May 17, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Million Dollar Condos-¿Donde Es?
After visiting The Trust on Friday and reading the news story when the project was first announced, I got to thinking. It wasn’t that many years ago, that the database had to be changed to accommodate 1 million dollar condominiums in Charlotte, NC. After all, in many ways we are still a small Southern town. Our uptown is about 6-8 blocks in any direction…and then there are the neighborhoods that make up the outer part of the inner city…and they are just a stone’s throw from Uptown. A brisk walk from Myers Park or Dilworth will get you there…and even from Elizabeth, Eastover, the heart of the city is palpable.
So what if you are considering Charlotte, thinking about a luxurious condominium, want to be close to The Square (center city), but want to know all of your options? Where are the million dollar plus condominiums besides the Uptown? And what does that trending look like?
That is what I was thinking about as I played in the city Saturday night and just did a placeholder on the podcast and blog. The question to myself is from your perspective: what are my options?
A little history:
2006-Active-Mecklenburg County-Uptown Charlotte In the active column, there are no active million dollar plus condos either in Mecklenburg County and because we list them separately, in Uptown Charlotte, Area 99.
2006-Sold-Mecklenburg County: 2 condos:2400 Roswell, Penthouses at Phillips Place
2006- Sold Uptown-Area 99: 3 were sold: The Ratcliffe, Courtside and 230 S. Tryon
2007-Active-Mecklenburg County-19 in Mecklenburg County: includes Fenton Place, Metropolitan, 2021 Queens, Stephens Square, 1610 Queens and Hagood Reserve
2007-Active- Uptown Area 993 in Uptown Charlotte:2 at The Vue and 1 at 400 North Church
2007-Sold-Mecklenburg County-17 in Mecklenburg County: The Crillon, Roswell Place, St. Serrant, Queens Six Two Six, 2400 Roswell Place, Park Phillips, Courtside,
2007-Sold-Uptown: 8 units were sold: Includes Courtside, Ratcliffe, 230 S. Tryon
2008-Active-Mecklenburg County-19 condos are available includes: Rosewood, Parkside, Myers Park, Royal Court, Morrocroft (co-ops) Hagood Reserve, The Arlington and Penthouses at Phillips Place.
2008-Active-Uptown-Area 99- Nine are listed as active: Includes Encore, The Trust, 230 S. Tryon, The Vue, Settler’s Place, 400 North Church.
2008-Sold-Mecklenburg County- 2 units are reported sold: Roswell Place
2008 Sold-Uptown-Area 99-2 units are reported sold- both at The Ratcliffe
Please remember that this study is on 1 million plus condominiums…and also please remember that builders do not necessarily report activity to MLS, Multiple Listing Service. And…if you have questions, please feel free to be in touch.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Saturday, May 17, 2008
Friday, May 16, 2008
Visiting Charlotte Condo, The Trust: Part One
May 16, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Today, I visited The Trust. I had missed the time for the tour yesterday, so I adjusted my schedule and make the trip into town. Funny, I had no expectations. I grew up knowing the building, and also knowing that it sat vacant for several years. It has been a glorious day, and uptown is fun…the adventure and The Trust was quite a treat. This is Part One…yes, I like The Trust that much…a little history. There will be a Part Two coming up…Here’s the complete article from The Charlotte Observer announcing he project.
IN UPSCALE HE TRUSTS
Million-dollar custom condos may boost South Tryon, high-end housing market
DEVELOPMENT / DOUG SMITH
Luxury $1-million-plus condos are among the most desirable units on the upscale end of Charlotte's housing market.
And with that in mind, a local developer wants to create some of uptown's biggest and most expensive condos yet.
Jim Donnelly plans to buy the former Home Federal Savings and Loan Building at 139 S. Tryon St. and convert the seven-story structure to eight living units atop two commercial floors.
The concrete and glass building, is a locally designated historic property because of its banking industry significance and Modernist architecture.
Donnelly said he plans to preserve the distinguishing features.
The estimated $28 million project, between Fourth Street and the 40-story Bank of America Plaza Building, would be only footsteps from The Square -- the intersection of Trade and Tryon streets.
Two condos would be 7,000 square feet each and priced in the $3 million range. Six would be 3,500 square feet each and priced in the $1.5 million range.
This might be a Next Big Thing for a couple of reasons: It could confirm the strength of the city's upper-end condo market, and it could help boost South Tryon as a residential as well as a commercial street..
Both 50-story The Vue in Fourth Ward and 50-story 210 Trade at College and Trade streets are offering $1 million-range penthouses, but some won't be listed for sale until later.
Developer Flaherty & Collins plans to top 210 Trade with a 12,000-square-foot, two-story residence that includes a 2,000-square-foot terrace. The price is yet to be announced.
Churchill Development Group has sold four of seven 3,217-square-foot penthouses at The Vue in the $1 million range, but it hasn't yet priced six larger 3,744- to 4,337-square-foot penthouses.
Just a few years ago condos selling for more than $500,000 were scarce in Charlotte. Today, 58 are listed for $500,000 or more.
Darryl Dewberry of Spectrum Properties, which is converting an office building at 230 S. Tryon St. to condos, said some penthouses there topped 4,000 square feet and sold for more than $1 million.
He believes the market for spacious, luxury condos is deeper than it was just two or three years ago. Among the reasons he cites:
+ Charlotte has enjoyed good job growth, including high-paying jobs.
+¢ Owners of existing homes are taking advantage of appreciation and selling their residences to buy condos.
+ People arriving from major metropolitan markets sold homes for $1,000 a square foot or higher and are investing here in what they see as "affordable" penthouses.
+ Mortgage rates have remained historically low, encouraging residential real estate investment.
Who are the high-end buyers?
Our experience here has been the buyers are split almost 50-50 between young professionals who have high incomes and retired or semi-retired empty nesters who have lots of equity.
The high-end purchasers have arrived at a place in their lives that they are discriminating -- they know what they want. When a new high-rise comes on the market, they gravitate toward it because they have the money to do it.
That's the type of buyer Donnelly would like to attract to the old Home Federal Building, which he plans to rename The Trust in recognition of its banking history.
The interior of the building, completed in 1967, has been gutted so buyers will be able to design a custom home in the shell space, he said.
"We won't have any lower-priced units, so we can orient this project completely to our buyers with high-end concierge service, a wine vault and other amenities they expect," he said.
Donnelly said he's working with lenders on financing and plans to close on the property by mid-November. He expects construction to take about a year.
And, he's offering individuals a chance to buy a piece of The Square.
THE DEVELOPER
Jim Donnelly moved to Charlotte from New York about 11/2 years ago to help start Emerson Joseph, a men's grooming lounge.
He is a co-founder of the salon at 221 S. Tryon St. with his wife, Stacy, and her sister Shelly Takats.
Donnelly also was a co-founder of IgoUgo.com, a Internet travel site that was acquired in 2005 by Sabre Holdings.
Donnelly bought the building at 221 S. Tryon with investors and sold the top two floors as office condos. The salon occupies the first floor and basement.
The experience with that project convinced him to put a contract on the nearby Home Federal Building.
THE TRUST CONDOS
The previous owner gutted the old Home Federal Building, which developer Jim Donnelly sees as a plus.
Buyers of the 3,500 and 7,000 square foot units will be able to basically design a custom house inside the floor-to-ceiling glass space.
Donnelly believes owners will design large, open spaces for entertaining and enjoying the views.
Each unit will have at least two terraces, and owners will have access to a rooftop "social plaza" with outdoor seating, entertaining and grilling space.
The building's bank vault will be retained and used for dining and wine storage.
Donnelly said restaurants and retailers consistent with the building's upscale image are being sought for two lower levels of commercial space.
He's working with Clay Elder of ESD Architecture and Interior Design on the conversion and interviewing contractors.
Part Two will feature a telephone interview with Barbara H. Walker and Interior Designer as well as some photographs I loved snapping.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Today, I visited The Trust. I had missed the time for the tour yesterday, so I adjusted my schedule and make the trip into town. Funny, I had no expectations. I grew up knowing the building, and also knowing that it sat vacant for several years. It has been a glorious day, and uptown is fun…the adventure and The Trust was quite a treat. This is Part One…yes, I like The Trust that much…a little history. There will be a Part Two coming up…Here’s the complete article from The Charlotte Observer announcing he project.
IN UPSCALE HE TRUSTS
Million-dollar custom condos may boost South Tryon, high-end housing market
DEVELOPMENT / DOUG SMITH
Luxury $1-million-plus condos are among the most desirable units on the upscale end of Charlotte's housing market.
And with that in mind, a local developer wants to create some of uptown's biggest and most expensive condos yet.
Jim Donnelly plans to buy the former Home Federal Savings and Loan Building at 139 S. Tryon St. and convert the seven-story structure to eight living units atop two commercial floors.
The concrete and glass building, is a locally designated historic property because of its banking industry significance and Modernist architecture.
Donnelly said he plans to preserve the distinguishing features.
The estimated $28 million project, between Fourth Street and the 40-story Bank of America Plaza Building, would be only footsteps from The Square -- the intersection of Trade and Tryon streets.
Two condos would be 7,000 square feet each and priced in the $3 million range. Six would be 3,500 square feet each and priced in the $1.5 million range.
This might be a Next Big Thing for a couple of reasons: It could confirm the strength of the city's upper-end condo market, and it could help boost South Tryon as a residential as well as a commercial street..
Both 50-story The Vue in Fourth Ward and 50-story 210 Trade at College and Trade streets are offering $1 million-range penthouses, but some won't be listed for sale until later.
Developer Flaherty & Collins plans to top 210 Trade with a 12,000-square-foot, two-story residence that includes a 2,000-square-foot terrace. The price is yet to be announced.
Churchill Development Group has sold four of seven 3,217-square-foot penthouses at The Vue in the $1 million range, but it hasn't yet priced six larger 3,744- to 4,337-square-foot penthouses.
Just a few years ago condos selling for more than $500,000 were scarce in Charlotte. Today, 58 are listed for $500,000 or more.
Darryl Dewberry of Spectrum Properties, which is converting an office building at 230 S. Tryon St. to condos, said some penthouses there topped 4,000 square feet and sold for more than $1 million.
He believes the market for spacious, luxury condos is deeper than it was just two or three years ago. Among the reasons he cites:
+ Charlotte has enjoyed good job growth, including high-paying jobs.
+¢ Owners of existing homes are taking advantage of appreciation and selling their residences to buy condos.
+ People arriving from major metropolitan markets sold homes for $1,000 a square foot or higher and are investing here in what they see as "affordable" penthouses.
+ Mortgage rates have remained historically low, encouraging residential real estate investment.
Who are the high-end buyers?
Our experience here has been the buyers are split almost 50-50 between young professionals who have high incomes and retired or semi-retired empty nesters who have lots of equity.
The high-end purchasers have arrived at a place in their lives that they are discriminating -- they know what they want. When a new high-rise comes on the market, they gravitate toward it because they have the money to do it.
That's the type of buyer Donnelly would like to attract to the old Home Federal Building, which he plans to rename The Trust in recognition of its banking history.
The interior of the building, completed in 1967, has been gutted so buyers will be able to design a custom home in the shell space, he said.
"We won't have any lower-priced units, so we can orient this project completely to our buyers with high-end concierge service, a wine vault and other amenities they expect," he said.
Donnelly said he's working with lenders on financing and plans to close on the property by mid-November. He expects construction to take about a year.
And, he's offering individuals a chance to buy a piece of The Square.
THE DEVELOPER
Jim Donnelly moved to Charlotte from New York about 11/2 years ago to help start Emerson Joseph, a men's grooming lounge.
He is a co-founder of the salon at 221 S. Tryon St. with his wife, Stacy, and her sister Shelly Takats.
Donnelly also was a co-founder of IgoUgo.com, a Internet travel site that was acquired in 2005 by Sabre Holdings.
Donnelly bought the building at 221 S. Tryon with investors and sold the top two floors as office condos. The salon occupies the first floor and basement.
The experience with that project convinced him to put a contract on the nearby Home Federal Building.
THE TRUST CONDOS
The previous owner gutted the old Home Federal Building, which developer Jim Donnelly sees as a plus.
Buyers of the 3,500 and 7,000 square foot units will be able to basically design a custom house inside the floor-to-ceiling glass space.
Donnelly believes owners will design large, open spaces for entertaining and enjoying the views.
Each unit will have at least two terraces, and owners will have access to a rooftop "social plaza" with outdoor seating, entertaining and grilling space.
The building's bank vault will be retained and used for dining and wine storage.
Donnelly said restaurants and retailers consistent with the building's upscale image are being sought for two lower levels of commercial space.
He's working with Clay Elder of ESD Architecture and Interior Design on the conversion and interviewing contractors.
Part Two will feature a telephone interview with Barbara H. Walker and Interior Designer as well as some photographs I loved snapping.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Thursday, May 15, 2008
The Park Condominium Construction Site:Quiet
May 15, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
The Park Condominium Sits Idle….On my way to tour The Trust today, I came upon theshell of The Park. No cranes or cement trucks, no workmen hanging off girders, or traffic cops directing us through the construction street. All is quiet.I remembered the article in The Business Journal a couple of weeks back. I snapped a photo for you as I drove by.
And here is the article from The Business Journal, April 25, 2008
“The only work going on around the hulking frame of the 21-story The Park condo tower these days is of the legal variety.
Both contractors and vendors are lining up their claims for payment at the courthouse as developer and general contractor Verna & Associates Inc. has begun piling up unpaid bills.
The dream of engineer Pete Verna, The Park has been years in the making, with construction starting on top of an existing four-story parking deck at Third and Caldwell streets more than two years after it was announced. And now, with the tower about 70% complete according to Verna's recent statements, it's unclear when it could be finished.
Key contractors and vendors pulled off the job in recent weeks, and now there is no ongoing work visible on the site.
"The absolutely last thing any contractor wants to do is file a claim, lien or lawsuit," says Phil Campola, Charlotte-based Southern Steel Co. chief financial officer. "Ultimately, I have a responsibility in protecting the company interests, and this is a last-ditch effort."
Southern Steel filed a lawsuit against Verna & Associates in February in Mecklenburg Superior Court demanding payment of $1.13 million as part of an unpaid contract for labor and materials already provided. The company began working with Verna in May 2006 when it signed a $3.3 million contract to provide and install structural steel components for The Park.
"They have not hidden from their responsibility and are willing to communicate with us," Campola says. "Unfortunately, that did not result in anything substantive, and at the end of the day they could not fulfill their financial responsibility even if they wanted to."
Mechanics liens totaling $567,000 have also been filed against Verna & Associates by Mooresville-based Performance Fire Protection, Charlotte-based Schotte 1 Construction Inc. and Building Logistics Inc.
Performance Fire Protection has already installed most of the sprinkler system but stopped work because it had not been paid, says Ed Cook, company president. "But we are optimistic it will work out."
Verna & Associates President Dave Frailey says the company is reviewing its options. "We are working with our attorneys and lenders in regard to this matter and will resolve it," he says. "We are not in any position to comment further."
The Park condo was slated to open this summer. The project's initial stated cost was $42 million. Verna has said that 85 of the tower's 107 condos had been sold.
Allen Tate Realtors is handling unit sales. Spokeswoman Karen Murray says the company can't comment on how buyers who have already signed contracts would be impacted by a completion delay.
Condos at The Park range in price from $400 to $450 per square foot.
The latest construction update on the company's Web site is from Dec. 24. The last day Southern Steel delivered materials to the site was Nov. 19.
"Our best chance to recover our money is if the project can go to conclusion," says Campola. "But if for some reason the project can't be completed, our chances go down considerably. But we are holding out hope."
This business always presents challenges and disappointment and risks. Always.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
The Park Condominium Sits Idle….On my way to tour The Trust today, I came upon theshell of The Park. No cranes or cement trucks, no workmen hanging off girders, or traffic cops directing us through the construction street. All is quiet.I remembered the article in The Business Journal a couple of weeks back. I snapped a photo for you as I drove by.
And here is the article from The Business Journal, April 25, 2008
“The only work going on around the hulking frame of the 21-story The Park condo tower these days is of the legal variety.
Both contractors and vendors are lining up their claims for payment at the courthouse as developer and general contractor Verna & Associates Inc. has begun piling up unpaid bills.
The dream of engineer Pete Verna, The Park has been years in the making, with construction starting on top of an existing four-story parking deck at Third and Caldwell streets more than two years after it was announced. And now, with the tower about 70% complete according to Verna's recent statements, it's unclear when it could be finished.
Key contractors and vendors pulled off the job in recent weeks, and now there is no ongoing work visible on the site.
"The absolutely last thing any contractor wants to do is file a claim, lien or lawsuit," says Phil Campola, Charlotte-based Southern Steel Co. chief financial officer. "Ultimately, I have a responsibility in protecting the company interests, and this is a last-ditch effort."
Southern Steel filed a lawsuit against Verna & Associates in February in Mecklenburg Superior Court demanding payment of $1.13 million as part of an unpaid contract for labor and materials already provided. The company began working with Verna in May 2006 when it signed a $3.3 million contract to provide and install structural steel components for The Park.
"They have not hidden from their responsibility and are willing to communicate with us," Campola says. "Unfortunately, that did not result in anything substantive, and at the end of the day they could not fulfill their financial responsibility even if they wanted to."
Mechanics liens totaling $567,000 have also been filed against Verna & Associates by Mooresville-based Performance Fire Protection, Charlotte-based Schotte 1 Construction Inc. and Building Logistics Inc.
Performance Fire Protection has already installed most of the sprinkler system but stopped work because it had not been paid, says Ed Cook, company president. "But we are optimistic it will work out."
Verna & Associates President Dave Frailey says the company is reviewing its options. "We are working with our attorneys and lenders in regard to this matter and will resolve it," he says. "We are not in any position to comment further."
The Park condo was slated to open this summer. The project's initial stated cost was $42 million. Verna has said that 85 of the tower's 107 condos had been sold.
Allen Tate Realtors is handling unit sales. Spokeswoman Karen Murray says the company can't comment on how buyers who have already signed contracts would be impacted by a completion delay.
Condos at The Park range in price from $400 to $450 per square foot.
The latest construction update on the company's Web site is from Dec. 24. The last day Southern Steel delivered materials to the site was Nov. 19.
"Our best chance to recover our money is if the project can go to conclusion," says Campola. "But if for some reason the project can't be completed, our chances go down considerably. But we are holding out hope."
This business always presents challenges and disappointment and risks. Always.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Wednesday, May 14, 2008
Uptown Charlotte Condo Sales since Jan. 1...
May 14, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Uptown Condos…Sales Since 01/01/2008…
In First Ward, Uptown Charlotte 17 properties were reported sold in MLS. Minimum average square feet is 500 with 1 bedroom and 1 bath, a list price of 163,500 and a sale price of 156,750 with days on the market 6.The average square footage is 1029, 1 bedroom, 1 bath with a list price of 259,183 and a sale price of 252,269 and 90 days on the market. The maximum square footage is 1470 with 3 bedrooms, 3 baths and 1 half bath, 389,000market and sold for 380 with days on the market 280.Number of Active Listings 52
In Second Ward, Uptown Charlotte 6 properties were reported sold in MLS. Minimum average square feet is 1062 with 1 bedroom and 1 bath, a list price of 359,900 and a sale price of 346,500 with days on the market 11.The average square footage is 1943, 1 bedroom, 1 bath with a list price of 803,633 and a sale price of 731,916 and 79 days on the market. The maximum square footage is 2722 with 2 bedrooms, 2 baths and 1 half bath, 1,350,000market and sold for 1,215,000 with days on the market 220. And all 6 units are from The Ratcliffe. Number of Active 15
In Third Ward, Uptown Charlotte 32 properties were reported sold in MLS. Minimum average square feet is 480 with 1 bedroom and 1 bath, a list price of 169,000 and a sale price of 167,750 with days on the market 1.The average square footage is 1163, 1 bedroom, 1 bath with a list price of 319,040 and a sale price of 311,231 and 117 days on the market. The maximum square footage is 1915 with 3 bedrooms, 2 baths and 1 half bath, 649,900market and sold for 635,900 with days on the market 883. Number of Active Listings 56.
In Fourth Ward, Uptown Charlotte 43 properties were reported sold in MLS. Minimum average square feet is 579 with 1 bedroom and 1 bath, a list price of 169,900 and a sale price of 169,900 with days on the market 2.The average square footage is 1121, 1 bedroom, 1 bath with a list price of 347,079 and a sale price of 329,212 and 94 days on the market. The maximum square footage is 2264 with 3 bedrooms, 3 baths and 2 half bath, 699,000market and sold for 645,000 with days on the market 292. Number of Active Listings 148.
Tomorrow off we go to visit The Trust. Let’s go Condo CanDo!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Uptown Condos…Sales Since 01/01/2008…
In First Ward, Uptown Charlotte 17 properties were reported sold in MLS. Minimum average square feet is 500 with 1 bedroom and 1 bath, a list price of 163,500 and a sale price of 156,750 with days on the market 6.The average square footage is 1029, 1 bedroom, 1 bath with a list price of 259,183 and a sale price of 252,269 and 90 days on the market. The maximum square footage is 1470 with 3 bedrooms, 3 baths and 1 half bath, 389,000market and sold for 380 with days on the market 280.Number of Active Listings 52
In Second Ward, Uptown Charlotte 6 properties were reported sold in MLS. Minimum average square feet is 1062 with 1 bedroom and 1 bath, a list price of 359,900 and a sale price of 346,500 with days on the market 11.The average square footage is 1943, 1 bedroom, 1 bath with a list price of 803,633 and a sale price of 731,916 and 79 days on the market. The maximum square footage is 2722 with 2 bedrooms, 2 baths and 1 half bath, 1,350,000market and sold for 1,215,000 with days on the market 220. And all 6 units are from The Ratcliffe. Number of Active 15
In Third Ward, Uptown Charlotte 32 properties were reported sold in MLS. Minimum average square feet is 480 with 1 bedroom and 1 bath, a list price of 169,000 and a sale price of 167,750 with days on the market 1.The average square footage is 1163, 1 bedroom, 1 bath with a list price of 319,040 and a sale price of 311,231 and 117 days on the market. The maximum square footage is 1915 with 3 bedrooms, 2 baths and 1 half bath, 649,900market and sold for 635,900 with days on the market 883. Number of Active Listings 56.
In Fourth Ward, Uptown Charlotte 43 properties were reported sold in MLS. Minimum average square feet is 579 with 1 bedroom and 1 bath, a list price of 169,900 and a sale price of 169,900 with days on the market 2.The average square footage is 1121, 1 bedroom, 1 bath with a list price of 347,079 and a sale price of 329,212 and 94 days on the market. The maximum square footage is 2264 with 3 bedrooms, 3 baths and 2 half bath, 699,000market and sold for 645,000 with days on the market 292. Number of Active Listings 148.
Tomorrow off we go to visit The Trust. Let’s go Condo CanDo!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Tuesday, May 13, 2008
Mold, Condos and Conversions
May 13, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Mold, Conversions and Condos…
Real estate professionals in Charlotte, NC are winding up the requirement of taking 8 hours of Continuing Ed. The classes that were offered were so varied and interesting; I decided to take as many as I can, twelve in all. Today, the subject was Mold.I have dealt with mold on a few occasions and this class taught me a good deal. For instance, we discussed what mold needs to grow, inspecting for mold and mold abatement. The most serious side of the discussion was around health issues: breathing, allergies, fatigue, nausea, and more.One element mold needs is moisture. Water. Water in the form of condensation, water in the form of steam, water from leaky roofs, poorly installed washer lines, faulty ice makers, leaking toilets, showers and tubs that need caulk, downspouts that are leaking or poorly installed, and on.What caught my attention was the possibility of mold in conversions. Apartments that have been converted to condominiums. How do you know the history of water in a conversion? Water in the crawl space, water in the attic and water from leaking pipes…in the walls? And we heard story after story of condos being shut up for the season with water problems unbeknownst to the owner…mold being painted over…hotels and office buildings infested with mold. Now we add mold to the growing list of health hazards: asbestos, lead paint, oil tanks, arsenic treated lumber, mold.I will list several websites you might want to check for further information about mold and mildew on our blog. And remember you can inspect for mold and Indoor Air Quality.I will report later on about other details we discussed in this great class “Uncovering Mold in Real Estate”.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Mold, Conversions and Condos…
Real estate professionals in Charlotte, NC are winding up the requirement of taking 8 hours of Continuing Ed. The classes that were offered were so varied and interesting; I decided to take as many as I can, twelve in all. Today, the subject was Mold.I have dealt with mold on a few occasions and this class taught me a good deal. For instance, we discussed what mold needs to grow, inspecting for mold and mold abatement. The most serious side of the discussion was around health issues: breathing, allergies, fatigue, nausea, and more.One element mold needs is moisture. Water. Water in the form of condensation, water in the form of steam, water from leaky roofs, poorly installed washer lines, faulty ice makers, leaking toilets, showers and tubs that need caulk, downspouts that are leaking or poorly installed, and on.What caught my attention was the possibility of mold in conversions. Apartments that have been converted to condominiums. How do you know the history of water in a conversion? Water in the crawl space, water in the attic and water from leaking pipes…in the walls? And we heard story after story of condos being shut up for the season with water problems unbeknownst to the owner…mold being painted over…hotels and office buildings infested with mold. Now we add mold to the growing list of health hazards: asbestos, lead paint, oil tanks, arsenic treated lumber, mold.I will list several websites you might want to check for further information about mold and mildew on our blog. And remember you can inspect for mold and Indoor Air Quality.I will report later on about other details we discussed in this great class “Uncovering Mold in Real Estate”.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Monday, May 12, 2008
Charlotte's Full Plate!
May 11, 2008
Charlotte’s Full Plate…Yummy!
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
By now, it is no secret that Charlotte, NC is one of the cities that feels less pain than many other cities.And reading through the news and traveling in and around the city, I can report first hand…the Charlotte market is bustling and here are some of the reasons:
1. The slow real estate market has brokers from competing agencies cooperating in unprecedented ways in an effort to attract more potential buyers to tour homes on the market. Tours are built around a common theme (contemporary) or for the benefit of such non-profits as Habitat for Humanity. In Providence Plantation, two dozen homes will be on tour and in Huntersville, agents created a Multi-Million Dollar Spring Tour…hmmm. Can it be that in crisis, we will find that working together has greater rewards than just doing business?
2.Then there’s the smiley face we see at IBM’s Lender Business Process Services being set up in Charlotte to handle mortgage paperwork…the unit says it can cut mortgage origination costs by 40%. Operations are based in the University area with 65 employees and a May 15 start date. Current employment is 68 with plans to add 600 in four years.Quoting Greg Sullins of IBM, “You think we had a crystal ball because the timing could not be better.”
3. Green is good. Green is the Federal Reserve Bank of Richmond choice for a new roof. The plants, a dozen varieties of succulents, will eventually cover 48,000 square feet of the new 72,000 square foot roof being installed atop the Fed building which fills a city block at Trade and Caldwell streets. The plants are being arranged across eight surface areas, including the top of an elevator shaft. The project has been nearly two years in the making. Discussion began in mid-2006 after Fed officials learned of severe deterioration in the seams of the multi-level, mid-rise building’s roof. They sought bids for both traditional and environmentally friendly replacement roofs. A regular rooftop would cost $1.54 million, roughly $330,000 less than the green approach. But the green roof was projected to last 40 years-twice as long as the traditional design. For the complete story: Charlotte Business Journal.
4. Jim Schepp expects most of his Charlotte Construction Company’s business to eventually turn green as sustainability standards are integrated into the everyday methods of building projects. How soon? "Five years," says Schepp then he adjusts his time table…"maybe two years." Nationwide, city and county governments are starting to incorporate Leadership in Energy and Environmental Design (LEED) standards into their building codes. At first, demand for green office developments led the trend. Now Schepp isreceiving increasing numbers of requests for LEED buildings for mixed-use, multifamily and hotel projects. "Going green requires a holistic approach. To do it right, the developer, designer and builder must work together from the very start," says Michael Dodson, a certified LEED professional.
5. More on Green. Financial institutions can push for environmentally sustainability. They can investigate and thoroughly understand this new environmental emphasis because they can either make or lose money from it. They could create green consumer products, such as mutual funds whose portfolios consistent of environmentally friendly manufacturers or alternative energy producers…and to understand the risk of climate change and how it can affect an investment portfolio So writes J. Patrick Bechdol, guest columnist for Charlotte Business Journal.
6. Uptown. While development in the suburbs' submarkets continues, growth will be most pronounced in 2009 within the uptown office market as several large scale projects come on line. The greatest impact will be seen when Wachovia Corp.’s 1.5 million square foot tower opens in 2009. Other significant uptown projects either slated for completion during 2009 or early 2010 include Bank of America’s 750,000 square foot office tower, the 400,000 square foot Novare Third Ward Tower and the 390,000 square foot NASCAR Plaza. More on the story by Andrew Jenkins/Karnes Report.
7. Last and not least, in Pineville a builder is offering every homebuyer a one-year pass on the Lynx light rail which has a stop in Pineville.
I have a good friend who often says, “Out of desperation comes opportunity.” Opportunity, folks, is alive and well in Charlotte, NC.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Servicemarks as Registered with the USPTO 1989 Lynnsy Logue
Charlotte’s Full Plate…Yummy!
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
By now, it is no secret that Charlotte, NC is one of the cities that feels less pain than many other cities.And reading through the news and traveling in and around the city, I can report first hand…the Charlotte market is bustling and here are some of the reasons:
1. The slow real estate market has brokers from competing agencies cooperating in unprecedented ways in an effort to attract more potential buyers to tour homes on the market. Tours are built around a common theme (contemporary) or for the benefit of such non-profits as Habitat for Humanity. In Providence Plantation, two dozen homes will be on tour and in Huntersville, agents created a Multi-Million Dollar Spring Tour…hmmm. Can it be that in crisis, we will find that working together has greater rewards than just doing business?
2.Then there’s the smiley face we see at IBM’s Lender Business Process Services being set up in Charlotte to handle mortgage paperwork…the unit says it can cut mortgage origination costs by 40%. Operations are based in the University area with 65 employees and a May 15 start date. Current employment is 68 with plans to add 600 in four years.Quoting Greg Sullins of IBM, “You think we had a crystal ball because the timing could not be better.”
3. Green is good. Green is the Federal Reserve Bank of Richmond choice for a new roof. The plants, a dozen varieties of succulents, will eventually cover 48,000 square feet of the new 72,000 square foot roof being installed atop the Fed building which fills a city block at Trade and Caldwell streets. The plants are being arranged across eight surface areas, including the top of an elevator shaft. The project has been nearly two years in the making. Discussion began in mid-2006 after Fed officials learned of severe deterioration in the seams of the multi-level, mid-rise building’s roof. They sought bids for both traditional and environmentally friendly replacement roofs. A regular rooftop would cost $1.54 million, roughly $330,000 less than the green approach. But the green roof was projected to last 40 years-twice as long as the traditional design. For the complete story: Charlotte Business Journal.
4. Jim Schepp expects most of his Charlotte Construction Company’s business to eventually turn green as sustainability standards are integrated into the everyday methods of building projects. How soon? "Five years," says Schepp then he adjusts his time table…"maybe two years." Nationwide, city and county governments are starting to incorporate Leadership in Energy and Environmental Design (LEED) standards into their building codes. At first, demand for green office developments led the trend. Now Schepp isreceiving increasing numbers of requests for LEED buildings for mixed-use, multifamily and hotel projects. "Going green requires a holistic approach. To do it right, the developer, designer and builder must work together from the very start," says Michael Dodson, a certified LEED professional.
5. More on Green. Financial institutions can push for environmentally sustainability. They can investigate and thoroughly understand this new environmental emphasis because they can either make or lose money from it. They could create green consumer products, such as mutual funds whose portfolios consistent of environmentally friendly manufacturers or alternative energy producers…and to understand the risk of climate change and how it can affect an investment portfolio So writes J. Patrick Bechdol, guest columnist for Charlotte Business Journal.
6. Uptown. While development in the suburbs' submarkets continues, growth will be most pronounced in 2009 within the uptown office market as several large scale projects come on line. The greatest impact will be seen when Wachovia Corp.’s 1.5 million square foot tower opens in 2009. Other significant uptown projects either slated for completion during 2009 or early 2010 include Bank of America’s 750,000 square foot office tower, the 400,000 square foot Novare Third Ward Tower and the 390,000 square foot NASCAR Plaza. More on the story by Andrew Jenkins/Karnes Report.
7. Last and not least, in Pineville a builder is offering every homebuyer a one-year pass on the Lynx light rail which has a stop in Pineville.
I have a good friend who often says, “Out of desperation comes opportunity.” Opportunity, folks, is alive and well in Charlotte, NC.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Servicemarks as Registered with the USPTO 1989 Lynnsy Logue
Saturday, May 10, 2008
Let's Do a Number(s) on the Economy...
May 10, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
This from my morning coffee,the daily and Associated Press…
As dire as it is, the housing slump is not as big a fac-
tor for the economy as investors think. True, the
downturn has been unprecedented, leading to foreclo-
sures, seizures in the credit markets, erosion of house-
hold wealth, record low consumer confidence, and, until
recently, stock market declines. But residential con-
struction contributed just 3.8 percent to first-quarter
a high of 70.8 percent of GDP in the first quarter of
2008, based on advance numbers. Exports, another
rising category, added 12.7 percent.
"Do not freak out about housing," says JPMorgan
Funds Management Chief Market Strategist David Kel-
ly. "We pay too much attention to housing in terms of
how it's going to direct the U.S. economy." He thinks
stocks are under-priced as a result. Housing is closely
tracked, with frequent updates on sales, construction
activity and prices. "The problem is, every one of those
numbers is lousy, and every one makes the evening
news," notes Kelly.
Citi Investment Research strategist Tobias M.
levkovich says consumer spending is more important
for stock prices. "Too many critical points are missed
when investors only hear one data point and don't ana-
lyze the rest of the information," he writes.
Of course, housing shouldn't be dismissed. Mort-
gage troubles helped cause the current credit crisis.
Christopher Burdick, director of economic analysis for
the Schwab Center for Financial Research, notes the
spillover effects on spending. "The concern is warrant-
ed," he says.
But Kelly thinks investors should pay more attention
to the stronger-than-expected growth in services in
April. In addition, an early reading on first-quarter GDP
points to growth, albeit at a sluggish 0.6 percent pace.
SOURCE: Bureau of Economic Analysis Dani and Girard, AP
I was delighted to read another perspective...not that I am looking for a there-there, just another viewpoint. Enjoy!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
This from my morning coffee,the daily and Associated Press…
As dire as it is, the housing slump is not as big a fac-
tor for the economy as investors think. True, the
downturn has been unprecedented, leading to foreclo-
sures, seizures in the credit markets, erosion of house-
hold wealth, record low consumer confidence, and, until
recently, stock market declines. But residential con-
struction contributed just 3.8 percent to first-quarter
a high of 70.8 percent of GDP in the first quarter of
2008, based on advance numbers. Exports, another
rising category, added 12.7 percent.
"Do not freak out about housing," says JPMorgan
Funds Management Chief Market Strategist David Kel-
ly. "We pay too much attention to housing in terms of
how it's going to direct the U.S. economy." He thinks
stocks are under-priced as a result. Housing is closely
tracked, with frequent updates on sales, construction
activity and prices. "The problem is, every one of those
numbers is lousy, and every one makes the evening
news," notes Kelly.
Citi Investment Research strategist Tobias M.
levkovich says consumer spending is more important
for stock prices. "Too many critical points are missed
when investors only hear one data point and don't ana-
lyze the rest of the information," he writes.
Of course, housing shouldn't be dismissed. Mort-
gage troubles helped cause the current credit crisis.
Christopher Burdick, director of economic analysis for
the Schwab Center for Financial Research, notes the
spillover effects on spending. "The concern is warrant-
ed," he says.
But Kelly thinks investors should pay more attention
to the stronger-than-expected growth in services in
April. In addition, an early reading on first-quarter GDP
points to growth, albeit at a sluggish 0.6 percent pace.
SOURCE: Bureau of Economic Analysis Dani and Girard, AP
I was delighted to read another perspective...not that I am looking for a there-there, just another viewpoint. Enjoy!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Friday, May 9, 2008
Who's On First? Condo Q/A
May 9, 2008
Who’s On First? Condo Q/A
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
It’s Friday and time for Condo CanDo’s Questions of the week.
1. If I am buying new construction, the building hasn’t been started, the builder’s representative says the building will take eight months to build. They need 30% sold to get bank financing….and it is now 12 months after I gave them a big deposit, they haven’t reached the 30% and a long way off…how could I have avoided this?
Tough questions. The builder holds the cards. By law, 100units or less the builder can’t hold you to the legal requirement of 24 months. But if it’s in the contract, they can. I think I would be inclined to stagger the deposit. So much down, so much when they start and hire an attorney to craft language so you are not out on a limb.
My personal goal would be for buyers to know they drive the market.
2. Can an existing condo complex rewrite the rules and regulations to limit investors, not allow any more investors and to define who may rent units that will be grandfathered in?
Yes. More and more of the older complexes in Charlotte are doing this. Takes time and money and a good attorney. Takes getting the percentage of owners to sign that is outlined in the documents. But worth every penny in the long run.
3. When a condo is foreclosed, does the bank pay the monthly home owner’s dues, keep up with payment on any assessments if there any pending, check the unit to make sure it is in good repair, no leaking pipes or trash piled up?
No. They are banks not property managers. Condo Associations have to be pro-active to protect everyone’s property values.
4. I have heard it said that curb appeal drives the sale…we live in a condo, what can we do?Most folks are quick to say they want a condo. They are tired of cutting the grass. But you still have responsibility to be involved with the association, know the rules and regulations and be a good neighbor. Neat and clean go along way in the presentation of your condo…even in the glitziest condo tower, there are shiny windows, a handsome lobby, no trash in sight or coffee cups and papers. It’s home, people.
Got questions on condominiums or townhomes?
Send them our way and we’ll do our best.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Who’s On First? Condo Q/A
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
It’s Friday and time for Condo CanDo’s Questions of the week.
1. If I am buying new construction, the building hasn’t been started, the builder’s representative says the building will take eight months to build. They need 30% sold to get bank financing….and it is now 12 months after I gave them a big deposit, they haven’t reached the 30% and a long way off…how could I have avoided this?
Tough questions. The builder holds the cards. By law, 100units or less the builder can’t hold you to the legal requirement of 24 months. But if it’s in the contract, they can. I think I would be inclined to stagger the deposit. So much down, so much when they start and hire an attorney to craft language so you are not out on a limb.
My personal goal would be for buyers to know they drive the market.
2. Can an existing condo complex rewrite the rules and regulations to limit investors, not allow any more investors and to define who may rent units that will be grandfathered in?
Yes. More and more of the older complexes in Charlotte are doing this. Takes time and money and a good attorney. Takes getting the percentage of owners to sign that is outlined in the documents. But worth every penny in the long run.
3. When a condo is foreclosed, does the bank pay the monthly home owner’s dues, keep up with payment on any assessments if there any pending, check the unit to make sure it is in good repair, no leaking pipes or trash piled up?
No. They are banks not property managers. Condo Associations have to be pro-active to protect everyone’s property values.
4. I have heard it said that curb appeal drives the sale…we live in a condo, what can we do?Most folks are quick to say they want a condo. They are tired of cutting the grass. But you still have responsibility to be involved with the association, know the rules and regulations and be a good neighbor. Neat and clean go along way in the presentation of your condo…even in the glitziest condo tower, there are shiny windows, a handsome lobby, no trash in sight or coffee cups and papers. It’s home, people.
Got questions on condominiums or townhomes?
Send them our way and we’ll do our best.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Thursday, May 8, 2008
Condo CanDo's Favorite Charlotte Things...
May 8, 2008
Hello! This is Lynnsy Logue, The Real Estate Lady and Condo CanDo in Charlotte NC
Thursday, a Time For Favorites…
Favorites have included the very first condominium in Charlotte, Gaynor Arms; a first and a favorite, Center City Green because it is creative, progressive and green; a favored builder Brian Speas because he is the epitome of a fine builder and good person, so now what, you’re thinking.You know what I like…I like many of the ways Charlotte is changing and many of the ways Charlotte is constant.Change is 400 North Church with it’s green center island…it was new and exciting at the time. The main streets in Charlotte or at least six blocks in each direction of the square had been torn up and remade. Only a handful of cities in the world have ever undertaken that project.Constant is The Poplar is Fourth Ward, once apartments being converted to condominiums and how The Poplar harkens in style and grace back to New York City. Change is Ivey’s Department store being renovated into condos…very large condos with large storefront windows and no terraces or balconies and what seems like bridges to some of the units. Constant and change how The Square has evolved to be the traffic cop of all the condo towers and high-rises.Change in how Earle Village (subsidized housing) in First Ward has become the Garden District wrapping around the Afro-American Center and how many of the condos overlook the freeway…and change in how Piedmont Courts (high crime-low rent) is being totally transformed as a gateway to Central Avenue and The Plaza…Change thrives on Central as condos spring up and through Plaza Midwood. Constant as the wide boulevards and tree canopies in Plaza Midwood, Myers Park, Elizabeth, Dilworth, Wesley Heights. Change is how Freedom Park becomes more charming and constant is how much the lake and park and playing fields are loved by old timers and new comers alike.Unfortunately, we are constantly tearing down what is old and historic…or cutting down trees, or changing the threads of the fabric that made our tapestry wondrous to produce the change some think will be more appealing.In some cases, that works…I look at South Boulevard and the impact of the light rail and the profusion of condos and apartments from South End on out towards Pineville.
Charlotte is constantly changing, growing, envisioning. I can see favorites both in looking back and imagining tomorrow.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Hello! This is Lynnsy Logue, The Real Estate Lady and Condo CanDo in Charlotte NC
Thursday, a Time For Favorites…
Favorites have included the very first condominium in Charlotte, Gaynor Arms; a first and a favorite, Center City Green because it is creative, progressive and green; a favored builder Brian Speas because he is the epitome of a fine builder and good person, so now what, you’re thinking.You know what I like…I like many of the ways Charlotte is changing and many of the ways Charlotte is constant.Change is 400 North Church with it’s green center island…it was new and exciting at the time. The main streets in Charlotte or at least six blocks in each direction of the square had been torn up and remade. Only a handful of cities in the world have ever undertaken that project.Constant is The Poplar is Fourth Ward, once apartments being converted to condominiums and how The Poplar harkens in style and grace back to New York City. Change is Ivey’s Department store being renovated into condos…very large condos with large storefront windows and no terraces or balconies and what seems like bridges to some of the units. Constant and change how The Square has evolved to be the traffic cop of all the condo towers and high-rises.Change in how Earle Village (subsidized housing) in First Ward has become the Garden District wrapping around the Afro-American Center and how many of the condos overlook the freeway…and change in how Piedmont Courts (high crime-low rent) is being totally transformed as a gateway to Central Avenue and The Plaza…Change thrives on Central as condos spring up and through Plaza Midwood. Constant as the wide boulevards and tree canopies in Plaza Midwood, Myers Park, Elizabeth, Dilworth, Wesley Heights. Change is how Freedom Park becomes more charming and constant is how much the lake and park and playing fields are loved by old timers and new comers alike.Unfortunately, we are constantly tearing down what is old and historic…or cutting down trees, or changing the threads of the fabric that made our tapestry wondrous to produce the change some think will be more appealing.In some cases, that works…I look at South Boulevard and the impact of the light rail and the profusion of condos and apartments from South End on out towards Pineville.
Charlotte is constantly changing, growing, envisioning. I can see favorites both in looking back and imagining tomorrow.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Wednesday, May 7, 2008
Let's Not Wait For The Other Shoe...
May 7, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Let’s not wait for the other shoe…
During this tumultuous time, I am taking every opportunity to learn as much as I can about real estate processes…about real estate across this country and about real estate in our region and city. This means classes. Classes on foreclosures, short sales, financing, credit scores, inspections, mold, investment, ethics and classes on safety, marketing, staging and working with first time home buyers and Seniors. Conferences looking at the statistics, the trending and tracking. And reading everything I can get my hands on…talking to other brokers, talking to buyers and working with sellers. Writing for my podcasts and blog. I believe that we can be pro-active. We knew somehow the housing bubble was coming. We did not know the form or shape or incredible consequence. Now that we do, I believe we can be pro-active. We can do something about our situation…if we can work together.I wrote earlier about foreclosure and the short sale. And this is what I have learned so far. If you think you are heading for troubled waters, even think about it, start asking for help from your lender, your mortgage company or a government agency. Beware of the scams…check the credentials of the agency or person first. Gather information…lenders do not want houses back. Nor condos. Our job is to ‘row”…be pro active.
Condominiums are a bit trickier. This takes the rowing team…more than one person because condos are about more than one person.Start now. In condominiums and townhomes, call a meeting and start talking. Find out how many foreclosures there are, if any, or what is for sale, what has sold and under what circumstances. Be involved. Find out how to head off foreclosure…for yourself, your neighbor. The rewards for rowing together are great. Banks and mortgage companies typically do not start paying HOA dues if/when property is foreclosed. They do not pay assessments. A vacant property is not attended or checked. So busted water pipes go without repair, water/ moisture spells mold and there you go. I heard just yesterday where a condo community became involved with a foreclosure and gained access only to find the unit had been stripped down to the paint.
In times of stress, I think we tend to act more harshly…I know I sometimes have a short fuse when everything hits the fan…so I am practicing patience by listening carefully, assessing the whole situation before acting…and caring about what and how and who I am involved with…let’s get the job done and turn this mess around.
By simply caring and rowing together. And talking about the elephant in the room.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Let’s not wait for the other shoe…
During this tumultuous time, I am taking every opportunity to learn as much as I can about real estate processes…about real estate across this country and about real estate in our region and city. This means classes. Classes on foreclosures, short sales, financing, credit scores, inspections, mold, investment, ethics and classes on safety, marketing, staging and working with first time home buyers and Seniors. Conferences looking at the statistics, the trending and tracking. And reading everything I can get my hands on…talking to other brokers, talking to buyers and working with sellers. Writing for my podcasts and blog. I believe that we can be pro-active. We knew somehow the housing bubble was coming. We did not know the form or shape or incredible consequence. Now that we do, I believe we can be pro-active. We can do something about our situation…if we can work together.I wrote earlier about foreclosure and the short sale. And this is what I have learned so far. If you think you are heading for troubled waters, even think about it, start asking for help from your lender, your mortgage company or a government agency. Beware of the scams…check the credentials of the agency or person first. Gather information…lenders do not want houses back. Nor condos. Our job is to ‘row”…be pro active.
Condominiums are a bit trickier. This takes the rowing team…more than one person because condos are about more than one person.Start now. In condominiums and townhomes, call a meeting and start talking. Find out how many foreclosures there are, if any, or what is for sale, what has sold and under what circumstances. Be involved. Find out how to head off foreclosure…for yourself, your neighbor. The rewards for rowing together are great. Banks and mortgage companies typically do not start paying HOA dues if/when property is foreclosed. They do not pay assessments. A vacant property is not attended or checked. So busted water pipes go without repair, water/ moisture spells mold and there you go. I heard just yesterday where a condo community became involved with a foreclosure and gained access only to find the unit had been stripped down to the paint.
In times of stress, I think we tend to act more harshly…I know I sometimes have a short fuse when everything hits the fan…so I am practicing patience by listening carefully, assessing the whole situation before acting…and caring about what and how and who I am involved with…let’s get the job done and turn this mess around.
By simply caring and rowing together. And talking about the elephant in the room.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Tuesday, May 6, 2008
New Construction:Pros and Cons...
May 6, 2008
New Construction: Pros and cons…
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Thanks to the real estate agent in Vancouver who so rightly pointed out the virtues of new construction. New homes are “New”, they’ve never been lived in before, and everything is new: bathrooms, kitchens, hot water heaters, stoves, furnace, roof…and more. Everything purportedly works. There are warranties. There are walk throughs. There are sometimes Home Owners Associations with rules and regulations. Those are all great. I understand “new”. My own home was “new” when I built it over 40 years ago…and am still here.We have both changed and I hope for the better.
Here is what I contest: Poor building products. What do I mean? Thin cabinetry of the lower grade even on half million dollar condos, thin granite from China that can not easily be replaced or repaired,poor quality pre-finished hardwood floors or frankly even bamboo, poor quality paint, poor quality molding, poor quality doors…poor quality lumber, poor quality siding. I could go on and on….but add to that, poor quality construction, installation, finishing, painting, follow up on walk throughs.
Oh, and while I am at it…such small home sites that if your house is vinyl and someone next door has a fire…grab the kids and the dog and head out…or the nine pieces of shrubbery that goes in too close together and not properly planted…and then there’s the sales representatives who are not agents and if they are, they need to really make the point that they represent the seller, the builder, and that “By signing here” you give up your right to have any representation…and of course, I get in a wad when the builder presents their closing incentives of so much in closing costs if you the buyer use one of their preferred lenders. This only means that the lender who has been working with you and got you pre-approved is out of luck…and for the builder it is only part of moving money around.
And one last thing…I never look at commission paid until after the offer becomes a contract, but rarely does a builder pay 3%, they chisel it down to 2.5% because I suppose they think we have less to do because it is new construction. How little they know the amount of time we actually put into every sale. Every sale resale and new construction.
So…what are we to do? I think it is my job to help educate the buyer. To ask them to step outside of granite and hardwood floors and look at the reality of each home. My home is over 40 years old and looks and feels and acts like new. Because I take care of it. Fix it now or fix it to sell, but the constant is “Fix it.” I don’t know how to tell buyers to be careful…to ask questions…to be patient…to set the emotions aside, the idea of “home”…aside and look at the finished product, look at the neighborhoods, talk to the people who live there, about their homes, the neighborhood and the builder.I am for new…done well. I am for resales properly cared for…I am for growing but not at the expense of some of the people for the gain of others.
Charlotte will continue to grow. I am a part of that. This hometown is energizing and electric. I want Charlotte to be as good as I know it is and great as I know it will be.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
New Construction: Pros and cons…
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Thanks to the real estate agent in Vancouver who so rightly pointed out the virtues of new construction. New homes are “New”, they’ve never been lived in before, and everything is new: bathrooms, kitchens, hot water heaters, stoves, furnace, roof…and more. Everything purportedly works. There are warranties. There are walk throughs. There are sometimes Home Owners Associations with rules and regulations. Those are all great. I understand “new”. My own home was “new” when I built it over 40 years ago…and am still here.We have both changed and I hope for the better.
Here is what I contest: Poor building products. What do I mean? Thin cabinetry of the lower grade even on half million dollar condos, thin granite from China that can not easily be replaced or repaired,poor quality pre-finished hardwood floors or frankly even bamboo, poor quality paint, poor quality molding, poor quality doors…poor quality lumber, poor quality siding. I could go on and on….but add to that, poor quality construction, installation, finishing, painting, follow up on walk throughs.
Oh, and while I am at it…such small home sites that if your house is vinyl and someone next door has a fire…grab the kids and the dog and head out…or the nine pieces of shrubbery that goes in too close together and not properly planted…and then there’s the sales representatives who are not agents and if they are, they need to really make the point that they represent the seller, the builder, and that “By signing here” you give up your right to have any representation…and of course, I get in a wad when the builder presents their closing incentives of so much in closing costs if you the buyer use one of their preferred lenders. This only means that the lender who has been working with you and got you pre-approved is out of luck…and for the builder it is only part of moving money around.
And one last thing…I never look at commission paid until after the offer becomes a contract, but rarely does a builder pay 3%, they chisel it down to 2.5% because I suppose they think we have less to do because it is new construction. How little they know the amount of time we actually put into every sale. Every sale resale and new construction.
So…what are we to do? I think it is my job to help educate the buyer. To ask them to step outside of granite and hardwood floors and look at the reality of each home. My home is over 40 years old and looks and feels and acts like new. Because I take care of it. Fix it now or fix it to sell, but the constant is “Fix it.” I don’t know how to tell buyers to be careful…to ask questions…to be patient…to set the emotions aside, the idea of “home”…aside and look at the finished product, look at the neighborhoods, talk to the people who live there, about their homes, the neighborhood and the builder.I am for new…done well. I am for resales properly cared for…I am for growing but not at the expense of some of the people for the gain of others.
Charlotte will continue to grow. I am a part of that. This hometown is energizing and electric. I want Charlotte to be as good as I know it is and great as I know it will be.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Monday, May 5, 2008
I Reserve the Right to be Wrong Sometimes...
May 5, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
I reserve the right to be wrong sometimes….
For as long as I have lived in Charlotte, for the decades I have been a full-time real estate broker, for the hundreds and hundreds of closings I have been party to…guess what, I have made my share of mistakes. And as the years grew on, I thought I had seen most of everything as a real estate broker.This sub-prime situation is mercurial, complex and ever-changing. I study more about foreclosures and short sales, buying and selling, credit scores, marketing, market value, statistics, the national market, the Charlotte market, where we are, where we’ve been and what might lie ahead.I am outspoken about builders and developers…everything from the quality of building products, the missing craftsmanship in the final product, the rigid guidelines for preferred lenders and the unbending posture in negotiations. I read and visit neighborhoods where the foreclosure rate is high…and read about the opportunity for investors.It would be easy to make a wrong call in all this. But I did.
My first time home buyers did everything I asked…pre-approval…apartment lease termination penalty…worked with their budget after every group of houses we saw. And a couple of the houses were so appealing, I asked for pre-approval letters specific to the home’s address. I was looking in what I deemed “safe” places. I was staying away from new construction. And they found a house, a resale they liked in a new subdivision in Cabarrus County. Again, I played Angel’s Advocate: what about the drive, the cost of gas, what about the schools? Well, we looked at the resale and it was a beauty. The builder was still in the neighborhood and I thought we might see about spec houses and how the pricing compared. Sometimes, this can be a great situation for a buyer given all the pieces fit.
This particular builder gave some thought to his neighborhood. There are sidewalks, a small pool, a Home Owners Association with Rules and Regulations, and larger home sites. And they also made it easy for a broker to show all three of their spec homes by placing a key in our famously secure Supra Lock. The sales representative was easily accessible and was a veritable Johnny on the Spot. He listened carefully to my concerns about price, about closing costs and about terminating the apartment lease to accommodate an earlier closing. All this on the phone while my buyers were thinking and working with their budget. Many phone calls later and just two actual days, I made the appointment for the buyers to meet the sales representative and present their offer…and their request that their mortgage be handled by the broker who had been helping them from loan approval to supplying us with loan approval letters and closing costs on the three “almost” houses.
In every instance, there was friendly discussion, questions, interesting points to be made and finally, in less than two hours, acceptance that was a win-win-win for everyone…including my buyers original mortgage broker. I learned a lot yesterday.
My buyers listened so carefully to each of the steps of the process, I got it myself, how important my role as a broker is. I followed their search around the different areas and learned even more about single family homes, new construction and resales... The current day “know”…trending, marketing and activity.
What did I learn…that all new construction is not gloom and doom. That some home builders seem to take pride in the homes they build and the neighborhoods they create. And this particular case, they honored the buyers’ spread sheet on budget concerns, and valued the buyer’s relationship with their mortgage person. The buyers were listened to and an agreement was reached to everyone’s satisfaction.
Living and learning, that’ me,
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
I reserve the right to be wrong sometimes….
For as long as I have lived in Charlotte, for the decades I have been a full-time real estate broker, for the hundreds and hundreds of closings I have been party to…guess what, I have made my share of mistakes. And as the years grew on, I thought I had seen most of everything as a real estate broker.This sub-prime situation is mercurial, complex and ever-changing. I study more about foreclosures and short sales, buying and selling, credit scores, marketing, market value, statistics, the national market, the Charlotte market, where we are, where we’ve been and what might lie ahead.I am outspoken about builders and developers…everything from the quality of building products, the missing craftsmanship in the final product, the rigid guidelines for preferred lenders and the unbending posture in negotiations. I read and visit neighborhoods where the foreclosure rate is high…and read about the opportunity for investors.It would be easy to make a wrong call in all this. But I did.
My first time home buyers did everything I asked…pre-approval…apartment lease termination penalty…worked with their budget after every group of houses we saw. And a couple of the houses were so appealing, I asked for pre-approval letters specific to the home’s address. I was looking in what I deemed “safe” places. I was staying away from new construction. And they found a house, a resale they liked in a new subdivision in Cabarrus County. Again, I played Angel’s Advocate: what about the drive, the cost of gas, what about the schools? Well, we looked at the resale and it was a beauty. The builder was still in the neighborhood and I thought we might see about spec houses and how the pricing compared. Sometimes, this can be a great situation for a buyer given all the pieces fit.
This particular builder gave some thought to his neighborhood. There are sidewalks, a small pool, a Home Owners Association with Rules and Regulations, and larger home sites. And they also made it easy for a broker to show all three of their spec homes by placing a key in our famously secure Supra Lock. The sales representative was easily accessible and was a veritable Johnny on the Spot. He listened carefully to my concerns about price, about closing costs and about terminating the apartment lease to accommodate an earlier closing. All this on the phone while my buyers were thinking and working with their budget. Many phone calls later and just two actual days, I made the appointment for the buyers to meet the sales representative and present their offer…and their request that their mortgage be handled by the broker who had been helping them from loan approval to supplying us with loan approval letters and closing costs on the three “almost” houses.
In every instance, there was friendly discussion, questions, interesting points to be made and finally, in less than two hours, acceptance that was a win-win-win for everyone…including my buyers original mortgage broker. I learned a lot yesterday.
My buyers listened so carefully to each of the steps of the process, I got it myself, how important my role as a broker is. I followed their search around the different areas and learned even more about single family homes, new construction and resales... The current day “know”…trending, marketing and activity.
What did I learn…that all new construction is not gloom and doom. That some home builders seem to take pride in the homes they build and the neighborhoods they create. And this particular case, they honored the buyers’ spread sheet on budget concerns, and valued the buyer’s relationship with their mortgage person. The buyers were listened to and an agreement was reached to everyone’s satisfaction.
Living and learning, that’ me,
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Saturday, May 3, 2008
Condo CanDo Weekly Wrap-Sales and Green
May 3, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Mecklenburg sales down, but not equally
ALLEN NORWOOD, Charlotte Observer
Real estate folks like to point out that an average is just that, an average. When average sales are down, that doesn't mean sales are down by the same amount in every neighborhood. In fact, sales could be up in some areas, including yours.
Elementary-school math says that's true, and there's plenty of other evidence. Average home prices are down across the country, according to the respected Case-Shiller report – but up slightly in Charlotte.
I wondered whether local sales could be up in one of the nine multiple listing areas in Mecklenburg County, so I compared sales figures for March with the same month last year. The quick answer is no.
As you might imagine, though, Mecklenburg sales aren't down equally.
Sales dipped the least – 19 percent – in Area 8, northwest of uptown. They fell the most in southwest Mecklenburg's Area 6, where they dropped 38 percent. The average for the nine listing areas was 26 percent.
Sales were down at Lake Norman and Lake Wylie, in listing areas that include slivers of Mecklenburg and other counties.
But I did find sales actually up in one lake listing area. March sales of homes, condos and townhouses through Carolina Multiple Listing Services rose 19 percent at Mountain Island Lake.
The statistics are available online if you'd like to explore them. Visit www.carolinahome.com.Chuck Graham’s First Quarter 08 real estate report is up on www.condocando. Com
MORE
From The Charlotte Observer, Bruce Henderson writes:GREENING THE REGION
Elected officials from nine counties and 14 cities heard a sometimes-bleak assessment of the Charlotte region's environmental challenges Friday.
Here's what speakers said about key topics:
Water quality
Land development is now the major cause of the region's water pollution, sending sediment, bacteria, metals, pesticide and oil into streams and lakes. Between 1984 and 2003, municipal areas of the region grew by 99 percent while the number of trees dropped 33 percent, said Mecklenburg water programs chief Rusty Rozzelle. Impaired waters in the Catawba River basin grew 32 percent between 1998 and 2004 alone.
Air quality
The region faces more regulatory headaches over ozone pollution, despite several years of improvement. All eight of the region's air monitoring sites will violate a new ozone standard announced in March, said Mecklenburg air chief Don Willard. The human cost of air pollution: It causes one-third to one-half of N.C. asthma cases, the Environmental Protection Agency estimates, triggering 240,000 asthma attacks and sending 6,300 people to emergency rooms each summer.
Waste management
N.C. residents send far too much recyclable material to landfills. Just 10 counties, including Mecklenburg, account for half of the state's total waste disposal. The average N.C. household recycles only a third of the 745 pounds a year of recyclables it produces each year, said Scott Mouw of the N.C. Department of Environment and Natural Resources.
Open space
Time is running out for local governments to preserve open space, as land values soar. What Mecklenburg residents want, according to surveys: more hiking and biking trails, and large parks, said parks director Jim Garges. What they're most willing to spend tax dollars on: preservation of green space. The reality: 20 percent of the highest-priority natural areas targeted for conservation have been lost to development since 2006, and another 30 percent loss is expected soon.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Mecklenburg sales down, but not equally
ALLEN NORWOOD, Charlotte Observer
Real estate folks like to point out that an average is just that, an average. When average sales are down, that doesn't mean sales are down by the same amount in every neighborhood. In fact, sales could be up in some areas, including yours.
Elementary-school math says that's true, and there's plenty of other evidence. Average home prices are down across the country, according to the respected Case-Shiller report – but up slightly in Charlotte.
I wondered whether local sales could be up in one of the nine multiple listing areas in Mecklenburg County, so I compared sales figures for March with the same month last year. The quick answer is no.
As you might imagine, though, Mecklenburg sales aren't down equally.
Sales dipped the least – 19 percent – in Area 8, northwest of uptown. They fell the most in southwest Mecklenburg's Area 6, where they dropped 38 percent. The average for the nine listing areas was 26 percent.
Sales were down at Lake Norman and Lake Wylie, in listing areas that include slivers of Mecklenburg and other counties.
But I did find sales actually up in one lake listing area. March sales of homes, condos and townhouses through Carolina Multiple Listing Services rose 19 percent at Mountain Island Lake.
The statistics are available online if you'd like to explore them. Visit www.carolinahome.com.Chuck Graham’s First Quarter 08 real estate report is up on www.condocando. Com
MORE
From The Charlotte Observer, Bruce Henderson writes:GREENING THE REGION
Elected officials from nine counties and 14 cities heard a sometimes-bleak assessment of the Charlotte region's environmental challenges Friday.
Here's what speakers said about key topics:
Water quality
Land development is now the major cause of the region's water pollution, sending sediment, bacteria, metals, pesticide and oil into streams and lakes. Between 1984 and 2003, municipal areas of the region grew by 99 percent while the number of trees dropped 33 percent, said Mecklenburg water programs chief Rusty Rozzelle. Impaired waters in the Catawba River basin grew 32 percent between 1998 and 2004 alone.
Air quality
The region faces more regulatory headaches over ozone pollution, despite several years of improvement. All eight of the region's air monitoring sites will violate a new ozone standard announced in March, said Mecklenburg air chief Don Willard. The human cost of air pollution: It causes one-third to one-half of N.C. asthma cases, the Environmental Protection Agency estimates, triggering 240,000 asthma attacks and sending 6,300 people to emergency rooms each summer.
Waste management
N.C. residents send far too much recyclable material to landfills. Just 10 counties, including Mecklenburg, account for half of the state's total waste disposal. The average N.C. household recycles only a third of the 745 pounds a year of recyclables it produces each year, said Scott Mouw of the N.C. Department of Environment and Natural Resources.
Open space
Time is running out for local governments to preserve open space, as land values soar. What Mecklenburg residents want, according to surveys: more hiking and biking trails, and large parks, said parks director Jim Garges. What they're most willing to spend tax dollars on: preservation of green space. The reality: 20 percent of the highest-priority natural areas targeted for conservation have been lost to development since 2006, and another 30 percent loss is expected soon.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte
Friday, May 2, 2008
Wait, Wait, Don't Tell Me...
May 2, 2008
Wait, Wait, Don’t Tell Me…
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Friday: Time for Q/A with Condo CanDo…
1. In buying a newly constructed condominium, should you, the buyer, have a structural and mechanical inspection?
Yes. A friend recently bought a real nifty condo at the lake. There were two condensate lines from the air-conditioner. One line was installed correctly and the second, oops! Forgotten. She spent two weeks in a hotel while the walls were torn out, remediation for mold was performed and the condensate lines properly installed.
2. In buying a resale condominium on the fifth floor, should you have a structural and mechanical inspection?
Yes. There’s glass, heating systems, plumbing and electrical not to mention balconies and terraces. Recently on a brand new condominium, the inspector found water running into the wall from a cement cap on the terrace.
3. In buying a condominium that is a new conversion should you have a structural and mechanical inspection?
Most definitely. Some conversions are totally gutted so by all means, a thorough inspection…and if there was just a cosmetic overhaul, most definitely. And that might include a separate inspection for heating and air.
4. Should you know the percentage of investor owned units before you make an offer on a condominium?
Heavy percentages will affect the type of mortgage you will be able to obtain. With a higher interest rate of course.
5.Should you look at the yearly budget and the last year’s financial statement before you sign on the dotted line for a condominium?
Yes. Look for irregular expenses, like collections and legal fees.
6. Should you read the by-laws and rules and regulations on a condominium before you sign, seal and deliver? Always, always, always.
Condominium living can be great for some folks. Condominium buying may seem more tedious than buying a single family home…invest time up front looking and checking the details. What’s that old saying? An ounce of prevention is worth a pound of cure?
Lynnsy Logue the Real Estate Lady and Condo CanDo in Charlotte NC
Wait, Wait, Don’t Tell Me…
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Friday: Time for Q/A with Condo CanDo…
1. In buying a newly constructed condominium, should you, the buyer, have a structural and mechanical inspection?
Yes. A friend recently bought a real nifty condo at the lake. There were two condensate lines from the air-conditioner. One line was installed correctly and the second, oops! Forgotten. She spent two weeks in a hotel while the walls were torn out, remediation for mold was performed and the condensate lines properly installed.
2. In buying a resale condominium on the fifth floor, should you have a structural and mechanical inspection?
Yes. There’s glass, heating systems, plumbing and electrical not to mention balconies and terraces. Recently on a brand new condominium, the inspector found water running into the wall from a cement cap on the terrace.
3. In buying a condominium that is a new conversion should you have a structural and mechanical inspection?
Most definitely. Some conversions are totally gutted so by all means, a thorough inspection…and if there was just a cosmetic overhaul, most definitely. And that might include a separate inspection for heating and air.
4. Should you know the percentage of investor owned units before you make an offer on a condominium?
Heavy percentages will affect the type of mortgage you will be able to obtain. With a higher interest rate of course.
5.Should you look at the yearly budget and the last year’s financial statement before you sign on the dotted line for a condominium?
Yes. Look for irregular expenses, like collections and legal fees.
6. Should you read the by-laws and rules and regulations on a condominium before you sign, seal and deliver? Always, always, always.
Condominium living can be great for some folks. Condominium buying may seem more tedious than buying a single family home…invest time up front looking and checking the details. What’s that old saying? An ounce of prevention is worth a pound of cure?
Lynnsy Logue the Real Estate Lady and Condo CanDo in Charlotte NC
Thursday, May 1, 2008
Charlotte Condos We Favor….
May 1, 2008
Charlotte Condos we favor….
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
It all depends a friend of mine says. It all depends on where you are going, how long you plan on staying and what about your life style? Yep, it all depends. Still, I have a few favorite condominiums.Being a long time resident of Charlotte, I recall the days when we knew the builders’ names…and their reputations. There was John Crosland, Sr…and still building, John Crosland, Jr., William Trotter and now son, Paul,, Herman Nance, Charles Erwin, Mr. Thomason…well, you get my drift.
Now days it’s names of companies. Except in one instance.
There is a fellow who has been building for some years now. When I first spoke with him over the phone maybe ten years ago, I thought he was my senior. Then I met him. He is a younger man with traditional ideas and takes a hands-on approach to the condominiums he builds. He’s often on the job site.His buildings are small compared to the uptown towers. They are often nestled in 
our exquisite neighborhoods: Myers Park, Eastover and one on the fringe of Dilworth, and one almost in Barclay Downs in SouthPark. The buildings are all different. The one component they have in common: class.So while I can go on and on about other builder’s lack of attention to building products and quality of construction, I have only praise for Brian Speas. I am sure I am joined by the residents of his buildings, the 
real estate agents he works with, and the neighborhoods he enhances by his tasteful designs and his fine execution of every detail right down to individual landscaping for each address.I have pictures of each one and will search for a sketch of the new one.
There is The Oakley at Park and almost Scott.
Carnegie Place in SouthPark.
Boxwood in Myers Park.
Fenton Place in Eastover.
Eastover Place on Fenton.
And I am sure the new one will top my list, The Cherokee. Eastover.
Thank you Brian Speas.
Tomorrow, we continue with Condo CanDo Questions and Answers. Please join us.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Charlotte Condos we favor….
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
It all depends a friend of mine says. It all depends on where you are going, how long you plan on staying and what about your life style? Yep, it all depends. Still, I have a few favorite condominiums.Being a long time resident of Charlotte, I recall the days when we knew the builders’ names…and their reputations. There was John Crosland, Sr…and still building, John Crosland, Jr., William Trotter and now son, Paul,, Herman Nance, Charles Erwin, Mr. Thomason…well, you get my drift.
Now days it’s names of companies. Except in one instance.
There is a fellow who has been building for some years now. When I first spoke with him over the phone maybe ten years ago, I thought he was my senior. Then I met him. He is a younger man with traditional ideas and takes a hands-on approach to the condominiums he builds. He’s often on the job site.His buildings are small compared to the uptown towers. They are often nestled in 
our exquisite neighborhoods: Myers Park, Eastover and one on the fringe of Dilworth, and one almost in Barclay Downs in SouthPark. The buildings are all different. The one component they have in common: class.So while I can go on and on about other builder’s lack of attention to building products and quality of construction, I have only praise for Brian Speas. I am sure I am joined by the residents of his buildings, the 
real estate agents he works with, and the neighborhoods he enhances by his tasteful designs and his fine execution of every detail right down to individual landscaping for each address.I have pictures of each one and will search for a sketch of the new one.There is The Oakley at Park and almost Scott.
Carnegie Place in SouthPark.
Boxwood in Myers Park.
Fenton Place in Eastover.
Eastover Place on Fenton.
And I am sure the new one will top my list, The Cherokee. Eastover.
Thank you Brian Speas.
Tomorrow, we continue with Condo CanDo Questions and Answers. Please join us.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Wednesday, April 30, 2008
A Tribute to Warren...Urban, Visionary, Artist
April 30, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
A Tribute to Warren
May 1st, tomorrow, at Queens Art Gallery, 1212 The Plaza, in Charlotte, NC
Artevation, A Celebration of History Through Art will begin. An art show and tribute to Warren Burgess, an influential city planner, urban designer and talented artist who worked many years for the Charlotte-Mecklenburg Planning Commission and the Town of Davidson. Warren died in 2005.
The following is an editorial written by Mary Newsome:
Sat, May. 14, 2005URBAN OUTLOOK
Planner, artist understood the power of placeWithout power or wealth, he left a legacy rich in humanityMARY NEWSOM
It's conventional wisdom to believe today's Charlotte is a creation of titans -- the likes of Hugh McColl and D.A.
Tompkins, the Big Guys, who have Big Money and wield Big Power and leave Big Footprints.
But in truth cities are more complex than that. Other people with less fame, less power and a lot less money leave important footprints, too.
Warren Burgess, who Tuesday died unexpectedly and far, far too soon at age 56, was never powerful, never famous and most definitely never rich -- at least not in money. He'll probably never get his due in any history books on Charlotte . But Burgess left his fingerprints all over this city, in the plans he drew, the enduring vision he had for his city and the people and places he touched.
Cities need catalysts, and Warren was a catalyst. He was always putting one person in touch with just the right other person, and dropping a good idea in just the right place, and in doing so altering the course of the planet.
I met him almost 11 years ago. I had written a column lamenting the lack of community gathering places in most Charlotte neighborhoods.
A few weeks later the phone rang and some guy said he was a city planner and he had my column posted on the wall of his office and would I like to have lunch? I figured it wouldn't hurt to know a city planner, especially someone who liked my columns.
He was one of the thinnest people I had ever met, walked with a limp and handed me a book he had bought for me on a hunch -- Jane Jacobs' "The Death and Life of Great American Cities" -- which fed my curiosity about cities and pretty much changed the course of my career.
We shared an interest in art and cities, in mountain streams (he loved fly fishing for trout) and, most important, in neighborhoods and how their buildings and streets shape the lives of the people who live there. He was a planner who understood that real places and people are always more important than theories and statistics.
He was an urbanist, rare for a late 20th-century, Southern city. He filled notebook after notebook with drawings of neighborhoods where he did plans. He would walk the streets in a wide-brimmed straw hat, talk to people and just hang out until he absorbed a sense of the place into those thin bones of his.
That's one reason dozens -- no, hundreds -- of Charlotteans met Burgess over the decades and treasured his friendship. I was forever finding out that friends of mine had already known him for years. He lived his life like a one-man community center, always getting people together in his own quiet way.
And though Burgess' feet may have been planted on city sidewalks, his imagination was soaring. On the wall at my desk is his pen and ink version of North Davidson Street , looking toward the towers of uptown. But it differs subtly from reality. Burgess, in his drawing, buried the power lines, as he did in most of his sketches. He once drew a plan for a European-style boulevard along N.C. 49 at UNC Charlotte.
Next time you go down West Trade Street near Johnson & Wales University , look around. In the 1990s Burgess was the city's urban designer for a Third Ward Plan that -- to its everlasting credit -- Bank of America pretty much followed in developing Gateway Center . The low-scale buildings with stores below and homes above, hiding the parking decks, those were Warren 's vision.
Another of his visions is the drawing shown here, part of the 2001 Central Avenue Streetscape Plan. Notice how the Central Avenue bridge over Briar Creek has become something beautiful, reminiscent of Rome or Paris , with flags, a stone balustrade and an arch over the creek. On the creekside greenway is a bicyclist.
Burgess suffered from arthritis and had walked with a cane ever since I had met him. Look closely at his drawings, and almost always you see someone with a cane.
In the bridge drawing, a thin figure in a wide-brimmed hat appears to stand in the creek, holding a cane in one hand and what looks like a fishing rod in the other. Miraculously, if you know Briar Creek, he is landing what can only be a trout. Talk about the power of dreaming.
Warren Burgess was a gifted planner and a visionary. He translated his vision via watercolors and his work is impeccable. Warren brought us the gift of his vision with sketches of Uptown Historic and watercolors of various neighborhoods, Dilworth, Wesley Heights, Plaza/Midwood, NoDa and others.
We have built a special website for Warren within AtHomeCharlotte.com.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
A Tribute to Warren
May 1st, tomorrow, at Queens Art Gallery, 1212 The Plaza, in Charlotte, NC
Artevation, A Celebration of History Through Art will begin. An art show and tribute to Warren Burgess, an influential city planner, urban designer and talented artist who worked many years for the Charlotte-Mecklenburg Planning Commission and the Town of Davidson. Warren died in 2005.
The following is an editorial written by Mary Newsome:
Sat, May. 14, 2005URBAN OUTLOOK
Planner, artist understood the power of placeWithout power or wealth, he left a legacy rich in humanityMARY NEWSOM
It's conventional wisdom to believe today's Charlotte is a creation of titans -- the likes of Hugh McColl and D.A.
Tompkins, the Big Guys, who have Big Money and wield Big Power and leave Big Footprints.But in truth cities are more complex than that. Other people with less fame, less power and a lot less money leave important footprints, too.
Warren Burgess, who Tuesday died unexpectedly and far, far too soon at age 56, was never powerful, never famous and most definitely never rich -- at least not in money. He'll probably never get his due in any history books on Charlotte . But Burgess left his fingerprints all over this city, in the plans he drew, the enduring vision he had for his city and the people and places he touched.
Cities need catalysts, and Warren was a catalyst. He was always putting one person in touch with just the right other person, and dropping a good idea in just the right place, and in doing so altering the course of the planet.
I met him almost 11 years ago. I had written a column lamenting the lack of community gathering places in most Charlotte neighborhoods.
A few weeks later the phone rang and some guy said he was a city planner and he had my column posted on the wall of his office and would I like to have lunch? I figured it wouldn't hurt to know a city planner, especially someone who liked my columns.
He was one of the thinnest people I had ever met, walked with a limp and handed me a book he had bought for me on a hunch -- Jane Jacobs' "The Death and Life of Great American Cities" -- which fed my curiosity about cities and pretty much changed the course of my career.
We shared an interest in art and cities, in mountain streams (he loved fly fishing for trout) and, most important, in neighborhoods and how their buildings and streets shape the lives of the people who live there. He was a planner who understood that real places and people are always more important than theories and statistics.
He was an urbanist, rare for a late 20th-century, Southern city. He filled notebook after notebook with drawings of neighborhoods where he did plans. He would walk the streets in a wide-brimmed straw hat, talk to people and just hang out until he absorbed a sense of the place into those thin bones of his.
That's one reason dozens -- no, hundreds -- of Charlotteans met Burgess over the decades and treasured his friendship. I was forever finding out that friends of mine had already known him for years. He lived his life like a one-man community center, always getting people together in his own quiet way.
And though Burgess' feet may have been planted on city sidewalks, his imagination was soaring. On the wall at my desk is his pen and ink version of North Davidson Street , looking toward the towers of uptown. But it differs subtly from reality. Burgess, in his drawing, buried the power lines, as he did in most of his sketches. He once drew a plan for a European-style boulevard along N.C. 49 at UNC Charlotte.
Next time you go down West Trade Street near Johnson & Wales University , look around. In the 1990s Burgess was the city's urban designer for a Third Ward Plan that -- to its everlasting credit -- Bank of America pretty much followed in developing Gateway Center . The low-scale buildings with stores below and homes above, hiding the parking decks, those were Warren 's vision.
Another of his visions is the drawing shown here, part of the 2001 Central Avenue Streetscape Plan. Notice how the Central Avenue bridge over Briar Creek has become something beautiful, reminiscent of Rome or Paris , with flags, a stone balustrade and an arch over the creek. On the creekside greenway is a bicyclist.
Burgess suffered from arthritis and had walked with a cane ever since I had met him. Look closely at his drawings, and almost always you see someone with a cane.
In the bridge drawing, a thin figure in a wide-brimmed hat appears to stand in the creek, holding a cane in one hand and what looks like a fishing rod in the other. Miraculously, if you know Briar Creek, he is landing what can only be a trout. Talk about the power of dreaming.
Warren Burgess was a gifted planner and a visionary. He translated his vision via watercolors and his work is impeccable. Warren brought us the gift of his vision with sketches of Uptown Historic and watercolors of various neighborhoods, Dilworth, Wesley Heights, Plaza/Midwood, NoDa and others.
We have built a special website for Warren within AtHomeCharlotte.com.
Tuesday, April 29, 2008
Ladies and Gentlemen, Sharpen Your Pencils…Pop Quiz!!!
April 29, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Ladies and Gentlemen, Sharpen Your Pencils…Pop Quiz!
1.True Story: In Charlotte, NC, there is a nice, older townhome community located between South Park and Quail Hollow. It has three pools, a lake, tennis courts and a nice clubhouse. The units are all brick, quite spacious and may need some updating. But the prices are rising and I for one have always thought they were a sensible buy. Well, according to a closing attorney I spoke with yesterday…a man from the North bought one the units and moved in, carrying his stuff back and forth from his apartment in his truck.
Do you think he read the documents before signing on the dotted line?
Do you think there might be anything in those documents about trucks and boats?
2. This is my current favorite. In one of the uptown new towers, a fellow bought a unit that he says he bought for his folks who since the purchase now have health issues. So he signed up a property management company to lease the property for him. A woman transferring from Texas signed a year’s lease, got all moved in and was loving it.Until she was contacted by the concierge who said that unit was not bought to be a rental. She was told she would have to move.
Do you suppose anyone, owner or property manager read the documents?
3. Folks who live at The Lake or in Ballantyne will sometimes buy an uptown condo as a second home, often to get a better rate than an investor would. Or at Piedmont Row in SouthPark…so, would that skew the investor ratio?
Would there be a clause in the documents that refers to a certain period before an owner can lease or sell?
Yes, the documents are like a book. Maybe a 100 pages and it is dry, dry, dry. I take that back, I actually like reading them. Documents are important, folks.
It’s your money.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
PS. Answers. Hold your phone upside down to read:
Q1 Trucks are not allowed. He had to sell the truck.
Q2 Jury is out. The tenant did not cause the mess.
Q3.Too many investors will change the complex profile adversely.
Q4.You can always make your offer to purchase contingent on having a real estate attorney read the docs for you within a certain time frame.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Ladies and Gentlemen, Sharpen Your Pencils…Pop Quiz!
1.True Story: In Charlotte, NC, there is a nice, older townhome community located between South Park and Quail Hollow. It has three pools, a lake, tennis courts and a nice clubhouse. The units are all brick, quite spacious and may need some updating. But the prices are rising and I for one have always thought they were a sensible buy. Well, according to a closing attorney I spoke with yesterday…a man from the North bought one the units and moved in, carrying his stuff back and forth from his apartment in his truck.
Do you think he read the documents before signing on the dotted line?
Do you think there might be anything in those documents about trucks and boats?
2. This is my current favorite. In one of the uptown new towers, a fellow bought a unit that he says he bought for his folks who since the purchase now have health issues. So he signed up a property management company to lease the property for him. A woman transferring from Texas signed a year’s lease, got all moved in and was loving it.Until she was contacted by the concierge who said that unit was not bought to be a rental. She was told she would have to move.
Do you suppose anyone, owner or property manager read the documents?
3. Folks who live at The Lake or in Ballantyne will sometimes buy an uptown condo as a second home, often to get a better rate than an investor would. Or at Piedmont Row in SouthPark…so, would that skew the investor ratio?
Would there be a clause in the documents that refers to a certain period before an owner can lease or sell?
Yes, the documents are like a book. Maybe a 100 pages and it is dry, dry, dry. I take that back, I actually like reading them. Documents are important, folks.
It’s your money.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
PS. Answers. Hold your phone upside down to read:
Q1 Trucks are not allowed. He had to sell the truck.
Q2 Jury is out. The tenant did not cause the mess.
Q3.Too many investors will change the complex profile adversely.
Q4.You can always make your offer to purchase contingent on having a real estate attorney read the docs for you within a certain time frame.
Monday, April 28, 2008
Stop The Clock-Time Out Called!
April 28, 2008
Stop The Clock…Time Out Called!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
It was the best of times, it is the worst of times…you’ve heard that one, right?
Well, it is the best of times because I am doing the things I love: learning, going to real estate and computer classes, visiting new construction sites, reading all the news from the local MLS folks and then pouring over the statistics from the National Association…and writing for my websites, taking pictures, talking to The Pros and polishing all three websites adding podcasts and blogs and wait till you see what else I have in store for you…and it is the (not really) worst of times…The market is iffy, people are frightened. Is the media helping? Not really. Charlotte is insulated somewhat and my business comes from the web and referrals from folks and families I have worked with for over 20 years.But I am calling this time out…to announce to you all in Blog Land and in Podcast-ville that, yes, I am a full-time, working real estate broker. Yes, I market property and have a good time doing it…and am successful at it…and I work with buyers…first time buyers, condo buyers, mc mansion buyers, horse farm buyers, trading up and moving down buyers…I love it. I want your business. I love solving problems and figuring out the pieces to a real estate transaction. I hope that answers the folks who ask the question, do I? Yes, I do!
So…let’s play ball!
What’s new? The industry is analyzing Short Sales, the definition and the execution.
In Charlotte, government leaders are working together with the self-help credit folks to design and implement a lease to purchase program for one of the hardest hit new communities. On the condo front, it looks like the visionary project of Pete Verna, The Park, has hit a substantially
significant snag and is stopped. On the 55 plus screen, a total retirement community was announced by Erikson in Matthews, one of the fast growing areas of Mecklenburg.This weekend I received calls from investors from others states as well as folks moving here from around the country. And everyone who comes here joins our chorus, We love it!
Time Out is Up…back to work as
The Real Estate Lady and Condo CanDo in Charlotte NC. This is Lynnsy Logue.
Stop The Clock…Time Out Called!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
It was the best of times, it is the worst of times…you’ve heard that one, right?
Well, it is the best of times because I am doing the things I love: learning, going to real estate and computer classes, visiting new construction sites, reading all the news from the local MLS folks and then pouring over the statistics from the National Association…and writing for my websites, taking pictures, talking to The Pros and polishing all three websites adding podcasts and blogs and wait till you see what else I have in store for you…and it is the (not really) worst of times…The market is iffy, people are frightened. Is the media helping? Not really. Charlotte is insulated somewhat and my business comes from the web and referrals from folks and families I have worked with for over 20 years.But I am calling this time out…to announce to you all in Blog Land and in Podcast-ville that, yes, I am a full-time, working real estate broker. Yes, I market property and have a good time doing it…and am successful at it…and I work with buyers…first time buyers, condo buyers, mc mansion buyers, horse farm buyers, trading up and moving down buyers…I love it. I want your business. I love solving problems and figuring out the pieces to a real estate transaction. I hope that answers the folks who ask the question, do I? Yes, I do!
So…let’s play ball!
What’s new? The industry is analyzing Short Sales, the definition and the execution.
In Charlotte, government leaders are working together with the self-help credit folks to design and implement a lease to purchase program for one of the hardest hit new communities. On the condo front, it looks like the visionary project of Pete Verna, The Park, has hit a substantially
significant snag and is stopped. On the 55 plus screen, a total retirement community was announced by Erikson in Matthews, one of the fast growing areas of Mecklenburg.This weekend I received calls from investors from others states as well as folks moving here from around the country. And everyone who comes here joins our chorus, We love it!
Time Out is Up…back to work as
The Real Estate Lady and Condo CanDo in Charlotte NC. This is Lynnsy Logue.
Saturday, April 26, 2008
Condo CanDo's Weekly Wrap by the Numbers
April 26, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Our Weekly Wrap by the Numbers
This has been a lovely spring…rain by showers and rain by thunderstorms and early morning fog and rain. We measure the rain by inches, last year and this year, the lowest and the highest, the longest and the shortest. We count.
And the other numbers we look at are where we are in the country. As real estate goes we are in the top markets and the only one with a small percentage of appreciation. And yes, the Charlotte market is off but still perking. One problem we have is folks coming from other parts of the country can’t sell what they have to buy here.
And what about those coming to Charlotte?The Mecklenburg Times, our Business and Court Newspaper have a great article about where Charlotte has been and where Charlotte is going according to snapshots from the Census.
Where we have been:
2000 CensusMecklenburg County Population 695,454
Charlotte Population 540,824
National Rank 26th
Metro-area Population: 1.33 Million
National rank: 37th
Rate of growth for metro area in the 90’s:29%
Where we are going:
Projections for 2010 from recent Census Bureau estimates:
Mecklenburg County Population: 940,614
Charlotte Population 668,900
National rank: Top 20
Metro-area population:1.79 million
National Rank: Top 33
Rate of growth for metro area in the 2000’s: 34%
Tony Crumbley, vice president of research for the Chamber of Commerce Economic Development Office thinks a lot of businesses move here for similar reasons, one of the biggest being their desire to build a workforce based on Charlotte’s pool of available labor. He thinks this market is growth-oriented, young and diverse. Further, he says Charlotte has the second highest migration (nationally) of young, educated people between 25 and 30 with a college degree. He adds, “I’d put us in the category of a flower about to bloom-we’ve seen nothing yet, but we’re just now budding and the growth potential here is phenomenal. We’ve just been discovered.”
And while that is the good news by the numbers, the downside is residents are frustrated about crime. For the first three months of 2008, violent crime rose 15.3 percent and property crime rose 11.9 percent compared with the same three months in 2007. And residents from neighborhoods across the city are coming together within Neighbors for a Safer Charlotte. For more information about the grassroots organization, go to http://www.neighborsforasafercharlotte.orgsafercharlotte.org/.
Thanks for joining us. This is
Lynnsy Logue The Real Estate Lady,Condo CanDo in Charlotte, NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Our Weekly Wrap by the Numbers
This has been a lovely spring…rain by showers and rain by thunderstorms and early morning fog and rain. We measure the rain by inches, last year and this year, the lowest and the highest, the longest and the shortest. We count.
And the other numbers we look at are where we are in the country. As real estate goes we are in the top markets and the only one with a small percentage of appreciation. And yes, the Charlotte market is off but still perking. One problem we have is folks coming from other parts of the country can’t sell what they have to buy here.
And what about those coming to Charlotte?The Mecklenburg Times, our Business and Court Newspaper have a great article about where Charlotte has been and where Charlotte is going according to snapshots from the Census.
Where we have been:
2000 CensusMecklenburg County Population 695,454
Charlotte Population 540,824
National Rank 26th
Metro-area Population: 1.33 Million
National rank: 37th
Rate of growth for metro area in the 90’s:29%
Where we are going:
Projections for 2010 from recent Census Bureau estimates:
Mecklenburg County Population: 940,614
Charlotte Population 668,900
National rank: Top 20
Metro-area population:1.79 million
National Rank: Top 33
Rate of growth for metro area in the 2000’s: 34%
Tony Crumbley, vice president of research for the Chamber of Commerce Economic Development Office thinks a lot of businesses move here for similar reasons, one of the biggest being their desire to build a workforce based on Charlotte’s pool of available labor. He thinks this market is growth-oriented, young and diverse. Further, he says Charlotte has the second highest migration (nationally) of young, educated people between 25 and 30 with a college degree. He adds, “I’d put us in the category of a flower about to bloom-we’ve seen nothing yet, but we’re just now budding and the growth potential here is phenomenal. We’ve just been discovered.”
And while that is the good news by the numbers, the downside is residents are frustrated about crime. For the first three months of 2008, violent crime rose 15.3 percent and property crime rose 11.9 percent compared with the same three months in 2007. And residents from neighborhoods across the city are coming together within Neighbors for a Safer Charlotte. For more information about the grassroots organization, go to http://www.neighborsforasafercharlotte.orgsafercharlotte.org/.
Thanks for joining us. This is
Lynnsy Logue The Real Estate Lady,Condo CanDo in Charlotte, NC
Friday, April 25, 2008
Friday: It's Condo CanDo Q/A Day
April 25, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Friday is Q/A Day on Condo CanDo’s schedule. Here Goes:
Q1. Do you have other links relating to Radon?( Re: Latta Pavilion Is Sick feature)
A1. Yes and here they are:
1. http://www.epa.gov/radon
2. http://www.neha-nrpp.org
3. http://www.nrsb.org
4. http://www.radon.biz
5. http://www.radonworld.com
6. http://www.rtca.com
7. http://www.aarst.org
8. http://www.who.int
We received this with the article from the Wall St. Journal on Radon.
Links are included in podcast as well on our blog…and of course, there’s Condo CanDo and they are posted there as well under “Blog”.
Q2.How will condo foreclosures affect a complex overall?
Complex answer in a way. Foreclosures are just a part of the problem. Units without owners are not paying HOA dues.This might further distance mortgage investors.
Q3. What is the status of the condominium The Park? Stalled or stopped?
It would appear the project is on hold because of unpaid bills according to a recent report from the Business Journal.
Q4. How do you feel about the announcement of so many apartment projects where there were once condominium projects talked about?
Apartments are probably cheaper to build than condominiums and I’ll be willing to bet that we will see these apartment projects convert to condominiums once the market turns. That is an interesting financial scenario isn’t it?
Q5. Is Centex going ahead with their development on West Tyvola and Tyvola Center Drive? Preliminary plans called for as many as 248 residential units plus commercial space.
Plans have been dropped, the contract terminated and a rezoning petition to support the project has been withdrawn.
Q6. You wrote about the number of cranes in the uptown area. How many are there really?
Twenty eight in all.
Saturday is our wrap up day usually. So until tomorrow, this is
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Friday is Q/A Day on Condo CanDo’s schedule. Here Goes:
Q1. Do you have other links relating to Radon?( Re: Latta Pavilion Is Sick feature)
A1. Yes and here they are:
1. http://www.epa.gov/radon
2. http://www.neha-nrpp.org
3. http://www.nrsb.org
4. http://www.radon.biz
5. http://www.radonworld.com
6. http://www.rtca.com
7. http://www.aarst.org
8. http://www.who.int
We received this with the article from the Wall St. Journal on Radon.
Links are included in podcast as well on our blog…and of course, there’s Condo CanDo and they are posted there as well under “Blog”.
Q2.How will condo foreclosures affect a complex overall?
Complex answer in a way. Foreclosures are just a part of the problem. Units without owners are not paying HOA dues.This might further distance mortgage investors.
Q3. What is the status of the condominium The Park? Stalled or stopped?
It would appear the project is on hold because of unpaid bills according to a recent report from the Business Journal.
Q4. How do you feel about the announcement of so many apartment projects where there were once condominium projects talked about?
Apartments are probably cheaper to build than condominiums and I’ll be willing to bet that we will see these apartment projects convert to condominiums once the market turns. That is an interesting financial scenario isn’t it?
Q5. Is Centex going ahead with their development on West Tyvola and Tyvola Center Drive? Preliminary plans called for as many as 248 residential units plus commercial space.
Plans have been dropped, the contract terminated and a rezoning petition to support the project has been withdrawn.
Q6. You wrote about the number of cranes in the uptown area. How many are there really?
Twenty eight in all.
Saturday is our wrap up day usually. So until tomorrow, this is
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Thursday, April 24, 2008
I Believe in Asking for Help
April 24, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
I Believe in Asking for Help
As you know by now, I read a lot. I read a lot to learn about the opinions of others, both clear sighted and obtuse. The daily papers, the business journal, the hip-hop weekly, reams of professional newsletters, association magazines, reports from every corner be they mortgage or bank, builder and developer, real estate statistics from around the country and in our own fair city, Charlotte. I read a lot.
This is what I believe. The housing bubble is a mess. The causes are becoming clearer. It seems it was and is a house of cards. I have learned more about foreclosure that I ever would have thought, about the processes and the lack of processes, about short sales, about mortgage brokers and bankers, about abandoned homes, boarded up houses, communities in trouble. People blaming and being blamed. Recently I am reading about how it is a good time for investors to buy because prices are lower and interest rates are lower. Some of the articles are pretty basic. Some of the How To’s are for sale either in book form, or conference calls or DVD’s. And the part of our culture that turns a mess into an opportunity is beginning to take shape. Some will profit from the mess. Some will be scared for a long time. And some will be somewhat unscathed. But we are all feeling the uncertainty. Even me.And I think that what I would want is for people to learn to ask for help. And maybe what I want is for the banks and mortgage investors and mortgage service companies and mortgage insurance companies to begin calling their clients and asking how are you doing? Do you think you will need help? We need your help in letting us know before it gets to foreclosure or short sale. We want you to stay in your home and we want you to know we are here to help. I want these professional people to set up a giant call center and begin calling everyone who has a mortgage. Everyone. Every sinle one. And ask those questions. And maybe, just maybe, we can stop the fear and start rebuilding trust.
I believe an ounce of prevention is worth a pound of cure. I believe we can all ask for help.
And I believe now is the time.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
I Believe in Asking for Help
As you know by now, I read a lot. I read a lot to learn about the opinions of others, both clear sighted and obtuse. The daily papers, the business journal, the hip-hop weekly, reams of professional newsletters, association magazines, reports from every corner be they mortgage or bank, builder and developer, real estate statistics from around the country and in our own fair city, Charlotte. I read a lot.
This is what I believe. The housing bubble is a mess. The causes are becoming clearer. It seems it was and is a house of cards. I have learned more about foreclosure that I ever would have thought, about the processes and the lack of processes, about short sales, about mortgage brokers and bankers, about abandoned homes, boarded up houses, communities in trouble. People blaming and being blamed. Recently I am reading about how it is a good time for investors to buy because prices are lower and interest rates are lower. Some of the articles are pretty basic. Some of the How To’s are for sale either in book form, or conference calls or DVD’s. And the part of our culture that turns a mess into an opportunity is beginning to take shape. Some will profit from the mess. Some will be scared for a long time. And some will be somewhat unscathed. But we are all feeling the uncertainty. Even me.And I think that what I would want is for people to learn to ask for help. And maybe what I want is for the banks and mortgage investors and mortgage service companies and mortgage insurance companies to begin calling their clients and asking how are you doing? Do you think you will need help? We need your help in letting us know before it gets to foreclosure or short sale. We want you to stay in your home and we want you to know we are here to help. I want these professional people to set up a giant call center and begin calling everyone who has a mortgage. Everyone. Every sinle one. And ask those questions. And maybe, just maybe, we can stop the fear and start rebuilding trust.
I believe an ounce of prevention is worth a pound of cure. I believe we can all ask for help.
And I believe now is the time.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Wednesday, April 23, 2008
Short Sale. How's It Going?
April 23, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
I read a good bit to keep up with all the changes all the time. I thought this an interesting article to follow the preceding one on foreclosures.
Here goes:Daily Real Estate News April 17, 2008
Why Lenders Balk at Short Sales The NATIONAL ASSOCIATION OF REALTORS® says 18 percent of home transactions are now short sales, though experts point out that lenders are reluctant to approve such deals. Research from Clayton Holdings Inc. indicates that lenders lose only 19 percent of the loan amount on average with a short sale, compared to 40 percent on a traditional foreclosure sale. However, short sales require approvals from primary lenders, servicers, investors, and home-equity lenders--a process that can take several months to complete. Mortgage servicers blame delays on staff shortages resulting from the unexpected rise in problem loans, and Mortgage Bankers Association Senior Director Vicki Vidal points out that pricing also poses a challenge because buyers are making low-ball offers on distressed properties. While servicers prefer repayment plans and modifications to short sales, the process is getting easier for borrowers who are encountering financial difficulties but continue to make timely payments. Additionally, Fannie Mae and Freddie Mac both are taking steps to speed up the process, with Fannie Mae looking to make acceptable minimum prices known beforehand and Freddie Mac giving servicers more leeway in approving short sales.
Source: Wall Street Journal, Ruth Simon and James Hagerty (04/17/08)
More discussion on foreclosures and short sales in the mix.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
I read a good bit to keep up with all the changes all the time. I thought this an interesting article to follow the preceding one on foreclosures.
Here goes:Daily Real Estate News April 17, 2008
Why Lenders Balk at Short Sales The NATIONAL ASSOCIATION OF REALTORS® says 18 percent of home transactions are now short sales, though experts point out that lenders are reluctant to approve such deals. Research from Clayton Holdings Inc. indicates that lenders lose only 19 percent of the loan amount on average with a short sale, compared to 40 percent on a traditional foreclosure sale. However, short sales require approvals from primary lenders, servicers, investors, and home-equity lenders--a process that can take several months to complete. Mortgage servicers blame delays on staff shortages resulting from the unexpected rise in problem loans, and Mortgage Bankers Association Senior Director Vicki Vidal points out that pricing also poses a challenge because buyers are making low-ball offers on distressed properties. While servicers prefer repayment plans and modifications to short sales, the process is getting easier for borrowers who are encountering financial difficulties but continue to make timely payments. Additionally, Fannie Mae and Freddie Mac both are taking steps to speed up the process, with Fannie Mae looking to make acceptable minimum prices known beforehand and Freddie Mac giving servicers more leeway in approving short sales.
Source: Wall Street Journal, Ruth Simon and James Hagerty (04/17/08)
More discussion on foreclosures and short sales in the mix.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Tuesday, April 22, 2008
Are Foreclosures A Buy?
April 22, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
This from AP Money and Markets :
Are Foreclosures a buy?Speculators fled the real estate market in 2006 when home prices began falling sharply. But a new type of investor is looking to make money in the battered housing market by buying foreclosures-and he or she may be on to something.The bank that owns a foreclosed home is looking to recover the value of the home’s unpaid mortgage, and quickly. That presents an opportunity to get a property below market value. “You can double your money if you buy and hold for ten years”, says Ralph Roberts, a Detroit area broker and author of “Foreclosure Investing for Dummies. “Interest rates are low and prices are low. Now is a good time to buy.” He says most foreclosure buyers get properties for between 75 percent and 90 percent of market value.
Roberts advises buying a property near your workplace or current home. After looking at several, go with the best deal. “Don’t negotiate with the bank-make an offer and then go dark,” he says. If you buy at auction, the full price is often required at the event, or soon after, so be prepared with the payment.
Buying foreclosures is not without risk. “Just because it’s in foreclosure doesn’t mean it’s a bargain,” Roberts says. Things to look out for: Don’t buy in a market with too many foreclosed homes-no more than a few in any area. Also, regular maintenance likely wasn’t done, so there may be substantial costs beyond the purchase price.
And don’t trust late night TV gurus-there are scams aplenty. “Many are simply very good sales people who know how to push your buttons to extract a tremendous amount of money out of you,” says Alexis McGee of Foreclosures.com. She lists several well-known schemes on her Web site.
“Get a good agent, a good lawyer, good inspector and do your homework,” Roberts says. Then start checking the foreclosure listings.
Tomorrow: Follow Up on Short Sales
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
This from AP Money and Markets :
Are Foreclosures a buy?Speculators fled the real estate market in 2006 when home prices began falling sharply. But a new type of investor is looking to make money in the battered housing market by buying foreclosures-and he or she may be on to something.The bank that owns a foreclosed home is looking to recover the value of the home’s unpaid mortgage, and quickly. That presents an opportunity to get a property below market value. “You can double your money if you buy and hold for ten years”, says Ralph Roberts, a Detroit area broker and author of “Foreclosure Investing for Dummies. “Interest rates are low and prices are low. Now is a good time to buy.” He says most foreclosure buyers get properties for between 75 percent and 90 percent of market value.
Roberts advises buying a property near your workplace or current home. After looking at several, go with the best deal. “Don’t negotiate with the bank-make an offer and then go dark,” he says. If you buy at auction, the full price is often required at the event, or soon after, so be prepared with the payment.
Buying foreclosures is not without risk. “Just because it’s in foreclosure doesn’t mean it’s a bargain,” Roberts says. Things to look out for: Don’t buy in a market with too many foreclosed homes-no more than a few in any area. Also, regular maintenance likely wasn’t done, so there may be substantial costs beyond the purchase price.
And don’t trust late night TV gurus-there are scams aplenty. “Many are simply very good sales people who know how to push your buttons to extract a tremendous amount of money out of you,” says Alexis McGee of Foreclosures.com. She lists several well-known schemes on her Web site.
“Get a good agent, a good lawyer, good inspector and do your homework,” Roberts says. Then start checking the foreclosure listings.
Tomorrow: Follow Up on Short Sales
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Monday, April 21, 2008
Radon on my Radar, Again in the News
April 21, 2008
Radon Is The Number One cause of lung cancer among non-smokers and one in fifteen homes has an elevated level prior to treatment according to the Environmental Protection Agency.
My Radar is on Radon…More Follow Up Since The Business Journal’s Report on Latta Pavilion Is Sick…Thanks to one of our followers we received an article from the Wall St. Journal.
I include the highlights.Here is the link to the article:
Wall Street Journal About The House
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
The EPA estimates 750,000 to 1 million U.S. Homeowners have taken radon-reduction steps over the years and says those steps, along with techniques in new construction have helped prevent 6,000 deaths.Despite the risks, radon until recently has ranked pretty low on many homeowner’s action lists. You can’t see, smell or taste it, which makes it-unlike mold- easy to ignore. The federal government recommends but doesn’t mandate remediation for homes with elevated levels. But as homeowners and builders rush to make dwellings healthier on all fronts-from non-toxic paints and organic lawns to formaldehyde-free kitchen cabinets-radon is emerging as a hot button in both new construction and resales.EPA spokeswoman says it has taken time to build public awareness just as it did with smoking.
The majority of states have some form of disclosure law requiring the home seller to inform the buyer about property defects, such as radon-but only if the seller knows about them. Many experts believe this discourages testing and say a better model is an Illinois law that took effect this year. It requires sellers to provide information about radon risk, whether the home has been tested or not.Can’t see it, smell it, taste it…Radon.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Radon Is The Number One cause of lung cancer among non-smokers and one in fifteen homes has an elevated level prior to treatment according to the Environmental Protection Agency.
My Radar is on Radon…More Follow Up Since The Business Journal’s Report on Latta Pavilion Is Sick…Thanks to one of our followers we received an article from the Wall St. Journal.
I include the highlights.Here is the link to the article:
Wall Street Journal About The House
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
The EPA estimates 750,000 to 1 million U.S. Homeowners have taken radon-reduction steps over the years and says those steps, along with techniques in new construction have helped prevent 6,000 deaths.Despite the risks, radon until recently has ranked pretty low on many homeowner’s action lists. You can’t see, smell or taste it, which makes it-unlike mold- easy to ignore. The federal government recommends but doesn’t mandate remediation for homes with elevated levels. But as homeowners and builders rush to make dwellings healthier on all fronts-from non-toxic paints and organic lawns to formaldehyde-free kitchen cabinets-radon is emerging as a hot button in both new construction and resales.EPA spokeswoman says it has taken time to build public awareness just as it did with smoking.
The majority of states have some form of disclosure law requiring the home seller to inform the buyer about property defects, such as radon-but only if the seller knows about them. Many experts believe this discourages testing and say a better model is an Illinois law that took effect this year. It requires sellers to provide information about radon risk, whether the home has been tested or not.Can’t see it, smell it, taste it…Radon.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Saturday, April 19, 2008
It's A Wrap-Saturday with Condo CanDo
Saturday April 19, 2008
Green, green, my world is Green!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
And what a week that was/ er…ah…still is. We started by learning about the creative financial plan Wachovia put in place for the development of The Charlotte Law School. It is a Federal program that tries to spur development in low income areas. The program is named New Markets Tax Credit program and is Wachovia’s first. You may recall Monday when we reported this that the 100,000 square foot school of law is the first building in a 250M redevelopment of Radiator Specialty’s 40 acre site as a multi-use project named Bryant Park.
Folks, this is a big deal because although the Westside is already perking, this sets the course for major change as Westside goes from warehouses and commercial to multi-use with condos and townhomes. That’s one.
Next was the announcement of Center City Green and Spectrum Properties superb plan for parking, condos, open air fresh air market, organic fare…and built under the LEED banner. Green
building practices are great in our book.
The Business Journal published their first Green Book…how fabulous is that?Charlotte Clean and Green is happening as we speak.Charlotte was named as one of the top ten cities for sellers! Hurrah!And I think I finally have the technical pieces together to try our first telephone interview and put it on our podcast!
All that…and I planted 7 pink dogwoods!
All in all, another beautiful week in Charlotte, The Queen City.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Green, green, my world is Green!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
And what a week that was/ er…ah…still is. We started by learning about the creative financial plan Wachovia put in place for the development of The Charlotte Law School. It is a Federal program that tries to spur development in low income areas. The program is named New Markets Tax Credit program and is Wachovia’s first. You may recall Monday when we reported this that the 100,000 square foot school of law is the first building in a 250M redevelopment of Radiator Specialty’s 40 acre site as a multi-use project named Bryant Park.
Folks, this is a big deal because although the Westside is already perking, this sets the course for major change as Westside goes from warehouses and commercial to multi-use with condos and townhomes. That’s one.
Next was the announcement of Center City Green and Spectrum Properties superb plan for parking, condos, open air fresh air market, organic fare…and built under the LEED banner. Green
building practices are great in our book.The Business Journal published their first Green Book…how fabulous is that?Charlotte Clean and Green is happening as we speak.Charlotte was named as one of the top ten cities for sellers! Hurrah!And I think I finally have the technical pieces together to try our first telephone interview and put it on our podcast!
All that…and I planted 7 pink dogwoods!
All in all, another beautiful week in Charlotte, The Queen City.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Friday, April 18, 2008
Question and Answers with Condo CanDo
Friday, April 18, 2008
Points…Paying Extra…The Short Sale
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
There are many things to like about being an active real estate broker on a full-time basis.There are many things to love. Like learning. Learning constantly about the Charlotte market and a business that is as changing as the river. Did you know that Real Estate professionals are required to attend two classes to keep their license in good standing?
I have been taking quite a few because they give me an opportunity to discover options.From these classes, I create our Q/A for this day.
So let’s get started on our Question and Answer session:
Question: For years I have heard it is a wise move to pay one extra payment a year at least and that will save you lots in interest.
Answer: I learned this today from Jim Garrison who is joining The Real Estate Lady.com. Here goes. For years I have paid lots more on principle. No more. I’ll sock that extra money into a savings account because it will earn more for me and help me nurture that path to wealth. We’ll hear more from Jim about this when he comes aboard.
Question: If you have missed several payments and know you can’t bail out and foreclosure is imminent, can you start taking the necessary steps to a Short Sale even before you engage a real estate broker?
Answer: Yes. It’s the rule of being pro-active and starting the process yourself. Taking charge can help reduce the stress and understanding the process is knowledge building.
Question: If you make purchases based on 90 days same as cash or a year same as cash and you pay it off early or on time, is that great for your credit score?
Answer: No. Those terms are through a finance company. Not well regarded by the score keepers.
Question: By paying down the rate with points you might be throwing good money down the drain?
Answer: Not necessarily. Depending how your mortgage is structured, you may save a good bit and build wealth as well. Listen for Jim Garrison’s take.
Question: Is there such a mortgage that would accommodate a major renovation?
Answer: Yes and Jim will tell us how.
Question: Who is Jim Garrison?
Answer: The latest team member on TheRealEstateLady.com and he’s fabulous.
Tomorrow we do the week’s wrap and what a great week it has been.
Have a good one and thanks for joining us.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Points…Paying Extra…The Short Sale
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
There are many things to like about being an active real estate broker on a full-time basis.There are many things to love. Like learning. Learning constantly about the Charlotte market and a business that is as changing as the river. Did you know that Real Estate professionals are required to attend two classes to keep their license in good standing?
I have been taking quite a few because they give me an opportunity to discover options.From these classes, I create our Q/A for this day.
So let’s get started on our Question and Answer session:
Question: For years I have heard it is a wise move to pay one extra payment a year at least and that will save you lots in interest.
Answer: I learned this today from Jim Garrison who is joining The Real Estate Lady.com. Here goes. For years I have paid lots more on principle. No more. I’ll sock that extra money into a savings account because it will earn more for me and help me nurture that path to wealth. We’ll hear more from Jim about this when he comes aboard.
Question: If you have missed several payments and know you can’t bail out and foreclosure is imminent, can you start taking the necessary steps to a Short Sale even before you engage a real estate broker?
Answer: Yes. It’s the rule of being pro-active and starting the process yourself. Taking charge can help reduce the stress and understanding the process is knowledge building.
Question: If you make purchases based on 90 days same as cash or a year same as cash and you pay it off early or on time, is that great for your credit score?
Answer: No. Those terms are through a finance company. Not well regarded by the score keepers.
Question: By paying down the rate with points you might be throwing good money down the drain?
Answer: Not necessarily. Depending how your mortgage is structured, you may save a good bit and build wealth as well. Listen for Jim Garrison’s take.
Question: Is there such a mortgage that would accommodate a major renovation?
Answer: Yes and Jim will tell us how.
Question: Who is Jim Garrison?
Answer: The latest team member on TheRealEstateLady.com and he’s fabulous.
Tomorrow we do the week’s wrap and what a great week it has been.
Have a good one and thanks for joining us.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Thursday, April 17, 2008
A First and A First: A Favorite
April 17, 2008
Lynnsy Logue The REal Estate Lady and Condo CanDo in Charlotte NC
I spoke of this project, Center City Green, yesterday and directed you to the full story on our website :www.CondoCanDo.com...It is such a fabulous project because it incorporates at the moment Green Building Practices, Organic Sustenance and a creative use of form and function. I am applauding Spectrum Properties. So it is a first for me to offer such applause. And I do like to give credit where credit is due. Here is the whole story...and the detail were posted yesterday.
Enjoy!
The 12-story Center City Green – across from Time Warner Cable Arena – will include 1,400 parking spaces, 88 condos (far left) above a farmers’ market, and a restaurant (far right).
Uptown Charlotte's latest Next Big Thing started with a need for parking spaces, but it will be much more -- possibly even a year-round green market.
Spectrum Properties plans to develop Center City Green, a 12-story, 1,400-space deck to include condos, a restaurant and a farmers' market across Fifth Street from Time Warner Cable Arena, formerly Bobcats Arena.
Spectrum is buying the 2 acres on the light-rail line between the arena and ImaginOn from Bank of America, which will lease 1,300 spaces for its employees.
The $60 million complex will be developed with a goal of achieving Leadership in Energy and Environmental Design (LEED) certification, said Spectrum CEO Darryl Dewberry.
The bank bought the land last fall from the city and requested proposals from developers on how they would create the needed parking within an animated, green development.
Spectrum's proposal was accepted. Bank officials said they were pleased with the response, but declined to disclose how many proposals were submitted.
"It was our intent that this site be developed in an environmentally responsible manner, as yet another component of our enterprise-wide commitment to green building practices," said Bank of America corporate workplace executive Mark Nicholls. "We are pleased to help bring such a useful amenity to uptown Charlotte."
Bank of America took the lead a decade ago in creating uptown parking decks that are more than just a depository for cars.
Its 10-story Seventh Street Station, for example, includes a specialty grocer and restaurants in an interactive structure that makes musical sounds and lights up when its multi-colored exterior fins are touched.
Center City Green would have 88 studio, one-bedroom and two-bedroom condos priced from the $180,000s to the $280,000s and oriented toward Fifth Street for views of the arena and the skyline.
Steve McClure, vice president of Spectrum Properties Residential, said the residences would meet the Urban Land Institute's "workforce" affordability guideline, meaning that police officers, teachers, nurses, etc., could qualify to buy there.
Spectrum wants to attract a restaurant that would feature a health-conscious menu and become an on-site pantry for organic meats and produce sold at an adjoining green market.
A year-round green market has been on the uptown wish list for more than two decades. Bank of America once considered providing sites at Seventh Street Station and the IJL Financial Center at 201 N. Tryon St.
Dewberry said residential development uptown is helping create the population density to support a green market.
Charlotte Center City Partners, which estimates 12,000 people live in the center city today, expects the population to exceed 27,000 by 2012.
The proposed market location would be ideal -- about 1 1/2 blocks from the intersection of Trade and Tryon streets, accessible to drivers, and convenient to public transit, said Center City Partners President Michael Smith.
Over the years, city leaders have visited public markets in Seattle and Philadelphia, and Dewberry said Spectrum's goal is to pattern its market after those well-known facilities.
The market would operate from about 10,000 square feet of indoor space, but would include outdoor space for fresh-food pavilions during the spring and summer months.
Center City Partners, which operates a seasonal green market uptown, is talking with Spectrum about becoming part of Center City Green.
The seasonal market, across Seventh Street from Seventh Street Station, was never intended to be permanent, Smith said.
"We still need to tee up Center City Green with the City of Charlotte and put together a game plan," he said. "I think we have an interesting opportunity."
Smith said a permanent market would fit with Center City Partners' strategy for attracting more retail to serve workers, local visitors and out-of-region visitors.
"In a lot of cities, these markets become suppliers to the restaurants," Smith said. "You see chefs at the market buying fresh food for their restaurants."
Dewberry said the developers will work with Center City Partners and government leaders to create a market featuring local vegetables, cheeses, fish, meats and poultry with an emphasis on organic foods.
Spectrum, which developed the 230 South Tryon condos and is working to create mixed-use projects in Third Ward and Second Ward, expects to break ground by late June on Center City Green.
The project would be finished in the fourth quarter of 2009.
McClure said the "green" in the complex's name stands for both the green market and the green certification the developers hope to achieve.
The structure was designed by LS3P Associates Ltd. with 12 floors of condos next to the deck, glass elevator towers and a helix-shaped parking ramp adding an artistic element to the center.
The farmers' market and restaurant would be on each side of the complex at street level.
"We applaud the vision," Smith said. "We have a developer who has shown great support for Charlotte, offering to do this if the city is interested. We are glad to be a part of it."
Appluase. Whistles. Cheers!
I spoke of this project, Center City Green, yesterday and directed you to the full story on our website :www.CondoCanDo.com...It is such a fabulous project because it incorporates at the moment Green Building Practices, Organic Sustenance and a creative use of form and function. I am applauding Spectrum Properties. So it is a first for me to offer such applause. And I do like to give credit where credit is due. Here is the whole story...and the detail were posted yesterday.
Enjoy!
The 12-story Center City Green – across from Time Warner Cable Arena – will include 1,400 parking spaces, 88 condos (far left) above a farmers’ market, and a restaurant (far right).
Uptown Charlotte's latest Next Big Thing started with a need for parking spaces, but it will be much more -- possibly even a year-round green market.
Spectrum Properties plans to develop Center City Green, a 12-story, 1,400-space deck to include condos, a restaurant and a farmers' market across Fifth Street from Time Warner Cable Arena, formerly Bobcats Arena.
Spectrum is buying the 2 acres on the light-rail line between the arena and ImaginOn from Bank of America, which will lease 1,300 spaces for its employees.
The $60 million complex will be developed with a goal of achieving Leadership in Energy and Environmental Design (LEED) certification, said Spectrum CEO Darryl Dewberry.
The bank bought the land last fall from the city and requested proposals from developers on how they would create the needed parking within an animated, green development.
Spectrum's proposal was accepted. Bank officials said they were pleased with the response, but declined to disclose how many proposals were submitted.
"It was our intent that this site be developed in an environmentally responsible manner, as yet another component of our enterprise-wide commitment to green building practices," said Bank of America corporate workplace executive Mark Nicholls. "We are pleased to help bring such a useful amenity to uptown Charlotte."
Bank of America took the lead a decade ago in creating uptown parking decks that are more than just a depository for cars.
Its 10-story Seventh Street Station, for example, includes a specialty grocer and restaurants in an interactive structure that makes musical sounds and lights up when its multi-colored exterior fins are touched.
Center City Green would have 88 studio, one-bedroom and two-bedroom condos priced from the $180,000s to the $280,000s and oriented toward Fifth Street for views of the arena and the skyline.
Steve McClure, vice president of Spectrum Properties Residential, said the residences would meet the Urban Land Institute's "workforce" affordability guideline, meaning that police officers, teachers, nurses, etc., could qualify to buy there.
Spectrum wants to attract a restaurant that would feature a health-conscious menu and become an on-site pantry for organic meats and produce sold at an adjoining green market.
A year-round green market has been on the uptown wish list for more than two decades. Bank of America once considered providing sites at Seventh Street Station and the IJL Financial Center at 201 N. Tryon St.
Dewberry said residential development uptown is helping create the population density to support a green market.
Charlotte Center City Partners, which estimates 12,000 people live in the center city today, expects the population to exceed 27,000 by 2012.
The proposed market location would be ideal -- about 1 1/2 blocks from the intersection of Trade and Tryon streets, accessible to drivers, and convenient to public transit, said Center City Partners President Michael Smith.
Over the years, city leaders have visited public markets in Seattle and Philadelphia, and Dewberry said Spectrum's goal is to pattern its market after those well-known facilities.
The market would operate from about 10,000 square feet of indoor space, but would include outdoor space for fresh-food pavilions during the spring and summer months.
Center City Partners, which operates a seasonal green market uptown, is talking with Spectrum about becoming part of Center City Green.
The seasonal market, across Seventh Street from Seventh Street Station, was never intended to be permanent, Smith said.
"We still need to tee up Center City Green with the City of Charlotte and put together a game plan," he said. "I think we have an interesting opportunity."
Smith said a permanent market would fit with Center City Partners' strategy for attracting more retail to serve workers, local visitors and out-of-region visitors.
"In a lot of cities, these markets become suppliers to the restaurants," Smith said. "You see chefs at the market buying fresh food for their restaurants."
Dewberry said the developers will work with Center City Partners and government leaders to create a market featuring local vegetables, cheeses, fish, meats and poultry with an emphasis on organic foods.
Spectrum, which developed the 230 South Tryon condos and is working to create mixed-use projects in Third Ward and Second Ward, expects to break ground by late June on Center City Green.
The project would be finished in the fourth quarter of 2009.
McClure said the "green" in the complex's name stands for both the green market and the green certification the developers hope to achieve.
The structure was designed by LS3P Associates Ltd. with 12 floors of condos next to the deck, glass elevator towers and a helix-shaped parking ramp adding an artistic element to the center.
The farmers' market and restaurant would be on each side of the complex at street level.
"We applaud the vision," Smith said. "We have a developer who has shown great support for Charlotte, offering to do this if the city is interested. We are glad to be a part of it."
Appluase. Whistles. Cheers!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Wednesday, April 16, 2008
Hallelujah! Uptown Charlotte Goes Green!
April 16, 2008
Lynnsy Logue The Real Estate Lady with Condo CanDo in Charlotte, NC
Hallelujah! Uptown Green Market! Condos, Organic Food!
THE DETAILS OF CENTER CITY GREEN
• Size: 12-story parking deck to include condos, a restaurant and a green market.
• Location: 2-acre site bounded by Fifth, Sixth and North Brevard streets and the light-rail line.
• The condos: 88 units, 560 to 960 square feet, priced from the $180,000s to the $280,000s. Green features to include eco-friendly finishes such as cork, recycled glass, bamboo, compact fluorescent lighting, and energy-saver appliances.
• The restaurant: Developers are aiming for a health-conscious eatery featuring wholesome dining.
• The green market: Developers are working with Charlotte Center City Partners on a year-round market featuring fresh vegetables, fish, meats and dairy products -- all sold by local vendors.
• Parking: Condos with balconies would be constructed beside a 1,400-space deck. Glass elevator towers and a helix -shaped parking ramp add artistic elements.
• Design: Developers will seek LEED silver certification and include such green features as bicycle storage, showers and changing rooms.
• Development team: Spectrum Properties, developer; LS3P Associates Ltd., architect; BE&K Construction, general contractor; Bank of America, lender.
• Timetable: Groundbreaking by late June; completion by fourth quarter of 2009.
• Information:http://www.centercitygreen.com/.
DOUBLE-DUTY DECKS
Developers are trying to improve the uptown streetscape by hiding or disguising parking decks. Here are some examples:
• Seventh Street Station, on the light-rail line between Sixth and Seventh streets, houses a specialty grocer and restaurants. It features fins and reflective panels that play musical tones.
This garage and several of its contemporaries helped changed the public's perception of uptown as a giant office park and made it more attractive for the residential resurgence under way in the center city today.
• Wachovia created The Green, a lively, 1.5-acre park atop an 860-space parking garage on South Tryon Street between The Ratcliffe condominiums and St. Peter Catholic Church.
• Bank of America's Gateway Village on West Trade Street conceals a 2,800-space parking garage behind condos, apartments, shops and restaurants.
• At other uptown projects constructed since the city adopted screening rules in the 1990s, parking garages such as the one at the 46-story Hearst Tower on North Tryon Street are shielded by building facades on the lower levels.
• Wachovia's First Street Campus under construction at Tryon and Stonewall streets conceals about 2,200 parking spaces beneath a 48-story office tower.
Doug Smith: Charlotte Observer
The full article is on Condo News at www.condocando.com
Lynnsy Logue The Real Estate Lady with Condo CanDo in Charlotte, NC
Hallelujah! Uptown Green Market! Condos, Organic Food!
THE DETAILS OF CENTER CITY GREEN
• Size: 12-story parking deck to include condos, a restaurant and a green market.
• Location: 2-acre site bounded by Fifth, Sixth and North Brevard streets and the light-rail line.
• The condos: 88 units, 560 to 960 square feet, priced from the $180,000s to the $280,000s. Green features to include eco-friendly finishes such as cork, recycled glass, bamboo, compact fluorescent lighting, and energy-saver appliances.
• The restaurant: Developers are aiming for a health-conscious eatery featuring wholesome dining.
• The green market: Developers are working with Charlotte Center City Partners on a year-round market featuring fresh vegetables, fish, meats and dairy products -- all sold by local vendors.
• Parking: Condos with balconies would be constructed beside a 1,400-space deck. Glass elevator towers and a helix -shaped parking ramp add artistic elements.
• Design: Developers will seek LEED silver certification and include such green features as bicycle storage, showers and changing rooms.
• Development team: Spectrum Properties, developer; LS3P Associates Ltd., architect; BE&K Construction, general contractor; Bank of America, lender.
• Timetable: Groundbreaking by late June; completion by fourth quarter of 2009.
• Information:http://www.centercitygreen.com/.
DOUBLE-DUTY DECKS
Developers are trying to improve the uptown streetscape by hiding or disguising parking decks. Here are some examples:
• Seventh Street Station, on the light-rail line between Sixth and Seventh streets, houses a specialty grocer and restaurants. It features fins and reflective panels that play musical tones.
This garage and several of its contemporaries helped changed the public's perception of uptown as a giant office park and made it more attractive for the residential resurgence under way in the center city today.
• Wachovia created The Green, a lively, 1.5-acre park atop an 860-space parking garage on South Tryon Street between The Ratcliffe condominiums and St. Peter Catholic Church.
• Bank of America's Gateway Village on West Trade Street conceals a 2,800-space parking garage behind condos, apartments, shops and restaurants.
• At other uptown projects constructed since the city adopted screening rules in the 1990s, parking garages such as the one at the 46-story Hearst Tower on North Tryon Street are shielded by building facades on the lower levels.
• Wachovia's First Street Campus under construction at Tryon and Stonewall streets conceals about 2,200 parking spaces beneath a 48-story office tower.
Doug Smith: Charlotte Observer
The full article is on Condo News at www.condocando.com
Tuesday, April 15, 2008
Condo Documents...Here we go again!
April 15, 2008
It's the fine print,really!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
“Use restrictions” are just what they say they are-restrictions on what the condo may be used for. The following restrictions were taken from an actual document. Children are defined as those twelve years and under. Permanent residents are defined as those occupying a unit 60 days or more. Interpretation: You can have children under twelve if you are vacationing 60 days or less.Imagine your buyer moving in and habitually parking in the nearest space to the elevator. Six months go by. All of a sudden the new buyer receives a notice that in accordance with the condominium documents an assigned space has been reserved. The only problem is the assigned space is across the parking lot, next to the swimming pool! Perhaps parking is unassigned. Usually it is assigned. Advantages of unassigned parking are less management headaches especially if parking is tight. Here is a clause guaranteed to start a war: “but one parking space per unit and one storage space per unit may be later assigned from time to time by the board of directors of the association.”Did you tell your buyer parking was unassigned? You did? Good. Did you tell your buyer he/she might be assigned a permanent space at the discretion of the board? You didn’t? Why not? Because you didn’t know it was in the documents. I’m sure you get the point. The documents are important. And they are not all the same.
Next week on Regulation Tuesday, I will discuss the Typical Use Restrictions and publish a summary.
Thanks for joining us. Remember…read the fine print. All of it.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
It's the fine print,really!
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
“Use restrictions” are just what they say they are-restrictions on what the condo may be used for. The following restrictions were taken from an actual document. Children are defined as those twelve years and under. Permanent residents are defined as those occupying a unit 60 days or more. Interpretation: You can have children under twelve if you are vacationing 60 days or less.Imagine your buyer moving in and habitually parking in the nearest space to the elevator. Six months go by. All of a sudden the new buyer receives a notice that in accordance with the condominium documents an assigned space has been reserved. The only problem is the assigned space is across the parking lot, next to the swimming pool! Perhaps parking is unassigned. Usually it is assigned. Advantages of unassigned parking are less management headaches especially if parking is tight. Here is a clause guaranteed to start a war: “but one parking space per unit and one storage space per unit may be later assigned from time to time by the board of directors of the association.”Did you tell your buyer parking was unassigned? You did? Good. Did you tell your buyer he/she might be assigned a permanent space at the discretion of the board? You didn’t? Why not? Because you didn’t know it was in the documents. I’m sure you get the point. The documents are important. And they are not all the same.
Next week on Regulation Tuesday, I will discuss the Typical Use Restrictions and publish a summary.
Thanks for joining us. Remember…read the fine print. All of it.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Monday, April 14, 2008
Catching Up with Bryant Park
April 14, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Catching up with Bryant Park
This is the site that was an industrial brownfield that needed to be reclaimed and the neighborhood qualified as low income and in need of revitalization.
Now The Charlotte School of Law is becoming visible against the uptown skyline. Motorists can see the four story building marching towards a completion date of August. What is not visible is the financial story. This building is the first Charlotte project Wachovia has financed under the federal New Markets Tax Credit Program. Officials say the program goes beyond affordable housing construction to create jobs and encourage revitalization with new stores, restaurants, day care centers and jobs.
The 100,000 square foot school of law is the first building in a 250 million redevelopment of Radiator Specialty’s 40 acre site as a multi-use project named Bryant Park. This is just the first phase of a broader plan that could have great impact on the area-in transit orientation, green orientation, and mixed-income housing.Bryant Park is on the Westside…and Westside is beginning to shape itself into becoming a significant part of Charlotte. Just as North End has sparked growth just north of the city.
Charlotte is still a small southern town in so many ways…we have room to grow…to the west, to the north and to the east. I have a real estate friend who is quick to say if you miss a condo tower or two uptown, hang on…we have areas of the inner city that are just beginning to cook. The best, I believe, is yet to come.
Feature articles about Bryant Park and North End are on our website www.condocando.com under “Condo News”. You bet there is an abundance of both condos and townhomes in each project.
Thanks for joining us.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Catching up with Bryant Park
This is the site that was an industrial brownfield that needed to be reclaimed and the neighborhood qualified as low income and in need of revitalization.
Now The Charlotte School of Law is becoming visible against the uptown skyline. Motorists can see the four story building marching towards a completion date of August. What is not visible is the financial story. This building is the first Charlotte project Wachovia has financed under the federal New Markets Tax Credit Program. Officials say the program goes beyond affordable housing construction to create jobs and encourage revitalization with new stores, restaurants, day care centers and jobs.
The 100,000 square foot school of law is the first building in a 250 million redevelopment of Radiator Specialty’s 40 acre site as a multi-use project named Bryant Park. This is just the first phase of a broader plan that could have great impact on the area-in transit orientation, green orientation, and mixed-income housing.Bryant Park is on the Westside…and Westside is beginning to shape itself into becoming a significant part of Charlotte. Just as North End has sparked growth just north of the city.
Charlotte is still a small southern town in so many ways…we have room to grow…to the west, to the north and to the east. I have a real estate friend who is quick to say if you miss a condo tower or two uptown, hang on…we have areas of the inner city that are just beginning to cook. The best, I believe, is yet to come.
Feature articles about Bryant Park and North End are on our website www.condocando.com under “Condo News”. You bet there is an abundance of both condos and townhomes in each project.
Thanks for joining us.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
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