The Real Estate Lady®/Condo CanDo® Charlotte,NC

May 8, 2008

Hello! This is Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC

Thursday, a Time For Favorites…

Favorites have included the very first condominium in Charlotte, Gaynor Arms; a first and a favorite, Center City Green recently announced because it is creative, progressive and green; a favored builder, Brian Speas, because he is the epitome of a fine builder and good person.
“So now what?”, you’re thinking.
You know what I like…I like many of the ways Charlotte is changing and many of the ways Charlotte is constant.
Change is 400 North Church with it’s green center island…when it was new and exciting at the time. The main streets, Trade and Tryon, in Charlotte or at least six blocks in each direction of the square had been torn up and remade.Curbs, street lights, bus stops, streets, sidewalks, all rebuilt, Only a handful of cities in the world have ever undertaken that project.
Constant is The Poplar in Fourth Ward, once apartments that were converted to condominiums and how The Poplar’s grace and charm harken back to my visits to New York City. Change is Ivey’s Department store when it was renovated into condos…very large condos with large storefront windows and no terraces or balconies and what seems like bridges to some of the units. Constant and change how The Square has evolved to be the traffic cop of all the condo towers and high-rises in Uptown Charlotte Center City.
Change in how Earle Village (subsidized housing) in First Ward has become the Garden District wrapping around the Afro-American Cultural Center and how many of the condos overlook the freeway…and change in how Piedmont Courts (high crime-low rent) is being totally transformed as a gateway to Central Avenue and The Plaza…Change thrives on Central Avenue as condos spring up and through Plaza Midwood. Constant are the wide boulevards and tree canopies in Plaza Midwood, Myers Park, Elizabeth, Dilworth, Wesley Heights. Change is how Freedom Park becomes more charming and constant is how much the lake and park and playing fields are loved by old timers and new comers alike.
Unfortunately, we are constantly tearing down what is old and historic…or cutting down trees, or changing the threads of the fabric that made our tapestry wondrous to produce the change some think will be more appealing.
In some cases, that works…I look at

Charlotte is constantly changing, growing, envisioning. I can see favorites both in looking back and imagining tomorrow.


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

May 7, 2008

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

Let’s not wait for the other shoe…

During this tumultuous time, I am taking every opportunity to learn as much as I can about real estate processes…about real estate across this country and about real estate in our region and city. This means classes. Classes on foreclosures, short sales, financing, credit scores, inspections, mold, investment, ethics and classes on safety, marketing, staging and working with first time home buyers. Conferences looking at the statistics, the trending and tracking. And reading everything I can get my hands on…talking to other brokers, talking to buyers and working with sellers. Writing for my podcasts and blog.

I believe that we can be pro-active. We knew somehow the housing bubble was coming. We did not know the form or shape or incredible consequence. Now that we do, I believe we can be pro-active. We can do something about our situation…if we can work together.

I wrote earlier about foreclosure and the short sale. And this is what I have learned so far. If you think you are heading for troubled waters, even think about it, start asking for help from your lender, your mortgage company or a government agency. Beware of the scams…check the credentials of the agency or person first. Gather information…lenders do not want houses back. Nor condos. Our job is to ‘row”…be pro active.

Condominiums are a bit trickier. This takes the rowing team…more than one person because condos are about more than one person.

Start now. In condominiums and townhomes, call a meeting and start talking. Find out how many foreclosures there are, if any, or what is for sale, what has sold and under what circumstances. Be involved. Find out how to head off foreclosure…for yourself, your neighbor. The rewards for rowing together are great. Banks and mortgage companies typically do not start paying HOA dues if/when property is foreclosed. They do not pay assessments. A vacant property is not attended or checked. So busted water pipes go without repair, water/ moisture spells mold and there you go. I heard just yesterday where a condo community became involved with a foreclosure and gained access only to find the unit had been stripped down to the paint.

In times of stress, I think we tend to act more harshly…I know I sometimes have a short fuse when everything hits the fan…so I am practicing patience by listening carefully, assessing the whole situation before acting…and caring about what and how and whoI am involved with…let’s get the job done and turn this mess around. By simply caring and rowing together.

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

May 6, 2008

New Construction: Pros and cons…

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

Thanks to the real estate agent in Vancouver who so rightly pointed out the virtues of new construction. New homes are “New”, they’ve never been lived in before, and everything is new: bathrooms, kitchens, hot water heaters, stoves, furnace, roof…and more. Everything purportedly works. There are warranties. There are walk throughs. There are sometimes Home Owners Associations with rules and regulations. Those are all great. I understand “new”. My own home was “new” when I built it over 40 years ago…and am still here.
We have both changed and I hope for the better.
Here is what I contest:
Poor building products. What do I mean? Thin cabinetry of the lower grade even on half million dollar condos, thin granite from China that can not easily be replaced or repaired, poor quality pre-finished hardwood floors or frankly even bamboo, poor quality paint, poor quality molding, poor quality doors…poor quality lumber, poor quality siding. And when I question both the products and the construction I am told repeatedly that either the architect specificied the products or the poor craftsmanship is urban construction. I could go on and on….but add to that, poor quality construction, installation, finishing, painting, follow up on walk throughs. This goes for condominiums as well as single family homes.
Oh, and while I am at it…such small home sites that if your house is vinyl and someone next door has a fire…grab the kids and the dog…or the nine pieces of shrubbery that goes in too close together and not properly planted…and then there’s the sales representatives who are not agents and if they are they need to really make the point that they represent the seller, the builder, and that “By signing here” you give up your right to have any representation…and of  course, I get in a wad when the builder presents their closing incentives of so much in closing costs if you the buyer use one of their preferred lenders. This only means that the lender who has been working with you and got you pre-approved is out of luck…and for the builder it is only part of moving money around. And one last thing…I never look at commission paid until after the offer becomes a contract, but rarely does a builder pay 3%, they chisel it down to 2.5% because I suppose they think we have less to do because it is new construction. How little they know the amount of time we actually put into every sale. Every sale resale and new construction.
So…what are we to do? I think it is my job to help educate the buyer. To ask them to step outside of granite and hardwood floors and look at the reality of each home. My home is over 40 years old and looks and feels and acts like new. Because I take care of it. Fix it now or fix it to sell, but the constant is “Fix it.” I don’t know how to tell buyers to be careful…to ask questions…to be patient…to set the emotions aside, the idea of “home”…aside and look at the finished product, look at the neighborhoods, talk to the people who live there, about their homes, the neighborhood and the builder.
I am for new…done well. I am for resales properly cared for…I am for growing but not at the expense of some of the people for the gain of others.

Charlotte will continue to grow. I am a part of that. This hometown is energizing and electric. I want Charlotte to be as good as I know it is and great as I know it will be.



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

May 5, 2008

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


I reserve the right to be wrong sometimes….

     For as long as I have lived in Charlotte, for the decades I have been a full-time real estate broker, for the hundreds and hundreds of closings I have been party to…guess what, I have made my share of mistakes.And as the years grew on, I thought I had seen most of everything as a real estate broker.

This sub-prime situation is mercurial, complex and ever-changing. I study more about foreclosures and short sales, buying and selling, credit scores, marketing, market value, statistics, the national market, the Charlotte market, where we are, where we’ve been and what might lie ahead.

I am outspoken about builders and developers…everything from the quality of building products, the missing craftsmanship in the final product, the rigid guidelines for preferred lenders and the unbending posture. I read and visit neighborhoods where the foreclosure rate is high…and read about the opportunity for investors.

    It would be easy to make a wrong call in all this. And I did. My first time home buyers did everything I asked…pre-approval…apartment lease termination penalty…worked with their budget after every group of houses we saw. And a couple, I asked for pre-approval letters specific to the home’s address. I was looking in what I deemed “safe” places. I was staying away from new construction.
    And they found a house, a resale they liked in a new subdivision in Cabarrus County. Again, I played Angel’s Advocate: what about the drive, the cost of gas, what about the schools? Well, we looked at the resale and it was a beauty. The builder was still in the neighborhood and I thought we might see about spec houses and how the pricing compared. Sometimes, this can be a great situation for a buyer given all the pieces fit.
    This particular builder gave some thought to his neighborhood. There are sidewalks, a small pool, a Home Owners Association with Rules and Regulations, and larger home sites. And they also made it easy for a broker to show all three of their spec homes by placing a key in our famously secure Supra Lock. The sales representative was easily accessible and was a veritable Johnny on the Spot. He listened carefully to my concerns about price, about closing costs and about terminating the apartment lease to accommodate an earlier closing. All this on the phone while my buyers were thinking and working with their budget. Many phone calls later and just two actual days, I made the appointment for the buyers to meet the sales representative and present their offer…and their request that their mortgage be handled by the broker who had been helping them from loan approval to supplying us with loan approval letters and closing costs on the three “almost” houses. A five month long, hand holding relationship that both the broker and the buyers treasured.

   In every instance, there was discussion, questions, points to be made and finally, within two hours, acceptance that was a win-win-win for everyone…including my buyers original mortgage broker.
   I learned a lot yesterday. My buyers listened so carefully to each of the steps of the process, I got it myself, how important my role as a broker is. I followed their search around the different areas and learned even more about single family homes, new construction and resales... The current day “know”…trending, marketing and activity.
    What else did I learn…that all new construction is not gloom and doom. That some home builders seem to take pride in the homes they build and the neighborhoods they create. And this particular case, they honored the buyers’ spread sheet on budget concerns, and valued the buyer’s relationship with their mortgage person. The buyers were listened to and an agreement was reached to everyone’s satisfaction.

Living and learning, that’ me,

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

May 2, 2008

Wait, Wait, Don’t Tell Me…

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

Friday: Time for Q/A with Condo CanDo…

1. In buying a newly constructed condominium, should you,
the buyer, have a structural and mechanical inspection?

Yes. A friend recently bought a real nifty condo at the lake.
There were two condensate lines from the air-conditioner.
One line was installed correctly and the second, oops!
Forgotten. She spent two weeks in a hotel while the walls
were torn out, remediation for mold was performed and
the condensate lines properly installed.

2. In buying a resale condominium on the fifth floor,
should you have a structural and mechanical inspection?

Yes. There’s glass, heating systems, plumbing and
electrical not to mention balconies and terraces.
Recently on a brand new condominium, the inspector
found water running into the wall from a cement
cap on the terrace.

3. In buying a condominium that is a new conversion
should you have a structural and mechanical inspection?

Most definitely. Some conversions are totally gutted
so by all means, a thorough inspection…and if there were
just a cosmetic overhaul, most definitely.
And that might include a separate inspection for
heating and air.

4. Should you know the percentage of investor
owned units before you make an offer on a condominium?

Yes. Yes.  Heavy percentages will affect the type of
mortgage you will be able to obtain. With a higher
interest rate of course.

5.Should you look at the yearly budget and the last year’s
financial statement before you sign on the dotted line for a condominium?
Yes. Look for irregular expenses, like collections and legal fees.

6. Should you read the by-laws and rules and regulations
on a condominium before you sign, seal and deliver?

Always, always, always.

Condominium living can be great for some folks. Condominium buying may seem more tedious than buying a single family home…invest time up front looking and checking the details.

What’s that old saying?

An ounce of prevention is worth a pound of cure?

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

May 1, 2008

Charlotte Condos we favor….

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

It all depends a friend of mine says. It all depends on where you are going, how long you plan on staying and what about your life style? Yep, it all depends. Still, I have a few favorites.

Being a long time resident of Charlotte, I recall the days when we knew the builders’ names…and their reputations. There was John Crosland, Sr…and still building, John Crosland, Sr, William Trotter, Herman Nance, Charles Erwin, Mr. Thomason…well, you get my drift.

Now days it’s names of companies. Except in one instance. There is a fellow who has been building for some years now. When I first spoke with him maybe ten years ago, I thought he was my senior. Then I met him. He is a younger man with traditional ideas and takes a hands-on approach to the condominiums he builds. He’s often on the job site.
His buildings are small compared to the uptown towers. They are often nestled in our exquisite neighborhoods: Myers Park, Eastover and one on the fringe of Dilworth, and one almost in Barclay Downs in SouthPark. The buildings are all different. The one component they have in common: class.

So while I can go on and on about other builder’s lack of attention to building products and quality of construction, I have only praise for Brian Speas. I am sure I am joined by the residents of his buildings, the real estate agents he works with, and the neighborhoods he enhances by his tasteful designs and his fine execution of every detail right down to individual landscaping for each address.

I have pictures of each one and will search for a sketch of the new one.

There is The Oakley at Park and almost Scott.

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

April 29, 2008

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

Ladies and Gentlemen, Sharpen Your Pencils…Pop Quiz!

1.True Story: In Charlotte, NC, there is a nice, older townhome community located between South Park and Quail Hollow. It has three pools, a lake, tennis courts and a  nice clubhouse. The units are all brick, quite spacious and may need some updating.
But the prices are rising and I for one have always thought they were a
sensible buy. Well, according to a closing attorney I spoke with
yesterday…a man from the North or was it West?
bought one the units and moved in,
carrying his stuff back and forth from his apartment
in his truck.
Do you think he read the documents before signing
on the dotted line?
Do you think there might be anything in those
documents about
trucks and boats?

2. This is my current favorite. In one of the uptown new towers,
a fellow bought a unit that he says he bought for his folks who
since the purchase now have health issues. So he
signed up a property management company to lease the
property for him. A fellow transferring from Texas signed a
year’s lease, got all moved in and was loving it.
Until he was contacted by the concierge who said that unit
was not bought to be a rental. He was told he would have to move.
Do you suppose anyone, owner or property manager
read the documents?

3. Folks who live at the lake or in Ballantyne will
sometimes buy an uptown condo as a second home
to get a better rate than an investor would.
Or at Piedmont Row in SouthPark without ever having seen the unit
…so, would that skew the investor ratio?
Would there be a clause in the documents that
refers to a certain period before an owner can lease or sell?

Yes, the documents are like a book. Maybe a 100
pages and it is dry, dry, dry.
I take that back, I actually like reading them.
Documents are important, folks. It’s your money.

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

PS. Answers. Hold your phone upside down to read:
Q1 Trucks are not allowed. He had to sell the truck.
Q2 Jury is out. The tenant did not cause the mess.
Q3.Too many investors will change the complex profile adversely.
Q4.You can always make your offer to purchase contingent on having a real estate attorney read them for you within a certain time frame.

April 28, 2008

Stop The Clock…Time Out Called!

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

It was the best of times, it is the worst of times…you’ve heard that one, right?

Well, it is the best of times because I am doing the things I love: learning, going to real estate and computer classes, visiting new construction sites, reading all the news from the local MLS folks and then pouring over the statistics from the National Association…and writing for my websites, taking pictures, talking to The Pros and polishing  all three websites adding podcasts and blogs and wait till you see what else I have in store for you…and it is the (not really) worst of times…
The market is iffy, people are frightened. Is the media helping? Not really. Charlotte is insulated somewhat and my business comes from the web and referrals from folks and families I have worked with for over 20 years.
But I am calling this time out…to announce to you all in Blog Land and in Podcast-ville that, yes, I am a full-time, working real estate broker. Yes, I market property and have a good time doing it…and am successful at it…and I work with buyers…first time buyers, condo buyers, mc mansion buyers, horse farm buyers, trading up and moving down buyers…I love it. I want your business. I love solving problems and figuring out the pieces to a real estate transaction. So I hope that answers that question I sometimes hear, do I, am I a realtor? a real estate broker? Yep, full time for a long time.

So…let’s play ball!
What’s new?

The industry is analyzing Short Sales, the definition and the execution.

In Charlotte, government leaders are working together with the self-help credit folks to design and implement a lease to purchase program for one of the hardest hit new communities.
On the condo front, it looks like the visionary project of Pete Verna, The Park, has hit a substantially significant snag and is stopped. On the 55 plus screen, a total retirement community was announced by Erikson in Matthews, one of the fast growing areas of Mecklenburg.
This weekend I received calls from investors from others states as well as folks moving here from around the country. And everyone who comes here joins our chorus, We love it!
Time Out is Up…back to work as

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