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

June 7, 2008

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

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

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

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

In The Spirit of The Day...

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

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

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

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

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

Queens Road Is The Queens Way…

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

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

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

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

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

Each Condo Has It's Own Nuances...

June 4, 2008

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

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

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

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

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

Charlotte City-Condo CanDo

June 3, 2008

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

Charlotte City-Condo CanDo…

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

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

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

Something Old, Something New, Something Borrowed

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

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

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

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

We Learn by Doing...

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

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

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

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

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

Charlotte's Got A Bustle Going On...

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

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

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

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

First You Say You Do and Then...

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

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

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

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

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

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

Part Two: Judging a Condo By Appearances

May 27, 2008

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

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

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

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

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

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

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

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


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

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

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

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

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

Part Two tomorrow…Condo Challenges

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

Chuck Graham: Charlotte's Residential For-Sale Market

May 26, 2008

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

Chuck Graham
Charlotte Real Estate Consultant

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Chuck Graham Charlotte's Residential For-Sale Market

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

Charlotte Center City Condos-For Sale Snapshot

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

Charlotte Uptown Condominiums-For Sale

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

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

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

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

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

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

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

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

Your Questions for Condo CanDo

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

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

What's Up? Condos in Elizabeth!

May 22, 2008

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

What’s Up? Condos in Elizabeth!
I may or may not have goofed here. I captured all the active condos in Elizabeth today, converted to Excel and tried to imbed it in blogger…you might just get a small image…but…CondoCanDo to the rescue…you can catch it on www.condocando.com...under podcast or blog and link to a readable chart.
I am learning as I go.

And of course, Elizabeth is one of our historic districts and you can see a snapshot: history, map and photos: http://www.athomecharlotte.com/historic/htm/elizabeth.htm

So having said that, here’s more on Elizabeth. Historic, close to Uptown and Independence Park, Central Piedmont Community College ( a real gem), neighbor to Plaza-Midwood in a way, neighbor to Myers Park and Eastover.Front porches, tree lined streets, more funky and a good lead-in to Plaza-Midwood.
Newer condos? Not as much as other districts.
Conversions, yes.Elizabeth Lofts are neat. The Williamson has an inner courtyard. Hawthorne boasts a colorful row of townhomes overlooking Independence and around Oakland, newer flats and as might be expected, dense.
Elizabeth is a hop and a skip from Uptown…we are looking for major changes here as our favored five point intersection is poised for major development introducing density in large proportions as a large apartment complex is slated to dominate the intersection.

Elizabeth. It’s happening.

Lynnsy Logue The Real Estate Lady® and CondoCanDo® in Charlotte, NC
http://www.condocando.com/wpodelizact0508.htm

What's Up? Condos in Dilworth!

May 21, 2008

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

What’s Up?…Condos In Dilworth!
The Trust was fun to talk about and I am looking forward to Part Two…meanwhile, I thought it would be interesting to look at various sections. Today, it’s Dilworth. If you are unfamiliar with this charming, historic district…for a map, a little history and some photos, go to http://www.athomecharlotte.com/, click on AtHomeCharlotte and then to the Historic Index and Walking Tours…on the right, go Dilworth. My maps are a little different because talented artist Gay Grayson custom created all of the maps on our site.Okay, discover Dilworth. Front porches, tree lined streets, East Boulevard with a myriad of restaurants and coffee shops…and it is just a hop and a skip from Uptown.And adjacent to South End.
So…condos in Dilworth. First, if a friend told you Dilworth is in Area 5 …well it is, and also Area 6. In Area 5, there are 74 listed for sale…some are resales and some are newly constructed and some are under construction. In Area 5-Dilworth list prices start at 185,000 for between 500-700 square feet, mid-rise, so this is a flat. Several are on East Boulevard, newer, converted from apartments and recently had a news article on Radon…Older condos…those with 2 or 4 or eight in a building, smaller, more traditional, tend to come on the market and go quicker…they are Monticello Terrace, Arosa, and 1109 Morehead…all 185,000 to 230,000 and then the prices take a quick climb to 2 million plus. And a wide range of styles, parking, and amenities of course. And all the way up to 3200 square feet. Average layout is 2 bedrooms, 2 full baths, 1300-1600 square feet and average price 474,866…our current time on the market for actives is 106 days.What to watch for…the number of investors in any complex. Read the documents in both older and newer…looking for leasing, parking, and pets primarily. In the older condos, our Legal Beagles tell us to read the minutes. We’ll announce that column when we post it. Oh, yes, we have a whole new section “and Friends”…on TheRealEstateLady.com.
In Dilworth Area 6, 73 are listed for sale. Starting at 129,000 for 500-700 square feet. A good mix of older condos, usually one bedroom with one bath or two with either 1.5 or two. Many new condos. One newer apartment conversion that I can see right off hand. All the way to $759, 230. Average layout 2 bedrooms, 1100-1400 square feet and average price $322,441. With days on the market average for active listings at 126. With Area 6, Park Road is the dividing line if that helps. So slicing Park Road off to East Boulevard takes in the area that is right next to SouthEnd.What would I look for? Investors, read the minutes, read the docs…the newer units more than likely will have more investors. And ask about the builder’s warranty. And who the insurance is with.Have fun in Dilworth. Walk Uptown, to Freedom Park, Latta Park, to Mid-Town and to the Farmer's Market.
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Pictures in order 1-4:
1. Park Avenue 2. 300 Park 3. Atherton Heights 4. Monticello Terrace

Grass is Green, Grass in Cities, Green Everywhere

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

So here I go again, healthy tips...and hey! grass is in the cities, around condos, in common areas. So here goes:

Your lush lawn
Before you stretch out on (or let your kids run barefoot through) that green grass, consider that it may be blanketed with toxic pesticides. “The commonly used insecticides are all chemical cousins of the wartime gas sarin, which was used in the 1995 Tokyo subway attack,” says Philip J. Landrigan, MD, chairman of the Department of Community and Preventive Medicine and professor of pediatrics at the Mount Sinai School of Medicine in New York City.
“And the commonly used herbicides are chemical first cousins of Agent Orange, which was used in Vietnam.” So, that “healthy” lawn has the potential to increase your family’s risks of cancer or neurological conditions such as Parkinson’s disease. That’s partly because lawn-care pesticides “aren’t selective killers,” explains Jennifer Sass, PhD, a senior scientist at the Natural Resources Defense Council (NRDC) in Washington, D.C. — many can have an impact on your health.

There is good news, though: More and more towns are enacting neighbor-notification laws, requiring residents to issue warnings before spraying so people can shut their windows or even clear out with their kids and pets (the health danger lasts for days for the commonly used insecticides and weeks for the herbicides). If your town doesn’t have this law, ask neighbors to let you know when they’re spraying — and what they’re using.
On your own turf, do only integrated pest management (IPM), a gentler, environmentally sensitive way of preventing, monitoring, and controlling pests. Safer ecofriendly and organic lawn sprays and other nonchemical options — from aphid-eating ladybugs to heat (electrocution) for termites — are surprisingly effective. Caveat: You may not have the most manicured lawn on the block, but to keep your family safe you have to learn to live with a few dandelions.
Your child's toy box.
The main threat here is lead-coated toys. In the past two fiscal years, the U.S. Consumer Product Safety Commission (CPSC) has issued 21 recalls of lead-tainted toys, including learning toys and train sets, most of which were made in China (this number doesn’t include lead-related children’s-jewelry recalls).
If you have little ones, consider lead the number-one danger in your home, Landrigan says. In very high doses, lead can cause convulsions and brain damage in young children. But if children are exposed to it in even small amounts, they can have a loss of IQ, a shortening of attention span, and behavioral problems. They’re also more likely to have dyslexia and to drop out of school.
Checking every toy in the house for lead may not help because not all home tests are accurate. Instead, make smart buys. Research toys at www.healthytoys.org before you go shopping. Other ways to protect your kids: Have them wash their hands after playing and before eating, and get them tested for lead.
Your closet
Mothballs are really dangerous chemicals, the vapors are carcinogenic and are also irritating to the nervous system. In fact, if your child swallows one, it can be fatal. Inhaling mothball vapors overnight doesn’t mean you will get cancer tomorrow, but it increases your long-term risk. So use safer moth-repelling alternatives like dried-lavender and cedar products.
And your work clothes swathed in dry-cleaning bags? They harbor perchloroethylene, the most common dry-cleaning chemical, which causes cancer in lab animals, according to the Environmental Protection Agency (EPA). Heavy exposure to this substance can cause dizziness and confusion, even in adults, so it’s best to minimize your use of dry cleaning. Machine-wash whatever you can on the delicate cycle (not everything labeled “dry-clean only” needs it). Another option: Find a professional cleaner who uses less-toxic solutions, like CO2, or does wet cleaning (a combo of water, biodegradable soap, and steam in special machines).
If you have an item conventionally dry-cleaned, remove it from plastic and air it outside for several hours before hanging it in the closet. This will give the chemicals time to evaporate, reducing the health risk.
Your cat's litter box
Anyone who has changed a litter box is familiar with that cough-inducing dust cloud. It likely contains low levels of crystalline silica, a carcinogen so check the bag or box before you pour it into Fluffy’s litter box. If the warning says to go to the ER if you swallow, it’s safe to assume it’s really toxic. Replace with greener versions made from corn, wheat, alfalfa, cedar, and even pine—all of which work well. You can find natural litters at major pet stores. To give the natural variety an odor-eating boost, mix in a little baking soda. And be sure to keep boxes in ventilated spots such as a screened-in porch.
Your home office
What’s in your home office or cube? Eye and lung irritants from copy-machine toners and fax-machine ink cartridges, in addition to gases from permanent markers, vapors from pesticides, and formaldehyde fumes from particleboard furniture. In the short term, these products—particularly in tightly sealed office buildings — can cause sick-building syndrome, a real illness that’s characterized by symptoms like headache and fatigue. Sick-building syndrome is the result of inadequate ventilation, so if there are no windows in your office, ask a manager to have air exchanges and filters turned on before the workday begins. Your request might fall on deaf ears, but it could also spur change. Why bother? Some of the compounds found in offices are neurotoxic, which means they can cause tingling or numbness and permanent damage to the nervous system over the long term.
At your office, avoid printers and copiers in your immediate work space and take 10-minute walks outside during the day to get fresh air. At home, keep printers and fax machines out of the bedroom, crack windows, and add chemical-removing plants. (See below.)
Plants that help
These three easy-to-find houseplants act as natural air purifiers:
Areca Palm removes xylene (from permanent markers and rubber cement).
Boston fern removes formaldehyde (from fiberboard furniture, glues and adhesives, and permanent-press fabrics).
English ivy removes benzene (from oven cleaners, detergents, furniture polish, and spot removers).
For more information and helpful tips, visit http://www.health.com/

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

Condos: Two Stop Shopping

May 19, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC

Condominiums: Two Stop ShoppingBuyers are smart. So are sellers. When you enter either mode, you are usually focused on finding out everything you can…gather the information, parse it out, ask questions. As we all know the Internet makes that journey both simple and complex. Google is both our best friend and the tantrum thrower…we can search but we get just everything.

Here are two websites that almost pure in the information. One is our regional realtor associations’ Multiple Listing Service. Now folks, this is the whole database and you can search by single family or condo, by area, by price and you get lots of good information. Not everything we get as members, but enough to start painting your picture. This is the very database that all the broker’s sites pull their information from. All. There is a Broker Exchange that allows us to get listings from other brokerage firms and put them on our own websites. Here is the URL of our main database: www.CarolinaHome.com.That is singular “Carolina” and singular “home”.

The other website is the city-county real estate website. Here you can get a copy of the deed, a picture of the property, the tax bills, the owners, you can play to your hearts content and it is quite easy. Instead of giving you the very long address, just go to Google and enter Mecklenburg(with a “u”) Polaris. When the screen comes up, go to the right hand corner and click on search. Look to the left and you have fields to enter for searching. They do not all have to be filled in…it kind of works on a default so it can be used by the most challenged. This is a great place to see what the neighbor paid, what the lot looks like, if it’s in a floodplain and more.When looking for new construction you can most often enter the name of the condo complex you might be interested in…in Google of course. And remember on new construction, you can have representation by your own agent because the builder will pay the commission and it doesn’t effect your purchase price.
Oh, by the way on CarolinaHome.com, you can also get listing information like high and low prices by area. And there are plenty of maps to help you with areas.

Have a good time and if you need help, I am here.

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

Million Dollar Condos...Donde Es?

May 17, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Million Dollar Condos-¿Donde Es?
After visiting The Trust on Friday and reading the news story when the project was first announced, I got to thinking. It wasn’t that many years ago, that the database had to be changed to accommodate 1 million dollar condominiums in Charlotte, NC. After all, in many ways we are still a small Southern town. Our uptown is about 6-8 blocks in any direction…and then there are the neighborhoods that make up the outer part of the inner city…and they are just a stone’s throw from Uptown. A brisk walk from Myers Park or Dilworth will get you there…and even from Elizabeth, Eastover, the heart of the city is palpable.
So what if you are considering Charlotte, thinking about a luxurious condominium, want to be close to The Square (center city), but want to know all of your options? Where are the million dollar plus condominiums besides the Uptown? And what does that trending look like?

That is what I was thinking about as I played in the city Saturday night and just did a placeholder on the podcast and blog. The question to myself is from your perspective: what are my options?

A little history:
2006-Active-Mecklenburg County-Uptown Charlotte In the active column, there are no active million dollar plus condos either in Mecklenburg County and because we list them separately, in Uptown Charlotte, Area 99.
2006-Sold-Mecklenburg County: 2 condos:2400 Roswell, Penthouses at Phillips Place
2006- Sold Uptown-Area 99: 3 were sold: The Ratcliffe, Courtside and 230 S. Tryon

2007-Active-Mecklenburg County-19 in Mecklenburg County: includes Fenton Place, Metropolitan, 2021 Queens, Stephens Square, 1610 Queens and Hagood Reserve
2007-Active- Uptown Area 993 in Uptown Charlotte:2 at The Vue and 1 at 400 North Church

2007-Sold-Mecklenburg County-17 in Mecklenburg County: The Crillon, Roswell Place, St. Serrant, Queens Six Two Six, 2400 Roswell Place, Park Phillips, Courtside,
2007-Sold-Uptown: 8 units were sold: Includes Courtside, Ratcliffe, 230 S. Tryon

2008-Active-Mecklenburg County-19 condos are available includes: Rosewood, Parkside, Myers Park, Royal Court, Morrocroft (co-ops) Hagood Reserve, The Arlington and Penthouses at Phillips Place.
2008-Active-Uptown-Area 99- Nine are listed as active: Includes Encore, The Trust, 230 S. Tryon, The Vue, Settler’s Place, 400 North Church.
2008-Sold-Mecklenburg County- 2 units are reported sold: Roswell Place
2008 Sold-Uptown-Area 99-2 units are reported sold- both at The Ratcliffe

Please remember that this study is on 1 million plus condominiums…and also please remember that builders do not necessarily report activity to MLS, Multiple Listing Service. And…if you have questions, please feel free to be in touch.

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

Visiting Charlotte Condo, The Trust: Part One

May 16, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC

Today, I visited The Trust. I had missed the time for the tour yesterday, so I adjusted my schedule and make the trip into town. Funny, I had no expectations. I grew up knowing the building, and also knowing that it sat vacant for several years. It has been a glorious day, and uptown is fun…the adventure and The Trust was quite a treat. This is Part One…yes, I like The Trust that much…a little history. There will be a Part Two coming up…Here’s the complete article from The Charlotte Observer announcing he project.

IN UPSCALE HE TRUSTS
Million-dollar custom condos may boost South Tryon, high-end housing market
DEVELOPMENT / DOUG SMITH
Luxury $1-million-plus condos are among the most desirable units on the upscale end of Charlotte's housing market.
And with that in mind, a local developer wants to create some of uptown's biggest and most expensive condos yet.
Jim Donnelly plans to buy the former Home Federal Savings and Loan Building at 139 S. Tryon St. and convert the seven-story structure to eight living units atop two commercial floors.
The concrete and glass building, is a locally designated historic property because of its banking industry significance and Modernist architecture.
Donnelly said he plans to preserve the distinguishing features.
The estimated $28 million project, between Fourth Street and the 40-story Bank of America Plaza Building, would be only footsteps from The Square -- the intersection of Trade and Tryon streets.
Two condos would be 7,000 square feet each and priced in the $3 million range. Six would be 3,500 square feet each and priced in the $1.5 million range.
This might be a Next Big Thing for a couple of reasons: It could confirm the strength of the city's upper-end condo market, and it could help boost South Tryon as a residential as well as a commercial street..
Both 50-story The Vue in Fourth Ward and 50-story 210 Trade at College and Trade streets are offering $1 million-range penthouses, but some won't be listed for sale until later.
Developer Flaherty & Collins plans to top 210 Trade with a 12,000-square-foot, two-story residence that includes a 2,000-square-foot terrace. The price is yet to be announced.
Churchill Development Group has sold four of seven 3,217-square-foot penthouses at The Vue in the $1 million range, but it hasn't yet priced six larger 3,744- to 4,337-square-foot penthouses.
Just a few years ago condos selling for more than $500,000 were scarce in Charlotte. Today, 58 are listed for $500,000 or more.
Darryl Dewberry of Spectrum Properties, which is converting an office building at 230 S. Tryon St. to condos, said some penthouses there topped 4,000 square feet and sold for more than $1 million.
He believes the market for spacious, luxury condos is deeper than it was just two or three years ago. Among the reasons he cites:
+ Charlotte has enjoyed good job growth, including high-paying jobs.
+¢ Owners of existing homes are taking advantage of appreciation and selling their residences to buy condos.
+ People arriving from major metropolitan markets sold homes for $1,000 a square foot or higher and are investing here in what they see as "affordable" penthouses.
+ Mortgage rates have remained historically low, encouraging residential real estate investment.
Who are the high-end buyers?
Our experience here has been the buyers are split almost 50-50 between young professionals who have high incomes and retired or semi-retired empty nesters who have lots of equity.
The high-end purchasers have arrived at a place in their lives that they are discriminating -- they know what they want. When a new high-rise comes on the market, they gravitate toward it because they have the money to do it.
That's the type of buyer Donnelly would like to attract to the old Home Federal Building, which he plans to rename The Trust in recognition of its banking history.
The interior of the building, completed in 1967, has been gutted so buyers will be able to design a custom home in the shell space, he said.
"We won't have any lower-priced units, so we can orient this project completely to our buyers with high-end concierge service, a wine vault and other amenities they expect," he said.
Donnelly said he's working with lenders on financing and plans to close on the property by mid-November. He expects construction to take about a year.
And, he's offering individuals a chance to buy a piece of The Square.
THE DEVELOPER
Jim Donnelly moved to Charlotte from New York about 11/2 years ago to help start Emerson Joseph, a men's grooming lounge.
He is a co-founder of the salon at 221 S. Tryon St. with his wife, Stacy, and her sister Shelly Takats.
Donnelly also was a co-founder of IgoUgo.com, a Internet travel site that was acquired in 2005 by Sabre Holdings.
Donnelly bought the building at 221 S. Tryon with investors and sold the top two floors as office condos. The salon occupies the first floor and basement.
The experience with that project convinced him to put a contract on the nearby Home Federal Building.
THE TRUST CONDOS
The previous owner gutted the old Home Federal Building, which developer Jim Donnelly sees as a plus.
Buyers of the 3,500 and 7,000 square foot units will be able to basically design a custom house inside the floor-to-ceiling glass space.
Donnelly believes owners will design large, open spaces for entertaining and enjoying the views.
Each unit will have at least two terraces, and owners will have access to a rooftop "social plaza" with outdoor seating, entertaining and grilling space.
The building's bank vault will be retained and used for dining and wine storage.
Donnelly said restaurants and retailers consistent with the building's upscale image are being sought for two lower levels of commercial space.
He's working with Clay Elder of ESD Architecture and Interior Design on the conversion and interviewing contractors.

Part Two will feature a telephone interview with Barbara H. Walker and Interior Designer as well as some photographs I loved snapping.

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