March 29, 2008Lynnsy Logue, The Real Estate Lady and CondoCanDo in Charlotte, NCInspections and How Situations Change…Real Estate is like the ocean…probably more volatile because our life forms are humans. So we have the predators, the bottom fish, big fish and really big mammals, and little fish, plankton and seaweed. And the Dolphins. But we are different because we are shape shifters…what looks like a Dolphin person may well be a hungry shark. The test is when we get into unknown waters.The “we” represents the brokers and the buyer and the seller. The unknown waters is sometimes the time for inspections. Because even though the inspectors are licensed and have a governing agency, they are not all alike. Just like “we” are not all alike.Hire three different inspectors and you will have three different reports. 1. They are not all written in the same format. 2. Some are more descriptive than others 3. Some are lacking.4. Some come with color pictures of the troubled spots.5. Inspectors are human,too. Sometimes they miss something.Recently, I had a buyer who liked a house that had been under contract, inspections had been done, repairs were underway. The buyer backed out.We liked the house and wanted to make an offer. The seller said fine, but I am not making anymore repairs. We said, we’ll have it inspected again, have our repair guy look at everything and if all is true, we’ll proceed without further ado. We asked for the previous inspection and for the repair list so our guys could see what had been done.The first inspector was lacking in his report. He reported items that do not require reporting, cosmetic items. He didn’t catch the live hanging wires under the kitchen, he didn’t check the water heater and the list goes on. The sellers repair guy just showed up and did a few things and not well and charged a lot. Our inspector was thorough beyond belief. Comparing the two inspection reports was like day and night. Our repair guy made his list and checked the other’s work. Disparity. And the final straw is in the next podcast because what my handyman and I found in the crawl space was a huge problem that we both “felt” and explored.So what’s my point. If you hire an inspector, look at a sample of their work, check their credentials and make a list of items you and/or your broker have specific questions about and ask him to address them in his report. Give him/her a written list. And for the handyman, even I have been fooled by the smooth talker. The guy I like the best always shows up on time, always sends me a written estimate line by line, always thinks ahead of me and has great ideas, always tries to save money if he can without loosing quality and his prices are always fair. I found him through another broker. Good source.
Coming up…Permits and County Inspections
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Saturday, March 29, 2008
Friday, March 28, 2008
Home Owner's Questionnaire...Good Stuff!
March 28, 2008
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Home Owner’s Questionnaire…Good Stuff.
So here is the scenario. You decide to buy a condo. You are a first time home buyer. You’ve gotten pre-approval for a loan amount, you’ve teamed up with a real estate broker and you are on the Internet ( 87% of buyers and sellers head to the web) and in your car( 67% drive the area, check the neighborhoods and I do this as well).You’ve found the one you really like, made your offer, negotiated the deal and you’ve got a contract. So you know you like the location, you like the floor plan, you can have a dog, there’s a pool. But what else do you need to know?I posted a great and thorough questionnaire on http://www.condocando.com/ that I picked up at Countrywide. It’s pretty detailed but I like detail especially when it comes to condominiums and town homes. You need to know before you buy how many investors there are…if the complex or building is complete? (Sound strange? It has happened.)Can the project be expanded beyond its current size? That’s really good. Is there any commercial space designated in the project? This has happened after the fact. Are there any pending lawsuits? Assessments being discussed or forthcoming? Catch my drift?
An ounce of prevention is worth a pound of cure. Download the form or ask your mortgage broker for their company’s questionnaire. Ask the questions, read the documents.Documents, you say?…Discussion on the way!
Lynnsy Logue, The Real Estate Lady and CondoCanDo in Charlotte, NC
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Home Owner’s Questionnaire…Good Stuff.
So here is the scenario. You decide to buy a condo. You are a first time home buyer. You’ve gotten pre-approval for a loan amount, you’ve teamed up with a real estate broker and you are on the Internet ( 87% of buyers and sellers head to the web) and in your car( 67% drive the area, check the neighborhoods and I do this as well).You’ve found the one you really like, made your offer, negotiated the deal and you’ve got a contract. So you know you like the location, you like the floor plan, you can have a dog, there’s a pool. But what else do you need to know?I posted a great and thorough questionnaire on http://www.condocando.com/ that I picked up at Countrywide. It’s pretty detailed but I like detail especially when it comes to condominiums and town homes. You need to know before you buy how many investors there are…if the complex or building is complete? (Sound strange? It has happened.)Can the project be expanded beyond its current size? That’s really good. Is there any commercial space designated in the project? This has happened after the fact. Are there any pending lawsuits? Assessments being discussed or forthcoming? Catch my drift?
An ounce of prevention is worth a pound of cure. Download the form or ask your mortgage broker for their company’s questionnaire. Ask the questions, read the documents.Documents, you say?…Discussion on the way!
Lynnsy Logue, The Real Estate Lady and CondoCanDo in Charlotte, NC
Thursday, March 27, 2008
Condominium Insurance, Part Two
March 27, 2008
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Condominium Insurance-Part Two
The following is a great excerpt from InmanNews:
“Take this very common situation: a common-element pipe burst, causing major flooding damage throughout the building, including in your unit. The condominium association files its claim against the master policy, and you file your claim with your insurance company. However, each company points it’s finger at the other one, stating that it is the obligation of the other carrier to cover the claim. Often, when faced with this situation,one expert merely tells both agents: "Guys, both the master and the HO-6 policy were issued by the same company, so why not just work it out on your own, and make sure that both the association and the owner are properly compensated for their losses?"
If you own a condominium unit, learn the difference between a unit and the common elements. Remember we often say a condo is the space, the area between the floors and the walls. Common areas are elevators, hallways, roof mechanical equipment, parking garage. And further, consider the pipes that serve only your unit will most likely be considered part of your unit -- even though those pipes go down the walls outside of your unit.
It is important that you understand these concepts. Your association declaration will provide you with this information, but if you get confused with the legal (and architectural) terms, consult the association's property manager, its attorney or even the insurance agent for your building. It is absolutely critical for every owner to carefully read -- and reread periodically -- these legal documents.
If you are renting your unit, you probably will not need protection for your tenant's personal property. However, you still need coverage in case someone gets hurt in your unit, and accordingly should still obtain the HO-6 policy. And you should make it a requirement in your lease that your tenants purchase "renters insurance" -- called an HO-4 policy -- so that they too will have protection in case problems arise.
Damage to condominium units can come from many sources. The hot water hoses in your washer can burn out. Your fireplace chimney can get stuffed up, unable to provide the necessary updraft. Or the rubber seal under your toilet gets worn down.
One never knows when these problems occur. More importantly, disasters are often out of your control. The cost of this insurance is nominal, considering the risk and the exposure involved.
Good Insurance Information at www.iii.org Insurance Information Institute
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Condominium Insurance-Part Two
The following is a great excerpt from InmanNews:
“Take this very common situation: a common-element pipe burst, causing major flooding damage throughout the building, including in your unit. The condominium association files its claim against the master policy, and you file your claim with your insurance company. However, each company points it’s finger at the other one, stating that it is the obligation of the other carrier to cover the claim. Often, when faced with this situation,one expert merely tells both agents: "Guys, both the master and the HO-6 policy were issued by the same company, so why not just work it out on your own, and make sure that both the association and the owner are properly compensated for their losses?"
If you own a condominium unit, learn the difference between a unit and the common elements. Remember we often say a condo is the space, the area between the floors and the walls. Common areas are elevators, hallways, roof mechanical equipment, parking garage. And further, consider the pipes that serve only your unit will most likely be considered part of your unit -- even though those pipes go down the walls outside of your unit.
It is important that you understand these concepts. Your association declaration will provide you with this information, but if you get confused with the legal (and architectural) terms, consult the association's property manager, its attorney or even the insurance agent for your building. It is absolutely critical for every owner to carefully read -- and reread periodically -- these legal documents.
If you are renting your unit, you probably will not need protection for your tenant's personal property. However, you still need coverage in case someone gets hurt in your unit, and accordingly should still obtain the HO-6 policy. And you should make it a requirement in your lease that your tenants purchase "renters insurance" -- called an HO-4 policy -- so that they too will have protection in case problems arise.
Damage to condominium units can come from many sources. The hot water hoses in your washer can burn out. Your fireplace chimney can get stuffed up, unable to provide the necessary updraft. Or the rubber seal under your toilet gets worn down.
One never knows when these problems occur. More importantly, disasters are often out of your control. The cost of this insurance is nominal, considering the risk and the exposure involved.
Good Insurance Information at www.iii.org Insurance Information Institute
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Wednesday, March 26, 2008
Condominium Insurance, Part One
March 26, 2008
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
One more step…Condominium Insurance.
Let’s be precise. This is condominium insurance. Not co-op or town home, but genuine condominium insurance. Good. In every condominium and co-operative and even townhome communities there is a master insurance policy. Each association requires a certain level of insurance. The Lender requires proof of this Master Policy. Further the coverage must be consistent with the legal requirements. The buyer’s lender has a form that is completed by the Home Owner’s Association regarding this policy.
This master policy may not cover your personal loss. The master policy covers the common areas that owners share with others in the building like the roof, elevator, hallways and walkways for both physical damage and liability. If someone takes a tumble, the master policy provides coverage and if a lawsuit ensues, the master policy will also cover the legal costs incurred by the Home Owners Association.If a unit suffers maximum damage, the master policy will bear the expense for the restoration of ceilings and walls. And then there are the grey areas: appliances. Sometimes a master policy will cover them and sometimes not. Remember the deductible and your HOA should know that figure.But…read carefully…any improvements that previous owners or you have made will not be covered. I read this in my insurance brochure, the word is “betterments”. Wallpaper or upgrades in the kitchen or bathroom are not covered. It is better to know this before you need to know this, right? The most common occurrences are the overflowing bath tub or shower: tumbling water into the units below. The Master Policy will repair floors and ceilings…other items that were damaged like that hand woven Greek wall hanging, Persian rug or priceless water color will lack coverage. For those items, you will need your own individual policy. This insurance policy is known as an HO-6 policy. This gives you coverage subject to a deductible for your personal furniture, clothing and “betterments” in your unit.
Depending on your own financial situation, the HO-6 policy can also include such things as reimbursing you for monthly assessments and alternative lodging while you are unable to reside in your unit; water and sewer back-ups (which are all too common especially in older buildings); and even expensive jewelry, stamp or coin collections, or fur coats. You should be able to obtain this kind of policy through any insurance agent
Some associations require that every owner obtain the HO-6 policy, and many experts strongly recommended that every association make this a requirement.
I have read that the best approach is to obtain that policy from the same carrier that issued the master policy.
Condo Insurance, Part Two…Coming Up!
Good insurance information at Insurance Information Institute: www.iii.com
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
One more step…Condominium Insurance.
Let’s be precise. This is condominium insurance. Not co-op or town home, but genuine condominium insurance. Good. In every condominium and co-operative and even townhome communities there is a master insurance policy. Each association requires a certain level of insurance. The Lender requires proof of this Master Policy. Further the coverage must be consistent with the legal requirements. The buyer’s lender has a form that is completed by the Home Owner’s Association regarding this policy.
This master policy may not cover your personal loss. The master policy covers the common areas that owners share with others in the building like the roof, elevator, hallways and walkways for both physical damage and liability. If someone takes a tumble, the master policy provides coverage and if a lawsuit ensues, the master policy will also cover the legal costs incurred by the Home Owners Association.If a unit suffers maximum damage, the master policy will bear the expense for the restoration of ceilings and walls. And then there are the grey areas: appliances. Sometimes a master policy will cover them and sometimes not. Remember the deductible and your HOA should know that figure.But…read carefully…any improvements that previous owners or you have made will not be covered. I read this in my insurance brochure, the word is “betterments”. Wallpaper or upgrades in the kitchen or bathroom are not covered. It is better to know this before you need to know this, right? The most common occurrences are the overflowing bath tub or shower: tumbling water into the units below. The Master Policy will repair floors and ceilings…other items that were damaged like that hand woven Greek wall hanging, Persian rug or priceless water color will lack coverage. For those items, you will need your own individual policy. This insurance policy is known as an HO-6 policy. This gives you coverage subject to a deductible for your personal furniture, clothing and “betterments” in your unit.
Depending on your own financial situation, the HO-6 policy can also include such things as reimbursing you for monthly assessments and alternative lodging while you are unable to reside in your unit; water and sewer back-ups (which are all too common especially in older buildings); and even expensive jewelry, stamp or coin collections, or fur coats. You should be able to obtain this kind of policy through any insurance agent
Some associations require that every owner obtain the HO-6 policy, and many experts strongly recommended that every association make this a requirement.
I have read that the best approach is to obtain that policy from the same carrier that issued the master policy.
Condo Insurance, Part Two…Coming Up!
Good insurance information at Insurance Information Institute: www.iii.com
Monday, March 24, 2008
Follow Up Two:Certified Radon Measurement Provider
March 25, 2008
Lynnsy Logue, The Real Estate Lady and Condo CanDo
Latta Pavilion: Following Up with a Certified Radon Measurement Provider
Michael Lewis is a highly qualified inspector with superb credentials and experience. You may check his background and service information at his website: www.mecklenburginspections.com.
I received this last night from Michael:
Radon
I am often asked “do I have radon in my home?”. The answer is yes. Radon is everywhere. It is the level of the radon and the expose time that is harmful. The EPA suggests that when the level in homes reaches 4.0 Pico curies per liter, remediation is needed. The common levels outside the home are usually 0.4 Pico curies per liter.
What is Radon? Radon is a colorless, odorless and tasteless gas that is produced by decaying uranium and radium. If it sounds scary, it is. Temperature, wind conditions, and air pressure, as well as behavioral factors, influence ventilation and concentration of radon and its decay products that may build up in a room. Efforts to improve insulation and preserve energy may often times make the situation worse. This means that your efforts to make your home more energy efficient make it harder for your home to breathe.
The use of stony building materials and ground conditions influence indoor concentrations of radon and its decay products. The leakage of radon from the ground shows great variations, and very high indoor concentrations can occur in one house, but not in another, even if located nearby. In general, the leakage of radon from the ground is usually more important than its emanation from stony building materials. Radon can even be located in the water, but is less of a threat than the levels in your environment, such as the home or work place.
The EPA estimates the amount of deaths caused by radon induced lung cancer is about 21,000 per year, second only to deaths caused by drunk drivers. Persons that smoke increase their chances greatly.
To test the levels of radon gas in your home, a certified radon measurement provider should be contacted. If the levels are at 4.0 Pico curies or more, mitigation will be necessary to lower the radon gas levels. For more information go to, www.epa.gov/radon/pubs/hmbyguid.html.
Mecklenburg Inspections, Inc.
Licensed NC and SC Home Inspector
Certified Radon Measurement Provider
As we discover/learn more information about Radon or if there are any further developments regarding Latta Pavillion, I will post them here.
Lynnsy Logue, The Real Estate Lady and Condo CanDo
Latta Pavilion: Following Up with a Certified Radon Measurement Provider
Michael Lewis is a highly qualified inspector with superb credentials and experience. You may check his background and service information at his website: www.mecklenburginspections.com.
I received this last night from Michael:
Radon
I am often asked “do I have radon in my home?”. The answer is yes. Radon is everywhere. It is the level of the radon and the expose time that is harmful. The EPA suggests that when the level in homes reaches 4.0 Pico curies per liter, remediation is needed. The common levels outside the home are usually 0.4 Pico curies per liter.
What is Radon? Radon is a colorless, odorless and tasteless gas that is produced by decaying uranium and radium. If it sounds scary, it is. Temperature, wind conditions, and air pressure, as well as behavioral factors, influence ventilation and concentration of radon and its decay products that may build up in a room. Efforts to improve insulation and preserve energy may often times make the situation worse. This means that your efforts to make your home more energy efficient make it harder for your home to breathe.
The use of stony building materials and ground conditions influence indoor concentrations of radon and its decay products. The leakage of radon from the ground shows great variations, and very high indoor concentrations can occur in one house, but not in another, even if located nearby. In general, the leakage of radon from the ground is usually more important than its emanation from stony building materials. Radon can even be located in the water, but is less of a threat than the levels in your environment, such as the home or work place.
The EPA estimates the amount of deaths caused by radon induced lung cancer is about 21,000 per year, second only to deaths caused by drunk drivers. Persons that smoke increase their chances greatly.
To test the levels of radon gas in your home, a certified radon measurement provider should be contacted. If the levels are at 4.0 Pico curies or more, mitigation will be necessary to lower the radon gas levels. For more information go to, www.epa.gov/radon/pubs/hmbyguid.html.
Mecklenburg Inspections, Inc.
Licensed NC and SC Home Inspector
Certified Radon Measurement Provider
As we discover/learn more information about Radon or if there are any further developments regarding Latta Pavillion, I will post them here.
Latta Pavilion: Two Follow-Ups. First, Tracking
March 24, 2008
Lynnsy Logue, The Real Estate Lady and Condo CanDo in Charlotte, NC
Latta Pavilion: Two Follow Ups. First, Tracking
When I began my series on Latta Pavilion and Radon, I put out a couple of emails to people in the business. The first reply is from a highly qualified construction professional who works with building condominiums, townhomes, single family homes and large apartment complexes. I asked him how one would begin to track aggregate used in such a project as Latta Pavilion.Here is his reply:
The only way you would be able to track down where the stone came from is to know who the concrete subcontractor was on that job. Then, you'd have to contact that subcontractor and get them to tell you who supplied them with the stone. Then, contact that supplier and ask them where they got their stone during the period of time they supplied to that subcontractor and, most importantly, for that particular job, because a large subcontractor will have several jobs going at once. And they may have an account with one supplier, but that supplier may ship to different jobs from different quarries depending upon the job location. Then, and only then, when you have tracked down which quarry the stone came from, you can then find out which concrete subcontractors the quarry sold to. Then, you'd have to contact those subcontractors and see if they could tell you if the stone they purchased from that quarry was used for slabs or flatwork (sidewalks). If they can tell you specifically slabs, ask them on which projects those slabs were poured.
Yes, it's some back-tracking, and alot of footwork. But that's the only possible way I know that you could track down that sort of information. I hope that helps!Next, I also spoke with a certified Radon Inspector and asked for his overview.
Coming Up Tomorrow: Certified Radon Inspector Comments on Radon
Lynnsy Logue, The Real Estate Lady and Condo CanDo in Charlotte, NC
Latta Pavilion: Two Follow Ups. First, Tracking
When I began my series on Latta Pavilion and Radon, I put out a couple of emails to people in the business. The first reply is from a highly qualified construction professional who works with building condominiums, townhomes, single family homes and large apartment complexes. I asked him how one would begin to track aggregate used in such a project as Latta Pavilion.Here is his reply:
The only way you would be able to track down where the stone came from is to know who the concrete subcontractor was on that job. Then, you'd have to contact that subcontractor and get them to tell you who supplied them with the stone. Then, contact that supplier and ask them where they got their stone during the period of time they supplied to that subcontractor and, most importantly, for that particular job, because a large subcontractor will have several jobs going at once. And they may have an account with one supplier, but that supplier may ship to different jobs from different quarries depending upon the job location. Then, and only then, when you have tracked down which quarry the stone came from, you can then find out which concrete subcontractors the quarry sold to. Then, you'd have to contact those subcontractors and see if they could tell you if the stone they purchased from that quarry was used for slabs or flatwork (sidewalks). If they can tell you specifically slabs, ask them on which projects those slabs were poured.
Yes, it's some back-tracking, and alot of footwork. But that's the only possible way I know that you could track down that sort of information. I hope that helps!Next, I also spoke with a certified Radon Inspector and asked for his overview.
Coming Up Tomorrow: Certified Radon Inspector Comments on Radon
Sunday, March 16, 2008
Latta Pavilion Is Sick. Getting a Read on Radon.
March 23,2008
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will try present the whole article as it appeared on February 22, 2008 in the Business Journal. Counting this, here will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
GETTING A READ ON RADON
§ What is it? Colorless and odorless radioactive gas formed in rock and soil.
§ How does it get in your home or business? Leaks into basement or crawl space from exposed soil, rock. Also is present in building materials such as natural stone or rock.
§ How dangerous is radon? The EPA says radon causes 100 times more deaths than carbon monoxide poisoning. It is the second-leading cause of lung cancer.
§ How to check? EPA-certified radon test kits are available for $20 from hardware, discount stores.
§ How do you cut levels? Seal cracks, openings to prevent from entering via soil; ventilation to carry gas out of a building.
Source: Environmental Protection Agency
As there is follow up, it will be posted here!!!
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will try present the whole article as it appeared on February 22, 2008 in the Business Journal. Counting this, here will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
GETTING A READ ON RADON
§ What is it? Colorless and odorless radioactive gas formed in rock and soil.
§ How does it get in your home or business? Leaks into basement or crawl space from exposed soil, rock. Also is present in building materials such as natural stone or rock.
§ How dangerous is radon? The EPA says radon causes 100 times more deaths than carbon monoxide poisoning. It is the second-leading cause of lung cancer.
§ How to check? EPA-certified radon test kits are available for $20 from hardware, discount stores.
§ How do you cut levels? Seal cracks, openings to prevent from entering via soil; ventilation to carry gas out of a building.
Source: Environmental Protection Agency
As there is follow up, it will be posted here!!!
Latta Pavilion Is Sick. Still Selling.
March 22,2008
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will present the whole article as it appeared on February 22, 2008 in the Business Journal. Counting this, here will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
Here goes:
Still Selling
In spite of the elevated levels of radon, people are still buying units at Latta Pavilion.
Allen Tate's Dilworth office has sold three units in Latta Pavilion since the radon was found. "We have not worked with any potential buyers who elected not to purchase in this community, based on this knowledge," says Jane Richey, the office branch manager.
Kindbom says Tate has been discussing the radon issue since it was discovered at Latta Pavilion. She says radon tests are not routine in Charlotte, but adds it's always better to be safe than sorry.
"It's a fixable problem that's not terribly expensive," Kindbom says. "My hope is that once this is corrected it will be a nonfactor."
Grubb says his company has moved quickly to try to resolve the issue. "We're not trying to hide our head in the sand."
He'd like to move forward with a mitigation plan that includes the fan installation in each unit over the next couple of months. "We'll have to work through whether this is a design issue, construction materials or an engineering issue. That part won't be fun."
Next: GETTING A READ ON RADON
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will present the whole article as it appeared on February 22, 2008 in the Business Journal. Counting this, here will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
Here goes:
Still Selling
In spite of the elevated levels of radon, people are still buying units at Latta Pavilion.
Allen Tate's Dilworth office has sold three units in Latta Pavilion since the radon was found. "We have not worked with any potential buyers who elected not to purchase in this community, based on this knowledge," says Jane Richey, the office branch manager.
Kindbom says Tate has been discussing the radon issue since it was discovered at Latta Pavilion. She says radon tests are not routine in Charlotte, but adds it's always better to be safe than sorry.
"It's a fixable problem that's not terribly expensive," Kindbom says. "My hope is that once this is corrected it will be a nonfactor."
Grubb says his company has moved quickly to try to resolve the issue. "We're not trying to hide our head in the sand."
He'd like to move forward with a mitigation plan that includes the fan installation in each unit over the next couple of months. "We'll have to work through whether this is a design issue, construction materials or an engineering issue. That part won't be fun."
Next: GETTING A READ ON RADON
Latta Pavilion Is Sick. Solving The Problem
March 21, 2008
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…
This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will present the whole article as it appeared on February 22, 2008. Counting this, here will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
Here goes:
Solving the problem
Grubb is involved in a mediation process with Rodgers Builders, the executive board of the Latta Pavilion Condominium Owners Association Inc. and the project's designer, Charlotte-based FMK Architects.
"We have consulted with numerous experts and coordinated professional tests of many units as well as overall airflow in the building," the homeowners association said in a statement sent to the Charlotte Business Journal this week. "Based on what the experts tell us, we believe the primary problem is insufficient airflow between the units and the outside environment."
Association member Buck Lawrimore, owner of a communications firm who is acting as the group's spokesman, declines to comment on the issue.
In the written statement, the association says it's working with Grubb and Rodgers Builders to find a solution. So far, the focus is on installing fans that would funnel the gas out of the building. The cost: $5,000 per unit, or $1.3 million.
Grubb pledges that tenants won't bear any of the expense, but it's not clear who will.
Grubb believes a faulty ventilation system designed by FMK is the cause of the radon problems.
Not so fast, says Allan McGuire, managing principal at the architectural firm. He says his company designed Latta Pavilion to meet the Charlotte-Mecklenburg building codes, and it was constructed accordingly. "Nothing is unique about the Latta Pavilion system that would allow it to contain radon over other systems we have done."
Fong says he's unaware of any similar problem in a building in Charlotte. He's seen a few cases of high readings in buildings in Gastonia and Cherryville where soil conditions are more conducive to creating radon emissions.
McGuire says Grubb is ultimately responsible for delivering a safe building.
Rodgers Builders executives did not return calls.
"It's a weird, perfect storm of strange occurrences that are causing this," says Sandy Kindbom, who heads the uptown office of Allen Tate Realtors. Tate is the primary sales representative for Latta Pavilion and 1315 East Blvd., which was converted to condos from apartments in 2005.
Caught up in that storm are condo owners such as Brian Cowman, who moved into his $370,000 Latta Pavilion unit a couple of months ago, before the radon issue came to light.
Cowman says he's not concerned about the short-term health impact. He is worried about the potential damage to the value of his unit. "If you have place one and place two and there is an issue at one, you are going to choose place two."
There are currently 22 units in Latta Pavilion and the adjacent 1315 East Blvd. building listed for sale on the Multiple Listing Service, with prices ranging from $194,000 for a one-bedroom unit to $610,000 for a two-bedroom penthouse.
While residents do have a justifiable concern about resale values, North Carolina is a "buyer beware" state, says Thomas Miller, general counsel for the N.C. Real Estate Commission in Raleigh.
The state's real estate license law imposes upon real estate agents the duty to disclose material facts about the properties they list. But those rules do not apply to the seller.
Next: Still selling
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…
This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will present the whole article as it appeared on February 22, 2008. Counting this, here will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
Here goes:
Solving the problem
Grubb is involved in a mediation process with Rodgers Builders, the executive board of the Latta Pavilion Condominium Owners Association Inc. and the project's designer, Charlotte-based FMK Architects.
"We have consulted with numerous experts and coordinated professional tests of many units as well as overall airflow in the building," the homeowners association said in a statement sent to the Charlotte Business Journal this week. "Based on what the experts tell us, we believe the primary problem is insufficient airflow between the units and the outside environment."
Association member Buck Lawrimore, owner of a communications firm who is acting as the group's spokesman, declines to comment on the issue.
In the written statement, the association says it's working with Grubb and Rodgers Builders to find a solution. So far, the focus is on installing fans that would funnel the gas out of the building. The cost: $5,000 per unit, or $1.3 million.
Grubb pledges that tenants won't bear any of the expense, but it's not clear who will.
Grubb believes a faulty ventilation system designed by FMK is the cause of the radon problems.
Not so fast, says Allan McGuire, managing principal at the architectural firm. He says his company designed Latta Pavilion to meet the Charlotte-Mecklenburg building codes, and it was constructed accordingly. "Nothing is unique about the Latta Pavilion system that would allow it to contain radon over other systems we have done."
Fong says he's unaware of any similar problem in a building in Charlotte. He's seen a few cases of high readings in buildings in Gastonia and Cherryville where soil conditions are more conducive to creating radon emissions.
McGuire says Grubb is ultimately responsible for delivering a safe building.
Rodgers Builders executives did not return calls.
"It's a weird, perfect storm of strange occurrences that are causing this," says Sandy Kindbom, who heads the uptown office of Allen Tate Realtors. Tate is the primary sales representative for Latta Pavilion and 1315 East Blvd., which was converted to condos from apartments in 2005.
Caught up in that storm are condo owners such as Brian Cowman, who moved into his $370,000 Latta Pavilion unit a couple of months ago, before the radon issue came to light.
Cowman says he's not concerned about the short-term health impact. He is worried about the potential damage to the value of his unit. "If you have place one and place two and there is an issue at one, you are going to choose place two."
There are currently 22 units in Latta Pavilion and the adjacent 1315 East Blvd. building listed for sale on the Multiple Listing Service, with prices ranging from $194,000 for a one-bedroom unit to $610,000 for a two-bedroom penthouse.
While residents do have a justifiable concern about resale values, North Carolina is a "buyer beware" state, says Thomas Miller, general counsel for the N.C. Real Estate Commission in Raleigh.
The state's real estate license law imposes upon real estate agents the duty to disclose material facts about the properties they list. But those rules do not apply to the seller.
Next: Still selling
Latta Pavilion Is Sick. Taking Measure
March 20, 2008
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will present the whole article as it appeared in the Business Journal on February 22, 2008. Counting this, here will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
Here goes:Taking measure
Grubb forwarded the results to contractor Rodgers Builders Inc., the original Latta Pavilion contractor.
Bill Brodhead, president of Riegelsville, Pa.-based radon-mitigation service WPB Enterprises, was brought in by Rodgers to analyze the severity of the problem and to help find a cure. "We know there is a situation there. I can't answer who, where or when."
Because of local soil conditions, Charlotte is not a typical candidate for high levels of radon, a radioactive gas and carcinogen formed in the rock and soil from the breakdown of uranium. It occurs naturally and can be found in low levels almost everywhere.
The gas can also come from building materials such as concrete or stone fireplaces.
Brodhead found radon readings in Latta Pavilion units ranging from 5 to 10 picocuries per liter, the unit of measurement that quantifies radioactive particles. The EPA says radon is dangerous in the home at 4 picocuries per liter.
He sent the results to Felix Fong, radon program manager for the N.C. Department of Environment and Natural Resources' division of radiation protection in Raleigh, because the readings seemed to defy explanation. Radon typically pools in the lower level of a building because it seeps up from the ground. At Latta Pavilion, some of the highest readings were on the top floors.
Fong's explanation: The radon could be generated from the building materials inside the units. Radon is typically concentrated in areas with lots of granite, shale and phosphate in the soil. So building materials such as concrete or stone that originated from an area where radon occurs naturally at high levels would be a possible source.
If the radon in Latta Pavilion is coming primarily from building materials, Fong says the fix will not be easy. "Radon is a mysterious thing. It can slip in any crack or hole of a house."
Not so mysterious is the need to find a fix -- and someone to pay for it.
In a unit where the level of radon measures 8 picocuries, the chance for that resident to develop lung cancer is 14 out of 1,000, Fong estimates. By comparison, a pack-a-day smoker faces a 50 in 1,000 chance of developing lung cancer. Next: Solving The Problem
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will present the whole article as it appeared in the Business Journal on February 22, 2008. Counting this, here will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
Here goes:Taking measure
Grubb forwarded the results to contractor Rodgers Builders Inc., the original Latta Pavilion contractor.
Bill Brodhead, president of Riegelsville, Pa.-based radon-mitigation service WPB Enterprises, was brought in by Rodgers to analyze the severity of the problem and to help find a cure. "We know there is a situation there. I can't answer who, where or when."
Because of local soil conditions, Charlotte is not a typical candidate for high levels of radon, a radioactive gas and carcinogen formed in the rock and soil from the breakdown of uranium. It occurs naturally and can be found in low levels almost everywhere.
The gas can also come from building materials such as concrete or stone fireplaces.
Brodhead found radon readings in Latta Pavilion units ranging from 5 to 10 picocuries per liter, the unit of measurement that quantifies radioactive particles. The EPA says radon is dangerous in the home at 4 picocuries per liter.
He sent the results to Felix Fong, radon program manager for the N.C. Department of Environment and Natural Resources' division of radiation protection in Raleigh, because the readings seemed to defy explanation. Radon typically pools in the lower level of a building because it seeps up from the ground. At Latta Pavilion, some of the highest readings were on the top floors.
Fong's explanation: The radon could be generated from the building materials inside the units. Radon is typically concentrated in areas with lots of granite, shale and phosphate in the soil. So building materials such as concrete or stone that originated from an area where radon occurs naturally at high levels would be a possible source.
If the radon in Latta Pavilion is coming primarily from building materials, Fong says the fix will not be easy. "Radon is a mysterious thing. It can slip in any crack or hole of a house."
Not so mysterious is the need to find a fix -- and someone to pay for it.
In a unit where the level of radon measures 8 picocuries, the chance for that resident to develop lung cancer is 14 out of 1,000, Fong estimates. By comparison, a pack-a-day smoker faces a 50 in 1,000 chance of developing lung cancer. Next: Solving The Problem
Latta Pavilion Is Sick
March 19, 2008
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will present the whole article as it appeared on February 22, 2008. Counting this, there will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
And as there is follow up, it will be posted here.
Here goes:Latta Pavilion is sick.
A colorless, odorless and potentially lethal gas has invaded the high-profile Dilworth complex, which is populated by condo owners, office workers, shoppers and two medical practices.
And while Latta Pavilion developer Grubb Properties Inc. promises to clean up the radon that is coursing through the building at levels at least twice what is considered safe, there's still a question about what exactly is causing the problem.
Getting rid of the gas is not going to be easy. Neither will be deciding who is ultimately responsible. And for owners of condos in the six-year-old building, the question isn't just how their property values are going to be affected. There's also concern about how long they've been exposed to the gas, which the Environmental Protection Agency says is the second-leading cause of lung cancer behind smoking.
The level of radon found at Latta Pavilion is anything but typical for Charlotte, which was precisely why it had gone undetected. No one was looking.
Charlotte developer Clay Grubb, president of Grubb Properties, says he got the call regarding high radon readings at Latta Pavilion, which includes the 1315 East Blvd. condo building, just before the holidays.
"At first, we didn't believe it," he says.
The company had sold more than 250 condos in the complex since it opened in 2002. None of the buyers had tested for radon. Neither had any of the office or retail tenants that occupy the first two floors of the building at East Boulevard and Scott Avenue.
It wasn't until a potential corporate client inquired about a condo that radon was on anyone's checklist. The company is based in the Northeast, where radon testing is part of the normal real estate purchase process.
The company's testing found radon. Lots of it.
Coming Up: Taking Measure.
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Chapter Two. Now you See It, Now You Don’t…This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.I will present the whole article as it appeared on February 22, 2008. Counting this, there will be five parts:
1.Latta Pavilion Is Sick
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon
And as there is follow up, it will be posted here.
Here goes:Latta Pavilion is sick.
A colorless, odorless and potentially lethal gas has invaded the high-profile Dilworth complex, which is populated by condo owners, office workers, shoppers and two medical practices.
And while Latta Pavilion developer Grubb Properties Inc. promises to clean up the radon that is coursing through the building at levels at least twice what is considered safe, there's still a question about what exactly is causing the problem.
Getting rid of the gas is not going to be easy. Neither will be deciding who is ultimately responsible. And for owners of condos in the six-year-old building, the question isn't just how their property values are going to be affected. There's also concern about how long they've been exposed to the gas, which the Environmental Protection Agency says is the second-leading cause of lung cancer behind smoking.
The level of radon found at Latta Pavilion is anything but typical for Charlotte, which was precisely why it had gone undetected. No one was looking.
Charlotte developer Clay Grubb, president of Grubb Properties, says he got the call regarding high radon readings at Latta Pavilion, which includes the 1315 East Blvd. condo building, just before the holidays.
"At first, we didn't believe it," he says.
The company had sold more than 250 condos in the complex since it opened in 2002. None of the buyers had tested for radon. Neither had any of the office or retail tenants that occupy the first two floors of the building at East Boulevard and Scott Avenue.
It wasn't until a potential corporate client inquired about a condo that radon was on anyone's checklist. The company is based in the Northeast, where radon testing is part of the normal real estate purchase process.
The company's testing found radon. Lots of it.
Coming Up: Taking Measure.
Now You See It, Now You Don't...
March 18, 2008
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
Now you see it, now you don’t…
People ask me if I specialize in condominiums and I usually answer that I specialize in my clients. Years ago, when condos seemed to have a less than desirable reputation, when other real estate brokers didn’t care for that niche in the market, I decided that if no one else wanted it, I did. Funny thing, those condo buyers of sometimes small one bedroom condos or the room mate condos (two bedrooms, two baths) went on to buy their first homes, their second homes, their lake houses and well, you get my drift.So I learned to look at condominiums and town homes with a different set of eyes, a special measure to where there might be a problem. Or problems.For instance: Windows. Windows with broken seals. Windows that leak. Broken windows. Windows that need replacing and the association will accrue funds to do that and spend a lot of time talking about it. Windows. Whose responsibility are they in a condominium? It is written in the documents. Except for the part where the replacement is being discussed, the project is forthcoming, the details have yet to be hammered out, but the new buyer was never told and now there is an assessment for the windows. And only a short time after closing. Hmmm?
Water. Did you know that one of the most recurring problems with condos especially while under construction is water? If the pipes leak between the walls, in the ceiling, in the basement, in the attic, or after the last closing in the garage and in the footings? How do you know there was/is a problem? Whose responsibility is it? Remember in a condo, you own the air space. Documents? Read carefully.
This is another good one. If a town home community has four units attached to each other and three of the units have termite bonds…well, how effective is that? Is there anything in the governing documents that says a termite bond is a requirement?
This is a recent one. A high-rise with 40 units with average prices of 500,000 up and five stories is approaching 14 years old and maintenance problems are becoming larger…40 people are maintaining a mid-rise…How about a four story, ten units condo in Uptown Charlotte. Even with big bucks, long term, grab your calculator. Factor in maintenance.
The biggest and most fascinating mystery to me is Radon on the upper floors of a relatively new condominium in Dilworth. Catch it on the next installment.
Lynnsy Logue, The Real Estate Lady® and CondoCanDo®, Charlotte, NC
Registered Servicemarks 1989
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
Now you see it, now you don’t…
People ask me if I specialize in condominiums and I usually answer that I specialize in my clients. Years ago, when condos seemed to have a less than desirable reputation, when other real estate brokers didn’t care for that niche in the market, I decided that if no one else wanted it, I did. Funny thing, those condo buyers of sometimes small one bedroom condos or the room mate condos (two bedrooms, two baths) went on to buy their first homes, their second homes, their lake houses and well, you get my drift.So I learned to look at condominiums and town homes with a different set of eyes, a special measure to where there might be a problem. Or problems.For instance: Windows. Windows with broken seals. Windows that leak. Broken windows. Windows that need replacing and the association will accrue funds to do that and spend a lot of time talking about it. Windows. Whose responsibility are they in a condominium? It is written in the documents. Except for the part where the replacement is being discussed, the project is forthcoming, the details have yet to be hammered out, but the new buyer was never told and now there is an assessment for the windows. And only a short time after closing. Hmmm?
Water. Did you know that one of the most recurring problems with condos especially while under construction is water? If the pipes leak between the walls, in the ceiling, in the basement, in the attic, or after the last closing in the garage and in the footings? How do you know there was/is a problem? Whose responsibility is it? Remember in a condo, you own the air space. Documents? Read carefully.
This is another good one. If a town home community has four units attached to each other and three of the units have termite bonds…well, how effective is that? Is there anything in the governing documents that says a termite bond is a requirement?
This is a recent one. A high-rise with 40 units with average prices of 500,000 up and five stories is approaching 14 years old and maintenance problems are becoming larger…40 people are maintaining a mid-rise…How about a four story, ten units condo in Uptown Charlotte. Even with big bucks, long term, grab your calculator. Factor in maintenance.
The biggest and most fascinating mystery to me is Radon on the upper floors of a relatively new condominium in Dilworth. Catch it on the next installment.
Lynnsy Logue, The Real Estate Lady® and CondoCanDo®, Charlotte, NC
Registered Servicemarks 1989
March. In Like A Lion, Out Like A Lamb?
March 17, 2008
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
March. In like a Lion out like a lamb. ..
Sometimes, I feel compelled to speak out about what I see and hear. Sometimes,
I think being quiet and patient is more peaceful, but more and more I am learning
that faster is not necessarily better, skipping up the steps is not always prudent and
being as thorough as one can be is probably old fashioned. But as I approach my
70th year, I feel an obligation if only to myself to have conversations with myself
about this real estate business. Because while I never said when I was a little girl
that I wanted to be a real estate broker, it has been the perfect vocation for me in
this city I love so well and have for so long.
What are we thinking? For decades it was a requirement to have a termite
inspection. Once I helped a buyer with a two bedroom condominium downtown in The Poplar on the fifth floor. Their mortgage company required a termite letter.
Today, many of the lenders do not require a termite inspection for condominium, town home or single family home. Nothing. ln this city of trees with our usually high water table, termites must gather monthly to laugh and buzz over this latest non-requirement
as they munch away on walls of homes built on slabs, the crawl spaces in older and newer homes, the garages, the thresholds and on. I think having a termite inspector at the home with the structural inspector was one of the best protocols we used to follow. And many of us still do. Regardless.
Cheaper. Better. Faster. I have lived in my home for over four decades and
maintenance is like rearing twins. It is a full time job. Painting and cleaning, and
caulking and repairing wooden siding and wooden deck and wooden ramp. I
know sometimes I wished I would have taken the leap and paid $15 a month
more for all brick. ..but as a woman, I was lucky to get a mortgage at all. I might
have looked twice at vinyl, but even then, only twice. Now I see instances where
wind damage is greater, fire damage is more prevalent because of smaller, closer homesites. The latest wrinkle I learned from a super on a construction site: a home is wrapped thoroughly, the vinyl is installed and the pocket between the wrap and the vinyl can retain moisture. Sound healthy? Insert wheezing and coughing here.
And while crawling around in crawl spaces with the mold guys, I learned that the
up and coming thing might be to have a sealed crawl space without vents, no air, no
light, and a sump-pump...this new theory is probably based on the dollar. It is not
based on a simple theory of fresh air. That is my septuagenarian belief.
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
March. In like a Lion out like a lamb. ..
Sometimes, I feel compelled to speak out about what I see and hear. Sometimes,
I think being quiet and patient is more peaceful, but more and more I am learning
that faster is not necessarily better, skipping up the steps is not always prudent and
being as thorough as one can be is probably old fashioned. But as I approach my
70th year, I feel an obligation if only to myself to have conversations with myself
about this real estate business. Because while I never said when I was a little girl
that I wanted to be a real estate broker, it has been the perfect vocation for me in
this city I love so well and have for so long.
What are we thinking? For decades it was a requirement to have a termite
inspection. Once I helped a buyer with a two bedroom condominium downtown in The Poplar on the fifth floor. Their mortgage company required a termite letter.
Today, many of the lenders do not require a termite inspection for condominium, town home or single family home. Nothing. ln this city of trees with our usually high water table, termites must gather monthly to laugh and buzz over this latest non-requirement
as they munch away on walls of homes built on slabs, the crawl spaces in older and newer homes, the garages, the thresholds and on. I think having a termite inspector at the home with the structural inspector was one of the best protocols we used to follow. And many of us still do. Regardless.
Cheaper. Better. Faster. I have lived in my home for over four decades and
maintenance is like rearing twins. It is a full time job. Painting and cleaning, and
caulking and repairing wooden siding and wooden deck and wooden ramp. I
know sometimes I wished I would have taken the leap and paid $15 a month
more for all brick. ..but as a woman, I was lucky to get a mortgage at all. I might
have looked twice at vinyl, but even then, only twice. Now I see instances where
wind damage is greater, fire damage is more prevalent because of smaller, closer homesites. The latest wrinkle I learned from a super on a construction site: a home is wrapped thoroughly, the vinyl is installed and the pocket between the wrap and the vinyl can retain moisture. Sound healthy? Insert wheezing and coughing here.
And while crawling around in crawl spaces with the mold guys, I learned that the
up and coming thing might be to have a sealed crawl space without vents, no air, no
light, and a sump-pump...this new theory is probably based on the dollar. It is not
based on a simple theory of fresh air. That is my septuagenarian belief.
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
In The Driver's Seat? Are You?
March 16, 2008
Lynnsy Logue, The Real Estate Lady® and Condo CanDo® in Charlotte, N.C.
In The Driver’s Seat…
The truth is, I could write a book about condominiums if I just kept a daily journal of what people tell me on the phone, what they write in emails and what I see and hear with my own ears and eyes. I have started a book on the basics, but mercy me, there is so much going on in Charlotte, N.C.
Maybe you can help me understand something. What will it take for buyers to comprehend that they drive the market? If buyers keep romancing granite and stainless, that is what the builders will deliver. And not necessarily the best or even better grade of granite and not necessarily a good quality on the stainless appliances. Then there are the cherry cabinets and the hardwood floors or bamboo or laminate. The descriptive words seem to sell the product. I have seen cabinets in half a million dollar condos that on a scale of 1 to 10, 10 being the highest quality, are about a 1.5. And this is by the manufacturer’s standard. I have been told by project managers that the crappy construction I see where flashing does not meet, trim is a course grade, interior doors are little more than sandwiched cardboard are all “urban design”. And I wonder why the consumers bite. In uptown condos admittedly we have a love affair going on with our “Disney-esque” view of the city. The Charlotte downtown/uptown area is small enough to be cute, compact enough (six blocks to the North, South, East and West) and that’s pushing it…
So you can take it all in. Charlotte city is new. The towers rise in the air promising another profile on the horizon, lights sparkling off the other towers. It goes on and on. The excitement is real. We like going uptown. Some of us, a lot of us, want to live there…whether it is a 350 square foot condo or a 2500 or larger square foot penthouse.And I think that is great. What I think is lacking is the consumers knowledge of what they are buying or trading. I truly believe most people spend more time buying a car than a home. And my goodness, a condominium is different from a single family home. I know you know that. Not unless you think it is a town home.Here is my point. If you are buying a condominium anywhere, have your own agent representing you. Ask questions about the quality of construction and the quality of the building products. Look or know about other projects these builders have built, this architect has designed. My prayer is that building as it takes on “green” may also take on more integrity. That builders and developers might honestly come to appreciate the genuine charm and history of Charlotte, its historic districts, its neighborhoods. I used to be hopeful but after all the sub-prime mess, I doubt it. I think that the money entrenched part of this business, real estate, builders, architects, developers, contractors and the like will keep on doing business as usual…until the consumers realize that they, the buyers are in the drivers seat.
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
The Real Estate Lady and Condo CanDo are Registered Servicemarks 1989
Lynnsy Logue, The Real Estate Lady® and Condo CanDo® in Charlotte, N.C.
In The Driver’s Seat…
The truth is, I could write a book about condominiums if I just kept a daily journal of what people tell me on the phone, what they write in emails and what I see and hear with my own ears and eyes. I have started a book on the basics, but mercy me, there is so much going on in Charlotte, N.C.
Maybe you can help me understand something. What will it take for buyers to comprehend that they drive the market? If buyers keep romancing granite and stainless, that is what the builders will deliver. And not necessarily the best or even better grade of granite and not necessarily a good quality on the stainless appliances. Then there are the cherry cabinets and the hardwood floors or bamboo or laminate. The descriptive words seem to sell the product. I have seen cabinets in half a million dollar condos that on a scale of 1 to 10, 10 being the highest quality, are about a 1.5. And this is by the manufacturer’s standard. I have been told by project managers that the crappy construction I see where flashing does not meet, trim is a course grade, interior doors are little more than sandwiched cardboard are all “urban design”. And I wonder why the consumers bite. In uptown condos admittedly we have a love affair going on with our “Disney-esque” view of the city. The Charlotte downtown/uptown area is small enough to be cute, compact enough (six blocks to the North, South, East and West) and that’s pushing it…
So you can take it all in. Charlotte city is new. The towers rise in the air promising another profile on the horizon, lights sparkling off the other towers. It goes on and on. The excitement is real. We like going uptown. Some of us, a lot of us, want to live there…whether it is a 350 square foot condo or a 2500 or larger square foot penthouse.And I think that is great. What I think is lacking is the consumers knowledge of what they are buying or trading. I truly believe most people spend more time buying a car than a home. And my goodness, a condominium is different from a single family home. I know you know that. Not unless you think it is a town home.Here is my point. If you are buying a condominium anywhere, have your own agent representing you. Ask questions about the quality of construction and the quality of the building products. Look or know about other projects these builders have built, this architect has designed. My prayer is that building as it takes on “green” may also take on more integrity. That builders and developers might honestly come to appreciate the genuine charm and history of Charlotte, its historic districts, its neighborhoods. I used to be hopeful but after all the sub-prime mess, I doubt it. I think that the money entrenched part of this business, real estate, builders, architects, developers, contractors and the like will keep on doing business as usual…until the consumers realize that they, the buyers are in the drivers seat.
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
The Real Estate Lady and Condo CanDo are Registered Servicemarks 1989
Wednesday, February 13, 2008
Charlotte City Life-Part 2
February 12, 2008
City Life-Part 2
1.EpiCentreCollege and Trade Streets. Includes shops, restaurants, a hotel, entertainment and 210 Trade, a 53 story condominium tower.
2.Jackalope Jacks Moving from 7th Street location to an old Pecan Avenue Church in Plaza Midwood. Opening late 2008.
3.Founders Hall
Bank of America is renovating Founders Hall to add room for street-level retail. Renovations to begin in spring and expected to be finished by the end of 2009.
4. Whole Foods MarketFocus on South Park location. No opening date.
5. MetropolitanThe $225 million project on Kings Drive will include shops, condos, offices, restaurants and shops. Target and Home Depot are open. Other retail including Trader Joe's and Best buy will be opening in April and continue through early 2009. The condo lofts will open in June; the terraces to open late 2008.
Quietly, or not so quietly, the old Midtown Mall also known as Charlottetown Mall, has redefined, re-created itself. Out with the old and in with the new…and this time it was done without tearing down a precious part of our history…a grand old home or a stunning and classic period building. This time, the creek was uncovered after fifty years, some small incidental shops and a service station were relocated and presto! The greenway emerges. I see Midtown as the best of both worlds at this point…a stunning mini-river walk, a mix of office and retail plus the best of Home Depot and Target…close to Uptown, close to classy in town neighborhoods… And as Second Ward takes on its own persona it will create a link between Uptown and Midtown that is amiable.The uncovering of the creek from a concrete parking area…the reclaiming of the green space…and the versatility and ambiance of Midtown, plus it’s strategic location put it heading for “jewel” in the Queen City crown. I love this city!
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Tuesday, February 12, 2008
Charlotte City Life, Part One-(Start Singing here...)
February 12, 2008
Charlotte City Life- Part 1…
How we gonna’ keep them down on the farm after…
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Towering over the city, the steel birds work every day...on South Tryon, they seem to have found a rich feeding ground...for there are many, silently pecking, or so it seems, at the ground around them in every direction.They are cranes. Building cranes. The ones made of steel that tower in the Carolina Blue sky against a backdrop of glistening new buildings, a mammoth called the stadium, and yes, off in the near distance, a pink glass tower.Welcome to the New South, a city that prides itself on its newness, yep, it's Charlotte, NC. Not Charleston, Chapel Hill, or Charlottesville. Charlotte.
Besides the focus on Uptown Charlotte Condos, there's much more going on here. I have heard it said and say it myself, we're building a city here. And it is hard to keep up with everything...so here is a list along with status. And it will change before it has a chance to be old. It seems that is our custom.City Life:
1. Spirit Square watercolor by Warren Burgess for AtHomeCharlotte.com)
The cultural arts center was originally supposed to be sold as part of the baseball stadium swap, but the property was taken out of the deal.Currently, a committee of residents, arts groups, and county staffers is studying how Spirit Square should be redeveloped.
2.Wachovia Arts Complex
The complex on South Tryon Street will include The Mint Museum, Afro-American Cultural Center, Bechtler Art Museum and Knight Theatre. The Mint is scheduled to be completed in early 2010; others will open in late 2009.
3.Uptown Baseball Stadium
The Third Ward Park will be a new home for the Charlotte Knights. The project which involves a complicated land swap ( see above Spirit Square note) is moving along. Officials hope the Knights will play there in 2009.
4. N.C. Music Factory
An uptown entertainment district. North of Fourth Ward in Center City. Outdoor stages, restaurants, bars, night spots, music venues, and other arts and entertainment businesses. A four lane road to the area should be complete this spring. Outdoor stages may open in late summer. Bars, cafes to open late 2008.
5. Uptown Dog Park
A 1.3 acres dog park will be built by Park and Rec in Frazier Park. Building in the spring with other dog parks to follow uptown.
6.Charlotte Trolley
The trolley will run on the light-rail line from Atherton Mill in South End to Ninth Street in Uptown. Open this spring or sooner.
7. NASCAR Hall of Fame
Ground was broken in February for the $157 million hall of fame next to the Convention Center on College St. To open in early 2010.
8. UNC Charlotte's uptown campusAt Ninth and Brevard streets, this classroom building is for for graduate level courses in business and architecture and others. Plans are being reviewed by the state construction office. Scheduled opening 2010.
9. Rhode Island School of DesignCenter City Partners is spearheading the effort to bring RISD to Charlotte. The branch if negotiations are successful would be located uptown.And this is just hitting the highlights in Charlotte.
On to City Life. Part Two!
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Charlotte City Life- Part 1…
How we gonna’ keep them down on the farm after…
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Towering over the city, the steel birds work every day...on South Tryon, they seem to have found a rich feeding ground...for there are many, silently pecking, or so it seems, at the ground around them in every direction.They are cranes. Building cranes. The ones made of steel that tower in the Carolina Blue sky against a backdrop of glistening new buildings, a mammoth called the stadium, and yes, off in the near distance, a pink glass tower.Welcome to the New South, a city that prides itself on its newness, yep, it's Charlotte, NC. Not Charleston, Chapel Hill, or Charlottesville. Charlotte.
Besides the focus on Uptown Charlotte Condos, there's much more going on here. I have heard it said and say it myself, we're building a city here. And it is hard to keep up with everything...so here is a list along with status. And it will change before it has a chance to be old. It seems that is our custom.City Life:
1. Spirit Square watercolor by Warren Burgess for AtHomeCharlotte.com)
The cultural arts center was originally supposed to be sold as part of the baseball stadium swap, but the property was taken out of the deal.Currently, a committee of residents, arts groups, and county staffers is studying how Spirit Square should be redeveloped.
2.Wachovia Arts Complex
The complex on South Tryon Street will include The Mint Museum, Afro-American Cultural Center, Bechtler Art Museum and Knight Theatre. The Mint is scheduled to be completed in early 2010; others will open in late 2009.
3.Uptown Baseball Stadium
The Third Ward Park will be a new home for the Charlotte Knights. The project which involves a complicated land swap ( see above Spirit Square note) is moving along. Officials hope the Knights will play there in 2009.
4. N.C. Music Factory
An uptown entertainment district. North of Fourth Ward in Center City. Outdoor stages, restaurants, bars, night spots, music venues, and other arts and entertainment businesses. A four lane road to the area should be complete this spring. Outdoor stages may open in late summer. Bars, cafes to open late 2008.
5. Uptown Dog Park
A 1.3 acres dog park will be built by Park and Rec in Frazier Park. Building in the spring with other dog parks to follow uptown.
6.Charlotte Trolley
The trolley will run on the light-rail line from Atherton Mill in South End to Ninth Street in Uptown. Open this spring or sooner.
7. NASCAR Hall of Fame
Ground was broken in February for the $157 million hall of fame next to the Convention Center on College St. To open in early 2010.
8. UNC Charlotte's uptown campusAt Ninth and Brevard streets, this classroom building is for for graduate level courses in business and architecture and others. Plans are being reviewed by the state construction office. Scheduled opening 2010.
9. Rhode Island School of DesignCenter City Partners is spearheading the effort to bring RISD to Charlotte. The branch if negotiations are successful would be located uptown.And this is just hitting the highlights in Charlotte.
On to City Life. Part Two!
Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte, NC
Friday, February 8, 2008
Charlotte Condos Proliferate In and Out of Center
February 8, 2008 almost
Somethings old, somethings new…all need close inspection.
Charlotte Condos Proliferate in and out of our city and over the boundaries…
I have spent much of today reviewing the raw data we received from the regional MLS office. We are posting the sold condominiums in 2007 by county, by zip and by complex. I had hoped to be finished this evening but am not. I began looking at all the new complexes for sale. Newly built or under construction condominium and town home communities in every direction here in Mecklenburg County, to the south of us in South Carolina and to the north beyond Lake Norman.
And I have a few comments about buying a unit in a newly constructed complex. Is the builder still there, is the community finished, how many are up for sale and what is the builder’s track record on warranties.Our market has gone from being a somewhat sleepy town to growing at a fast clip. Many of the builders I do not know nor have I heard of them but that means little. What it does mean is you should read the fine print and ask a lot of questions.In purchasing new construction, I recommend having a complete structural and mechanical inspection. Some folks think because it is new, there will not be any problems. But I have a friend who says how can we being do everything well if we are trying to do everything? I quite agree. I have been in and out of hundreds of condos and am often,repeat often, dismayed at the quality of construction and the quality of the building products. What has not been lacking is the ability of each layer of contractor, builder, job foreman, project manager to lay the blame on someone else. Even in the most expensive projects. I ask myself if you, the buyer, really cares…or maybe you just don’t know. If you don’t know, hire someone who does. Missing insulation, water heaters that are not connected, ducts that have fallen, johns that are not secured, doors that are not plumb, molding that doesn’t meet, paint that is sloppy…are simply not acceptable. Take pictures, put your complaints in writing and don’t close until it is right.
On the brighter side, in the statistics for 2007, what I notice most are the complexes that have no activity. Usually these are the jewels in Dilworth and Elizabeth, Myers Park, Eastover and in the ring of older neighborhoods surrounding the vibrant center city.I believe the resales of the older communities will fare well…these were most often built in the last ten to fifteen years, some perhaps older, and they are very well done…complete with tree lined streets and lovely neighborhoods.
Charlotte can tout a coming inventory of brand new condos in center city, a re-birth on the Westside taking shape in and around Bryant Park and running down the south side along the light rail. In that path you will find apartments and condos. Many of them. I look for density along the light rail.All in all, Charlotte’s marketplace is diverse and exciting. Just be careful. Do your homework and read the fine print.
Somethings old, somethings new…all need close inspection.
Charlotte Condos Proliferate in and out of our city and over the boundaries…
I have spent much of today reviewing the raw data we received from the regional MLS office. We are posting the sold condominiums in 2007 by county, by zip and by complex. I had hoped to be finished this evening but am not. I began looking at all the new complexes for sale. Newly built or under construction condominium and town home communities in every direction here in Mecklenburg County, to the south of us in South Carolina and to the north beyond Lake Norman.
And I have a few comments about buying a unit in a newly constructed complex. Is the builder still there, is the community finished, how many are up for sale and what is the builder’s track record on warranties.Our market has gone from being a somewhat sleepy town to growing at a fast clip. Many of the builders I do not know nor have I heard of them but that means little. What it does mean is you should read the fine print and ask a lot of questions.In purchasing new construction, I recommend having a complete structural and mechanical inspection. Some folks think because it is new, there will not be any problems. But I have a friend who says how can we being do everything well if we are trying to do everything? I quite agree. I have been in and out of hundreds of condos and am often,repeat often, dismayed at the quality of construction and the quality of the building products. What has not been lacking is the ability of each layer of contractor, builder, job foreman, project manager to lay the blame on someone else. Even in the most expensive projects. I ask myself if you, the buyer, really cares…or maybe you just don’t know. If you don’t know, hire someone who does. Missing insulation, water heaters that are not connected, ducts that have fallen, johns that are not secured, doors that are not plumb, molding that doesn’t meet, paint that is sloppy…are simply not acceptable. Take pictures, put your complaints in writing and don’t close until it is right.
On the brighter side, in the statistics for 2007, what I notice most are the complexes that have no activity. Usually these are the jewels in Dilworth and Elizabeth, Myers Park, Eastover and in the ring of older neighborhoods surrounding the vibrant center city.I believe the resales of the older communities will fare well…these were most often built in the last ten to fifteen years, some perhaps older, and they are very well done…complete with tree lined streets and lovely neighborhoods.
Charlotte can tout a coming inventory of brand new condos in center city, a re-birth on the Westside taking shape in and around Bryant Park and running down the south side along the light rail. In that path you will find apartments and condos. Many of them. I look for density along the light rail.All in all, Charlotte’s marketplace is diverse and exciting. Just be careful. Do your homework and read the fine print.
Wednesday, February 6, 2008
Charlotte Condo Choices...Uptown Close and Elegant
February 6, 2008
Charlotte Condos…Many Fine Choices Close to Center City
It seems that most of the hoopla for condominiums has been directed to Charlotte’s Center City. Questions like, “Are there too many being built?” Comments like. “The price per square foot is going through the roof.” Yes, the towers get taller, the
In taking pictures for our eReports and the Tops report on CondoCanDo.com in the near to uptown neighborhoods, there are some stunning choices. First, Charlotte is a beautiful city and we tend to sprawl. But we are not Atlanta. Our Uptown is really small. Perhaps that is part of our charm. We are still people sized.
In nearby neighborhoods like Myers Park and Cotswold, folks should check out condos like Rosewood and 420 Queens, take a ride down Fenton Place to one of Brian Speas finished projects and see if there are any resales. They all boast beautiful construction, classic designs, and are within walking distance of shopping and a short hop to Uptown.
We are blessed to have such exquisite communities as Chipping on Camden, a real jewel off Providence…and then,of course, peppered along Roswell off Queens there are older and many more newer condominiums. And even a conversion or two. So while Uptown has the razzle, our regal older neighborhoods have some new gems worth checking out.
You can see recent photos of The Crillon, Boxwood, and Rosewood on our Tops Report on www.condocando.com.My intention is not to wag my finger at uptown…we are all excited to see and feel the vibrancy in the center city. Professional sports, Imaginon, The Children’s Theatre, the birth of Wachovia’s art complex, restaurants and pubs, the news of the Epi-Center, the swoosh of the light rail…all worthy of celebration. I think sometimes, stopping to smell the roses is a rich experience…if in stopping we look around to see the other flowers as well.
Back to work.
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Charlotte Condos…Many Fine Choices Close to Center City
It seems that most of the hoopla for condominiums has been directed to Charlotte’s Center City. Questions like, “Are there too many being built?” Comments like. “The price per square foot is going through the roof.” Yes, the towers get taller, the
In taking pictures for our eReports and the Tops report on CondoCanDo.com in the near to uptown neighborhoods, there are some stunning choices. First, Charlotte is a beautiful city and we tend to sprawl. But we are not Atlanta. Our Uptown is really small. Perhaps that is part of our charm. We are still people sized.
In nearby neighborhoods like Myers Park and Cotswold, folks should check out condos like Rosewood and 420 Queens, take a ride down Fenton Place to one of Brian Speas finished projects and see if there are any resales. They all boast beautiful construction, classic designs, and are within walking distance of shopping and a short hop to Uptown.
We are blessed to have such exquisite communities as Chipping on Camden, a real jewel off Providence…and then,of course, peppered along Roswell off Queens there are older and many more newer condominiums. And even a conversion or two. So while Uptown has the razzle, our regal older neighborhoods have some new gems worth checking out.
You can see recent photos of The Crillon, Boxwood, and Rosewood on our Tops Report on www.condocando.com.My intention is not to wag my finger at uptown…we are all excited to see and feel the vibrancy in the center city. Professional sports, Imaginon, The Children’s Theatre, the birth of Wachovia’s art complex, restaurants and pubs, the news of the Epi-Center, the swoosh of the light rail…all worthy of celebration. I think sometimes, stopping to smell the roses is a rich experience…if in stopping we look around to see the other flowers as well.
Back to work.
Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC
Tuesday, February 5, 2008
In Between The Lines-Charlotte Condo Market-WHOA!
February 5, 2008
In Between The Lines…
Charlotte Condo Market…Whoa!
In Charlotte, NC, City of the Future, Top Market in Real Estate in the country, we, too, are seeing the slow-down. In our case, and I speak for myself, the delay of some condo projects in our center city was wise.And this slowing down is still on a rapid track with a profusion of cranes in our uptown.So what’s happening in the Queen City?
A major and most luxurious condominium project, One by Portman, was put on hold. For many reasons, the convergence of their opening announcement and the sub-prime news, maybe even their apprehension about being one of the most expensive projects, starting at 1.5 million per condo…but still wise. They can wait. Patience is good. Sometimes waiting gives us direction…redefinition. So good for Portman.
Another by Spectrum, 300 S. Tryon, has been put on hold. Also wise. Even though they say they had 72 units under contract. Again, waiting is good. Patience will pay off for both Spectrum and Portman and for the developers of the towers underway. And for the buyers on down the road…maybe not for the sellers of the then older units. In speaking with an agent in Atlanta about their market, she said they went gang-busters but then folks started to wait to see what the new ones would offer. This is what makes horse racing. For the moment we have some breathing room.
The third player has left the state according to the news. Beazer Homes had a significant community planned just blocks from center city. The land sits. All is quiet. But better to have not started than started and then left. Many of their communities were left unfinished or incomplete.
On our website, www.condocando.com everything is listed for the completed condo projects in Center City Charlotte aka Uptown along with sales figures from units sold last year. We are parsing the market by area and hope to stay ahead of the curve in getting the news out to you as quickly as we can.
2007 statistics for real estate sales in Charlotte and our region will be out soon.
Thanks for joining us.
Lynnsy Logue the Real Estate Lady® and CondoCanDo®.
In Between The Lines…
Charlotte Condo Market…Whoa!
In Charlotte, NC, City of the Future, Top Market in Real Estate in the country, we, too, are seeing the slow-down. In our case, and I speak for myself, the delay of some condo projects in our center city was wise.And this slowing down is still on a rapid track with a profusion of cranes in our uptown.So what’s happening in the Queen City?
A major and most luxurious condominium project, One by Portman, was put on hold. For many reasons, the convergence of their opening announcement and the sub-prime news, maybe even their apprehension about being one of the most expensive projects, starting at 1.5 million per condo…but still wise. They can wait. Patience is good. Sometimes waiting gives us direction…redefinition. So good for Portman.
Another by Spectrum, 300 S. Tryon, has been put on hold. Also wise. Even though they say they had 72 units under contract. Again, waiting is good. Patience will pay off for both Spectrum and Portman and for the developers of the towers underway. And for the buyers on down the road…maybe not for the sellers of the then older units. In speaking with an agent in Atlanta about their market, she said they went gang-busters but then folks started to wait to see what the new ones would offer. This is what makes horse racing. For the moment we have some breathing room.
The third player has left the state according to the news. Beazer Homes had a significant community planned just blocks from center city. The land sits. All is quiet. But better to have not started than started and then left. Many of their communities were left unfinished or incomplete.
On our website, www.condocando.com everything is listed for the completed condo projects in Center City Charlotte aka Uptown along with sales figures from units sold last year. We are parsing the market by area and hope to stay ahead of the curve in getting the news out to you as quickly as we can.
2007 statistics for real estate sales in Charlotte and our region will be out soon.
Thanks for joining us.
Lynnsy Logue the Real Estate Lady® and CondoCanDo®.
Chapter 1-A Talking it Up!
February 5, 2008
Chapter 1.-A
Talking it up.Once the journey begins in looking for your new home…it is very much like looking for your next car. If you’ve got Honda on your mind, you look at every one you see…you compare styles and years, used and new…and it is as though that is the only car you can see. Until someone tells you about Toyota and another voice says Chevy and still another says Mazda. Whoa! Lots of incoming. Sometimes, it’s like that with the condo/townhome hunting process. People tend to love being involved and/or knowing about real estate. They have stories about their neighbors, their aunt, their own buying and selling…not to mention the great deals that tend to get a little embellished the more often the story is repeated. That’s real estate.
There is the actual physical property and then all of the various loan information. Probably made more simple with all the sub-prime focus. With few exceptions, I have been a proponent of the the thirty year fixed because in NC there is no pre-payment penalty and the interest rates have been so low…it is cheap money. And by being somewhat conservative, because we never know what will happen for sure, that commitment is like an insurance policy.
And after the “real” real estate, the money matters, the data sheets from the Internet begin piling up and the mention of forms for everything. I honestly believe that if you are a careful person you can get through this alone or with your partner without an angel's advocate. In this age of Buyer Brokers however, wouldn’t it be great to have an experienced ally, a seasoned guide, especially when the seller pays for your broker in most cases? And most often there is no price break for you if you are shopping on your own, or purchase from a seller marketing the home by themselves. This is not a promo to engage a Buyer Broker, it is simply a commentary. Our book is after all about YOU.
Looking for Real Estate. Profiles of Charlotte Condos-New.
87% of folks looking to buy or sell use the Internet. 67% still drive the streets. My own percentages look about the same. When looking for a buyer or a seller, I perform my due diligence on the web. What a fabulous gift the Internet is to those of us who used to spend the better part of our days in our cars. When I finish my web work, I hit the road. I look at condominiums/townhomes from the outside, the neighborhood, the surrounds, common areas, the roof, the general condition. Many I can check off before I make an appointment to preview. You can do the same as well if you have the time. A good time to double back and check a complex you like is on the weekend or in the evening. You can get a sense of the rhythm of that neighborhood and complex when most everyone is home. And as you get closer to making your selection, talking to the folks on the street and in the complex is also a good move.
How quickly can all this take place?
Very quickly. The looking and the canvassing are narrowed down by your choices on-line. Some of my folks have already looked up deeds, tax information and comps. Most buyers and sellers are very savvy and enjoy the process.A good client is like a good dance partner…the process becomes fun because you are both involved in gathering and sorting and making the decisions. The older I get, the more I know, I like hearing other folks’ opinions, and I enjoy sharing information and learning from my folks as well. I think once real estate was rather proprietary and the information was in many ways closed. Now with the Internet, people can learn the process, be more informed and be more secure in their decisions.
All good stuff!
Chapter 1.-A
Talking it up.Once the journey begins in looking for your new home…it is very much like looking for your next car. If you’ve got Honda on your mind, you look at every one you see…you compare styles and years, used and new…and it is as though that is the only car you can see. Until someone tells you about Toyota and another voice says Chevy and still another says Mazda. Whoa! Lots of incoming. Sometimes, it’s like that with the condo/townhome hunting process. People tend to love being involved and/or knowing about real estate. They have stories about their neighbors, their aunt, their own buying and selling…not to mention the great deals that tend to get a little embellished the more often the story is repeated. That’s real estate.
There is the actual physical property and then all of the various loan information. Probably made more simple with all the sub-prime focus. With few exceptions, I have been a proponent of the the thirty year fixed because in NC there is no pre-payment penalty and the interest rates have been so low…it is cheap money. And by being somewhat conservative, because we never know what will happen for sure, that commitment is like an insurance policy.
And after the “real” real estate, the money matters, the data sheets from the Internet begin piling up and the mention of forms for everything. I honestly believe that if you are a careful person you can get through this alone or with your partner without an angel's advocate. In this age of Buyer Brokers however, wouldn’t it be great to have an experienced ally, a seasoned guide, especially when the seller pays for your broker in most cases? And most often there is no price break for you if you are shopping on your own, or purchase from a seller marketing the home by themselves. This is not a promo to engage a Buyer Broker, it is simply a commentary. Our book is after all about YOU.
Looking for Real Estate. Profiles of Charlotte Condos-New.
87% of folks looking to buy or sell use the Internet. 67% still drive the streets. My own percentages look about the same. When looking for a buyer or a seller, I perform my due diligence on the web. What a fabulous gift the Internet is to those of us who used to spend the better part of our days in our cars. When I finish my web work, I hit the road. I look at condominiums/townhomes from the outside, the neighborhood, the surrounds, common areas, the roof, the general condition. Many I can check off before I make an appointment to preview. You can do the same as well if you have the time. A good time to double back and check a complex you like is on the weekend or in the evening. You can get a sense of the rhythm of that neighborhood and complex when most everyone is home. And as you get closer to making your selection, talking to the folks on the street and in the complex is also a good move.
How quickly can all this take place?
Very quickly. The looking and the canvassing are narrowed down by your choices on-line. Some of my folks have already looked up deeds, tax information and comps. Most buyers and sellers are very savvy and enjoy the process.A good client is like a good dance partner…the process becomes fun because you are both involved in gathering and sorting and making the decisions. The older I get, the more I know, I like hearing other folks’ opinions, and I enjoy sharing information and learning from my folks as well. I think once real estate was rather proprietary and the information was in many ways closed. Now with the Internet, people can learn the process, be more informed and be more secure in their decisions.
All good stuff!
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