Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte,NC
Last fall, I came across this article from Kenneth Childs in Oregon. What struck me was the similarity of problems with condominiums. I called him and told him I enjoyed the article, had seen similar problems and could I please post it on my site. He has given his permission and I thank him for his insight and experience.
THE DAILY JOURNAL OF COMMERCE, PORTLAND, OREGON
by Kenneth P. Childs, a member of the construction and design practice group at the law firm of Stoel Rives LLP.
August 16, 2007
The condominium market has grown dramatically in recent years and appears to be
on the verge of exploding. Buyers are getting in line to make offers, and some developers are even holding lotteries to select the people who will be given the first chances to make purchase offers. It's a seller's market.
However, the growth in condominium sales has fueled an almost equally aggressive growth in lawsuits. It seems as if nearly every condominium project in the Northwest has generated a legal claim of some sort, and several projects have resulted in sizable lawsuits.
Insurance industry statistics bear this out. One recent study of insurance statistics for design professionals found that professional fees for condominium projects represented 5 percent of all fees, and claims from the projects associated with those fees represented 20 percent of all claims. This four-to-one ratio of claims dollars to fees has resulted in the insurance industry rating condominium work for design professionals as "highly risky."
Insurance statistics for contractors similarly demonstrate the large number of claims associated with condominium work. Many contractors are prevented by their insurance carriers from performing any condominium work at all.
The same insurance industry study for design professionals also found that the major allegations asserted in condominium lawsuits related to waterproofing, HVAC systems, foundations and roofing.Waterproofing is by far the most significant item and includes several building components including siding, windows, flashing and decks. Another common allegation in condominium cases is inadequate soundproofing.
Oregon is one of a small number of states leading the condominium litigation boom.
The other states with high levels of condominium litigation are Washington, North Carolina, South Carolina, Georgia and Florida.
Two environmental factors common to all these states are moisture and wind. Oregon and
Washington experience large amounts of rain, and the other four states have seen the construction of numerous ocean front condominium projects.
Part Two tomorrow…Condo Challenges
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte,NC
Tuesday, May 27, 2008
Monday, May 26, 2008
Chuck Graham: Charlotte's Residential For-Sale Market
May 26, 2008Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
As promised here is a report from Chuck Graham on the Charlotte Residential For-Sale Market.
First, about Chuck:
Chuck Graham
Charlotte Real Estate Consultant
Chuck is a veteran of the Charlotte real estate market and principal of Newton Graham Consultants, where he directs all feasibility and marketing assignments as well as general management consulting in the areas of strategic development, organizational structuring, control systems and financial management. He holds a bachelor's in architecture, magna cum laude, from The University of Notre Dame and a master's in business administration from Harvard UniversityChuck GrahamCharlotte Real Estate ConsultantChuck is a veteran of the Charlotte real estate market and principal of Newton Graham Consultants, where he directs all feasibility and marketing assignments as well as general management consulting in the areas of strategic development, organizational structuring, control systems and financial management. He holds a bachelor's in architecture, magna cum laude, from The University of Notre Dame and a master's in business administration from Harvard University
Charlotte’s Residential For-Sale
Market
Charlotte RegionalRealtor Association
Marriott Executive Park
May 19,2008
Charlotte’s Residential For-Sale
Market
National economic news is only getting worse. The credit, currency
and oil markets are in great disarray.
The credit markets, and Charlotte’s exposure to them, are of
particular concern.
All of your previous customers would appreciate an informed review
of the current residential for-sale market, both nationally and
locally, as would your current customers.
As a consequence, I wanted to use this morning to outline the key
points which should be part of your presentation to each of these
groups with the hope of creating a larger market as well as
increasing your closing ratios on those still in the market.
The Existing National Market
Existing home sales turned down in 2006
by 8% versus their 2005 peak of
6,800,000 transactions. The median
price remained constant at $221,600.
2007saw a further 21% downturn to
4,900,000 and a 7% decrease in the
median price to $207,000.
The New National Market
New home sales also turned down in 2006
by 14% versus the 2005 peak of
1,250,000. The median price was down
2% to $237,700.
2007 say a further downturn of 30% to
750,000. The median price was down
an additional 4% to $232,500.
The Existing Charlotte Market
Charlotte saw growth 2006 over 2005 of
21% to 37,155 sales. Median pricing
was down 1% to $160,000
Charlotte did see a contraction 2007
versus 2006 of 4% to 35,560 sales.
Median pricing was flat at $160,000.
The New Charlotte Market
Charlotte saw growth here too 2006 over
2005 with sales up 15% to 24,801 and
median pricing up 13% to $201,950.
Charlotte’s new home market did fall 12%
in 2007 to 21,704 closings. Pricing
however was up another 11% to
$225,000.
National/Charlotte Comparisons
Where as the national existing home
market is off 29% from 2005, Charlotte
is up 16%. National median pricing is
down 7% versus stable locally!
The national new home market is off 44%
versus stable in Charlotte. National
median pricing is down 6% versus up
26% in Charlotte!
The Charlotte Market 1Q08
Existing home closings were down an additional
8% to 32,603 for the twelve months ending
1Q08 versus 2007. Median pricing was up 1%
to $162,000. There are more than 13 months
of listings based on March closings.
New home closings were also off 8% as well to
19,871 versus 2007. Median pricing was up
1% to $225,000. There are 2.5 months of
completed new homes in inventory.
Analysis 1Q08
Although the Charlotte market remained
conservatively sound vis-à-vis sub-prime, AltA,
and investor participation, it is less able to
resist the challenges relating to mortgage
market pull backs.
Builders have pulled back quickly in that lot
closings, permits and house closings were off
50%, 45% and 36% versus 1Q07.
Price Sensitivity 1Q08
Total closings new and existing can be
divided into Quintiles at $130,000,
$170,000, $230,000 and $400,000.
Quintile I is currently operating 18% better
than the market, Quintile II at the
market, Quintile III 6% below the market
and Quintiles IV and V 12% below the
market.
Price Sensitivity > $400,000
Quintile V can be divided into five equal parts at
$425,000, $475,000, $550,000, and
$675,000.
Quintile Va is at market, Quintile Vb is 9% worse
than market, Quintile Vcis 18% worse than
market, Quintile Vdis 9% worse than market
and Quintile Veis 23% better than market and
the strongest portion of the entire market!
Leading New Home Builders
Condminiums
Novare’sAvenue led the market with a
19% share at an average price of
$307,000. Trademark Partners
Trademark ranked second with a 10%
share. No one else captured more than
5% of the market.
Leading New Home Builders
Townhomes
Portrait barely lost its leading position
to Ryan’s 20% share! Portrait held 18%.
Horton, Standard Pacific and Pulte
completed the top five with 5, 4 and 3%
shares.
Leading New Home Builders
Single Family
Morgan held its lead position with an 8%
share. Ryan held its second position
with a 6% share. Pulte and KB both
increased their positions one place
taking third and fourth. Centex dropped
from third to fifth.
Leading New Home Builders
Single Family by Price
Quintile I: < $165,000 Morgan, Liberty, Regent, Atreus, Habitat Quintile II: $165,000 –209,000 Morgan, Eastwood, KB, Horton, Atreus Quintile III: $209,000 –268,000 KB, Pulte, NVR, Centex, Morgan Quintile IV: $268,000 -$375,000 NVR, Pulte, M/I, Centex, Shea Quintile V: > $375,000
NVR, Shea, Orleans, Pulte, Centex
Leading Communities
Attached For Sale By Price
Quintile I: < $139,000 Bent Creek, Hanover Crossing, Cascades, Hamilton Bay, Caldwell Creek Quintile II: $139,000 -$180,000 Alexander Chase, Hanover Crossing, Caldwell Station, Curry Place. Regent Park Quintile III: $180,000 -$224,000 Cypress Landing, Avenue, Blakeney Preserve, Stone Creek Ranch, Regent Park Quintile IV: $3224,000 -$289,500 Avenue, Lake Shore, Stone Creek Ranch, Trademark, Elizabeth Quintile V: > $289,500
Avenue, Trademark, Lakeshore, Springfield, Rosewood
Leading Communities
Single Family By Price
Quintile I: < $164,500 Meadow Hill, Reid Meadows, Citiside, Brandon Ridge, Hunter Park Quintile II: $164,500 -$209,000 Carolina Lakes, Hamilton Lakes, Kingstree, Legacy Park, Cedar Mill Quintile III: $209,000 -$268,000 Carolina Lakes, Berewick, Belair, Moss Creek, Regent Park Quintile IV: $268,000 -$375,000 Carolina Lakes, Stone Creek Ranch, Berewick, Cureton, Skybrook Quintile V: > $375,000
Carolina Lakes, Stone Creek Ranch, Baxter, Brookhaven, Lawso
Changing Geography
Attached For Sale
Mecklenburg County continues to hold its
lead with 70% of the new attached market.
York County ranks second with 15%. The next
strongest captures less than 5%.
The North Growth corridor’s share was up 36%
to 15%. The South Growth corridor was down
30% to 17%. The Southwest Growth corridor
was up 17% to 20%, leading all corridors.
Changing Geography
Single Family
Mecklenburg County maintained its leading
share at 40%. Union, York and Cabarrus
maintained their second, third and fourth
positions. Lancaster County moved to the
fifth position with a 50% share increase to 8%.
The South Growth Corridor regained its lead
position on an 18% share increase to 19%.
The Northeast Growth Corridor dropped to
third on a 12% share loss to 16%.
Forecasts
The Charlotte market will probably see
additional velocity shrinkage 2Q08 and slight
shrinkage in the median price for the first
time.
By 3Q08 we expect velocity shrinkage to
mitigate and continue until equilibrium
returns 2Q09 with some further modest price
depreciation.
Growth thereafter will appear in absorption and
pricing but at very modest levels through
2011.
Action Plan
All of your past and current customers should be
interested in these observations. Taylor them
for individual presentations to each as a
means to address their fears going forward.
Knowledge is always a key input to decision
making. The Charlotte market is stressed but
it is the best residential market in the U.S
today! Ask Case-Shiller.
Here is the link to download the .pdf file of the presentation:
Chuck Graham Charlotte's Residential For-Sale Market
Many thanks to Chuck for his always insightful presentations.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Charlotte Real Estate Consultant
Chuck is a veteran of the Charlotte real estate market and principal of Newton Graham Consultants, where he directs all feasibility and marketing assignments as well as general management consulting in the areas of strategic development, organizational structuring, control systems and financial management. He holds a bachelor's in architecture, magna cum laude, from The University of Notre Dame and a master's in business administration from Harvard UniversityChuck GrahamCharlotte Real Estate ConsultantChuck is a veteran of the Charlotte real estate market and principal of Newton Graham Consultants, where he directs all feasibility and marketing assignments as well as general management consulting in the areas of strategic development, organizational structuring, control systems and financial management. He holds a bachelor's in architecture, magna cum laude, from The University of Notre Dame and a master's in business administration from Harvard University
Charlotte’s Residential For-Sale
Market
Charlotte RegionalRealtor Association
Marriott Executive Park
May 19,2008
Charlotte’s Residential For-Sale
Market
National economic news is only getting worse. The credit, currency
and oil markets are in great disarray.
The credit markets, and Charlotte’s exposure to them, are of
particular concern.
All of your previous customers would appreciate an informed review
of the current residential for-sale market, both nationally and
locally, as would your current customers.
As a consequence, I wanted to use this morning to outline the key
points which should be part of your presentation to each of these
groups with the hope of creating a larger market as well as
increasing your closing ratios on those still in the market.
The Existing National Market
Existing home sales turned down in 2006
by 8% versus their 2005 peak of
6,800,000 transactions. The median
price remained constant at $221,600.
2007saw a further 21% downturn to
4,900,000 and a 7% decrease in the
median price to $207,000.
The New National Market
New home sales also turned down in 2006
by 14% versus the 2005 peak of
1,250,000. The median price was down
2% to $237,700.
2007 say a further downturn of 30% to
750,000. The median price was down
an additional 4% to $232,500.
The Existing Charlotte Market
Charlotte saw growth 2006 over 2005 of
21% to 37,155 sales. Median pricing
was down 1% to $160,000
Charlotte did see a contraction 2007
versus 2006 of 4% to 35,560 sales.
Median pricing was flat at $160,000.
The New Charlotte Market
Charlotte saw growth here too 2006 over
2005 with sales up 15% to 24,801 and
median pricing up 13% to $201,950.
Charlotte’s new home market did fall 12%
in 2007 to 21,704 closings. Pricing
however was up another 11% to
$225,000.
National/Charlotte Comparisons
Where as the national existing home
market is off 29% from 2005, Charlotte
is up 16%. National median pricing is
down 7% versus stable locally!
The national new home market is off 44%
versus stable in Charlotte. National
median pricing is down 6% versus up
26% in Charlotte!
The Charlotte Market 1Q08
Existing home closings were down an additional
8% to 32,603 for the twelve months ending
1Q08 versus 2007. Median pricing was up 1%
to $162,000. There are more than 13 months
of listings based on March closings.
New home closings were also off 8% as well to
19,871 versus 2007. Median pricing was up
1% to $225,000. There are 2.5 months of
completed new homes in inventory.
Analysis 1Q08
Although the Charlotte market remained
conservatively sound vis-à-vis sub-prime, AltA,
and investor participation, it is less able to
resist the challenges relating to mortgage
market pull backs.
Builders have pulled back quickly in that lot
closings, permits and house closings were off
50%, 45% and 36% versus 1Q07.
Price Sensitivity 1Q08
Total closings new and existing can be
divided into Quintiles at $130,000,
$170,000, $230,000 and $400,000.
Quintile I is currently operating 18% better
than the market, Quintile II at the
market, Quintile III 6% below the market
and Quintiles IV and V 12% below the
market.
Price Sensitivity > $400,000
Quintile V can be divided into five equal parts at
$425,000, $475,000, $550,000, and
$675,000.
Quintile Va is at market, Quintile Vb is 9% worse
than market, Quintile Vcis 18% worse than
market, Quintile Vdis 9% worse than market
and Quintile Veis 23% better than market and
the strongest portion of the entire market!
Leading New Home Builders
Condminiums
Novare’sAvenue led the market with a
19% share at an average price of
$307,000. Trademark Partners
Trademark ranked second with a 10%
share. No one else captured more than
5% of the market.
Leading New Home Builders
Townhomes
Portrait barely lost its leading position
to Ryan’s 20% share! Portrait held 18%.
Horton, Standard Pacific and Pulte
completed the top five with 5, 4 and 3%
shares.
Leading New Home Builders
Single Family
Morgan held its lead position with an 8%
share. Ryan held its second position
with a 6% share. Pulte and KB both
increased their positions one place
taking third and fourth. Centex dropped
from third to fifth.
Leading New Home Builders
Single Family by Price
Quintile I: < $165,000 Morgan, Liberty, Regent, Atreus, Habitat Quintile II: $165,000 –209,000 Morgan, Eastwood, KB, Horton, Atreus Quintile III: $209,000 –268,000 KB, Pulte, NVR, Centex, Morgan Quintile IV: $268,000 -$375,000 NVR, Pulte, M/I, Centex, Shea Quintile V: > $375,000
NVR, Shea, Orleans, Pulte, Centex
Leading Communities
Attached For Sale By Price
Quintile I: < $139,000 Bent Creek, Hanover Crossing, Cascades, Hamilton Bay, Caldwell Creek Quintile II: $139,000 -$180,000 Alexander Chase, Hanover Crossing, Caldwell Station, Curry Place. Regent Park Quintile III: $180,000 -$224,000 Cypress Landing, Avenue, Blakeney Preserve, Stone Creek Ranch, Regent Park Quintile IV: $3224,000 -$289,500 Avenue, Lake Shore, Stone Creek Ranch, Trademark, Elizabeth Quintile V: > $289,500
Avenue, Trademark, Lakeshore, Springfield, Rosewood
Leading Communities
Single Family By Price
Quintile I: < $164,500 Meadow Hill, Reid Meadows, Citiside, Brandon Ridge, Hunter Park Quintile II: $164,500 -$209,000 Carolina Lakes, Hamilton Lakes, Kingstree, Legacy Park, Cedar Mill Quintile III: $209,000 -$268,000 Carolina Lakes, Berewick, Belair, Moss Creek, Regent Park Quintile IV: $268,000 -$375,000 Carolina Lakes, Stone Creek Ranch, Berewick, Cureton, Skybrook Quintile V: > $375,000
Carolina Lakes, Stone Creek Ranch, Baxter, Brookhaven, Lawso
Changing Geography
Attached For Sale
Mecklenburg County continues to hold its
lead with 70% of the new attached market.
York County ranks second with 15%. The next
strongest captures less than 5%.
The North Growth corridor’s share was up 36%
to 15%. The South Growth corridor was down
30% to 17%. The Southwest Growth corridor
was up 17% to 20%, leading all corridors.
Changing Geography
Single Family
Mecklenburg County maintained its leading
share at 40%. Union, York and Cabarrus
maintained their second, third and fourth
positions. Lancaster County moved to the
fifth position with a 50% share increase to 8%.
The South Growth Corridor regained its lead
position on an 18% share increase to 19%.
The Northeast Growth Corridor dropped to
third on a 12% share loss to 16%.
Forecasts
The Charlotte market will probably see
additional velocity shrinkage 2Q08 and slight
shrinkage in the median price for the first
time.
By 3Q08 we expect velocity shrinkage to
mitigate and continue until equilibrium
returns 2Q09 with some further modest price
depreciation.
Growth thereafter will appear in absorption and
pricing but at very modest levels through
2011.
Action Plan
All of your past and current customers should be
interested in these observations. Taylor them
for individual presentations to each as a
means to address their fears going forward.
Knowledge is always a key input to decision
making. The Charlotte market is stressed but
it is the best residential market in the U.S
today! Ask Case-Shiller.
Here is the link to download the .pdf file of the presentation:
Chuck Graham Charlotte's Residential For-Sale Market
Many thanks to Chuck for his always insightful presentations.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Saturday, May 24, 2008
Charlotte Center City Condos-For Sale Snapshot
May 24, 2008Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Charlotte Uptown Condominiums-For Sale
I like to look at the numbers to see what’s going on condo wise in various parts of our city, Charlotte. Earlier, we looked at two historic districts: Dilworth and Elizabeth. Both neighborhoods close to uptown. So I thought before I completed my circle around the center city giving you a profile of condos are for sale, I would scoot into the center and look at what is for sale 1 million dollars and under. And once again, earlier, we gave a break out of availabilities 1 million plus. And for convenience sake, I have separated for sale condos in price ranges. This report is condos that are for sale in center city Charlotte, NC at this moment, 4:10 p.m. May 24, 2008.
Here goes: Center City Charlotte is Area 99 by our Multiple Listing Service…and you can go to http://www.carolinahome.com/ and search in that area as well. This is the main database for our entire region. Please remember that all brokers use this database as an exchange and can post other broker’s listings on their website…this is the source, so enjoy your searches for everything.
1,000,001 up
Total available for sale 11
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft n/a, 2 bedroom, 2 bath, $1,149,900 active for 9 days
Average sq. ft. 1700-2000, 2 bedroom, 2 bath, $1,736,336 active for 104 days
Maximum 2900-3500, 4 bedrooms, 4 baths, 2 half baths, 4,450,000 for 263 days.
500,001 to 1,000,000
Total available for sale 43
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft 800-1100, 1 bedroom, 1 bath, $509,000 active for 6 days
Average sq. ft. 1500-1800, 2 bedroom, 1 bath, $656,561 active for 133 days
Maximum 2300-2800, 3 bedrooms, 3 baths, 2 half baths, 998,000 for 689 days.
225,000 to 500,000
Total available for sale 222
Builders either participate minimally or not at all in reporting actives and solds so take this snapshotwith a grain of salt.
These figures are averages:
Minimum sq. ft 400-600, 1 bedroom, 1 bath, $228,900 active for 2 days
Average sq. ft. 900-1200, 1 bedroom, 1 bath, $339,797 active for 97 days
Maximum 1800-2200, 3 bedrooms, 3 baths, 1 half baths, 449,900 for 917 days.
Under 225,000
Total available for sale 45
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft 400-500, 1 bedroom, 1 bath, $158,500 active for 1 days
Average sq. ft. 600-800, 1 bedroom, 1 bath, $194,991 active for 86 days
Maximum 1200-1500, 2 bedrooms, 2 baths, 1 half baths, 224,900 for 359 days.
How would you like the market parsed? Let me know and I’ll give it a try.
Coming up Monday… Charlotte’s Residential For Sale Market a presentation to the Charlotte Regional Realtors Association, May 19, 2008 by Chuck Graham principal of Newton Graham Consultants. Posted as a Power Point Presentation and if you are without Power Point, we also post as .pdf file for downloading.
It’s terrific and Chuck pulls no punches.
Fasten your seatbelts!
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Charlotte Uptown Condominiums-For Sale
I like to look at the numbers to see what’s going on condo wise in various parts of our city, Charlotte. Earlier, we looked at two historic districts: Dilworth and Elizabeth. Both neighborhoods close to uptown. So I thought before I completed my circle around the center city giving you a profile of condos are for sale, I would scoot into the center and look at what is for sale 1 million dollars and under. And once again, earlier, we gave a break out of availabilities 1 million plus. And for convenience sake, I have separated for sale condos in price ranges. This report is condos that are for sale in center city Charlotte, NC at this moment, 4:10 p.m. May 24, 2008.
Here goes: Center City Charlotte is Area 99 by our Multiple Listing Service…and you can go to http://www.carolinahome.com/ and search in that area as well. This is the main database for our entire region. Please remember that all brokers use this database as an exchange and can post other broker’s listings on their website…this is the source, so enjoy your searches for everything.
1,000,001 up
Total available for sale 11
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft n/a, 2 bedroom, 2 bath, $1,149,900 active for 9 days
Average sq. ft. 1700-2000, 2 bedroom, 2 bath, $1,736,336 active for 104 days
Maximum 2900-3500, 4 bedrooms, 4 baths, 2 half baths, 4,450,000 for 263 days.
500,001 to 1,000,000
Total available for sale 43
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft 800-1100, 1 bedroom, 1 bath, $509,000 active for 6 days
Average sq. ft. 1500-1800, 2 bedroom, 1 bath, $656,561 active for 133 days
Maximum 2300-2800, 3 bedrooms, 3 baths, 2 half baths, 998,000 for 689 days.
225,000 to 500,000
Total available for sale 222
Builders either participate minimally or not at all in reporting actives and solds so take this snapshotwith a grain of salt.
These figures are averages:
Minimum sq. ft 400-600, 1 bedroom, 1 bath, $228,900 active for 2 days
Average sq. ft. 900-1200, 1 bedroom, 1 bath, $339,797 active for 97 days
Maximum 1800-2200, 3 bedrooms, 3 baths, 1 half baths, 449,900 for 917 days.
Under 225,000
Total available for sale 45
Builders either participate minimally or not at all in reporting actives and solds so take this snapshot with a grain of salt.
These figures are averages:
Minimum sq. ft 400-500, 1 bedroom, 1 bath, $158,500 active for 1 days
Average sq. ft. 600-800, 1 bedroom, 1 bath, $194,991 active for 86 days
Maximum 1200-1500, 2 bedrooms, 2 baths, 1 half baths, 224,900 for 359 days.
How would you like the market parsed? Let me know and I’ll give it a try.
Coming up Monday… Charlotte’s Residential For Sale Market a presentation to the Charlotte Regional Realtors Association, May 19, 2008 by Chuck Graham principal of Newton Graham Consultants. Posted as a Power Point Presentation and if you are without Power Point, we also post as .pdf file for downloading.
It’s terrific and Chuck pulls no punches.
Fasten your seatbelts!
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Friday, May 23, 2008
Your Questions for Condo CanDo
May 23, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Your Condo Questions for Condo CanDo…
The question I most often get is “Why Condos?”. My answer is: Thanks to those condo buyers and sellers of twenty some years ago, my business grew to incorporate single family homes, McMansions, horse farms, some commercial leasing and sales. My clients and I built relationships that transcended one transaction. I started with condominiums because no one really wanted that market. They were obscure. The financing could be tricky. And the streets were most often not on our maps because they were maintained by the associations.I like learning and knowing the nuances.
Another routine question is: When is a condo a condo and what constitutes a townhouse? What are some of the rules and regulations that catch people by surprise?
For instance: drive a pick-up truck? Have a boat? Have a dog weighing in at more than a certain weight? Plan to have a room mate to help with expenses? Plan to paint your front door red? Work at night and want black curtains to keep out the daylight? Smoke?When I say read the documents that is why.
Condos and townhomes are basically community living and that means living within those guidelines set by the governing documents.On http://www.condocando.com/, there is a section especially for all you ever wanted to know about condos: legal descriptions, buying and selling…and some fun questions as well. Like how many condos in Charlotte have the same or similar names? Yes, like Queens and Sharon and Providence, we love naming names in Charlotte.
And quite often, I am asked my opinion about new condominiums. It depends. On the architect, the builder, the contractor and how it compares to what else is in the market or on the market. I believe in options and I think in Charlotte, you have many.
I have posted a list of active condos in both Elizabeth and in Dilworth and will be looking at certain sections, perhaps under a certain price and square footage and actually give you the names of those communities and the prices. That should be both interesting and helpful.
If you have specific questions, please feel free to ask.
Have a good holiday weekend.Thanks for joining us in Charlotte, NC
This is Lynnsy Logue The Real Estate Lady and Condo CanDo
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Your Condo Questions for Condo CanDo…
The question I most often get is “Why Condos?”. My answer is: Thanks to those condo buyers and sellers of twenty some years ago, my business grew to incorporate single family homes, McMansions, horse farms, some commercial leasing and sales. My clients and I built relationships that transcended one transaction. I started with condominiums because no one really wanted that market. They were obscure. The financing could be tricky. And the streets were most often not on our maps because they were maintained by the associations.I like learning and knowing the nuances.
Another routine question is: When is a condo a condo and what constitutes a townhouse? What are some of the rules and regulations that catch people by surprise?
For instance: drive a pick-up truck? Have a boat? Have a dog weighing in at more than a certain weight? Plan to have a room mate to help with expenses? Plan to paint your front door red? Work at night and want black curtains to keep out the daylight? Smoke?When I say read the documents that is why.
Condos and townhomes are basically community living and that means living within those guidelines set by the governing documents.On http://www.condocando.com/, there is a section especially for all you ever wanted to know about condos: legal descriptions, buying and selling…and some fun questions as well. Like how many condos in Charlotte have the same or similar names? Yes, like Queens and Sharon and Providence, we love naming names in Charlotte.
And quite often, I am asked my opinion about new condominiums. It depends. On the architect, the builder, the contractor and how it compares to what else is in the market or on the market. I believe in options and I think in Charlotte, you have many.
I have posted a list of active condos in both Elizabeth and in Dilworth and will be looking at certain sections, perhaps under a certain price and square footage and actually give you the names of those communities and the prices. That should be both interesting and helpful.
If you have specific questions, please feel free to ask.
Have a good holiday weekend.Thanks for joining us in Charlotte, NC
This is Lynnsy Logue The Real Estate Lady and Condo CanDo
Thursday, May 22, 2008
What's Up? Condos in Elizabeth!
May 22, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
What’s Up? Condos in Elizabeth!
I may or may not have goofed here. I captured all the active condos in Elizabeth today, converted to Excel and tried to imbed it in blogger…you might just get a small image…but…CondoCanDo to the rescue…you can catch it on www.condocando.com...under podcast or blog and link to a readable chart.
I am learning as I go.
And of course, Elizabeth is one of our historic districts and you can see a snapshot: history, map and photos: http://www.athomecharlotte.com/historic/htm/elizabeth.htm
So having said that, here’s more on Elizabeth. Historic, close to Uptown and Independence Park, Central Piedmont Community College ( a real gem), neighbor to Plaza-Midwood in a way, neighbor to Myers Park and Eastover.Front porches, tree lined streets, more funky and a good lead-in to Plaza-Midwood.
Newer condos? Not as much as other districts.
Conversions, yes.Elizabeth Lofts are neat. The Williamson has an inner courtyard. Hawthorne boasts a colorful row of townhomes overlooking Independence and around Oakland, newer flats and as might be expected, dense.
Elizabeth is a hop and a skip from Uptown…we are looking for major changes here as our favored five point intersection is poised for major development introducing density in large proportions as a large apartment complex is slated to dominate the intersection.
Elizabeth. It’s happening.
Lynnsy Logue The Real Estate Lady® and CondoCanDo® in Charlotte, NC
http://www.condocando.com/wpodelizact0508.htm
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
What’s Up? Condos in Elizabeth!
I may or may not have goofed here. I captured all the active condos in Elizabeth today, converted to Excel and tried to imbed it in blogger…you might just get a small image…but…CondoCanDo to the rescue…you can catch it on www.condocando.com...under podcast or blog and link to a readable chart.
I am learning as I go.
And of course, Elizabeth is one of our historic districts and you can see a snapshot: history, map and photos: http://www.athomecharlotte.com/historic/htm/elizabeth.htm
So having said that, here’s more on Elizabeth. Historic, close to Uptown and Independence Park, Central Piedmont Community College ( a real gem), neighbor to Plaza-Midwood in a way, neighbor to Myers Park and Eastover.Front porches, tree lined streets, more funky and a good lead-in to Plaza-Midwood.
Newer condos? Not as much as other districts.
Conversions, yes.Elizabeth Lofts are neat. The Williamson has an inner courtyard. Hawthorne boasts a colorful row of townhomes overlooking Independence and around Oakland, newer flats and as might be expected, dense.
Elizabeth is a hop and a skip from Uptown…we are looking for major changes here as our favored five point intersection is poised for major development introducing density in large proportions as a large apartment complex is slated to dominate the intersection.
Elizabeth. It’s happening.
Lynnsy Logue The Real Estate Lady® and CondoCanDo® in Charlotte, NC
http://www.condocando.com/wpodelizact0508.htm
Wednesday, May 21, 2008
What's Up? Condos in Dilworth!
May 21, 2008
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 Up?…Condos In Dilworth! 
The Trust was fun to talk about and I am looking forward to Part Two…meanwhile, I thought it would be interesting to look at various sections. Today, it’s Dilworth. If you are unfamiliar with this charming, historic district…for a map, a little history and some photos, go to http://www.athomecharlotte.com/, click on AtHomeCharlotte and then to the Historic Index and Walking Tours…on the right, go Dilworth. My maps are a little different because talented artist Gay Grayson custom created all of the maps on our site.Okay,
discover Dilworth. Front porches, tree lined streets, East Boulevard with a myriad of restaurants and coffee shops…and it is just a hop and a skip from Uptown.And adjacent to South End.
So…condos in Dilworth. First, if a friend told you Dilworth is in Area 5 …well it is, and also Area 6. In Area 5, there are 74 listed for sale…some are resales and some are newly constructed and some are under construction. In Area 5-Dilworth list prices start at 185,000 for between 500-700 square feet, mid-rise, so this is a flat. Several are on East Boulevard, newer, converted from apartments and recently had a news article on Radon…Older condos…those with 2 or 4 or eight in a building, smaller, more traditional, tend to come on the market and go quicker…they are Monticello Terrace, Arosa, and 1109 Morehead…all 185,000 to 230,000 and then the prices take a quick climb to 2 million plus. And a wide range of styles, parking, and amenities of course. And all the way up to 3200 square feet. Average layout is 2 bedrooms, 2 full baths, 1300-1600 square feet and average price 474,866…our current time on the market
for actives is 106 days.What to watch for…the number of investors in any complex. Read the documents in both older and newer…looking for leasing, parking, and pets primarily. In the older condos, our Legal Beagles tell us to read the minutes. We’ll announce that column when we post it. Oh, yes, we have a whole new section “and Friends”…on TheRealEstateLady.com. 
In Dilworth Area 6, 73 are listed for sale. Starting at 129,000 for 500-700 square feet. A good mix of older condos, usually one bedroom with one bath or two with either 1.5 or two. Many new condos. One newer apartment conversion that I can see right off hand. All the way to $759, 230. Average layout 2 bedrooms, 1100-1400 square feet and average price $322,441. With days on the market average for active listings at 126. With Area 6, Park Road is the dividing line if that helps. So slicing Park Road off to East Boulevard takes in the area that is right next to SouthEnd.What would I look for? Investors, read the minutes, read the docs…the newer units more than likely will have more investors. And ask about the builder’s warranty. And who the insurance is with.Have fun in Dilworth. Walk Uptown, to Freedom Park, Latta Park, to Mid-Town and to the Farmer's Market.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Pictures in order 1-4:
1. Park Avenue 2. 300 Park 3. Atherton Heights 4. Monticello Terrace
The Trust was fun to talk about and I am looking forward to Part Two…meanwhile, I thought it would be interesting to look at various sections. Today, it’s Dilworth. If you are unfamiliar with this charming, historic district…for a map, a little history and some photos, go to http://www.athomecharlotte.com/, click on AtHomeCharlotte and then to the Historic Index and Walking Tours…on the right, go Dilworth. My maps are a little different because talented artist Gay Grayson custom created all of the maps on our site.Okay,
discover Dilworth. Front porches, tree lined streets, East Boulevard with a myriad of restaurants and coffee shops…and it is just a hop and a skip from Uptown.And adjacent to South End.So…condos in Dilworth. First, if a friend told you Dilworth is in Area 5 …well it is, and also Area 6. In Area 5, there are 74 listed for sale…some are resales and some are newly constructed and some are under construction. In Area 5-Dilworth list prices start at 185,000 for between 500-700 square feet, mid-rise, so this is a flat. Several are on East Boulevard, newer, converted from apartments and recently had a news article on Radon…Older condos…those with 2 or 4 or eight in a building, smaller, more traditional, tend to come on the market and go quicker…they are Monticello Terrace, Arosa, and 1109 Morehead…all 185,000 to 230,000 and then the prices take a quick climb to 2 million plus. And a wide range of styles, parking, and amenities of course. And all the way up to 3200 square feet. Average layout is 2 bedrooms, 2 full baths, 1300-1600 square feet and average price 474,866…our current time on the market
for actives is 106 days.What to watch for…the number of investors in any complex. Read the documents in both older and newer…looking for leasing, parking, and pets primarily. In the older condos, our Legal Beagles tell us to read the minutes. We’ll announce that column when we post it. Oh, yes, we have a whole new section “and Friends”…on TheRealEstateLady.com. 
In Dilworth Area 6, 73 are listed for sale. Starting at 129,000 for 500-700 square feet. A good mix of older condos, usually one bedroom with one bath or two with either 1.5 or two. Many new condos. One newer apartment conversion that I can see right off hand. All the way to $759, 230. Average layout 2 bedrooms, 1100-1400 square feet and average price $322,441. With days on the market average for active listings at 126. With Area 6, Park Road is the dividing line if that helps. So slicing Park Road off to East Boulevard takes in the area that is right next to SouthEnd.What would I look for? Investors, read the minutes, read the docs…the newer units more than likely will have more investors. And ask about the builder’s warranty. And who the insurance is with.Have fun in Dilworth. Walk Uptown, to Freedom Park, Latta Park, to Mid-Town and to the Farmer's Market.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Pictures in order 1-4:
1. Park Avenue 2. 300 Park 3. Atherton Heights 4. Monticello Terrace
Tuesday, May 20, 2008
Grass is Green, Grass in Cities, Green Everywhere
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
So here I go again, healthy tips...and hey! grass is in the cities, around condos, in common areas. So here goes:
Your lush lawn
Before you stretch out on (or let your kids run barefoot through) that green grass, consider that it may be blanketed with toxic pesticides. “The commonly used insecticides are all chemical cousins of the wartime gas sarin, which was used in the 1995 Tokyo subway attack,” says Philip J. Landrigan, MD, chairman of the Department of Community and Preventive Medicine and professor of pediatrics at the Mount Sinai School of Medicine in New York City.
“And the commonly used herbicides are chemical first cousins of Agent Orange, which was used in Vietnam.” So, that “healthy” lawn has the potential to increase your family’s risks of cancer or neurological conditions such as Parkinson’s disease. That’s partly because lawn-care pesticides “aren’t selective killers,” explains Jennifer Sass, PhD, a senior scientist at the Natural Resources Defense Council (NRDC) in Washington, D.C. — many can have an impact on your health.
There is good news, though: More and more towns are enacting neighbor-notification laws, requiring residents to issue warnings before spraying so people can shut their windows or even clear out with their kids and pets (the health danger lasts for days for the commonly used insecticides and weeks for the herbicides). If your town doesn’t have this law, ask neighbors to let you know when they’re spraying — and what they’re using.
On your own turf, do only integrated pest management (IPM), a gentler, environmentally sensitive way of preventing, monitoring, and controlling pests. Safer ecofriendly and organic lawn sprays and other nonchemical options — from aphid-eating ladybugs to heat (electrocution) for termites — are surprisingly effective. Caveat: You may not have the most manicured lawn on the block, but to keep your family safe you have to learn to live with a few dandelions.
Your child's toy box.
The main threat here is lead-coated toys. In the past two fiscal years, the U.S. Consumer Product Safety Commission (CPSC) has issued 21 recalls of lead-tainted toys, including learning toys and train sets, most of which were made in China (this number doesn’t include lead-related children’s-jewelry recalls).
If you have little ones, consider lead the number-one danger in your home, Landrigan says. In very high doses, lead can cause convulsions and brain damage in young children. But if children are exposed to it in even small amounts, they can have a loss of IQ, a shortening of attention span, and behavioral problems. They’re also more likely to have dyslexia and to drop out of school.
Checking every toy in the house for lead may not help because not all home tests are accurate. Instead, make smart buys. Research toys at www.healthytoys.org before you go shopping. Other ways to protect your kids: Have them wash their hands after playing and before eating, and get them tested for lead.
Your closet
Mothballs are really dangerous chemicals, the vapors are carcinogenic and are also irritating to the nervous system. In fact, if your child swallows one, it can be fatal. Inhaling mothball vapors overnight doesn’t mean you will get cancer tomorrow, but it increases your long-term risk. So use safer moth-repelling alternatives like dried-lavender and cedar products.
And your work clothes swathed in dry-cleaning bags? They harbor perchloroethylene, the most common dry-cleaning chemical, which causes cancer in lab animals, according to the Environmental Protection Agency (EPA). Heavy exposure to this substance can cause dizziness and confusion, even in adults, so it’s best to minimize your use of dry cleaning. Machine-wash whatever you can on the delicate cycle (not everything labeled “dry-clean only” needs it). Another option: Find a professional cleaner who uses less-toxic solutions, like CO2, or does wet cleaning (a combo of water, biodegradable soap, and steam in special machines).
If you have an item conventionally dry-cleaned, remove it from plastic and air it outside for several hours before hanging it in the closet. This will give the chemicals time to evaporate, reducing the health risk.
Your cat's litter box
Anyone who has changed a litter box is familiar with that cough-inducing dust cloud. It likely contains low levels of crystalline silica, a carcinogen so check the bag or box before you pour it into Fluffy’s litter box. If the warning says to go to the ER if you swallow, it’s safe to assume it’s really toxic. Replace with greener versions made from corn, wheat, alfalfa, cedar, and even pine—all of which work well. You can find natural litters at major pet stores. To give the natural variety an odor-eating boost, mix in a little baking soda. And be sure to keep boxes in ventilated spots such as a screened-in porch.
Your home office
What’s in your home office or cube? Eye and lung irritants from copy-machine toners and fax-machine ink cartridges, in addition to gases from permanent markers, vapors from pesticides, and formaldehyde fumes from particleboard furniture. In the short term, these products—particularly in tightly sealed office buildings — can cause sick-building syndrome, a real illness that’s characterized by symptoms like headache and fatigue. Sick-building syndrome is the result of inadequate ventilation, so if there are no windows in your office, ask a manager to have air exchanges and filters turned on before the workday begins. Your request might fall on deaf ears, but it could also spur change. Why bother? Some of the compounds found in offices are neurotoxic, which means they can cause tingling or numbness and permanent damage to the nervous system over the long term.
At your office, avoid printers and copiers in your immediate work space and take 10-minute walks outside during the day to get fresh air. At home, keep printers and fax machines out of the bedroom, crack windows, and add chemical-removing plants. (See below.)
Plants that help
These three easy-to-find houseplants act as natural air purifiers:
Areca Palm removes xylene (from permanent markers and rubber cement).
Boston fern removes formaldehyde (from fiberboard furniture, glues and adhesives, and permanent-press fabrics).
English ivy removes benzene (from oven cleaners, detergents, furniture polish, and spot removers).
For more information and helpful tips, visit http://www.health.com/
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
So here I go again, healthy tips...and hey! grass is in the cities, around condos, in common areas. So here goes:
Your lush lawn
Before you stretch out on (or let your kids run barefoot through) that green grass, consider that it may be blanketed with toxic pesticides. “The commonly used insecticides are all chemical cousins of the wartime gas sarin, which was used in the 1995 Tokyo subway attack,” says Philip J. Landrigan, MD, chairman of the Department of Community and Preventive Medicine and professor of pediatrics at the Mount Sinai School of Medicine in New York City.
“And the commonly used herbicides are chemical first cousins of Agent Orange, which was used in Vietnam.” So, that “healthy” lawn has the potential to increase your family’s risks of cancer or neurological conditions such as Parkinson’s disease. That’s partly because lawn-care pesticides “aren’t selective killers,” explains Jennifer Sass, PhD, a senior scientist at the Natural Resources Defense Council (NRDC) in Washington, D.C. — many can have an impact on your health.
There is good news, though: More and more towns are enacting neighbor-notification laws, requiring residents to issue warnings before spraying so people can shut their windows or even clear out with their kids and pets (the health danger lasts for days for the commonly used insecticides and weeks for the herbicides). If your town doesn’t have this law, ask neighbors to let you know when they’re spraying — and what they’re using.
On your own turf, do only integrated pest management (IPM), a gentler, environmentally sensitive way of preventing, monitoring, and controlling pests. Safer ecofriendly and organic lawn sprays and other nonchemical options — from aphid-eating ladybugs to heat (electrocution) for termites — are surprisingly effective. Caveat: You may not have the most manicured lawn on the block, but to keep your family safe you have to learn to live with a few dandelions.
Your child's toy box.
The main threat here is lead-coated toys. In the past two fiscal years, the U.S. Consumer Product Safety Commission (CPSC) has issued 21 recalls of lead-tainted toys, including learning toys and train sets, most of which were made in China (this number doesn’t include lead-related children’s-jewelry recalls).
If you have little ones, consider lead the number-one danger in your home, Landrigan says. In very high doses, lead can cause convulsions and brain damage in young children. But if children are exposed to it in even small amounts, they can have a loss of IQ, a shortening of attention span, and behavioral problems. They’re also more likely to have dyslexia and to drop out of school.
Checking every toy in the house for lead may not help because not all home tests are accurate. Instead, make smart buys. Research toys at www.healthytoys.org before you go shopping. Other ways to protect your kids: Have them wash their hands after playing and before eating, and get them tested for lead.
Your closet
Mothballs are really dangerous chemicals, the vapors are carcinogenic and are also irritating to the nervous system. In fact, if your child swallows one, it can be fatal. Inhaling mothball vapors overnight doesn’t mean you will get cancer tomorrow, but it increases your long-term risk. So use safer moth-repelling alternatives like dried-lavender and cedar products.
And your work clothes swathed in dry-cleaning bags? They harbor perchloroethylene, the most common dry-cleaning chemical, which causes cancer in lab animals, according to the Environmental Protection Agency (EPA). Heavy exposure to this substance can cause dizziness and confusion, even in adults, so it’s best to minimize your use of dry cleaning. Machine-wash whatever you can on the delicate cycle (not everything labeled “dry-clean only” needs it). Another option: Find a professional cleaner who uses less-toxic solutions, like CO2, or does wet cleaning (a combo of water, biodegradable soap, and steam in special machines).
If you have an item conventionally dry-cleaned, remove it from plastic and air it outside for several hours before hanging it in the closet. This will give the chemicals time to evaporate, reducing the health risk.
Your cat's litter box
Anyone who has changed a litter box is familiar with that cough-inducing dust cloud. It likely contains low levels of crystalline silica, a carcinogen so check the bag or box before you pour it into Fluffy’s litter box. If the warning says to go to the ER if you swallow, it’s safe to assume it’s really toxic. Replace with greener versions made from corn, wheat, alfalfa, cedar, and even pine—all of which work well. You can find natural litters at major pet stores. To give the natural variety an odor-eating boost, mix in a little baking soda. And be sure to keep boxes in ventilated spots such as a screened-in porch.
Your home office
What’s in your home office or cube? Eye and lung irritants from copy-machine toners and fax-machine ink cartridges, in addition to gases from permanent markers, vapors from pesticides, and formaldehyde fumes from particleboard furniture. In the short term, these products—particularly in tightly sealed office buildings — can cause sick-building syndrome, a real illness that’s characterized by symptoms like headache and fatigue. Sick-building syndrome is the result of inadequate ventilation, so if there are no windows in your office, ask a manager to have air exchanges and filters turned on before the workday begins. Your request might fall on deaf ears, but it could also spur change. Why bother? Some of the compounds found in offices are neurotoxic, which means they can cause tingling or numbness and permanent damage to the nervous system over the long term.
At your office, avoid printers and copiers in your immediate work space and take 10-minute walks outside during the day to get fresh air. At home, keep printers and fax machines out of the bedroom, crack windows, and add chemical-removing plants. (See below.)
Plants that help
These three easy-to-find houseplants act as natural air purifiers:
Areca Palm removes xylene (from permanent markers and rubber cement).
Boston fern removes formaldehyde (from fiberboard furniture, glues and adhesives, and permanent-press fabrics).
English ivy removes benzene (from oven cleaners, detergents, furniture polish, and spot removers).
For more information and helpful tips, visit http://www.health.com/
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Monday, May 19, 2008
Condos: Two Stop Shopping
May 19, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Condominiums: Two Stop ShoppingBuyers are smart. So are sellers. When you enter either mode, you are usually focused on finding out everything you can…gather the information, parse it out, ask questions. As we all know the Internet makes that journey both simple and complex. Google is both our best friend and the tantrum thrower…we can search but we get just everything.
Here are two websites that almost pure in the information. One is our regional realtor associations’ Multiple Listing Service. Now folks, this is the whole database and you can search by single family or condo, by area, by price and you get lots of good information. Not everything we get as members, but enough to start painting your picture. This is the very database that all the broker’s sites pull their information from. All. There is a Broker Exchange that allows us to get listings from other brokerage firms and put them on our own websites. Here is the URL of our main database: www.CarolinaHome.com.That is singular “Carolina” and singular “home”.
The other website is the city-county real estate website. Here you can get a copy of the deed, a picture of the property, the tax bills, the owners, you can play to your hearts content and it is quite easy. Instead of giving you the very long address, just go to Google and enter Mecklenburg(with a “u”) Polaris. When the screen comes up, go to the right hand corner and click on search. Look to the left and you have fields to enter for searching. They do not all have to be filled in…it kind of works on a default so it can be used by the most challenged. This is a great place to see what the neighbor paid, what the lot looks like, if it’s in a floodplain and more.When looking for new construction you can most often enter the name of the condo complex you might be interested in…in Google of course. And remember on new construction, you can have representation by your own agent because the builder will pay the commission and it doesn’t effect your purchase price.
Oh, by the way on CarolinaHome.com, you can also get listing information like high and low prices by area. And there are plenty of maps to help you with areas.
Have a good time and if you need help, I am here.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Condominiums: Two Stop ShoppingBuyers are smart. So are sellers. When you enter either mode, you are usually focused on finding out everything you can…gather the information, parse it out, ask questions. As we all know the Internet makes that journey both simple and complex. Google is both our best friend and the tantrum thrower…we can search but we get just everything.
Here are two websites that almost pure in the information. One is our regional realtor associations’ Multiple Listing Service. Now folks, this is the whole database and you can search by single family or condo, by area, by price and you get lots of good information. Not everything we get as members, but enough to start painting your picture. This is the very database that all the broker’s sites pull their information from. All. There is a Broker Exchange that allows us to get listings from other brokerage firms and put them on our own websites. Here is the URL of our main database: www.CarolinaHome.com.That is singular “Carolina” and singular “home”.
The other website is the city-county real estate website. Here you can get a copy of the deed, a picture of the property, the tax bills, the owners, you can play to your hearts content and it is quite easy. Instead of giving you the very long address, just go to Google and enter Mecklenburg(with a “u”) Polaris. When the screen comes up, go to the right hand corner and click on search. Look to the left and you have fields to enter for searching. They do not all have to be filled in…it kind of works on a default so it can be used by the most challenged. This is a great place to see what the neighbor paid, what the lot looks like, if it’s in a floodplain and more.When looking for new construction you can most often enter the name of the condo complex you might be interested in…in Google of course. And remember on new construction, you can have representation by your own agent because the builder will pay the commission and it doesn’t effect your purchase price.
Oh, by the way on CarolinaHome.com, you can also get listing information like high and low prices by area. And there are plenty of maps to help you with areas.
Have a good time and if you need help, I am here.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Saturday, May 17, 2008
Million Dollar Condos...Donde Es?
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
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
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
Subscribe to:
Posts (Atom)