February 8, 2008 almost
Somethings old, somethings new…all need close inspection.
Charlotte Condos Proliferate in and out of our city and over the boundaries…
I have spent much of today reviewing the raw data we received from the regional MLS office. We are posting the sold condominiums in 2007 by county, by zip and by complex. I had hoped to be finished this evening but am not. I began looking at all the new complexes for sale. Newly built or under construction condominium and town home communities in every direction here in Mecklenburg County, to the south of us in South Carolina and to the north beyond Lake Norman.
And I have a few comments about buying a unit in a newly constructed complex. Is the builder still there, is the community finished, how many are up for sale and what is the builder’s track record on warranties.Our market has gone from being a somewhat sleepy town to growing at a fast clip. Many of the builders I do not know nor have I heard of them but that means little. What it does mean is you should read the fine print and ask a lot of questions.In purchasing new construction, I recommend having a complete structural and mechanical inspection. Some folks think because it is new, there will not be any problems. But I have a friend who says how can we being do everything well if we are trying to do everything? I quite agree. I have been in and out of hundreds of condos and am often,repeat often, dismayed at the quality of construction and the quality of the building products. What has not been lacking is the ability of each layer of contractor, builder, job foreman, project manager to lay the blame on someone else. Even in the most expensive projects. I ask myself if you, the buyer, really cares…or maybe you just don’t know. If you don’t know, hire someone who does. Missing insulation, water heaters that are not connected, ducts that have fallen, johns that are not secured, doors that are not plumb, molding that doesn’t meet, paint that is sloppy…are simply not acceptable. Take pictures, put your complaints in writing and don’t close until it is right.
On the brighter side, in the statistics for 2007, what I notice most are the complexes that have no activity. Usually these are the jewels in Dilworth and Elizabeth, Myers Park, Eastover and in the ring of older neighborhoods surrounding the vibrant center city.I believe the resales of the older communities will fare well…these were most often built in the last ten to fifteen years, some perhaps older, and they are very well done…complete with tree lined streets and lovely neighborhoods.
Charlotte can tout a coming inventory of brand new condos in center city, a re-birth on the Westside taking shape in and around Bryant Park and running down the south side along the light rail. In that path you will find apartments and condos. Many of them. I look for density along the light rail.All in all, Charlotte’s marketplace is diverse and exciting. Just be careful. Do your homework and read the fine print.
Friday, February 8, 2008
Wednesday, February 6, 2008
Charlotte Condo Choices...Uptown Close and Elegant
February 6, 2008
Charlotte Condos…Many Fine Choices Close to Center City
It seems that most of the hoopla for condominiums has been directed to Charlotte’s Center City. Questions like, “Are there too many being built?” Comments like. “The price per square foot is going through the roof.” Yes, the towers get taller, the
In taking pictures for our eReports and the Tops report on CondoCanDo.com in the near to uptown neighborhoods, there are some stunning choices. First, Charlotte is a beautiful city and we tend to sprawl. But we are not Atlanta. Our Uptown is really small. Perhaps that is part of our charm. We are still people sized.
In nearby neighborhoods like Myers Park and Cotswold, folks should check out condos like Rosewood and 420 Queens, take a ride down Fenton Place to one of Brian Speas finished projects and see if there are any resales. They all boast beautiful construction, classic designs, and are within walking distance of shopping and a short hop to Uptown.
We are blessed to have such exquisite communities as Chipping on Camden, a real jewel off Providence…and then,of course, peppered along Roswell off Queens there are older and many more newer condominiums. And even a conversion or two. So while Uptown has the razzle, our regal older neighborhoods have some new gems worth checking out.
You can see recent photos of The Crillon, Boxwood, and Rosewood on our Tops Report on www.condocando.com.My intention is not to wag my finger at uptown…we are all excited to see and feel the vibrancy in the center city. Professional sports, Imaginon, The Children’s Theatre, the birth of Wachovia’s art complex, restaurants and pubs, the news of the Epi-Center, the swoosh of the light rail…all worthy of celebration. I think sometimes, stopping to smell the roses is a rich experience…if in stopping we look around to see the other flowers as well.
Back to work.
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Charlotte Condos…Many Fine Choices Close to Center City
It seems that most of the hoopla for condominiums has been directed to Charlotte’s Center City. Questions like, “Are there too many being built?” Comments like. “The price per square foot is going through the roof.” Yes, the towers get taller, the
In taking pictures for our eReports and the Tops report on CondoCanDo.com in the near to uptown neighborhoods, there are some stunning choices. First, Charlotte is a beautiful city and we tend to sprawl. But we are not Atlanta. Our Uptown is really small. Perhaps that is part of our charm. We are still people sized.
In nearby neighborhoods like Myers Park and Cotswold, folks should check out condos like Rosewood and 420 Queens, take a ride down Fenton Place to one of Brian Speas finished projects and see if there are any resales. They all boast beautiful construction, classic designs, and are within walking distance of shopping and a short hop to Uptown.
We are blessed to have such exquisite communities as Chipping on Camden, a real jewel off Providence…and then,of course, peppered along Roswell off Queens there are older and many more newer condominiums. And even a conversion or two. So while Uptown has the razzle, our regal older neighborhoods have some new gems worth checking out.
You can see recent photos of The Crillon, Boxwood, and Rosewood on our Tops Report on www.condocando.com.My intention is not to wag my finger at uptown…we are all excited to see and feel the vibrancy in the center city. Professional sports, Imaginon, The Children’s Theatre, the birth of Wachovia’s art complex, restaurants and pubs, the news of the Epi-Center, the swoosh of the light rail…all worthy of celebration. I think sometimes, stopping to smell the roses is a rich experience…if in stopping we look around to see the other flowers as well.
Back to work.
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Tuesday, February 5, 2008
In Between The Lines-Charlotte Condo Market-WHOA!
February 5, 2008
In Between The Lines…
Charlotte Condo Market…Whoa!
In Charlotte, NC, City of the Future, Top Market in Real Estate in the country, we, too, are seeing the slow-down. In our case, and I speak for myself, the delay of some condo projects in our center city was wise.And this slowing down is still on a rapid track with a profusion of cranes in our uptown.So what’s happening in the Queen City?
A major and most luxurious condominium project, One by Portman, was put on hold. For many reasons, the convergence of their opening announcement and the sub-prime news, maybe even their apprehension about being one of the most expensive projects, starting at 1.5 million per condo…but still wise. They can wait. Patience is good. Sometimes waiting gives us direction…redefinition. So good for Portman.
Another by Spectrum, 300 S. Tryon, has been put on hold. Also wise. Even though they say they had 72 units under contract. Again, waiting is good. Patience will pay off for both Spectrum and Portman and for the developers of the towers underway. And for the buyers on down the road…maybe not for the sellers of the then older units. In speaking with an agent in Atlanta about their market, she said they went gang-busters but then folks started to wait to see what the new ones would offer. This is what makes horse racing. For the moment we have some breathing room.
The third player has left the state according to the news. Beazer Homes had a significant community planned just blocks from center city. The land sits. All is quiet. But better to have not started than started and then left. Many of their communities were left unfinished or incomplete.
On our website, www.condocando.com everything is listed for the completed condo projects in Center City Charlotte aka Uptown along with sales figures from units sold last year. We are parsing the market by area and hope to stay ahead of the curve in getting the news out to you as quickly as we can.
2007 statistics for real estate sales in Charlotte and our region will be out soon.
Thanks for joining us.
Lynnsy Logue the Real Estate Lady® and CondoCanDo®.
In Between The Lines…
Charlotte Condo Market…Whoa!
In Charlotte, NC, City of the Future, Top Market in Real Estate in the country, we, too, are seeing the slow-down. In our case, and I speak for myself, the delay of some condo projects in our center city was wise.And this slowing down is still on a rapid track with a profusion of cranes in our uptown.So what’s happening in the Queen City?
A major and most luxurious condominium project, One by Portman, was put on hold. For many reasons, the convergence of their opening announcement and the sub-prime news, maybe even their apprehension about being one of the most expensive projects, starting at 1.5 million per condo…but still wise. They can wait. Patience is good. Sometimes waiting gives us direction…redefinition. So good for Portman.
Another by Spectrum, 300 S. Tryon, has been put on hold. Also wise. Even though they say they had 72 units under contract. Again, waiting is good. Patience will pay off for both Spectrum and Portman and for the developers of the towers underway. And for the buyers on down the road…maybe not for the sellers of the then older units. In speaking with an agent in Atlanta about their market, she said they went gang-busters but then folks started to wait to see what the new ones would offer. This is what makes horse racing. For the moment we have some breathing room.
The third player has left the state according to the news. Beazer Homes had a significant community planned just blocks from center city. The land sits. All is quiet. But better to have not started than started and then left. Many of their communities were left unfinished or incomplete.
On our website, www.condocando.com everything is listed for the completed condo projects in Center City Charlotte aka Uptown along with sales figures from units sold last year. We are parsing the market by area and hope to stay ahead of the curve in getting the news out to you as quickly as we can.
2007 statistics for real estate sales in Charlotte and our region will be out soon.
Thanks for joining us.
Lynnsy Logue the Real Estate Lady® and CondoCanDo®.
Chapter 1-A Talking it Up!
February 5, 2008
Chapter 1.-A
Talking it up.Once the journey begins in looking for your new home…it is very much like looking for your next car. If you’ve got Honda on your mind, you look at every one you see…you compare styles and years, used and new…and it is as though that is the only car you can see. Until someone tells you about Toyota and another voice says Chevy and still another says Mazda. Whoa! Lots of incoming. Sometimes, it’s like that with the condo/townhome hunting process. People tend to love being involved and/or knowing about real estate. They have stories about their neighbors, their aunt, their own buying and selling…not to mention the great deals that tend to get a little embellished the more often the story is repeated. That’s real estate.
There is the actual physical property and then all of the various loan information. Probably made more simple with all the sub-prime focus. With few exceptions, I have been a proponent of the the thirty year fixed because in NC there is no pre-payment penalty and the interest rates have been so low…it is cheap money. And by being somewhat conservative, because we never know what will happen for sure, that commitment is like an insurance policy.
And after the “real” real estate, the money matters, the data sheets from the Internet begin piling up and the mention of forms for everything. I honestly believe that if you are a careful person you can get through this alone or with your partner without an angel's advocate. In this age of Buyer Brokers however, wouldn’t it be great to have an experienced ally, a seasoned guide, especially when the seller pays for your broker in most cases? And most often there is no price break for you if you are shopping on your own, or purchase from a seller marketing the home by themselves. This is not a promo to engage a Buyer Broker, it is simply a commentary. Our book is after all about YOU.
Looking for Real Estate. Profiles of Charlotte Condos-New.
87% of folks looking to buy or sell use the Internet. 67% still drive the streets. My own percentages look about the same. When looking for a buyer or a seller, I perform my due diligence on the web. What a fabulous gift the Internet is to those of us who used to spend the better part of our days in our cars. When I finish my web work, I hit the road. I look at condominiums/townhomes from the outside, the neighborhood, the surrounds, common areas, the roof, the general condition. Many I can check off before I make an appointment to preview. You can do the same as well if you have the time. A good time to double back and check a complex you like is on the weekend or in the evening. You can get a sense of the rhythm of that neighborhood and complex when most everyone is home. And as you get closer to making your selection, talking to the folks on the street and in the complex is also a good move.
How quickly can all this take place?
Very quickly. The looking and the canvassing are narrowed down by your choices on-line. Some of my folks have already looked up deeds, tax information and comps. Most buyers and sellers are very savvy and enjoy the process.A good client is like a good dance partner…the process becomes fun because you are both involved in gathering and sorting and making the decisions. The older I get, the more I know, I like hearing other folks’ opinions, and I enjoy sharing information and learning from my folks as well. I think once real estate was rather proprietary and the information was in many ways closed. Now with the Internet, people can learn the process, be more informed and be more secure in their decisions.
All good stuff!
Chapter 1.-A
Talking it up.Once the journey begins in looking for your new home…it is very much like looking for your next car. If you’ve got Honda on your mind, you look at every one you see…you compare styles and years, used and new…and it is as though that is the only car you can see. Until someone tells you about Toyota and another voice says Chevy and still another says Mazda. Whoa! Lots of incoming. Sometimes, it’s like that with the condo/townhome hunting process. People tend to love being involved and/or knowing about real estate. They have stories about their neighbors, their aunt, their own buying and selling…not to mention the great deals that tend to get a little embellished the more often the story is repeated. That’s real estate.
There is the actual physical property and then all of the various loan information. Probably made more simple with all the sub-prime focus. With few exceptions, I have been a proponent of the the thirty year fixed because in NC there is no pre-payment penalty and the interest rates have been so low…it is cheap money. And by being somewhat conservative, because we never know what will happen for sure, that commitment is like an insurance policy.
And after the “real” real estate, the money matters, the data sheets from the Internet begin piling up and the mention of forms for everything. I honestly believe that if you are a careful person you can get through this alone or with your partner without an angel's advocate. In this age of Buyer Brokers however, wouldn’t it be great to have an experienced ally, a seasoned guide, especially when the seller pays for your broker in most cases? And most often there is no price break for you if you are shopping on your own, or purchase from a seller marketing the home by themselves. This is not a promo to engage a Buyer Broker, it is simply a commentary. Our book is after all about YOU.
Looking for Real Estate. Profiles of Charlotte Condos-New.
87% of folks looking to buy or sell use the Internet. 67% still drive the streets. My own percentages look about the same. When looking for a buyer or a seller, I perform my due diligence on the web. What a fabulous gift the Internet is to those of us who used to spend the better part of our days in our cars. When I finish my web work, I hit the road. I look at condominiums/townhomes from the outside, the neighborhood, the surrounds, common areas, the roof, the general condition. Many I can check off before I make an appointment to preview. You can do the same as well if you have the time. A good time to double back and check a complex you like is on the weekend or in the evening. You can get a sense of the rhythm of that neighborhood and complex when most everyone is home. And as you get closer to making your selection, talking to the folks on the street and in the complex is also a good move.
How quickly can all this take place?
Very quickly. The looking and the canvassing are narrowed down by your choices on-line. Some of my folks have already looked up deeds, tax information and comps. Most buyers and sellers are very savvy and enjoy the process.A good client is like a good dance partner…the process becomes fun because you are both involved in gathering and sorting and making the decisions. The older I get, the more I know, I like hearing other folks’ opinions, and I enjoy sharing information and learning from my folks as well. I think once real estate was rather proprietary and the information was in many ways closed. Now with the Internet, people can learn the process, be more informed and be more secure in their decisions.
All good stuff!
Thursday, January 17, 2008
Chapter One: What Prompted Your Decision to Buy a Home?Especially a condo or townhome?
January 17, 2008
Chapter One…What prompted your decision to buy a home? Especially a Condo or Townhome?
First, we talked about our plan for joining forces with all of you, your wonderful and not-so wonderful condo experiences, putting our pens together and writing the book for ourselves and everyone else-The Book: The Definitive Charlotte Condominium Tutorial and Workbook for Buyers and Sellers and the Rest of Us.
Secondly, we did our due diligence as the North Carolina Real Estate Commission wants…explaining about agency and who represents you and who we represent and how you know that information (it’s the brochure: Working With Real Estate Agents).
So, we are finally here…except the dedication. Drum roll, please…Here’s looking at you…my fabulous clients. Over the years we have traveled long and wide…through condominiums and town homes and co-ops…uptown, downtown, historic, suburbs, rural, office condos…together we have bought and sold many, many. Thank you, thank you for the rich experience.
Chapter One.
You have decided you are going to buy a condo or maybe a townhouse. I always like to know what prompted that decision? It matters.
Settling down as a single? What’s important?
Garage mostly for women.
Getting married?
Storage. Kitchen. Home office.
Expecting Children.
Stairs. Playgrounds. Accessible to schools.
Parent moving in or out.Split bedroom. Separated living quarters. Steps.
Divorce.
Legal issues. Finances. Custody.
Scaling down.
Sorting out s
Being patient. Doing homework.
Second home?
Tax balance.
Knowing what prompted this move is very important to the broker helping you.I always see my job as looking for problems and hurdles before they happen. And besides the financial aspect, what you want and need define the space. Helps sort through your options. Shortens the chase. And is really fun.
Real estate in my book should be fun and exciting…I believe taking your time, doing our homework, asking a zillion questions pay off.
I’ll take the questions I have posed and break them down and apart on the website.
Please join the conversation.
Your stories are most welcomed.
Thank you.
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Chapter One…What prompted your decision to buy a home? Especially a Condo or Townhome?
First, we talked about our plan for joining forces with all of you, your wonderful and not-so wonderful condo experiences, putting our pens together and writing the book for ourselves and everyone else-The Book: The Definitive Charlotte Condominium Tutorial and Workbook for Buyers and Sellers and the Rest of Us.
Secondly, we did our due diligence as the North Carolina Real Estate Commission wants…explaining about agency and who represents you and who we represent and how you know that information (it’s the brochure: Working With Real Estate Agents).
So, we are finally here…except the dedication. Drum roll, please…Here’s looking at you…my fabulous clients. Over the years we have traveled long and wide…through condominiums and town homes and co-ops…uptown, downtown, historic, suburbs, rural, office condos…together we have bought and sold many, many. Thank you, thank you for the rich experience.
Chapter One.
You have decided you are going to buy a condo or maybe a townhouse. I always like to know what prompted that decision? It matters.
Settling down as a single? What’s important?
Garage mostly for women.
Getting married?
Storage. Kitchen. Home office.
Expecting Children.
Stairs. Playgrounds. Accessible to schools.
Parent moving in or out.Split bedroom. Separated living quarters. Steps.
Divorce.
Legal issues. Finances. Custody.
Scaling down.
Sorting out s
Being patient. Doing homework.
Second home?
Tax balance.
Knowing what prompted this move is very important to the broker helping you.I always see my job as looking for problems and hurdles before they happen. And besides the financial aspect, what you want and need define the space. Helps sort through your options. Shortens the chase. And is really fun.
Real estate in my book should be fun and exciting…I believe taking your time, doing our homework, asking a zillion questions pay off.
I’ll take the questions I have posed and break them down and apart on the website.
Please join the conversation.
Your stories are most welcomed.
Thank you.
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Monday, January 14, 2008
Maybe Long,Tedious:Law of Agency is Important
The Real Estate Lady® Important Information ALERT!Working with Real Estate Agents
Who Represents You in a Transaction? Be Informed.
When buying or selling real estate, you may find it helpful to have a real estate agent assist you. Real estate agents can provide many useful services and work with you in different ways. In some real estate transactions, the agents work for the seller. In others, the seller and buyer may each have agents. And sometimes the same agents work for both the buyer and the seller. It is important for you to know whether an agent is working for you as your agent or simply working with you while acting as an agent of the other party.
This article addresses the various types of working relationships that may be available to you. It should help you decide which relationship you want to have with a real estate agent. It will also give you useful information about the various services real estate agents can provide buyers and sellers, and it will help explain how real estate agents are paid.
SELLERS
Seller's Agent
If you are selling real estate, you may want to "list" your property for sale with a real estate firm. If so, you will sign a "listing agreement" authorizing the firm and its agents to represent you in your dealings with buyers as your seller's agent. You may also be asked to allow agents from other firms to help find a buyer for your property.
Be sure to read and understand the listing agreement before you sign it.
Duties to Seller:
The listing firm and its agents must
promote your best interests
be loyal to you
follow your lawful instructions
provide you with all material facts that could influence your decisions
use reasonable skill, care and diligence, and
account for all monies they handle for you.
Once you have signed the listing agreement, the firm and its agents may not give any confidential information about you to prospective buyers or their agents without your permission so long as they represent you. But until you sign the listing agreement, you should avoid telling the listing agent anything you would not want a buyer to know.
Services and Compensation:
To help you sell your property, the listing firm and its agents will offer to perform a number of services for you. These may include
helping you price your property
advertising and marketing your property
giving you all required property disclosure forms for you to complete
negotiating for you the best possible price and terms
reviewing all written offers with you and
otherwise promoting your interests.
For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing agreement must state the amount or method for determining the commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.
Dual Agent
You may even permit the listing firm and its agents to represent you and a buyer at the same time. This "dual agency relationship" is most likely to happen if an agent with your listing firm is working as a buyer's agent with someone who wants to purchase your property. If this occurs and you have not already agreed to a dual agency relationship in your listing agreement, your listing agent will ask you to sign a separate agreement or document permitting the agent to act as agent for both you and the buyer.
It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called "designated agency" where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each "designated agent" to more fully represent each party.
If you choose the "dual agency" option, remember that since a dual agent's loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of
what your relationship is with the dual agent and
what the agent will be doing for you in the transaction.
BUYERS
When buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. For example, you may want them to represent only you (as a buyer's agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller's agent or subagent). Some agents will offer you a choice of these services. Others may not.
Buyer's Agent
Duties to Buyer:
If the real estate firm and its agents represent you, they must
promote your best interests
be loyal to you
follow your lawful instructions
provide you with all material facts that could influence your decisions
use reasonable skill, care and diligence, and
account for all monies they handle for you.
Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer's agent, they may not give any confidential information about you to sellers or their agents without your permission so long as they represent you. But until you make this agreement with your buyer's agent, you should avoid telling the agent anything you would not want a seller to know.
Unwritten Agreements:
To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer's agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Furthermore, if you later purchase the property through an agent with another firm, the agent who first showed you the property may seek compensation from the other firm.
Be sure to read and understand any agency agreement before you sign it.
Services and Compensation:
Whether you have a written or unwritten agreement, a buyer's agent will perform a number of services for you. These may include helping you
find a suitable property
arrange financing
learn more about the property and
other-wise promote your best interests.
If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller.
A buyer's agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyer's agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.
Dual Agent
You may permit an agent or firm to represent you and the seller at the same time. This "dual agency relationship" is most likely to happen if you become interested in a property listed with your buyer's agent or the agent's firm. If this occurs and you have not already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer's agent will ask you to sign a separate agreement or document permitting him or her to act as agent for both you and the seller. It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called "designated agency" where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each "designated agent" to more fully represent each party.
If you choose the "dual agency" option, remember that since a dual agent's loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of
what your relationship is with the dual agent and
what the agent will be doing for you in the transaction.
This can best be accomplished by putting the agreement in writing at the earliest possible time.
Seller's Agent Working With a Buyer
If the real estate agent or firm that you contact does not offer buyer agency or you do not want them to act as your buyer agent, you can still work with the firm and its agents. However, they will be acting as the seller's agent (or "subagent"). The agent can still help you find and purchase property and provide many of the same services as a buyer's agent. The agent must be fair with you and provide you with any "material facts" (such as a leaky roof) about properties.
But remember, the agent represents the seller—not you— and therefore must try to obtain for the seller the best possible price and terms for the seller's property. Furthermore, a seller's agent is required to give the seller any information about you (even personal, financial or confidential information) that would help the seller in the sale of his or her property. Agents must tell you in writing if they are sellers' agents before you say anything that can help the seller. But until you are sure that an agent is not a seller's agent, you should avoid saying anything you do not want a seller to know.
Sellers' agents are compensated by the sellers.
Who Represents You in a Transaction? Be Informed.
When buying or selling real estate, you may find it helpful to have a real estate agent assist you. Real estate agents can provide many useful services and work with you in different ways. In some real estate transactions, the agents work for the seller. In others, the seller and buyer may each have agents. And sometimes the same agents work for both the buyer and the seller. It is important for you to know whether an agent is working for you as your agent or simply working with you while acting as an agent of the other party.
This article addresses the various types of working relationships that may be available to you. It should help you decide which relationship you want to have with a real estate agent. It will also give you useful information about the various services real estate agents can provide buyers and sellers, and it will help explain how real estate agents are paid.
SELLERS
Seller's Agent
If you are selling real estate, you may want to "list" your property for sale with a real estate firm. If so, you will sign a "listing agreement" authorizing the firm and its agents to represent you in your dealings with buyers as your seller's agent. You may also be asked to allow agents from other firms to help find a buyer for your property.
Be sure to read and understand the listing agreement before you sign it.
Duties to Seller:
The listing firm and its agents must
promote your best interests
be loyal to you
follow your lawful instructions
provide you with all material facts that could influence your decisions
use reasonable skill, care and diligence, and
account for all monies they handle for you.
Once you have signed the listing agreement, the firm and its agents may not give any confidential information about you to prospective buyers or their agents without your permission so long as they represent you. But until you sign the listing agreement, you should avoid telling the listing agent anything you would not want a buyer to know.
Services and Compensation:
To help you sell your property, the listing firm and its agents will offer to perform a number of services for you. These may include
helping you price your property
advertising and marketing your property
giving you all required property disclosure forms for you to complete
negotiating for you the best possible price and terms
reviewing all written offers with you and
otherwise promoting your interests.
For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing agreement must state the amount or method for determining the commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.
Dual Agent
You may even permit the listing firm and its agents to represent you and a buyer at the same time. This "dual agency relationship" is most likely to happen if an agent with your listing firm is working as a buyer's agent with someone who wants to purchase your property. If this occurs and you have not already agreed to a dual agency relationship in your listing agreement, your listing agent will ask you to sign a separate agreement or document permitting the agent to act as agent for both you and the buyer.
It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called "designated agency" where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each "designated agent" to more fully represent each party.
If you choose the "dual agency" option, remember that since a dual agent's loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of
what your relationship is with the dual agent and
what the agent will be doing for you in the transaction.
BUYERS
When buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. For example, you may want them to represent only you (as a buyer's agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller's agent or subagent). Some agents will offer you a choice of these services. Others may not.
Buyer's Agent
Duties to Buyer:
If the real estate firm and its agents represent you, they must
promote your best interests
be loyal to you
follow your lawful instructions
provide you with all material facts that could influence your decisions
use reasonable skill, care and diligence, and
account for all monies they handle for you.
Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer's agent, they may not give any confidential information about you to sellers or their agents without your permission so long as they represent you. But until you make this agreement with your buyer's agent, you should avoid telling the agent anything you would not want a seller to know.
Unwritten Agreements:
To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer's agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Furthermore, if you later purchase the property through an agent with another firm, the agent who first showed you the property may seek compensation from the other firm.
Be sure to read and understand any agency agreement before you sign it.
Services and Compensation:
Whether you have a written or unwritten agreement, a buyer's agent will perform a number of services for you. These may include helping you
find a suitable property
arrange financing
learn more about the property and
other-wise promote your best interests.
If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller.
A buyer's agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyer's agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.
Dual Agent
You may permit an agent or firm to represent you and the seller at the same time. This "dual agency relationship" is most likely to happen if you become interested in a property listed with your buyer's agent or the agent's firm. If this occurs and you have not already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer's agent will ask you to sign a separate agreement or document permitting him or her to act as agent for both you and the seller. It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called "designated agency" where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each "designated agent" to more fully represent each party.
If you choose the "dual agency" option, remember that since a dual agent's loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of
what your relationship is with the dual agent and
what the agent will be doing for you in the transaction.
This can best be accomplished by putting the agreement in writing at the earliest possible time.
Seller's Agent Working With a Buyer
If the real estate agent or firm that you contact does not offer buyer agency or you do not want them to act as your buyer agent, you can still work with the firm and its agents. However, they will be acting as the seller's agent (or "subagent"). The agent can still help you find and purchase property and provide many of the same services as a buyer's agent. The agent must be fair with you and provide you with any "material facts" (such as a leaky roof) about properties.
But remember, the agent represents the seller—not you— and therefore must try to obtain for the seller the best possible price and terms for the seller's property. Furthermore, a seller's agent is required to give the seller any information about you (even personal, financial or confidential information) that would help the seller in the sale of his or her property. Agents must tell you in writing if they are sellers' agents before you say anything that can help the seller. But until you are sure that an agent is not a seller's agent, you should avoid saying anything you do not want a seller to know.
Sellers' agents are compensated by the sellers.
Sunday, January 13, 2008
In Between The Lines-January 13, 2008
Our Charlotte Condominium Tutorial and Workbook is off and running! Thank you for your response. Before I post the next chapter, I would like to answer the question posed by a reader from CurrentTV.com…NC-Why Condos? Good question.For starters, it’s condos because having an interest and a passion for condominiums led to becoming a recognized expert. Now, I do not let that go to my head. There are over 11,000 agents in Mecklenburg County and everyone vies for a piece of the pie.The “Condo” pie, however, can be more difficult and challenging than single family housing. From construction to financing, the path is long and winding. For instance there is a difference in financing options between condominiums and townhouses. And when a structure looks like a townhouse, it may well be a condo. So do you still need a survey?And if it’s a condominium and you have refurbished the kitchen with granite and installed hardwoods throughout…oh, wait, wait…if you are on the second floor are you allowed to install hardwoods?I am hoping that “the book” will cover all of the basics as well as many of the nuances.Please join the conversation. Check out our website : CondoCanDo.com and you’ll find other interesting tidbits…like how many condos and townhouse in Charlotte have the word “Park” in their name.
And how many duplicate names are there?
Park Avenue, Park Lake, Park Laurel, Park Phillips, Park Place I, Park Place, Park Place, Park Plaza I, Park Plaza II, Park Plaza, Park Square, Park West, Parkhill, Parkside, Parkside Townhomes, Park View, Parkview and More.
Why Condos? It is where I started. Yes, my brokerage covers horse farms,warehouses, commercial, McMansions...after all, most of those early condo owners were upwardly mobile. Thanks to them for letting me be their Broker then and now! .
Tuesday, January 8, 2008
It Was A Dark and Stormy Fall...
It was a dark and stormy fall…little used words like “sub-prime”, kept flying through the air. Here In Charlotte, NC, Condo CanDo and I, The Real Estate Lady, just keep reading and comparing the national market with our local market. The Charlotte market is experiencing different woes. People can’t sell what they have in other states to get here, to make purchases of homes in Charlotte, NC. And the other problem is really not a problem. The correction to over-building was inevitable.. Builders overbuild. And they really have here in Charlotte. We’ve had our share of sub-prime, N.C. is 24th on the list of states with foreclosures. Charlotte is a robust market and our foreclosure rate is equally robust. But all in all, Charlotte fares better than most. Our ranking is in the top three cities for appreciation with a modest 4.6%. One of our biggest challenges right now is the proliferation of high-rise condo towers in Center City Charlotte. I will detail that on our website: www.condocando.com.
And, of course, being a long-time, well experienced full-time real estate broker, I asked myself,”What can I do to help folks sort this out. ? ” Condo CanDo, my stalwart companion all these years came once again to the rescue. She said, “Let’s tell them what we know. Everything!” “Great idea, CC”…and she added,”Let’s invite them in on our conversation about Charlotte’s Condo Market, what’s happening and where, but most importantly about buying and selling condos here.” We both looked at each other and smiled. We were laughing because we are performance oriented, love the Internet and enjoy people teaching us.So, we sharpened our pencils…loosely translated to “ fired” up our new laptop and put on our thinking caps.
1.Condo CanDo and I will write a Tutorial and Workbook for Buying and Selling Condominiums in Charlotte,NC. The process will be organic. We will make changes, you can make comments,tell your stories, make suggestions.
2. We will write a chapter every week. We’ve created a loose outline. The chapters will be posted on our CondoCanDo website: www.CondoCanDo.com. After posting the written word on the CondoCanDoBlog, we will also have a commentary on each chapter on this podcast.
And this is where you come in…we invite you to comment, add information, offer suggestions or your own story about condos right here. We are listening. The conversation has started. Let us hear from you.
What do you want to know? We’re specialists. If we don’t know, we’ll tell you and go find the answer.
We’re off and flying.
The Real Estate Lady® and Condo CanDo®, Charlotte, NC
January 8, 2008
And, of course, being a long-time, well experienced full-time real estate broker, I asked myself,”What can I do to help folks sort this out. ? ” Condo CanDo, my stalwart companion all these years came once again to the rescue. She said, “Let’s tell them what we know. Everything!” “Great idea, CC”…and she added,”Let’s invite them in on our conversation about Charlotte’s Condo Market, what’s happening and where, but most importantly about buying and selling condos here.” We both looked at each other and smiled. We were laughing because we are performance oriented, love the Internet and enjoy people teaching us.So, we sharpened our pencils…loosely translated to “ fired” up our new laptop and put on our thinking caps.
1.Condo CanDo and I will write a Tutorial and Workbook for Buying and Selling Condominiums in Charlotte,NC. The process will be organic. We will make changes, you can make comments,tell your stories, make suggestions.
2. We will write a chapter every week. We’ve created a loose outline. The chapters will be posted on our CondoCanDo website: www.CondoCanDo.com. After posting the written word on the CondoCanDoBlog, we will also have a commentary on each chapter on this podcast.
And this is where you come in…we invite you to comment, add information, offer suggestions or your own story about condos right here. We are listening. The conversation has started. Let us hear from you.
What do you want to know? We’re specialists. If we don’t know, we’ll tell you and go find the answer.
We’re off and flying.
The Real Estate Lady® and Condo CanDo®, Charlotte, NC
January 8, 2008
Wednesday, September 12, 2007
Being There...Antarctica 2003
I have heard it said that a picture is worth a thousand words...here is my book on a most beloved and beautiful place...catch it while it still exists.
Thursday, August 16, 2007
August 16, 2007
Charlotte Condos As Investments. I’m Chicken Except…
Late last night after I checked my day’s work and tucked the big dogs in bed, I sat and surfed. It is amazing what sites come up at midnight and are hard to find the next day. But it’s interesting. Before surfing, I thought I would tackle M and M’s as my next subjects: Mortgages and Management Companies. Instead I cringed when I came across a website that spoke to Uptown.In essence, this person was hawkin’ “Come On Down”…referring to Uptown Charlotte.First, the North Carolina Real Estate Commission frowns on our using our crystal balls. And our own good sense might well do the same. The one thing I know for sure, the only thing I know for sure, is that I cannot predict appreciation. I can speak to my perception of the marketplace. Period.So when I read about the number of sales and the prices and the towers and on and on…and how this is the place for investors because of the promise of appreciation and substantial gain, I say “Whoa”. I talk with other brokers and some of us are being very cautious for our clients…some of us are suggesting condominiums outside the Uptown Loop…because some of us think the preponderance of small, most often one bedroom condominiums are headed for a definite unknown future. If there were a way we could parse the purchasers so we could know how many investors were involved with a project, we might have a more clear picture…and some might say, well, there is a cap on investors. Perhaps, but is there a cap on “second homes”?
In SouthPark, there is a handsome new project where today there are 40 units for sale. That conservatively is about 25% of the project. Certainly, that project will change as other retail and businesses come aboard, but what if that were your primary residence?
In some states, there are laws that prohibit rentals in some multi-family projects…rentals may occur only in dire circumstances. I can only hope that our legislature would take a look at that concept for North Carolina.Back to Uptown.
I have a friend who was asked to do a feasibility study for one of the towers. Their answer was, “No”. And then asked why, their answer was “ because I don’t think it is feasible”. Consider that in this market the same folks who often do the feasibility studies for the developers are also the spokesperson to the media. So who do you believe?
I am a cautious person. I believe you should be able to get out of whatever you get into…with relative ease and minimal heartache. The normal angst precludes not being able to get a mortgage on your place because there are too many investors. Not being able to get out financially because you are competing with not only new construction but also other, lots of others, in the same marketplace. How many one bedroom condominiums can our Uptown accommodate? Today? In the next 5-7 years.
Then let’s think logically…Charlotte is still growing. There is land close to uptown, close enough to build more towers, more mixed use and still have access to the city. Hmmm.Would I rather be able to walk my dog in the neighborhood park, actually have a grocery closer by, have more than 550-750 square feet, be able to hop to the Y as well as the night life and pay less than $300 a sq ft.? Hello!
Of course, there are folks who do use the Uptown condominiums as their city pad…some folks do use them as a second home. I am speaking to the general population for whom this is their primary residence, their biggest investment. Single folks just starting out, young marrieds enjoying the street scene, the night life and the glitz.
Charlotte is a great little city…growing, energetic, vibrant. The streets are sometimes paved with good intention, the air is less than pure, the people represent both the best and the worst and the mantra or at least, my mantra is always, “Caution, caution”. Even as a real estate broker specializing in condominiums.
Lynnsy Logue. The Real Estate Lady® and Condo CanDo®
Charlotte's Condominium Specialist since 1986
Charlotte Condos As Investments. I’m Chicken Except…
Late last night after I checked my day’s work and tucked the big dogs in bed, I sat and surfed. It is amazing what sites come up at midnight and are hard to find the next day. But it’s interesting. Before surfing, I thought I would tackle M and M’s as my next subjects: Mortgages and Management Companies. Instead I cringed when I came across a website that spoke to Uptown.In essence, this person was hawkin’ “Come On Down”…referring to Uptown Charlotte.First, the North Carolina Real Estate Commission frowns on our using our crystal balls. And our own good sense might well do the same. The one thing I know for sure, the only thing I know for sure, is that I cannot predict appreciation. I can speak to my perception of the marketplace. Period.So when I read about the number of sales and the prices and the towers and on and on…and how this is the place for investors because of the promise of appreciation and substantial gain, I say “Whoa”. I talk with other brokers and some of us are being very cautious for our clients…some of us are suggesting condominiums outside the Uptown Loop…because some of us think the preponderance of small, most often one bedroom condominiums are headed for a definite unknown future. If there were a way we could parse the purchasers so we could know how many investors were involved with a project, we might have a more clear picture…and some might say, well, there is a cap on investors. Perhaps, but is there a cap on “second homes”?
In SouthPark, there is a handsome new project where today there are 40 units for sale. That conservatively is about 25% of the project. Certainly, that project will change as other retail and businesses come aboard, but what if that were your primary residence?
In some states, there are laws that prohibit rentals in some multi-family projects…rentals may occur only in dire circumstances. I can only hope that our legislature would take a look at that concept for North Carolina.Back to Uptown.
I have a friend who was asked to do a feasibility study for one of the towers. Their answer was, “No”. And then asked why, their answer was “ because I don’t think it is feasible”. Consider that in this market the same folks who often do the feasibility studies for the developers are also the spokesperson to the media. So who do you believe?
I am a cautious person. I believe you should be able to get out of whatever you get into…with relative ease and minimal heartache. The normal angst precludes not being able to get a mortgage on your place because there are too many investors. Not being able to get out financially because you are competing with not only new construction but also other, lots of others, in the same marketplace. How many one bedroom condominiums can our Uptown accommodate? Today? In the next 5-7 years.
Then let’s think logically…Charlotte is still growing. There is land close to uptown, close enough to build more towers, more mixed use and still have access to the city. Hmmm.Would I rather be able to walk my dog in the neighborhood park, actually have a grocery closer by, have more than 550-750 square feet, be able to hop to the Y as well as the night life and pay less than $300 a sq ft.? Hello!
Of course, there are folks who do use the Uptown condominiums as their city pad…some folks do use them as a second home. I am speaking to the general population for whom this is their primary residence, their biggest investment. Single folks just starting out, young marrieds enjoying the street scene, the night life and the glitz.
Charlotte is a great little city…growing, energetic, vibrant. The streets are sometimes paved with good intention, the air is less than pure, the people represent both the best and the worst and the mantra or at least, my mantra is always, “Caution, caution”. Even as a real estate broker specializing in condominiums.
Lynnsy Logue. The Real Estate Lady® and Condo CanDo®
Charlotte's Condominium Specialist since 1986
Wednesday, August 15, 2007
Charlotte Condominium Conversions
August 15, 2007
Conversions: Charlotte Condominiums
Something Old, Something NewSome Converted…aha…yet another twist for Charlotte Condominiums…
As I think about the various elements, the variety of processes in the world of real estate most specifically, Charlotte Condominiums…I consider “ conversions”.
A conversion would be a property which has been converted to a condominium. A property which had another use, for instance:
Apartments are the most likely candidate for conversions. Property that was initially built as an apartment and at some point in it’s life span was converted to a condominium.
Cotswold Homes, brick gardens, were built as apartments. At first glance, you might think they would qualify as town homes. Because of their construction, they had to fall into the legal category of condominiums.
Selwyn Village off Wakefield has a town home configuration as well as flats. Obviously they converted to condos from apartments. One clue on the earlier conversions is the tell-tale central laundry facility. And often a central heating system accompanied the apartment status.
Alson Court in Eastover is another conversion. Stately brick with hardwood floors and a handful of carports.
There are many conversions throughout the older sections. My favorites are the handsome old Myers Park mansions that were converted from single family to two or three condos. I applaud that innovative thinking and that was many, many years ago.We might see more of that down the road.
Favorite stories are the apartment/condo/apartment/condo status of Heathstead. One of the largest, if not the largest, condominium complexes in Charlotte. In the SouthPark area, it was one of the pioneer projects and was built by Crosland.
Another favorite in SouthPark is Trianon…and I almost see that being a tear down someday. Precious and pricey location. Still has central heating plant.
Uptown, the elegant Poplar was once apartments. New York flair, solid, classy it was converted long ago and is a coveted location.
Fifth and Poplar started off as Condos but the market was soft and they went to apartment status but I suspect the construction is more to the liking of condominiums. Unlike some apartments which have been converted.
Sometimes I get the feeling that an apartment building, complex, is being built with the eventual intention of conversion because the construction is less costly for the apartments in some cases.
Unique conversions:
Settler’s Place: on North Church St. Adjoins historic N.C. Medical. Five stories. Six units were prior to new building. These units receive tax credit because of historic designation. Newer units face the old cemetery.Exterior construction is EFIS.
2 parking spaces, deeded storage in basement. Older units (5) share rooftop terrace; 16 new units, each with private terrace.
St. Peter’s
Conversion 1996. Historic building. See AtHomeCharlotte.com Walking Tour. Renovated in early 80s. Parking is off W 6th St Complex is at Poplar St and 6th St. Some 2 story units, some three. Exposed brick walls/wood floors. Flats as well as townhouse styles. Basement storage.
Alexander House, Elizabeth-Colonial Heights Pictured above
Conversion. Built in 1917 and converted to condominium in 1993. 509 Clement Ave. Clement Ave was originally constructed to accommodate the trolley so it is wider than most streets and has a boulevard effect. Total of five units at Alexander House.
One of my favorites is in Elizabeth. Built as a condominium for residential use, it has zoning for Office.
Business and warehouse converted to condominiums? You bet. There’s Factory South and Atherton Mills.
The cautionary flag I would throw on a conversion is the construction. And not just the new hardwood floors, the updated kitchens with granite and snazzy new bathrooms…hire an inspector to go over the unit with a fine tooth comb. Both structural and mechanical.Of course, that goes for any property. Yes, even brand new…especially brand new.
That is for another day.
Meanwhile, I suggest “Googling” convert apartment to condominiums. Fascinating and good information.
Thanks for tuning in, Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC, Charlotte’s Condominium Specialist
Conversions: Charlotte Condominiums
Something Old, Something NewSome Converted…aha…yet another twist for Charlotte Condominiums…
As I think about the various elements, the variety of processes in the world of real estate most specifically, Charlotte Condominiums…I consider “ conversions”.
A conversion would be a property which has been converted to a condominium. A property which had another use, for instance:
Apartments are the most likely candidate for conversions. Property that was initially built as an apartment and at some point in it’s life span was converted to a condominium.
Cotswold Homes, brick gardens, were built as apartments. At first glance, you might think they would qualify as town homes. Because of their construction, they had to fall into the legal category of condominiums.
Selwyn Village off Wakefield has a town home configuration as well as flats. Obviously they converted to condos from apartments. One clue on the earlier conversions is the tell-tale central laundry facility. And often a central heating system accompanied the apartment status.
Alson Court in Eastover is another conversion. Stately brick with hardwood floors and a handful of carports.
There are many conversions throughout the older sections. My favorites are the handsome old Myers Park mansions that were converted from single family to two or three condos. I applaud that innovative thinking and that was many, many years ago.We might see more of that down the road.
Favorite stories are the apartment/condo/apartment/condo status of Heathstead. One of the largest, if not the largest, condominium complexes in Charlotte. In the SouthPark area, it was one of the pioneer projects and was built by Crosland.
Another favorite in SouthPark is Trianon…and I almost see that being a tear down someday. Precious and pricey location. Still has central heating plant.
Uptown, the elegant Poplar was once apartments. New York flair, solid, classy it was converted long ago and is a coveted location.
Fifth and Poplar started off as Condos but the market was soft and they went to apartment status but I suspect the construction is more to the liking of condominiums. Unlike some apartments which have been converted.
Sometimes I get the feeling that an apartment building, complex, is being built with the eventual intention of conversion because the construction is less costly for the apartments in some cases.
Unique conversions:
Settler’s Place: on North Church St. Adjoins historic N.C. Medical. Five stories. Six units were prior to new building. These units receive tax credit because of historic designation. Newer units face the old cemetery.Exterior construction is EFIS.
2 parking spaces, deeded storage in basement. Older units (5) share rooftop terrace; 16 new units, each with private terrace.
St. Peter’s
Conversion 1996. Historic building. See AtHomeCharlotte.com Walking Tour. Renovated in early 80s. Parking is off W 6th St Complex is at Poplar St and 6th St. Some 2 story units, some three. Exposed brick walls/wood floors. Flats as well as townhouse styles. Basement storage.
Alexander House, Elizabeth-Colonial Heights Pictured above
Conversion. Built in 1917 and converted to condominium in 1993. 509 Clement Ave. Clement Ave was originally constructed to accommodate the trolley so it is wider than most streets and has a boulevard effect. Total of five units at Alexander House.
One of my favorites is in Elizabeth. Built as a condominium for residential use, it has zoning for Office.
Business and warehouse converted to condominiums? You bet. There’s Factory South and Atherton Mills.
The cautionary flag I would throw on a conversion is the construction. And not just the new hardwood floors, the updated kitchens with granite and snazzy new bathrooms…hire an inspector to go over the unit with a fine tooth comb. Both structural and mechanical.Of course, that goes for any property. Yes, even brand new…especially brand new.
That is for another day.
Meanwhile, I suggest “Googling” convert apartment to condominiums. Fascinating and good information.
Thanks for tuning in, Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC, Charlotte’s Condominium Specialist
Tuesday, August 14, 2007
Charlotte's Many Voices
August 14, 2007
The Planning Commission, the Zoning Department, Home Owners and Neighborhood Associations.
Charlotte-Mecklenburg has a large and capable staff of good folks at The Planning Commission. They have an excellent map-making department, a superb graphics department, they have numbers and statistics folks with lots of experience and they have visionaries, too. It amazes me how we sometimes do not listen and take into account their recommendations. Doesn’t that make you wonder? Recently, zoning was passed by the governing body for a project in Dilworth that both the Planning Commission and the Neighborhood Association opposed.I read an article recently from Seattle…it spoke to the longing many years ago for the community to be involved in the planning of their city. Community formed, community spoke and with little avail. Money speaks louder make no mistake about it…if it’s in the form of the possibility of increased tax revenues or another source of income…we see it happen time and time again. And if community wins once…wait…for the developers can often outwait the community. It has happened before and it will happen again. Axiom.
Zoning. How do they keep it straight? We have to have smaller home sites so we can have more homes. We court density thinking it is the only saving grace, the only answer to an energetic, burgeoning town. Smaller home sites, more vertical homes priced higher and higher each year. And just for fun, do you think there is a limit on the number of one bedroom condominiums in uptown Charlotte? Okay, here is a puzzle. There was an article about the Light Rail and how there are building permits for 7300 residential units along the rail. Now there is also a report that informs us that in the last quarter of 2006 there were 7300 building permits for condos. There is probably some overlap, but when asked, I was told they are not the same.
The very neighborhoods with their charm and ambiance that brought folks here are changing. Maybe it is inevitable. We are a people who fancy “more”. I keep wondering if other cities go through this…where neighborhoods change and streets change and the Mom and Pop shops and restaurants can’t compete and pretty soon, Charlotte as we know it, knew it, is gone.
In my sleepy, country neighborhood, we have a strong neighborhood association because builders have found us and try to build more houses than our covenants and restrictions call for. We want to maintain the integrity of our neighborhood, we stand close, chip in, hire an attorney, speak out, fight back. Part of this process has been fun…we have a website, an email newsletter and we get together more often. Look for the good, cherish the positive.
I have a friend who is a personal trainer…she says we “tear” the muscle apart to build the muscle stronger. Maybe it is that way with cities. I have lived in Charlotte for over 50 years. I love this place like no other. I can recall another time…and I am grateful that we live in this vortex of growth and change. I wish only for old-fashion kindness.
The Planning Commission, the Zoning Department, Home Owners and Neighborhood Associations.
Charlotte-Mecklenburg has a large and capable staff of good folks at The Planning Commission. They have an excellent map-making department, a superb graphics department, they have numbers and statistics folks with lots of experience and they have visionaries, too. It amazes me how we sometimes do not listen and take into account their recommendations. Doesn’t that make you wonder? Recently, zoning was passed by the governing body for a project in Dilworth that both the Planning Commission and the Neighborhood Association opposed.I read an article recently from Seattle…it spoke to the longing many years ago for the community to be involved in the planning of their city. Community formed, community spoke and with little avail. Money speaks louder make no mistake about it…if it’s in the form of the possibility of increased tax revenues or another source of income…we see it happen time and time again. And if community wins once…wait…for the developers can often outwait the community. It has happened before and it will happen again. Axiom.
Zoning. How do they keep it straight? We have to have smaller home sites so we can have more homes. We court density thinking it is the only saving grace, the only answer to an energetic, burgeoning town. Smaller home sites, more vertical homes priced higher and higher each year. And just for fun, do you think there is a limit on the number of one bedroom condominiums in uptown Charlotte? Okay, here is a puzzle. There was an article about the Light Rail and how there are building permits for 7300 residential units along the rail. Now there is also a report that informs us that in the last quarter of 2006 there were 7300 building permits for condos. There is probably some overlap, but when asked, I was told they are not the same.
The very neighborhoods with their charm and ambiance that brought folks here are changing. Maybe it is inevitable. We are a people who fancy “more”. I keep wondering if other cities go through this…where neighborhoods change and streets change and the Mom and Pop shops and restaurants can’t compete and pretty soon, Charlotte as we know it, knew it, is gone.
In my sleepy, country neighborhood, we have a strong neighborhood association because builders have found us and try to build more houses than our covenants and restrictions call for. We want to maintain the integrity of our neighborhood, we stand close, chip in, hire an attorney, speak out, fight back. Part of this process has been fun…we have a website, an email newsletter and we get together more often. Look for the good, cherish the positive.
I have a friend who is a personal trainer…she says we “tear” the muscle apart to build the muscle stronger. Maybe it is that way with cities. I have lived in Charlotte for over 50 years. I love this place like no other. I can recall another time…and I am grateful that we live in this vortex of growth and change. I wish only for old-fashion kindness.
Monday, August 13, 2007
Beginnings ARE Difficult, Especially When Defining Charlotte's Condo Market
Podcast August 13, 2007
Beginnings ARE Difficult…Especially When Defining Charlotte’s Condo Market
Many of us in the real estate profession are shaking our heads in wonder, amazement and amusement about the Condo landscape in and around Charlotte, NC. So what must the general public be thinking? Or how about the developers and builders? And the mortgage folks? Then there’s the planning commission, the zoning department, the water and sewer department, Light Rail. Oh, and let’s remember, the management companies. Oops, then there’s current events-the mortgage debacle. And past events, the cycle of overbuilding-the lure to investors in an energetic, glitzy market. Oh, my-where do I start?
With the basics.
I believe that there are many levels available for scrutiny and I have learned that old axioms age well because of their simple truths.
Cycles:
Many years ago in Uptown Charlotte NC, condominiums in Center City Charlotte were built in http://www.athomecharlotte.com/walking/index.htm Fourth Ward and in Third Ward. They were, by and large, smaller complexes, except Springfield Square and by the sheer nature of Condominiums then, pretty avante-guard. Locale lenders encouraged this residential concept and granted loans to encourage buyers…many of the loans, however, were adjustable or balloons of 5 to 7 years. And as time rolled forward and folks were moving up and out, re-financing became tough and selling became tougher. Enter rental property. Then, of course, any buyers who would come would have a tougher time getting a loan because of the higher investor ratios. Condominiums got a bad name. Not because of the concept but because of the variables in the marketplace. Cycles happen. (to be continued)
Less is More.
Charlotte, NC used to be a sleepy southern town. For many years Charlotte ranked in the top markets, the ADI…Charlotte was a great test market for the likes of Proctor and Gamble…but no one else except the natives could differentiate between Charleston, Charlotte, Charlottesville or Chapel Hill. We were safe. You couldn’t find us easily. So we had condominiums and townhomes in the inner circle around downtown/uptown Charlotte, condominiums out a little…Raintree, Quail Hollow, SouthPark (before it was SouthPark), on the East side off Central, off Kilborne, off Hickory Grove (now W.T. Harris), out Mint Hill way, off Lawyer’s Road…and then an accelerated spurt in the late 70’s, early 80’s off Carmel. But you get my drift. We had condos and townhomes…and once again, the tick of the cycle. The builders in my opinion overbuilt. (to be continued).
Buyer Beware.
I have a friend who says of the world, how can you do anything well when you are trying to do everything? I see that now in new construction: poor building materials, poor construction. Lack of attention to detail. Re-direction of responsibility. And on the buyer’s side: lack of knowledge, lack of qualified representation, lack of patience. (to be continued.)
No Such Thing as a Free Lunch
Free furniture, free closing costs, free home owner’s dues, free mortgage, free moving…
Hang-on to your hat because there is almost always an underlying reason. Builders are rarely going to give anything away unless they need to…and if they need to, the buyer needs to be able to read the signs…and make the situation work for them. We live in a capitalistic society and it is driven by profit. Money. (to be continued.)
Thanks for tuning in...got questions? I am listening.Lynnsy Logue, The Real Estate Lady/ Condo CanDo, Charlotte, NCCharlotte's Condominium Specialist
Beginnings ARE Difficult…Especially When Defining Charlotte’s Condo Market
Many of us in the real estate profession are shaking our heads in wonder, amazement and amusement about the Condo landscape in and around Charlotte, NC. So what must the general public be thinking? Or how about the developers and builders? And the mortgage folks? Then there’s the planning commission, the zoning department, the water and sewer department, Light Rail. Oh, and let’s remember, the management companies. Oops, then there’s current events-the mortgage debacle. And past events, the cycle of overbuilding-the lure to investors in an energetic, glitzy market. Oh, my-where do I start?
With the basics.
I believe that there are many levels available for scrutiny and I have learned that old axioms age well because of their simple truths.
Cycles:
Many years ago in Uptown Charlotte NC, condominiums in Center City Charlotte were built in http://www.athomecharlotte.com/walking/index.htm Fourth Ward and in Third Ward. They were, by and large, smaller complexes, except Springfield Square and by the sheer nature of Condominiums then, pretty avante-guard. Locale lenders encouraged this residential concept and granted loans to encourage buyers…many of the loans, however, were adjustable or balloons of 5 to 7 years. And as time rolled forward and folks were moving up and out, re-financing became tough and selling became tougher. Enter rental property. Then, of course, any buyers who would come would have a tougher time getting a loan because of the higher investor ratios. Condominiums got a bad name. Not because of the concept but because of the variables in the marketplace. Cycles happen. (to be continued)
Less is More.
Charlotte, NC used to be a sleepy southern town. For many years Charlotte ranked in the top markets, the ADI…Charlotte was a great test market for the likes of Proctor and Gamble…but no one else except the natives could differentiate between Charleston, Charlotte, Charlottesville or Chapel Hill. We were safe. You couldn’t find us easily. So we had condominiums and townhomes in the inner circle around downtown/uptown Charlotte, condominiums out a little…Raintree, Quail Hollow, SouthPark (before it was SouthPark), on the East side off Central, off Kilborne, off Hickory Grove (now W.T. Harris), out Mint Hill way, off Lawyer’s Road…and then an accelerated spurt in the late 70’s, early 80’s off Carmel. But you get my drift. We had condos and townhomes…and once again, the tick of the cycle. The builders in my opinion overbuilt. (to be continued).
Buyer Beware.
I have a friend who says of the world, how can you do anything well when you are trying to do everything? I see that now in new construction: poor building materials, poor construction. Lack of attention to detail. Re-direction of responsibility. And on the buyer’s side: lack of knowledge, lack of qualified representation, lack of patience. (to be continued.)
No Such Thing as a Free Lunch
Free furniture, free closing costs, free home owner’s dues, free mortgage, free moving…
Hang-on to your hat because there is almost always an underlying reason. Builders are rarely going to give anything away unless they need to…and if they need to, the buyer needs to be able to read the signs…and make the situation work for them. We live in a capitalistic society and it is driven by profit. Money. (to be continued.)
Thanks for tuning in...got questions? I am listening.Lynnsy Logue, The Real Estate Lady/ Condo CanDo, Charlotte, NCCharlotte's Condominium Specialist
Thursday, July 5, 2007
Charlotte NC Condo CanDo®...Condominium Specialist
http://www.CondoCanDo.com
Charlotte, NC July 5, 2007
What do we know about the condominium market in Charlotte, NC?
All that glitters is not gold.
How do resales compare with new construction?
Depending on location, resales are enjoying some snap and my feel is the consumer still preferes new construction over older units in many cases. Something about the lure of granite and stainless.
What about all those high rise towers in the Uptown area?
I frankly think it's scary. Just for fun, look at building permits for the 4th quarter of 06 for condominiums and then ask that question.
What about condos as investments in Charlotte?
Snobbery is not my forte, but a high concentration of investors in any project on any street be it attached housing or single family homes is less than desireable. No kidding, folks.
What would you look for in a condominium?
I have a basic belief that a person should be able to exit with all reasonableness...price, time, etc.
I tend to look to 3 to four years from now.
How long have you been specializing in condominiums in Charlotte, NC?
More than 20 years.
Got a question? We'd be delighted to hear from you!
Condo CanDo® aka Lynnsy Logue, The Real Estate Lady®
Both Condo CanDo® and The Real Estate Lady® are Servicemarks of Lynnsy Logue and due all Servicemark Protections from USPTO.
Charlotte, NC July 5, 2007
What do we know about the condominium market in Charlotte, NC?
All that glitters is not gold.
How do resales compare with new construction?
Depending on location, resales are enjoying some snap and my feel is the consumer still preferes new construction over older units in many cases. Something about the lure of granite and stainless.
What about all those high rise towers in the Uptown area?
I frankly think it's scary. Just for fun, look at building permits for the 4th quarter of 06 for condominiums and then ask that question.
What about condos as investments in Charlotte?
Snobbery is not my forte, but a high concentration of investors in any project on any street be it attached housing or single family homes is less than desireable. No kidding, folks.
What would you look for in a condominium?
I have a basic belief that a person should be able to exit with all reasonableness...price, time, etc.
I tend to look to 3 to four years from now.
How long have you been specializing in condominiums in Charlotte, NC?
More than 20 years.
Got a question? We'd be delighted to hear from you!
Condo CanDo® aka Lynnsy Logue, The Real Estate Lady®
Both Condo CanDo® and The Real Estate Lady® are Servicemarks of Lynnsy Logue and due all Servicemark Protections from USPTO.
Thursday, March 22, 2007
Condominium Assessments...A Wake Up Call!
Besides writing about resales in the Charlotte Condominium market, I will share from time to time the priceless jewels that come across my path...and this one is a classic! From the Tar Heel Realtor Newsletter, February 2005...A Question to the Forms Guy from an agent in NC.
Dear Forms Guy,
I have a listing on a condo. It's under contract and was supposed to close yesterday, but there's a problem. When I took the listing, the seller told me he had read in his association newsletter that bids on repainting the exterior of all the units in the complex had come in considerably higher than anticipated, and that there might be a special assessment to cover the increased costs. I called the treasurer of the association and he told me that the association's board had discussed the possibility of an assessment at its last meeting but hadn't voted on it yet. Even though the assessment hadn't been approved, to be on the safe side the seller checked "Yes" to question No, 19 on the Residential Property Disclosure Statement and wrote in "ASSESSMENT TO PAINT ALL UNITS BEING CON- SIDERED BY OWNERS' ASSOCIATION" in the blank at the end of the Disclosure Statement. We got a good offer on the condo, and I wrote the exact same wording in the first blank in the "Special Assessments" section (paragraph 6) of the Offer to Purchase and Contract. I wrote "N/ A " in the second blank in paragraph 6 since the assessment had already been disclosed on the Disclosure Statement and in the first blank in paragraph 6 of the Offer.
The board voted to approve the assessment a week before the closing date. It will be paid in 12 monthly installments beginning in two months. When the closing attorney's paralegal faxed me a copy of the HUD-I settlement statement the day before closing, it showed the assessment as the seller's obligation. I called the attorney and told her in the nicest way I knew how that her paralegal had screwed up the HUD-I. She told me the contract clearly stated that the seller was obligated to pay the assessment. What I want to know is, how can that be? Number one, the seller disclosed the assessment on both the Disclosure Statement and the Offer. Number two, it's not even payable until after the closing date anyway.
Would you do me a little favor and call the closing attorney and set her straight? Signed, Mighty Miffed
Dear Mighty Miffed, I'm mighty sorry, but I think the closing attorney is right. There are two blanks in the Special Assessments paragraph of the Offer to Purchase
and Contract form (standard form 2-T), and they serve very different purposes. In the first sentence of paragraph 6, the seller warrants that there aren't any pending or confirmed special assessments. If there are any pending or confirmed special assessments, the blank at the end of that first sentence is where the seller must describe them.
The second sentence of paragraph 6 is an agreement between the buyer and seller about who will be responsible for any pending or confirmed special assessments that may exist. The way the pre-printed wording reads, the seller is responsible for any special assessments that may be "con- finned" through the time of closing, and the buyer is responsible for any special assessments that may be "pend- ing." According to the Guidelines for Completing the Offer to Purchase and Contract (standard form 2G), "[a] ' Confirmed ' assessment is defined as an assessment that has been imposed by a governing body. A 'Pending' assessment is defined as an assessment that is under consideration by a governing body." If the parties agree to
vary the pre-printed wording about who is responsible for the payment of any assessments, that agreement needs to be set forth in the blank at the end of the second sentence. In your situation, the seller properly disclosed the existence of the "pending" assessment in the first blank in paragraph 6. However, just because the seller disclosed it doesn't make the buyer responsible for paying for it. Since the condo association board approved the assessment prior to closing, the second sentence of paragraph 6 states that the seller is responsible for it unless otherwise agreed in the blank at the end of the sentence. Since "N/ A " was inserted in the second blank, the parties did not agree other- wise, and therefore, the assessment is your client's obligation. Also, it is immaterial that the owners won't actually begin paying for the assessment until after the closing date. The assessment was "confirmed " when it was
imposed by the board, not when it becomes payable by the owners.
Sincerely, Forms Guy.
NCAR, 4511 Weybridge
Lane, Greensboro, NC 27407.
Dear Forms Guy,
I have a listing on a condo. It's under contract and was supposed to close yesterday, but there's a problem. When I took the listing, the seller told me he had read in his association newsletter that bids on repainting the exterior of all the units in the complex had come in considerably higher than anticipated, and that there might be a special assessment to cover the increased costs. I called the treasurer of the association and he told me that the association's board had discussed the possibility of an assessment at its last meeting but hadn't voted on it yet. Even though the assessment hadn't been approved, to be on the safe side the seller checked "Yes" to question No, 19 on the Residential Property Disclosure Statement and wrote in "ASSESSMENT TO PAINT ALL UNITS BEING CON- SIDERED BY OWNERS' ASSOCIATION" in the blank at the end of the Disclosure Statement. We got a good offer on the condo, and I wrote the exact same wording in the first blank in the "Special Assessments" section (paragraph 6) of the Offer to Purchase and Contract. I wrote "N/ A " in the second blank in paragraph 6 since the assessment had already been disclosed on the Disclosure Statement and in the first blank in paragraph 6 of the Offer.
The board voted to approve the assessment a week before the closing date. It will be paid in 12 monthly installments beginning in two months. When the closing attorney's paralegal faxed me a copy of the HUD-I settlement statement the day before closing, it showed the assessment as the seller's obligation. I called the attorney and told her in the nicest way I knew how that her paralegal had screwed up the HUD-I. She told me the contract clearly stated that the seller was obligated to pay the assessment. What I want to know is, how can that be? Number one, the seller disclosed the assessment on both the Disclosure Statement and the Offer. Number two, it's not even payable until after the closing date anyway.
Would you do me a little favor and call the closing attorney and set her straight? Signed, Mighty Miffed
Dear Mighty Miffed, I'm mighty sorry, but I think the closing attorney is right. There are two blanks in the Special Assessments paragraph of the Offer to Purchase
and Contract form (standard form 2-T), and they serve very different purposes. In the first sentence of paragraph 6, the seller warrants that there aren't any pending or confirmed special assessments. If there are any pending or confirmed special assessments, the blank at the end of that first sentence is where the seller must describe them.
The second sentence of paragraph 6 is an agreement between the buyer and seller about who will be responsible for any pending or confirmed special assessments that may exist. The way the pre-printed wording reads, the seller is responsible for any special assessments that may be "con- finned" through the time of closing, and the buyer is responsible for any special assessments that may be "pend- ing." According to the Guidelines for Completing the Offer to Purchase and Contract (standard form 2G), "[a] ' Confirmed ' assessment is defined as an assessment that has been imposed by a governing body. A 'Pending' assessment is defined as an assessment that is under consideration by a governing body." If the parties agree to
vary the pre-printed wording about who is responsible for the payment of any assessments, that agreement needs to be set forth in the blank at the end of the second sentence. In your situation, the seller properly disclosed the existence of the "pending" assessment in the first blank in paragraph 6. However, just because the seller disclosed it doesn't make the buyer responsible for paying for it. Since the condo association board approved the assessment prior to closing, the second sentence of paragraph 6 states that the seller is responsible for it unless otherwise agreed in the blank at the end of the sentence. Since "N/ A " was inserted in the second blank, the parties did not agree other- wise, and therefore, the assessment is your client's obligation. Also, it is immaterial that the owners won't actually begin paying for the assessment until after the closing date. The assessment was "confirmed " when it was
imposed by the board, not when it becomes payable by the owners.
Sincerely, Forms Guy.
NCAR, 4511 Weybridge
Lane, Greensboro, NC 27407.
Tuesday, March 20, 2007
Charlotte's First Condominium built by Kathryn Smetana
Kathryn Krause Smetana
Built the first condominium in Charlotte in 1970. With great care she built Gaynor Arms in Randolph Park at Cotswold. This is her story.
She was born September 15, 1910 in Philadelphia, Pa. Her parents were Michael and Catherine Krause.
She went to school in Philadelphia until she was fourteen years old. Then she went to work with Apex Hosiery Company in Philadelphia. She went to Continuation School to complete her high school education while she worked. At sixteen years of age she left Philadelphia and came south. She worked several years in the Greensboro area and became quite proficient in all of the production jobs associated with the manufacturing of women’s hosiery. Soon she became an instructor, and it was not long before she was quite in demand to teach her skills. Whenever a new mill opened, Kathryn was hired to train the women in production. And her jobs took her to the Concord area and to Gastonia. As soon as the manufacturing plant was up and running smoothly, she would go to another start-up mill.
In the late thirties, Otto Smetana opened a new mill in Monroe, NC and hired Kathryn to train the staff in production. This time she stayed and married Otto.
After World War II the hosiery business changed drastically. The stocking that had the seam up the back was called full fashion. Rather than convert the plant to make hosiery as it is today, Otto Smetana sold the mill and retired from the hosiery business. He and Kathryn traveled extensively throughout the USA.
Otto and Kathryn built a bowling alley, Park Lanes, near Park Road Shopping Center. They later sold it, but Kathryn and her brother in law ran The Wash Bowl Laundry in the basement of the bowling alley. Otto and Kathryn lived in a home on Ferncliffe Drive during this time. Otto passed away in the early sixties.
Kathryn got the building bug and decided to build a condo. The plans and specs were started in the late sixties and Gaynor Arms was started in 1970. Kathryn gave thought to every detail including security, storage, elevator, central laundry, clubroom and covered parking.
After completing Gaynor Arms, she moved to Florida and built four houses there. She stayed on in Florida for seventeen years, but in 1986, returned to her condo at Gaynor Arms.
Kathryn passed away January 23, 1998.
A long and cherished friend of Kathryn’s, Al Busedu, was kind to write this story in memory of his friend.
Thanks, Al…another Angel.
Built the first condominium in Charlotte in 1970. With great care she built Gaynor Arms in Randolph Park at Cotswold. This is her story.
She was born September 15, 1910 in Philadelphia, Pa. Her parents were Michael and Catherine Krause.
She went to school in Philadelphia until she was fourteen years old. Then she went to work with Apex Hosiery Company in Philadelphia. She went to Continuation School to complete her high school education while she worked. At sixteen years of age she left Philadelphia and came south. She worked several years in the Greensboro area and became quite proficient in all of the production jobs associated with the manufacturing of women’s hosiery. Soon she became an instructor, and it was not long before she was quite in demand to teach her skills. Whenever a new mill opened, Kathryn was hired to train the women in production. And her jobs took her to the Concord area and to Gastonia. As soon as the manufacturing plant was up and running smoothly, she would go to another start-up mill.
In the late thirties, Otto Smetana opened a new mill in Monroe, NC and hired Kathryn to train the staff in production. This time she stayed and married Otto.
After World War II the hosiery business changed drastically. The stocking that had the seam up the back was called full fashion. Rather than convert the plant to make hosiery as it is today, Otto Smetana sold the mill and retired from the hosiery business. He and Kathryn traveled extensively throughout the USA.
Otto and Kathryn built a bowling alley, Park Lanes, near Park Road Shopping Center. They later sold it, but Kathryn and her brother in law ran The Wash Bowl Laundry in the basement of the bowling alley. Otto and Kathryn lived in a home on Ferncliffe Drive during this time. Otto passed away in the early sixties.
Kathryn got the building bug and decided to build a condo. The plans and specs were started in the late sixties and Gaynor Arms was started in 1970. Kathryn gave thought to every detail including security, storage, elevator, central laundry, clubroom and covered parking.
After completing Gaynor Arms, she moved to Florida and built four houses there. She stayed on in Florida for seventeen years, but in 1986, returned to her condo at Gaynor Arms.
Kathryn passed away January 23, 1998.
A long and cherished friend of Kathryn’s, Al Busedu, was kind to write this story in memory of his friend.
Thanks, Al…another Angel.
Monday, March 19, 2007
Journey of a 1000 miles begins...
Okay, now that I have written a little about who I am and where I am from, let's begin with what my intention is for this blog. I enjoy this Charlotte market...it is interesting to observe the changes in the last several years. Charlotte is growing, the marketplace tries to accommodate the change, people come for jobs, people come to be with their children, people come because the climate is pleasant, people come because Charlotte is a good place to raise a family. Our real estate changes...patio homes and condos to suit the beginners and the empty nesters, condos and townhomes to suit the single professionals, million dollar+ homes for those coming from the larger markets. People come...to invest, to live, to start their lives.
Real estate technology changes...from a big, thick weekly book with all the listings to terminals to the Internet. We grow. Many focus on the new condos. The hip, all glass, uptown spaces within walking distance of arenas and stadiums and pubs...the towers dot our futures. There is a lot of speculation. There is a lot of buzz. There are many people jumping in the game. All that glitters is not gold.
Our name is CC...Condo CanDo...and that might also stand for cautious, curious, careful, conservative. Me and the kid in the red cape, Condo CanDo, will leave the new to the new...I will begin with older condominiums and townhomes because there are some interesting stories and charming condos and townhomes throughout our city, Charlotte.
This is my plan.
Lynnsy Logue, The Real Estate Lady and Condo CanDo
Real estate technology changes...from a big, thick weekly book with all the listings to terminals to the Internet. We grow. Many focus on the new condos. The hip, all glass, uptown spaces within walking distance of arenas and stadiums and pubs...the towers dot our futures. There is a lot of speculation. There is a lot of buzz. There are many people jumping in the game. All that glitters is not gold.
Our name is CC...Condo CanDo...and that might also stand for cautious, curious, careful, conservative. Me and the kid in the red cape, Condo CanDo, will leave the new to the new...I will begin with older condominiums and townhomes because there are some interesting stories and charming condos and townhomes throughout our city, Charlotte.
This is my plan.
Lynnsy Logue, The Real Estate Lady and Condo CanDo
Saturday, March 17, 2007
Hello! and Welcome! It's A Wearin' of The Green!
The wearing of the green...seems like a good day to begin a blog...spring is truly in the air here in Charlotte, NC...the pear trees are almost in full bloom running almost the whole length of Wendover Road...and the town itself is blooming. In many ways. Okay, especially in real estate.
Charlotte used to be a sleepy Southern town. We had Mom and Pop shops, small towns as our neighbors. Cows and horses nearby. Charlotte was a peaceful town with a couple of good restaurants, a couple of movie theatres, a nearby river...and a vibrant energy.
That was in the 50's...and times have changed. I sometimes smile when I tell the folks who are relocating that everything they are coming here for...is really gone. And Charlotte is still vibrant and good and fun and growing like all get out!
And that is what I love and that is what I will be writing about...real estate from my point of view.
Charlotte, NC has been my home for well over 50 years and real estate has been my life support for over 20 years. I specialize in Condominiums. Condo CanDo, our registered servicemark along with The Real Estate Lady, also registered back in the late 80's...both saved my neck as a new agent in a highly competitive market.
Now, I blend technology with intuition and experience with listening...observing the market for both buyers and sellers.
I have three websites built over the last ten years. They are in the throes of being updated...the research has changed, the stats have changed, and our editor will change as we migrate to a new one.
And I am one of the few remaining "Mom" shops...I open doors for folks, pour them a cup of coffee or green tea...sit on the floor and play with the children...and sometimes I give advice like, "Now is not the time to sell"... or "Wait a while".
Let the green begin...and thanks for tuning in.
The Real Estate Lady/ Condo CanDo
Lynnsy Logue
Charlotte used to be a sleepy Southern town. We had Mom and Pop shops, small towns as our neighbors. Cows and horses nearby. Charlotte was a peaceful town with a couple of good restaurants, a couple of movie theatres, a nearby river...and a vibrant energy.
That was in the 50's...and times have changed. I sometimes smile when I tell the folks who are relocating that everything they are coming here for...is really gone. And Charlotte is still vibrant and good and fun and growing like all get out!
And that is what I love and that is what I will be writing about...real estate from my point of view.
Charlotte, NC has been my home for well over 50 years and real estate has been my life support for over 20 years. I specialize in Condominiums. Condo CanDo, our registered servicemark along with The Real Estate Lady, also registered back in the late 80's...both saved my neck as a new agent in a highly competitive market.
Now, I blend technology with intuition and experience with listening...observing the market for both buyers and sellers.
I have three websites built over the last ten years. They are in the throes of being updated...the research has changed, the stats have changed, and our editor will change as we migrate to a new one.
And I am one of the few remaining "Mom" shops...I open doors for folks, pour them a cup of coffee or green tea...sit on the floor and play with the children...and sometimes I give advice like, "Now is not the time to sell"... or "Wait a while".
Let the green begin...and thanks for tuning in.
The Real Estate Lady/ Condo CanDo
Lynnsy Logue
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