Charlotte Restrictions Will Protect Open Space, Area Waters

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

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

Two Sides To Every Story

June 13, 2008

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

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

A Tack To Take With New Condos

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

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

Promises Made Should Be Kept...

June 11, 2008

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

Signs of Growth in Charlotte, NC…and Caution.

Water color by Warren Burgess, Urban Planner and Watercolorist

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

Signs of growth in Charlotte, NC…and Caution.

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

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

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

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

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

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

Barking dogs…That’s Who They Are…

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

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

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

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

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

June 7, 2008

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

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

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

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

In The Spirit of The Day...

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

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

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

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

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

Queens Road Is The Queens Way…

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

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

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

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

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

Each Condo Has It's Own Nuances...

June 4, 2008

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

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

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

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

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

Charlotte City-Condo CanDo

June 3, 2008

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

Charlotte City-Condo CanDo…

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

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

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

Something Old, Something New, Something Borrowed

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

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

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

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

We Learn by Doing...

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

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

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

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

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

Charlotte's Got A Bustle Going On...

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

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

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

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

First You Say You Do and Then...

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

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

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

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

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

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

Part Two: Judging a Condo By Appearances

May 27, 2008

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

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

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

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

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

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

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

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


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

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

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

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

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

Part Two tomorrow…Condo Challenges

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

Chuck Graham: Charlotte's Residential For-Sale Market

May 26, 2008

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

Chuck Graham
Charlotte Real Estate Consultant

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Chuck Graham Charlotte's Residential For-Sale Market

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

Charlotte Center City Condos-For Sale Snapshot

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

Charlotte Uptown Condominiums-For Sale

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

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

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

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

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

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

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

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

Your Questions for Condo CanDo

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

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