Real Estate Lady® and Condo Cando® in Charlotte, NC

We Learn by Doing...

2008-05-31T22:33:00.002-04:00

May 31, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

We Learn by Doing…Some days are better than others. I have a friend who says there is no such thing as a bad cookie….some are just better than others.
Friday, I was on my way to a 1 p.m. closing for a young couple. He has been in the service during the first Dessert Storm and earned his V.A. benefits. He started his family and then when his boys entered high school, he went back to college and earned his degree. The wife is a nurse and supported the family. He worked part time, went to college full time. He graduated a couple of weeks ago. And we had found a house, his VA papers were in order. He has good credit, no debt, a great job. They were very excited. We were to close Friday at 1 p.m. but word came down that the head underwriter wanted to see the file in his hands. So the file was Fed Ex’d, the closing was stopped…and I wonder why these things happen. Now we wait. It is because real estate is about a lot of things. Mostly people. And it is about power and control. Some need that more than others. My cautionary advice to everyone is...celebrate after the checks clear.

And today…well, today was special. I met with previous clients who now want to sell their spacious and lovely condominium they bought two years ago. He became President of the Association and helped them giving both his time and expertise. The Home Owner's Association used to have delinquencies on monthly dues…many. No there are just a few. They even filed a lien against a government agency for not paying dues on a foreclosed condo. I like that. They are seriously protecting their values. Because what is one of the questions a mortgage lender wants to know ? How many units are delinquent on monthly dues. It was good seeing these folks again and fun working with them because they have always known the right and good way to care for property.
The other appointment was with another client who referred her boyfriend. He asked her if I specialized in Condos and she said I was The Real Estate Lady before I was Condo CanDo…he bought a house several years ago…and now I think I see stars in their eyes as we talk about the process of selling his current home and buying another. I love it when I learn from clients…he asked why is it important to know or even care about the kind of loan a buyer would secure to purchase his home? And he wanted to know about having an inspection before he would put the property on the market…and should he get a termite inspection as well. And what about a home warranty. I’ll have to double check on our websites www.AtHomeCharlotte.com and http://www.TheRealEstateLady.com to make sure I have those questions answered. They were both quick and comfortable talking about money…honestly. About negotiations and who paid for what. I know I have those items on our site. I left him with all my studies…the important parts highlighted in orange explaining my logic.

Tonight as I review the day and make my notes, I feel blessed to have the clients I do…and the people they refer. And I know for sure I am in the right place at the right time doing what I truly enjoy.

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

Charlotte's Got A Bustle Going On...

2008-05-30T21:57:00.001-04:00

May 30, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC

The Charlotte Observer helped us out with Doug Smith’s article showing signs of bustle on projects announced within the last five months. I’ve streamlined them a bit…so here goes:

A slowing economy hasn't stopped the flow of Next Big Things in the Charlotte area, where surprising and intriguing projects are still surfacing.
Who would have believed that a new Charlotte company would spring from a Kentucky distillery purchased for its salvage value?
Or that one of the nation's largest apartment developers would help jump start a Charlotte inner city redevelopment by purchasing a 5-acre site.
On top of that, a block-long commercial-residential redevelopment would help preserve a landmark in one of the city's hip neighborhoods, a “green” parking deck could include a green market and a continuing-care retirement community would be larger than one Mecklenburg town's biggest subdivision.
Here's an update on those five potential Next Big Things, all unveiled during the first five months of 2008.
Bourbon Boards
Three Charlotteans formed Bourbon Boards earlier this year to sell wood, brick, limestone and fixtures from the Old Crow Distillery they own near Frankfort, Ky.
The interest in furniture and cabinetry crafted from the reclaimed wood is causing the partners to consider expanding the brand by finding other sources for the materials, Vieregg said.
Morningside Village
Developer interest in Morningside Village has picked up since Atlanta apartment giant Post Properties put two city blocks of the 10-block planned community under contract about four months ago, said developer Firmitas LLC's Rob Pressley.
Post expects to close on its site and start construction by the fourth quarter of a $65 million, 400-unit apartment community.
Morningside Village, the former Morningside Apartments site on McClintock Road at Morningside Drive, also is to include 600 for-sale residences and 30,000 square feet of retail.
MercuryNoDa
The project – $26 million MercuryNoDa – is to include 130 residential condos priced from about $120,000 to about $300,000 in an initial six-story building at North Davidson and 36th streets.
Developer Foster said he wants to break ground when about 50 percent of the units are sold, hopefully by late fall of this year.
The sales kickoff was this week.
Center City Green
Bank of America needed parking spaces uptown, but the developer who responded to its request for proposals is offering much more.
Spectrum Properties plans to develop Center City Green, a 12-story, 1,400-space deck with condos, a restaurant and hopefully a green market across Fifth Street from Time Warner Cable Arena.
The bank will lease 1,300 spaces for its employees.
“We're moving forward; we will break ground hopefully this summer,” said Spectrum's Steve McClure.
“People are registering on our Web site to get more information on the condos,” he said. “We expect to start marketing them in the spring.”
Spectrum tentatively plans 88 units priced from the $180,000s to the $280,000s.
The $60 million project would be completed by late 2009 with a goal of achieving Leadership in Energy and Environmental Design certification.
Windsor Run
Maryland-based Erickson Communities wanted to be in Matthews so badly that it was willing to pay $3 million toward road improvements, donate park land to the town and make other concessions for its planned continuing-care retirement community.
So far, 80 people have signed a priority list to live in the first phase of Windsor Run, said Tom Senger, director of sales. About 75 percent of those are local, he said.
Windsor Run is expected to grow to more than 1,100 residences over more than five years on 83 acres of the Fincher Farm on McKee Road.
It would be a self-sufficient “town” with transportation, grounds maintenance, housekeeping, security, emergency response and other services for buyers age 62 and older.
Senger said Erickson expects to break ground in October on the estimated $150 million project and open 130 homes a year later.

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

First You Say You Do and Then...

2008-05-29T21:57:00.002-04:00

May 29, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

First You Say You Do and Then….
Okay, all right…yes, I do specialize in condominiums because…well, they are fun, different in many ways, are perceived as “care free homes”, easier just to move in,many have pools, tennis courts and clubhouses and sometimes a concierge…okay, they seem more sophisticated. Just lock the door, go off to Europe and not worry about the roof, the grass, the paint job.
And then here I come…crawling under, over, around and through…speaking about the quality of building products, the quality of construction, the need for inspections, the necessity of reading and knowing thoroughly what the documents say…oh, and then about the number of investors in a project, the financial statement for resales, the yearly budgets, the proposed assessments…all the items to ask about, look out for and investigate.

Condominiums are different. You are buying into a community. Do you like paddling your own kayak or shipping out on the Queen Mary?

And I believe that if you are patient and do your homework, you will be happy with your new home and with your investment. I am not easily bowled over by granite and wood floors or great views. Having said all that about condominiums…I also make similar suggestions on single family home purchases or horse farms or commercial property or the lake house or your Mom and Dad’s new patio home in an active 55+ community.

As Oprah says, the love is in the details. And as an active, full time broker, I love the hunt for problems. I savor the details.So when I say beware, be careful, take your time, here is what can happen, does happen often, these are the risks…it doesn’t mean stop…it means stop and think.
I do like condos.
After all, who do you think is behind that red cape and black mask?Condo CanDo. CanDo.

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

Part Two: Judging a Condo By Appearances

2008-05-28T19:43:00.002-04:00

May 27, 2008

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

Part Two- Judging a Condominium by Appearances
There are a number of reasons why condominiums are problematic.

First, many are developed by shell corporations set up for the limited purpose of developing only a single condominium project. Once the project is finished and the units are sold, the corporation is dissolved. The developers have no long-term stake in the project and therefore little incentive to demand quality construction and an attention to detail.

Second, the nature of condominium ownership can be problematic. Rather than having one building owner, condominium buildings ultimately have multiple owners, all members of a condominium association. Some of the most problematic components of a building, such as the siding and the roof, are owned by the association, and association boards are made up of volunteers who are usually working with limited budgets. Unfortunately, boards are typically not as attentive to maintenance issues as a single owner might be. Multiple ownership creates other problems as well. For example, when water damage affects both individual units and common elements, the developer and contractor can face multiple lawsuits related to the same building.
Third, many condominiums are developed from converted apartment buildings, and the design and quality criteria for an apartment building are usually different from the criteria for a condominium. Apartment buildings are often constructed with shorter life expectancies than would be anticipated for condominium buildings and construction quality is therefore often significantly less. Additionally, because apartment developers usually anticipate a maintenance staff to take care of problems as they arise, they can often get by with lower quality systems and materials. Although some of the quality issues can be addressed in the conversion process, not an can be, and many of the most significant components of the building (e.g., the siding, roof, windows and decks) are often unaltered.
Finally, because condominium units are usually people's homes, there is often a higher
level of emotional attachment. People generally expect higher quality in their homes than they do in the buildings in which they work. Furthermore, many owners are expecting lower maintenance when they purchase a condominium and are disappointed when they discover otherwise.
The solutions to the condominium litigation problem are not simple and will not happen
overnight. Developers, contractors and design professionals will all need to change the way they do business.
Developers need to be prepared to spend more money for
quality and should consider retaining building envelope and other consultants to advise during the construction process.

Design professionals will need to prepare many of the design details that are often left to the subcontractors.

And contractors will need to become better educated about the causes of construction
defects and ways to avoid them.

Condominium buyers also need to change their practices. Rather than inspecting only the
particular unit being purchased, a buyer should consider retaining a qualified professional to inspect the entire building. The buyer should also look into whether the developer is local or instead an out-of-state developer with few ties to the region, whether the developer or any of the developer's principals are purchasing some of the units or otherwise have a long-term interest in the project, and what other projects the developer has built.

Although the condominium litigation boom is likely to continue for some time, the risks can be minimized. Doing so will require careful attention by everyone involved in building.. selling.. and purchasing condominiums.
This article was written by Kenneth F. Childs who is a member of the construction and design practice group at the law firm of Stoel Rives LLP. I thank him for his kind permission in using this article written for The Daily Journal of Commerce, Portland Oregon, April 17, 2007.

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

Don't Judge A Book By It's Cover...Condos Either.

2008-05-27T22:18:00.002-04:00

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

Last fall, I came across this article from Kenneth Childs in Oregon. What struck me was the similarity of problems with condominiums. I called him and told him I enjoyed the article, had seen similar problems and could I please post it on my site. He has given his permission and I thank him for his insight and experience.
THE DAILY JOURNAL OF COMMERCE, PORTLAND, OREGON
by Kenneth P. Childs, a member of the construction and design practice group at the law firm of Stoel Rives LLP.

August 16, 2007
The condominium market has grown dramatically in recent years and appears to be
on the verge of exploding. Buyers are getting in line to make offers, and some developers are even holding lotteries to select the people who will be given the first chances to make purchase offers. It's a seller's market.
However, the growth in condominium sales has fueled an almost equally aggressive growth in lawsuits. It seems as if nearly every condominium project in the Northwest has generated a legal claim of some sort, and several projects have resulted in sizable lawsuits.
Insurance industry statistics bear this out. One recent study of insurance statistics for design professionals found that professional fees for condominium projects represented 5 percent of all fees, and claims from the projects associated with those fees represented 20 percent of all claims. This four-to-one ratio of claims dollars to fees has resulted in the insurance industry rating condominium work for design professionals as "highly risky."
Insurance statistics for contractors similarly demonstrate the large number of claims associated with condominium work. Many contractors are prevented by their insurance carriers from performing any condominium work at all.
The same insurance industry study for design professionals also found that the major allegations asserted in condominium lawsuits related to waterproofing, HVAC systems, foundations and roofing.Waterproofing is by far the most significant item and includes several building components including siding, windows, flashing and decks. Another common allegation in condominium cases is inadequate soundproofing.
Oregon is one of a small number of states leading the condominium litigation boom.
The other states with high levels of condominium litigation are Washington, North Carolina, South Carolina, Georgia and Florida.
Two environmental factors common to all these states are moisture and wind. Oregon and
Washington experience large amounts of rain, and the other four states have seen the construction of numerous ocean front condominium projects.

Part Two tomorrow…Condo Challenges

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

Chuck Graham: Charlotte's Residential For-Sale Market

2008-05-26T15:49:00.004-04:00

May 26, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
As promised here is a report from Chuck Graham on the Charlotte Residential For-Sale Market.
First, about Chuck:

Chuck Graham
Charlotte Real Estate Consultant

Chuck is a veteran of the Charlotte real estate market and principal of Newton Graham Consultants, where he directs all feasibility and marketing assignments as well as general management consulting in the areas of strategic development, organizational structuring, control systems and financial management. He holds a bachelor's in architecture, magna cum laude, from The University of Notre Dame and a master's in business administration from Harvard UniversityChuck GrahamCharlotte Real Estate ConsultantChuck is a veteran of the Charlotte real estate market and principal of Newton Graham Consultants, where he directs all feasibility and marketing assignments as well as general management consulting in the areas of strategic development, organizational structuring, control systems and financial management. He holds a bachelor's in architecture, magna cum laude, from The University of Notre Dame and a master's in business administration from Harvard University
Charlotte’s Residential For-Sale
Market
Charlotte RegionalRealtor Association
Marriott Executive Park
May 19,2008

Charlotte’s Residential For-Sale
Market
National economic news is only getting worse. The credit, currency
and oil markets are in great disarray.
The credit markets, and Charlotte’s exposure to them, are of
particular concern.
All of your previous customers would appreciate an informed review
of the current residential for-sale market, both nationally and
locally, as would your current customers.
As a consequence, I wanted to use this morning to outline the key
points which should be part of your presentation to each of these
groups with the hope of creating a larger market as well as
increasing your closing ratios on those still in the market.

The Existing National Market
Existing home sales turned down in 2006
by 8% versus their 2005 peak of
6,800,000 transactions. The median
price remained constant at $221,600.
2007saw a further 21% downturn to
4,900,000 and a 7% decrease in the
median price to $207,000.

The New National Market
New home sales also turned down in 2006
by 14% versus the 2005 peak of
1,250,000. The median price was down
2% to $237,700.
2007 say a further downturn of 30% to
750,000. The median price was down
an additional 4% to $232,500.

The Existing Charlotte Market
Charlotte saw growth 2006 over 2005 of
21% to 37,155 sales. Median pricing
was down 1% to $160,000
Charlotte did see a contraction 2007
versus 2006 of 4% to 35,560 sales.
Median pricing was flat at $160,000.

The New Charlotte Market
Charlotte saw growth here too 2006 over
2005 with sales up 15% to 24,801 and
median pricing up 13% to $201,950.
Charlotte’s new home market did fall 12%
in 2007 to 21,704 closings. Pricing
however was up another 11% to
$225,000.

National/Charlotte Comparisons
Where as the national existing home
market is off 29% from 2005, Charlotte
is up 16%. National median pricing is
down 7% versus stable locally!
The national new home market is off 44%
versus stable in Charlotte. National
median pricing is down 6% versus up
26% in Charlotte!

The Charlotte Market 1Q08
Existing home closings were down an additional
8% to 32,603 for the twelve months ending
1Q08 versus 2007. Median pricing was up 1%
to $162,000. There are more than 13 months
of listings based on March closings.
New home closings were also off 8% as well to
19,871 versus 2007. Median pricing was up
1% to $225,000. There are 2.5 months of
completed new homes in inventory.

Analysis 1Q08
Although the Charlotte market remained
conservatively sound vis-à-vis sub-prime, AltA,
and investor participation, it is less able to
resist the challenges relating to mortgage
market pull backs.
Builders have pulled back quickly in that lot
closings, permits and house closings were off
50%, 45% and 36% versus 1Q07.

Price Sensitivity 1Q08
Total closings new and existing can be
divided into Quintiles at $130,000,
$170,000, $230,000 and $400,000.
Quintile I is currently operating 18% better
than the market, Quintile II at the
market, Quintile III 6% below the market
and Quintiles IV and V 12% below the
market.

Price Sensitivity > $400,000
Quintile V can be divided into five equal parts at
$425,000, $475,000, $550,000, and
$675,000.
Quintile Va is at market, Quintile Vb is 9% worse
than market, Quintile Vcis 18% worse than
market, Quintile Vdis 9% worse than market
and Quintile Veis 23% better than market and
the strongest portion of the entire market!

Leading New Home Builders
Condminiums
Novare’sAvenue led the market with a
19% share at an average price of
$307,000. Trademark Partners
Trademark ranked second with a 10%
share. No one else captured more than
5% of the market.

Leading New Home Builders
Townhomes
Portrait barely lost its leading position
to Ryan’s 20% share! Portrait held 18%.
Horton, Standard Pacific and Pulte
completed the top five with 5, 4 and 3%
shares.

Leading New Home Builders
Single Family
Morgan held its lead position with an 8%
share. Ryan held its second position
with a 6% share. Pulte and KB both
increased their positions one place
taking third and fourth. Centex dropped
from third to fifth.

Leading New Home Builders
Single Family by Price
Quintile I: < $165,000 Morgan, Liberty, Regent, Atreus, Habitat Quintile II: $165,000 –209,000 Morgan, Eastwood, KB, Horton, Atreus Quintile III: $209,000 –268,000 KB, Pulte, NVR, Centex, Morgan Quintile IV: $268,000 -$375,000 NVR, Pulte, M/I, Centex, Shea Quintile V: > $375,000
NVR, Shea, Orleans, Pulte, Centex

Leading Communities
Attached For Sale By Price
Quintile I: < $139,000 Bent Creek, Hanover Crossing, Cascades, Hamilton Bay, Caldwell Creek Quintile II: $139,000 -$180,000 Alexander Chase, Hanover Crossing, Caldwell Station, Curry Place. Regent Park Quintile III: $180,000 -$224,000 Cypress Landing, Avenue, Blakeney Preserve, Stone Creek Ranch, Regent Park Quintile IV: $3224,000 -$289,500 Avenue, Lake Shore, Stone Creek Ranch, Trademark, Elizabeth Quintile V: > $289,500
Avenue, Trademark, Lakeshore, Springfield, Rosewood

Leading Communities
Single Family By Price
Quintile I: < $164,500 Meadow Hill, Reid Meadows, Citiside, Brandon Ridge, Hunter Park Quintile II: $164,500 -$209,000 Carolina Lakes, Hamilton Lakes, Kingstree, Legacy Park, Cedar Mill Quintile III: $209,000 -$268,000 Carolina Lakes, Berewick, Belair, Moss Creek, Regent Park Quintile IV: $268,000 -$375,000 Carolina Lakes, Stone Creek Ranch, Berewick, Cureton, Skybrook Quintile V: > $375,000
Carolina Lakes, Stone Creek Ranch, Baxter, Brookhaven, Lawso

Changing Geography
Attached For Sale
Mecklenburg County continues to hold its
lead with 70% of the new attached market.
York County ranks second with 15%. The next
strongest captures less than 5%.
The North Growth corridor’s share was up 36%
to 15%. The South Growth corridor was down
30% to 17%. The Southwest Growth corridor
was up 17% to 20%, leading all corridors.

Changing Geography
Single Family
Mecklenburg County maintained its leading
share at 40%. Union, York and Cabarrus
maintained their second, third and fourth
positions. Lancaster County moved to the
fifth position with a 50% share increase to 8%.
The South Growth Corridor regained its lead
position on an 18% share increase to 19%.
The Northeast Growth Corridor dropped to
third on a 12% share loss to 16%.

Forecasts
The Charlotte market will probably see
additional velocity shrinkage 2Q08 and slight
shrinkage in the median price for the first
time.
By 3Q08 we expect velocity shrinkage to
mitigate and continue until equilibrium
returns 2Q09 with some further modest price
depreciation.
Growth thereafter will appear in absorption and
pricing but at very modest levels through
2011.

Action Plan
All of your past and current customers should be
interested in these observations. Taylor them
for individual presentations to each as a
means to address their fears going forward.
Knowledge is always a key input to decision
making. The Charlotte market is stressed but
it is the best residential market in the U.S
today! Ask Case-Shiller.

Here is the link to download the .pdf file of the presentation:

Chuck Graham Charlotte's Residential For-Sale Market

Many thanks to Chuck for his always insightful presentations.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Charlotte Center City Condos-For Sale Snapshot

2008-05-24T16:49:00.003-04:00

May 24, 2008Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

Charlotte Uptown Condominiums-For Sale

I like to look at the numbers to see what’s going on condo wise in various parts of our city, Charlotte. Earlier, we looked at two historic districts: Dilworth and Elizabeth. Both neighborhoods close to uptown. So I thought before I completed my circle around the center city giving you a profile of condos are for sale, I would scoot into the center and look at what is for sale 1 million dollars and under. And once again, earlier, we gave a break out of availabilities 1 million plus. And for convenience sake, I have separated for sale condos in price ranges. This report is condos that are for sale in center city Charlotte, NC at this moment, 4:10 p.m. May 24, 2008.

Here goes: Center City Charlotte is Area 99 by our Multiple Listing Service…and you can go to http://www.carolinahome.com/ and search in that area as well. This is the main database for our entire region. Please remember that all brokers use this database as an exchange and can post other broker’s listings on their website…this is the source, so enjoy your searches for everything.

1,000,001 up
Total available for sale 11
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft n/a, 2 bedroom, 2 bath, $1,149,900 active for 9 days
Average sq. ft. 1700-2000, 2 bedroom, 2 bath, $1,736,336 active for 104 days
Maximum 2900-3500, 4 bedrooms, 4 baths, 2 half baths, 4,450,000 for 263 days.

500,001 to 1,000,000
Total available for sale 43
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft 800-1100, 1 bedroom, 1 bath, $509,000 active for 6 days
Average sq. ft. 1500-1800, 2 bedroom, 1 bath, $656,561 active for 133 days
Maximum 2300-2800, 3 bedrooms, 3 baths, 2 half baths, 998,000 for 689 days.

225,000 to 500,000
Total available for sale 222
Builders either participate minimally or not at all in reporting actives and solds so take this snapshotwith a grain of salt.
These figures are averages:
Minimum sq. ft 400-600, 1 bedroom, 1 bath, $228,900 active for 2 days
Average sq. ft. 900-1200, 1 bedroom, 1 bath, $339,797 active for 97 days
Maximum 1800-2200, 3 bedrooms, 3 baths, 1 half baths, 449,900 for 917 days.

Under 225,000
Total available for sale 45
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft 400-500, 1 bedroom, 1 bath, $158,500 active for 1 days
Average sq. ft. 600-800, 1 bedroom, 1 bath, $194,991 active for 86 days
Maximum 1200-1500, 2 bedrooms, 2 baths, 1 half baths, 224,900 for 359 days.

How would you like the market parsed? Let me know and I’ll give it a try.
Coming up Monday… Charlotte’s Residential For Sale Market a presentation to the Charlotte Regional Realtors Association, May 19, 2008 by Chuck Graham principal of Newton Graham Consultants. Posted as a Power Point Presentation and if you are without Power Point, we also post as .pdf file for downloading.
It’s terrific and Chuck pulls no punches.
Fasten your seatbelts!

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

Your Questions for Condo CanDo

2008-05-23T21:57:00.003-04:00

May 23, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Your Condo Questions for Condo CanDo…
The question I most often get is “Why Condos?”. My answer is: Thanks to those condo buyers and sellers of twenty some years ago, my business grew to incorporate single family homes, McMansions, horse farms, some commercial leasing and sales. My clients and I built relationships that transcended one transaction. I started with condominiums because no one really wanted that market. They were obscure. The financing could be tricky. And the streets were most often not on our maps because they were maintained by the associations.I like learning and knowing the nuances.
Another routine question is: When is a condo a condo and what constitutes a townhouse? What are some of the rules and regulations that catch people by surprise?
For instance: drive a pick-up truck? Have a boat? Have a dog weighing in at more than a certain weight? Plan to have a room mate to help with expenses? Plan to paint your front door red? Work at night and want black curtains to keep out the daylight? Smoke?When I say read the documents that is why.
Condos and townhomes are basically community living and that means living within those guidelines set by the governing documents.On http://www.condocando.com/, there is a section especially for all you ever wanted to know about condos: legal descriptions, buying and selling…and some fun questions as well. Like how many condos in Charlotte have the same or similar names? Yes, like Queens and Sharon and Providence, we love naming names in Charlotte.
And quite often, I am asked my opinion about new condominiums. It depends. On the architect, the builder, the contractor and how it compares to what else is in the market or on the market. I believe in options and I think in Charlotte, you have many.
I have posted a list of active condos in both Elizabeth and in Dilworth and will be looking at certain sections, perhaps under a certain price and square footage and actually give you the names of those communities and the prices. That should be both interesting and helpful.
If you have specific questions, please feel free to ask.
Have a good holiday weekend.Thanks for joining us in Charlotte, NC
This is Lynnsy Logue The Real Estate Lady and Condo CanDo

What's Up? Condos in Elizabeth!

2008-05-22T09:13:00.003-04:00

May 22, 2008

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

What’s Up? Condos in Elizabeth!
I may or may not have goofed here. I captured all the active condos in Elizabeth today, converted to Excel and tried to imbed it in blogger…you might just get a small image…but…CondoCanDo to the rescue…you can catch it on www.condocando.com...under podcast or blog and link to a readable chart.
I am learning as I go.

And of course, Elizabeth is one of our historic districts and you can see a snapshot: history, map and photos: http://www.athomecharlotte.com/historic/htm/elizabeth.htm

So having said that, here’s more on Elizabeth. Historic, close to Uptown and Independence Park, Central Piedmont Community College ( a real gem), neighbor to Plaza-Midwood in a way, neighbor to Myers Park and Eastover.Front porches, tree lined streets, more funky and a good lead-in to Plaza-Midwood.
Newer condos? Not as much as other districts.
Conversions, yes.Elizabeth Lofts are neat. The Williamson has an inner courtyard. Hawthorne boasts a colorful row of townhomes overlooking Independence and around Oakland, newer flats and as might be expected, dense.
Elizabeth is a hop and a skip from Uptown…we are looking for major changes here as our favored five point intersection is poised for major development introducing density in large proportions as a large apartment complex is slated to dominate the intersection.

Elizabeth. It’s happening.

Lynnsy Logue The Real Estate Lady® and CondoCanDo® in Charlotte, NC
http://www.condocando.com/wpodelizact0508.htm

What's Up? Condos in Dilworth!

2008-05-21T21:08:00.003-04:00

May 21, 2008

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

What’s Up?…Condos In Dilworth!
The Trust was fun to talk about and I am looking forward to Part Two…meanwhile, I thought it would be interesting to look at various sections. Today, it’s Dilworth. If you are unfamiliar with this charming, historic district…for a map, a little history and some photos, go to http://www.athomecharlotte.com/, click on AtHomeCharlotte and then to the Historic Index and Walking Tours…on the right, go Dilworth. My maps are a little different because talented artist Gay Grayson custom created all of the maps on our site.Okay, discover Dilworth. Front porches, tree lined streets, East Boulevard with a myriad of restaurants and coffee shops…and it is just a hop and a skip from Uptown.And adjacent to South End.
So…condos in Dilworth. First, if a friend told you Dilworth is in Area 5 …well it is, and also Area 6. In Area 5, there are 74 listed for sale…some are resales and some are newly constructed and some are under construction. In Area 5-Dilworth list prices start at 185,000 for between 500-700 square feet, mid-rise, so this is a flat. Several are on East Boulevard, newer, converted from apartments and recently had a news article on Radon…Older condos…those with 2 or 4 or eight in a building, smaller, more traditional, tend to come on the market and go quicker…they are Monticello Terrace, Arosa, and 1109 Morehead…all 185,000 to 230,000 and then the prices take a quick climb to 2 million plus. And a wide range of styles, parking, and amenities of course. And all the way up to 3200 square feet. Average layout is 2 bedrooms, 2 full baths, 1300-1600 square feet and average price 474,866…our current time on the market for actives is 106 days.What to watch for…the number of investors in any complex. Read the documents in both older and newer…looking for leasing, parking, and pets primarily. In the older condos, our Legal Beagles tell us to read the minutes. We’ll announce that column when we post it. Oh, yes, we have a whole new section “and Friends”…on TheRealEstateLady.com.
In Dilworth Area 6, 73 are listed for sale. Starting at 129,000 for 500-700 square feet. A good mix of older condos, usually one bedroom with one bath or two with either 1.5 or two. Many new condos. One newer apartment conversion that I can see right off hand. All the way to $759, 230. Average layout 2 bedrooms, 1100-1400 square feet and average price $322,441. With days on the market average for active listings at 126. With Area 6, Park Road is the dividing line if that helps. So slicing Park Road off to East Boulevard takes in the area that is right next to SouthEnd.What would I look for? Investors, read the minutes, read the docs…the newer units more than likely will have more investors. And ask about the builder’s warranty. And who the insurance is with.Have fun in Dilworth. Walk Uptown, to Freedom Park, Latta Park, to Mid-Town and to the Farmer's Market.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Pictures in order 1-4:
1. Park Avenue 2. 300 Park 3. Atherton Heights 4. Monticello Terrace

Grass is Green, Grass in Cities, Green Everywhere

2008-05-20T10:23:00.003-04:00

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

So here I go again, healthy tips...and hey! grass is in the cities, around condos, in common areas. So here goes:

Your lush lawn
Before you stretch out on (or let your kids run barefoot through) that green grass, consider that it may be blanketed with toxic pesticides. “The commonly used insecticides are all chemical cousins of the wartime gas sarin, which was used in the 1995 Tokyo subway attack,” says Philip J. Landrigan, MD, chairman of the Department of Community and Preventive Medicine and professor of pediatrics at the Mount Sinai School of Medicine in New York City.
“And the commonly used herbicides are chemical first cousins of Agent Orange, which was used in Vietnam.” So, that “healthy” lawn has the potential to increase your family’s risks of cancer or neurological conditions such as Parkinson’s disease. That’s partly because lawn-care pesticides “aren’t selective killers,” explains Jennifer Sass, PhD, a senior scientist at the Natural Resources Defense Council (NRDC) in Washington, D.C. — many can have an impact on your health.

There is good news, though: More and more towns are enacting neighbor-notification laws, requiring residents to issue warnings before spraying so people can shut their windows or even clear out with their kids and pets (the health danger lasts for days for the commonly used insecticides and weeks for the herbicides). If your town doesn’t have this law, ask neighbors to let you know when they’re spraying — and what they’re using.
On your own turf, do only integrated pest management (IPM), a gentler, environmentally sensitive way of preventing, monitoring, and controlling pests. Safer ecofriendly and organic lawn sprays and other nonchemical options — from aphid-eating ladybugs to heat (electrocution) for termites — are surprisingly effective. Caveat: You may not have the most manicured lawn on the block, but to keep your family safe you have to learn to live with a few dandelions.
Your child's toy box.
The main threat here is lead-coated toys. In the past two fiscal years, the U.S. Consumer Product Safety Commission (CPSC) has issued 21 recalls of lead-tainted toys, including learning toys and train sets, most of which were made in China (this number doesn’t include lead-related children’s-jewelry recalls).
If you have little ones, consider lead the number-one danger in your home, Landrigan says. In very high doses, lead can cause convulsions and brain damage in young children. But if children are exposed to it in even small amounts, they can have a loss of IQ, a shortening of attention span, and behavioral problems. They’re also more likely to have dyslexia and to drop out of school.
Checking every toy in the house for lead may not help because not all home tests are accurate. Instead, make smart buys. Research toys at www.healthytoys.org before you go shopping. Other ways to protect your kids: Have them wash their hands after playing and before eating, and get them tested for lead.
Your closet
Mothballs are really dangerous chemicals, the vapors are carcinogenic and are also irritating to the nervous system. In fact, if your child swallows one, it can be fatal. Inhaling mothball vapors overnight doesn’t mean you will get cancer tomorrow, but it increases your long-term risk. So use safer moth-repelling alternatives like dried-lavender and cedar products.
And your work clothes swathed in dry-cleaning bags? They harbor perchloroethylene, the most common dry-cleaning chemical, which causes cancer in lab animals, according to the Environmental Protection Agency (EPA). Heavy exposure to this substance can cause dizziness and confusion, even in adults, so it’s best to minimize your use of dry cleaning. Machine-wash whatever you can on the delicate cycle (not everything labeled “dry-clean only” needs it). Another option: Find a professional cleaner who uses less-toxic solutions, like CO2, or does wet cleaning (a combo of water, biodegradable soap, and steam in special machines).
If you have an item conventionally dry-cleaned, remove it from plastic and air it outside for several hours before hanging it in the closet. This will give the chemicals time to evaporate, reducing the health risk.
Your cat's litter box
Anyone who has changed a litter box is familiar with that cough-inducing dust cloud. It likely contains low levels of crystalline silica, a carcinogen so check the bag or box before you pour it into Fluffy’s litter box. If the warning says to go to the ER if you swallow, it’s safe to assume it’s really toxic. Replace with greener versions made from corn, wheat, alfalfa, cedar, and even pine—all of which work well. You can find natural litters at major pet stores. To give the natural variety an odor-eating boost, mix in a little baking soda. And be sure to keep boxes in ventilated spots such as a screened-in porch.
Your home office
What’s in your home office or cube? Eye and lung irritants from copy-machine toners and fax-machine ink cartridges, in addition to gases from permanent markers, vapors from pesticides, and formaldehyde fumes from particleboard furniture. In the short term, these products—particularly in tightly sealed office buildings — can cause sick-building syndrome, a real illness that’s characterized by symptoms like headache and fatigue. Sick-building syndrome is the result of inadequate ventilation, so if there are no windows in your office, ask a manager to have air exchanges and filters turned on before the workday begins. Your request might fall on deaf ears, but it could also spur change. Why bother? Some of the compounds found in offices are neurotoxic, which means they can cause tingling or numbness and permanent damage to the nervous system over the long term.
At your office, avoid printers and copiers in your immediate work space and take 10-minute walks outside during the day to get fresh air. At home, keep printers and fax machines out of the bedroom, crack windows, and add chemical-removing plants. (See below.)
Plants that help
These three easy-to-find houseplants act as natural air purifiers:
Areca Palm removes xylene (from permanent markers and rubber cement).
Boston fern removes formaldehyde (from fiberboard furniture, glues and adhesives, and permanent-press fabrics).
English ivy removes benzene (from oven cleaners, detergents, furniture polish, and spot removers).
For more information and helpful tips, visit http://www.health.com/

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

Condos: Two Stop Shopping

2008-05-19T21:11:00.001-04:00

May 19, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

Condominiums: Two Stop ShoppingBuyers are smart. So are sellers. When you enter either mode, you are usually focused on finding out everything you can…gather the information, parse it out, ask questions. As we all know the Internet makes that journey both simple and complex. Google is both our best friend and the tantrum thrower…we can search but we get just everything.

Here are two websites that almost pure in the information. One is our regional realtor associations’ Multiple Listing Service. Now folks, this is the whole database and you can search by single family or condo, by area, by price and you get lots of good information. Not everything we get as members, but enough to start painting your picture. This is the very database that all the broker’s sites pull their information from. All. There is a Broker Exchange that allows us to get listings from other brokerage firms and put them on our own websites. Here is the URL of our main database: www.CarolinaHome.com.That is singular “Carolina” and singular “home”.

The other website is the city-county real estate website. Here you can get a copy of the deed, a picture of the property, the tax bills, the owners, you can play to your hearts content and it is quite easy. Instead of giving you the very long address, just go to Google and enter Mecklenburg(with a “u”) Polaris. When the screen comes up, go to the right hand corner and click on search. Look to the left and you have fields to enter for searching. They do not all have to be filled in…it kind of works on a default so it can be used by the most challenged. This is a great place to see what the neighbor paid, what the lot looks like, if it’s in a floodplain and more.When looking for new construction you can most often enter the name of the condo complex you might be interested in…in Google of course. And remember on new construction, you can have representation by your own agent because the builder will pay the commission and it doesn’t effect your purchase price.
Oh, by the way on CarolinaHome.com, you can also get listing information like high and low prices by area. And there are plenty of maps to help you with areas.

Have a good time and if you need help, I am here.

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

Million Dollar Condos...Donde Es?

2008-05-17T19:04:00.002-04:00

May 17, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Million Dollar Condos-¿Donde Es?
After visiting The Trust on Friday and reading the news story when the project was first announced, I got to thinking. It wasn’t that many years ago, that the database had to be changed to accommodate 1 million dollar condominiums in Charlotte, NC. After all, in many ways we are still a small Southern town. Our uptown is about 6-8 blocks in any direction…and then there are the neighborhoods that make up the outer part of the inner city…and they are just a stone’s throw from Uptown. A brisk walk from Myers Park or Dilworth will get you there…and even from Elizabeth, Eastover, the heart of the city is palpable.
So what if you are considering Charlotte, thinking about a luxurious condominium, want to be close to The Square (center city), but want to know all of your options? Where are the million dollar plus condominiums besides the Uptown? And what does that trending look like?

That is what I was thinking about as I played in the city Saturday night and just did a placeholder on the podcast and blog. The question to myself is from your perspective: what are my options?

A little history:
2006-Active-Mecklenburg County-Uptown Charlotte In the active column, there are no active million dollar plus condos either in Mecklenburg County and because we list them separately, in Uptown Charlotte, Area 99.
2006-Sold-Mecklenburg County: 2 condos:2400 Roswell, Penthouses at Phillips Place
2006- Sold Uptown-Area 99: 3 were sold: The Ratcliffe, Courtside and 230 S. Tryon

2007-Active-Mecklenburg County-19 in Mecklenburg County: includes Fenton Place, Metropolitan, 2021 Queens, Stephens Square, 1610 Queens and Hagood Reserve
2007-Active- Uptown Area 993 in Uptown Charlotte:2 at The Vue and 1 at 400 North Church

2007-Sold-Mecklenburg County-17 in Mecklenburg County: The Crillon, Roswell Place, St. Serrant, Queens Six Two Six, 2400 Roswell Place, Park Phillips, Courtside,
2007-Sold-Uptown: 8 units were sold: Includes Courtside, Ratcliffe, 230 S. Tryon

2008-Active-Mecklenburg County-19 condos are available includes: Rosewood, Parkside, Myers Park, Royal Court, Morrocroft (co-ops) Hagood Reserve, The Arlington and Penthouses at Phillips Place.
2008-Active-Uptown-Area 99- Nine are listed as active: Includes Encore, The Trust, 230 S. Tryon, The Vue, Settler’s Place, 400 North Church.
2008-Sold-Mecklenburg County- 2 units are reported sold: Roswell Place
2008 Sold-Uptown-Area 99-2 units are reported sold- both at The Ratcliffe

Please remember that this study is on 1 million plus condominiums…and also please remember that builders do not necessarily report activity to MLS, Multiple Listing Service. And…if you have questions, please feel free to be in touch.

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