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.
Tuesday, April 29, 2008
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
Saturday, April 12, 2008
Saturday:Wrap Up With Condo CanDo
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Charlotte, N.C. How are we doing?
We must be an anomaly...I see, hear, read more good than on a national level. Even our radio market sports good numbers, growing audiences. And, of course, it is Spring here, azaleas are Queen, Dogwoods reign, tulips and pansies paint the landscape. Building continues. Teardowns continue. Charlotte is growing, no doubt.
Four new condominium projects were announced this week: in Eastover, Cotswold, NoDa and Dilworth. Smaller projects than we are used to hearing about but definitely filling that neighborhood niche for attached housing.
We are learning more about Foreclosures, reading more about Short Sales, Credit Scores and innovative solutions for trying times. The one I like is a self-help, non-profit, designing a rent to own program for foreclosures.
In reviewing our first quarter just for Mecklenburg County 2007 and 2008, our numbers are down and at this moment, the solds are 71% of last year. The average price is very similar and days on the market less. It is important to remember in our market, many of the builders do not participate in MLS...so the numbers are by no means accurate. We will wait and see what real estate consultant, Chuck Graham has to report for a more accurate report.
Another exciting note is "Green". Green seems to be the coming attraction in building for both residential and commercial. I am curious about how "Green" will effect the towers on the rise and the immediate future of condominiums under construction. And while all that is green is not gold, how the builders will play the card.
All in all it was another great week in Charlotte. Taxes are done, the grass needs cutting again for we are really getting some delicious rain, thanks for joining us.
And if you have questions or comments or topics you would like discussed, be in touch, we'd love to hear from you.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Charlotte, N.C. How are we doing?
We must be an anomaly...I see, hear, read more good than on a national level. Even our radio market sports good numbers, growing audiences. And, of course, it is Spring here, azaleas are Queen, Dogwoods reign, tulips and pansies paint the landscape. Building continues. Teardowns continue. Charlotte is growing, no doubt.
Four new condominium projects were announced this week: in Eastover, Cotswold, NoDa and Dilworth. Smaller projects than we are used to hearing about but definitely filling that neighborhood niche for attached housing.
We are learning more about Foreclosures, reading more about Short Sales, Credit Scores and innovative solutions for trying times. The one I like is a self-help, non-profit, designing a rent to own program for foreclosures.
In reviewing our first quarter just for Mecklenburg County 2007 and 2008, our numbers are down and at this moment, the solds are 71% of last year. The average price is very similar and days on the market less. It is important to remember in our market, many of the builders do not participate in MLS...so the numbers are by no means accurate. We will wait and see what real estate consultant, Chuck Graham has to report for a more accurate report.
Another exciting note is "Green". Green seems to be the coming attraction in building for both residential and commercial. I am curious about how "Green" will effect the towers on the rise and the immediate future of condominiums under construction. And while all that is green is not gold, how the builders will play the card.
All in all it was another great week in Charlotte. Taxes are done, the grass needs cutting again for we are really getting some delicious rain, thanks for joining us.
And if you have questions or comments or topics you would like discussed, be in touch, we'd love to hear from you.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Friday, April 11, 2008
Condo CanDo. It's Friday Condo Q/A
April 11, 2008
Friday: Time for Condo Q and A…
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte NC
Legal descriptions define the property. When in doubt, even from MLS data, look in Mecklenburg Polaris for the Unit File number. Unit File is often noted as a U/F. That means condominium. Condominium defines space. Does a condominium require a survey? A townhouse does and it, too, is attached housing. Townhouses come with a footprint and townhouses can be surveyed because a line can be dropped between units. The owner owns the structure and the land beneath it, ergo “footprint”.Then there are co-operatives, a co-op. We have two such co-ops in Charlotte. One is The Kimberlee off Park Road and the other is Morrocroft off Sharon Road. A co-operative is a corporation and the owners have percentage shares which represent their units. In practical terms, the difference is that the governing board of the co-op has much more authority over how you use your property than does the owners association of a condominium.Can a condominium be purchased as an investment? Yes. But more and more there are limits to the percentage of investors allowed although that has often been circumvented by ownership as second homes. In one state, investors are not allowed and the owner occupants cannot rent out their units except in dire circumstances. There was a tower in Uptown Charlotte where the first 20% of the units sold were bought by a large corporation. Funding for investor heavy condominiums can be more stringent for the folks who really want to call it home. So interest rates may be higher.Are all condos on just one level? No. Can a townhouse have two levels? They can have many…it’s just the space that I owned. Can a townhouse have just one level? Yes. Two levels? Yes. How about having a separate flat on the first floor and the next two levels a townhouse? There are many at the lake with this configuration. The answer is no. Footprint, survey, land.Insurance for each of the type has been reviewed earlier as it, too, is very different. That’s Friday Q and A for condos…
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte NC
Friday: Time for Condo Q and A…
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte NC
Legal descriptions define the property. When in doubt, even from MLS data, look in Mecklenburg Polaris for the Unit File number. Unit File is often noted as a U/F. That means condominium. Condominium defines space. Does a condominium require a survey? A townhouse does and it, too, is attached housing. Townhouses come with a footprint and townhouses can be surveyed because a line can be dropped between units. The owner owns the structure and the land beneath it, ergo “footprint”.Then there are co-operatives, a co-op. We have two such co-ops in Charlotte. One is The Kimberlee off Park Road and the other is Morrocroft off Sharon Road. A co-operative is a corporation and the owners have percentage shares which represent their units. In practical terms, the difference is that the governing board of the co-op has much more authority over how you use your property than does the owners association of a condominium.Can a condominium be purchased as an investment? Yes. But more and more there are limits to the percentage of investors allowed although that has often been circumvented by ownership as second homes. In one state, investors are not allowed and the owner occupants cannot rent out their units except in dire circumstances. There was a tower in Uptown Charlotte where the first 20% of the units sold were bought by a large corporation. Funding for investor heavy condominiums can be more stringent for the folks who really want to call it home. So interest rates may be higher.Are all condos on just one level? No. Can a townhouse have two levels? They can have many…it’s just the space that I owned. Can a townhouse have just one level? Yes. Two levels? Yes. How about having a separate flat on the first floor and the next two levels a townhouse? There are many at the lake with this configuration. The answer is no. Footprint, survey, land.Insurance for each of the type has been reviewed earlier as it, too, is very different. That’s Friday Q and A for condos…
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte NC
Thursday, April 10, 2008
Charlotte Condos:The First and Most Favorite
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Charlotte Condominiums From The Beginning
(I have posted Kathryn's story early on, but it still qualifies as a favorite. And Thursday is our designated day for "Favorites. Enjoy)
Charlotte Condominiums From The Beginning(I have posted Kathryn's story early on, but it still qualifies as a favorite. And Thursday is our designated day for "Favorites. Enjoy)
Kathryn Krause Smetana
Built the first condominium in Charlotte in 1970. With great care she built Gaynor Arms in Randolph Park at Cotswold. This is her story.
She was born September 15, 1910 in Philadelphia, Pa. Her parents were Michael and Catherine Krause.
She went to school in Philadelphia until she was fourteen years old. Then she went to work with Apex Hosiery Company in Philadelphia. She went to Continuation School to complete her high school education while she worked. At sixteen years of age she left Philadelphia and came south. She worked several years in the Greensboro area and became quite proficient in all of the production jobs associated with the manufacturing of women’s hosiery. Soon she became an instructor, and it was not long before she was quite in demand to teach her skills. Whenever a new mill opened, Kathryn was hired to train the women in production. And her jobs took her to the Concord area and to Gastonia. As soon as the manufacturing plant was up and running smoothly, she would go to another start-up mill.
In the late thirties, Otto Smetana opened a new mill in Monroe, NC and hired Kathryn to train the staff in production. This time she stayed and married Otto.
After World War II the hosiery business changed drastically. The stocking that had the seam up the back was called full fashion. Rather than convert the plant to make hosiery as it is today, Otto Smetana sold the mill and retired from the hosiery business. He and Kathryn traveled extensively throughout the USA.
Otto and Kathryn built a bowling alley, Park Lanes, near Park Road Shopping Center. They later sold it, but Kathryn and her brother in law ran The Wash Bowl Laundry in the basement of the bowling alley. Otto and Kathryn lived in a home on Ferncliffe Drive during this time. Otto passed away in the early sixties.
Kathryn got the building bug and decided to build a condo. The plans and specs were started in the late sixties and Gaynor Arms was started in 1970. Kathryn gave thought to every detail including security, storage, elevator, central laundry, clubroom and covered parking.
After completing Gaynor Arms, she moved to Florida and built four houses there. She stayed on in Florida for seventeen years, but in 1986, returned to her condo at Gaynor Arms.
Kathryn passed away January 23, 1998.
A long and cherished friend of Kathryn’s, Al Busedu, was kind to write this story in memory of his friend.
Thanks, Al…another Angel!
Built the first condominium in Charlotte in 1970. With great care she built Gaynor Arms in Randolph Park at Cotswold. This is her story.
She was born September 15, 1910 in Philadelphia, Pa. Her parents were Michael and Catherine Krause.
She went to school in Philadelphia until she was fourteen years old. Then she went to work with Apex Hosiery Company in Philadelphia. She went to Continuation School to complete her high school education while she worked. At sixteen years of age she left Philadelphia and came south. She worked several years in the Greensboro area and became quite proficient in all of the production jobs associated with the manufacturing of women’s hosiery. Soon she became an instructor, and it was not long before she was quite in demand to teach her skills. Whenever a new mill opened, Kathryn was hired to train the women in production. And her jobs took her to the Concord area and to Gastonia. As soon as the manufacturing plant was up and running smoothly, she would go to another start-up mill.
In the late thirties, Otto Smetana opened a new mill in Monroe, NC and hired Kathryn to train the staff in production. This time she stayed and married Otto.
After World War II the hosiery business changed drastically. The stocking that had the seam up the back was called full fashion. Rather than convert the plant to make hosiery as it is today, Otto Smetana sold the mill and retired from the hosiery business. He and Kathryn traveled extensively throughout the USA.
Otto and Kathryn built a bowling alley, Park Lanes, near Park Road Shopping Center. They later sold it, but Kathryn and her brother in law ran The Wash Bowl Laundry in the basement of the bowling alley. Otto and Kathryn lived in a home on Ferncliffe Drive during this time. Otto passed away in the early sixties.
Kathryn got the building bug and decided to build a condo. The plans and specs were started in the late sixties and Gaynor Arms was started in 1970. Kathryn gave thought to every detail including security, storage, elevator, central laundry, clubroom and covered parking.
After completing Gaynor Arms, she moved to Florida and built four houses there. She stayed on in Florida for seventeen years, but in 1986, returned to her condo at Gaynor Arms.
Kathryn passed away January 23, 1998.
A long and cherished friend of Kathryn’s, Al Busedu, was kind to write this story in memory of his friend.
Thanks, Al…another Angel!
Wednesday, April 9, 2008
Condo Niches Around our town, Charlotte NC
April 9, 2008Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte NC
On Wednesdays we take a trip Around the Town…
While in the last several years, much of the hoopla has been on the towers Uptown. For sure, it is still exciting for those who have been here a long while. But all the while the focus was on the Center city, developers were eyeing the in-town areas that were already promising by virtue of the larger homesites, the proximity to shopping and Uptown. Those areas are without looking : Myers Park, Eastover, Elizabeth, Dilworth, Plaza Midwood, North Davidson, and Cotswold. Five of these are historic and if you would like to see their maps as well as pictures, here is a link to our main site: http://www.athomecharlotte.com/. AtHome was our first website and it was followed by TheRealEstateLady.com and then, that high flyer, CondoCanDo.com. Each of my sites is dedicated to the education and empowerment of the consumer or the newcomer. So you won’t see my listings and the cherry picked listings from other brokers, I tell you where to go to get all the listings! How fun is that?
May I have the envelope, please? Here are four newcomers:
Parkside in Dilworth, off Waverly with a footbridge to Latta Park. 792,000 -1.15 million with square footage from 2800 to 3575.
Element at Craig in Cotswold. Contemporary, 2300 to 3000 square feet, 400,000 to upper 500,000. This is believe it or not on the fringe of high density with condos, apartments as well as a nursing home. Look for the area to change significantly.
NoDa is touting Steel Gardens. Lofts, 1075 to 1098 prices from 190,000 to 200,000.
And one of our favorite builders, Brian Speas, presents The Cherokee in Eastover. Brian has built such handsome communities as Fenton Place, Eastover Place, Boxwood, and Carnegie Place. 2200 to 3400 square feet and priced from 990,000 to just over 1.45 million.
More details on each project is featured in the “Condo News” section on http://www.condocando.com/.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte NC
On Wednesdays we take a trip Around the Town…
While in the last several years, much of the hoopla has been on the towers Uptown. For sure, it is still exciting for those who have been here a long while. But all the while the focus was on the Center city, developers were eyeing the in-town areas that were already promising by virtue of the larger homesites, the proximity to shopping and Uptown. Those areas are without looking : Myers Park, Eastover, Elizabeth, Dilworth, Plaza Midwood, North Davidson, and Cotswold. Five of these are historic and if you would like to see their maps as well as pictures, here is a link to our main site: http://www.athomecharlotte.com/. AtHome was our first website and it was followed by TheRealEstateLady.com and then, that high flyer, CondoCanDo.com. Each of my sites is dedicated to the education and empowerment of the consumer or the newcomer. So you won’t see my listings and the cherry picked listings from other brokers, I tell you where to go to get all the listings! How fun is that?
May I have the envelope, please? Here are four newcomers:
Parkside in Dilworth, off Waverly with a footbridge to Latta Park. 792,000 -1.15 million with square footage from 2800 to 3575.
Element at Craig in Cotswold. Contemporary, 2300 to 3000 square feet, 400,000 to upper 500,000. This is believe it or not on the fringe of high density with condos, apartments as well as a nursing home. Look for the area to change significantly.
NoDa is touting Steel Gardens. Lofts, 1075 to 1098 prices from 190,000 to 200,000.
And one of our favorite builders, Brian Speas, presents The Cherokee in Eastover. Brian has built such handsome communities as Fenton Place, Eastover Place, Boxwood, and Carnegie Place. 2200 to 3400 square feet and priced from 990,000 to just over 1.45 million.
More details on each project is featured in the “Condo News” section on http://www.condocando.com/.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte NC
Tuesday, April 8, 2008
Condominium Documents, Part Two
April 8, 2008
It’s Tuesday and once again, Condominium Documents…
Lynnsy Logue The Real Estate Lady® and Condo CanDo® from Charlotte NC
After a buyer finishes with the statement, “I don’t want to cut the grass”…please weigh in on the time and effort it takes to be a good and an active member/resident of a condominium community.
Last Tuesday, I ended with:
Every Tuesday, our podcast and blog will talk about some of the fine points. On our website www.CondoCanDo.com we will be publishing Typical Condo docs for your amusement, amazement and need to read lists.
Continuing:
The way to find out if any changes have occurred in the documents is to ask the President of the Condominium Association. Better yet, read them yourself. And it is a wise practice whether new or resale to make sure the purchaser receives a copy of the condominium documents. For instance, when purchasing a condominium years ago at the then brand new 400 N. Church, I read where the parking spaces were leased. Or in the case of The Park still under construction, a purchaser might be interested to know who owns the first level. Or with a complex in Ballantyne long perceived to be completed, another section is being built, this time commercial instead of continuing the residential plan. Small print, anyone?
Many state laws have a “cooling off” period for condominium buyers, which gives them time to take the documents to their attorney for review. Note: This is especially true for the sale of new units. This is not necessarily the case with resales. But reading and approving the documents by a certain time could be a contingency.South Carolina is ahead of us in North Carolina in that their law requires that the closing attorney must certify that he/she has read the condominium documents.Knowledge creates a positive attitude. A lack of knowledge creates a negative attitude.
Next Tuesday: The Community Association Institute
It’s Tuesday and once again, Condominium Documents…
Lynnsy Logue The Real Estate Lady® and Condo CanDo® from Charlotte NC
After a buyer finishes with the statement, “I don’t want to cut the grass”…please weigh in on the time and effort it takes to be a good and an active member/resident of a condominium community.
Last Tuesday, I ended with:
Every Tuesday, our podcast and blog will talk about some of the fine points. On our website www.CondoCanDo.com we will be publishing Typical Condo docs for your amusement, amazement and need to read lists.
Continuing:
The way to find out if any changes have occurred in the documents is to ask the President of the Condominium Association. Better yet, read them yourself. And it is a wise practice whether new or resale to make sure the purchaser receives a copy of the condominium documents. For instance, when purchasing a condominium years ago at the then brand new 400 N. Church, I read where the parking spaces were leased. Or in the case of The Park still under construction, a purchaser might be interested to know who owns the first level. Or with a complex in Ballantyne long perceived to be completed, another section is being built, this time commercial instead of continuing the residential plan. Small print, anyone?
Many state laws have a “cooling off” period for condominium buyers, which gives them time to take the documents to their attorney for review. Note: This is especially true for the sale of new units. This is not necessarily the case with resales. But reading and approving the documents by a certain time could be a contingency.South Carolina is ahead of us in North Carolina in that their law requires that the closing attorney must certify that he/she has read the condominium documents.Knowledge creates a positive attitude. A lack of knowledge creates a negative attitude.
Next Tuesday: The Community Association Institute
Monday, April 7, 2008
Charlotte Condo News :Change,New,Who's Driving?
April 7, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
What’s new is not so new as we observe the changing condo market in our Queen City.The developers of a 75 unit condo project in South End have stopped sales and will build it as apartments instead. They say Chelsea South End was designed with multiple strategies. They are returning deposits and releasing buyers from their contracts.
Two thoughts. Complexes built as apartments can convert to condos. Buyers getting their deposit back and contracts become null and void. Think about that when you write a contract. What out do you the buyer have really?
Condos that started out as apartments:The Poplar in Fourth Ward an classy at that,
Heathstead at SouthPark went from condos to apartments to condos,
Churchill Downs started as apartments and are now condos,
Quail Hill, Selwyn Village, Franciscan Terrace, Myrtle Condominiums,
Cotswold Homes…so it happens. In our energetic market, I often wonder about the cost of apartment versus condo and then if there is a substantial savings starting out and then converting. Sometimes it is a puzzle.
And there is an announcement of a condo project in Dilworth. Dilworth has been in the news for its stance on rezoning and its struggle to maintain its charm and historic stature. Of course, density rears its head everywhere so Dilworth has not escaped. Even though the Neighborhood Association fought long and hard. I think it is important to note that the project was approved by City Council over the objections from the Dilworth Community Development Association which challenged the density and plans to demolish three structures. So the new units will be between 500 and mid 700 square feet priced in the range of 140,000 to 220,000. Figure that out a sq ft folks. How many small condos can we really accommodate? Hmmmm?
And lastly, the best is yet to come as we really do head for the "greening" of Charlotte. To date we have lagged behind the likes of Seattle and Portland. Within five years, buildings that aren’t constructed to environmental sustainability standards will have difficulty finding investors so predict the experts. So as ”Green” is on the horizon, which is exciting, I think it is also important to be educated on what products truly fit and are also good building products. Quality and sustainability. Remember an earlier podcast expressing a concern for quality building products as will as quality construction.And another recent one reminding you that as a buyer, you are in the driver’s seat.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
What’s new is not so new as we observe the changing condo market in our Queen City.The developers of a 75 unit condo project in South End have stopped sales and will build it as apartments instead. They say Chelsea South End was designed with multiple strategies. They are returning deposits and releasing buyers from their contracts.
Two thoughts. Complexes built as apartments can convert to condos. Buyers getting their deposit back and contracts become null and void. Think about that when you write a contract. What out do you the buyer have really?
Condos that started out as apartments:The Poplar in Fourth Ward an classy at that,
Heathstead at SouthPark went from condos to apartments to condos,
Churchill Downs started as apartments and are now condos,
Quail Hill, Selwyn Village, Franciscan Terrace, Myrtle Condominiums,
Cotswold Homes…so it happens. In our energetic market, I often wonder about the cost of apartment versus condo and then if there is a substantial savings starting out and then converting. Sometimes it is a puzzle.
And there is an announcement of a condo project in Dilworth. Dilworth has been in the news for its stance on rezoning and its struggle to maintain its charm and historic stature. Of course, density rears its head everywhere so Dilworth has not escaped. Even though the Neighborhood Association fought long and hard. I think it is important to note that the project was approved by City Council over the objections from the Dilworth Community Development Association which challenged the density and plans to demolish three structures. So the new units will be between 500 and mid 700 square feet priced in the range of 140,000 to 220,000. Figure that out a sq ft folks. How many small condos can we really accommodate? Hmmmm?
And lastly, the best is yet to come as we really do head for the "greening" of Charlotte. To date we have lagged behind the likes of Seattle and Portland. Within five years, buildings that aren’t constructed to environmental sustainability standards will have difficulty finding investors so predict the experts. So as ”Green” is on the horizon, which is exciting, I think it is also important to be educated on what products truly fit and are also good building products. Quality and sustainability. Remember an earlier podcast expressing a concern for quality building products as will as quality construction.And another recent one reminding you that as a buyer, you are in the driver’s seat.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
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