Thu, 11 September 2008  September 11, 2008 Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wed, 10 September 2008 September 10, 2008 Can there be radon on a fifth floor condominium?
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Tue, 9 September 2008 September 9th, 2008 Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mon, 8 September 2008 September 8, 2008
Conundrum…Mold in a Condo… I am stuck. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fri, 5 September 2008 September 5, 2008 Developer stops sales of units at troubled condo building
With no end in sight to the legal troubles surrounding the stalled 210 Trade condo building, its onsite sales team has moved out. In a letter to condo owners last week, Builder Services Inc., an arm of Allen Tate, said the team was leaving the sales office, citing “issues … in the court system, thus temporarily curtailing our ability to sell property at this location.” The company plans to monitor the building's progress and update buyers through a Web site it created for them, the letter said. Questions about the move were referred to a spokesman for the developer, Charlotte FC, part of the Indianapolis-based Flaherty & Collins. He did not immediately return phone calls Thursday. Charlotte FC will not sell more units until the legal issues are resolved, its attorney, Lee Spinks, said. Work on the 50-story tower, part of the EpiCentre complex uptown, stopped in February, with two floors built, because of a disagreement over technical building-code issues. Its developer and the EpiCentre's, Both sides have said they want the project to move forward. The latest contract gives developers until December 2010, with the option to extend up to four months beyond that, to finish the building. Spinks said Charlotte FC hopes construction can be started in time to meet the deadline and that the developer will let buyers know when that will be – or if it's unable to start construction in coming months. Comments[2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thu, 4 September 2008  September 4, 2008 Comments[1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wed, 3 September 2008 September 3, 2008
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Tue, 2 September 2008  September 2, 2008 our medium size southern town that is looking towards being World Class. Why last year, the newspaper was consistently announcing condo towers…most of them in Uptown Charlotte. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mon, 1 September 2008  September 1, 2008 A comparison of the twelve months ending 2Q08 vs. 2Q07 reveals an existing market down 26 percent on an unchanged median price; the new home market was down a similar 26 percent on a 6 percent increase in median price.
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Fri, 29 August 2008 August 29, 2008 Proposal has projects all over the county, but possible $250 million price tag stirs debate. 1. New recreation center at Davidson IB Middle School 2. Planning for new 3. Double Oaks pool renovations. 4. Stewart Creek Greenway; Build 0.5-mile trail. 5. Expansions to 6. New regional sports complex in Matthews Northern residents will get a mega-sized, regional recreation center. Greenway trails will be added, including one to The projects, recommended by the park and recreation commission, are among 60 that could be paid for with a bond package this fall of up to $250 million. The projects won't be spelled out on the November ballot, but county commissioners and other leaders will use the list to drum up support for the bond package. A public hearing is set for the Sept. 3 commissioners meeting. Commissioners also will vote that night on the final size of the bond package. Scott McClure, chairman of the park and rec commission, told commissioners recently the plan has been well received by residents across the county. The mayors of Matthews, Mint Hill and Pineville also have lent their support. But some residents are likely to push for changes. The Charlotte Tennis Association, for example, wants money to build a 20-plus court tennis center and to hire a director of tennis for the county. And there is still some concern about whether the county should even ask voters to approve a bond package in light of the economy and the county's mounting debt load. This spring, County Manager Harry Jones had recommended asking voters for $560.2 million worth of county bonds, including $360.2 million for a new jail. That would join $227.2 million in roads, neighborhood development and affordable housing bonds from the city of Concern about the size of the local bond slate prompted county leaders to decide to pay for the new jail using debt that doesn't require voter approval. Commissioners then agreed to increase the size of the park bonds to no more than $250 million. Commissioner Dan Bishop has said he thinks the bond package is unaffordable, and noted it is more than three times the size of the last referendum for parks. Commissioners can decide to reduce the size of the bond package, but some say they expect to ask voters for the full $250 million. Among the proposed projects for the bond is $25 million for a regional sports plex in Matthews, a project commissioner Bill James has championed. An original list of bond projects didn't list the sports plex. James, whose district includes the sports plex, said Sunday he thinks the new list of parks projects better distributes the bond money across the county instead focusing on those areas closest to uptown. “It's fair,” James said. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thu, 28 August 2008  August 28, 2008 The Park condo was auctioned at noon Thursday at the Mecklenburg County Courthouse. A bid of $17.9 million was offered by Tim Griffin, an attorney for the lender. Steel at The Park condos has started to rust. Wind and rain have damaged fireproofing materials on the walls, and stucco, glass windows and interior doors have been left inside, targets for vandals and the elements. That rare scene of uptown decay – a sharp contrast from the city's shiny image – was painted by attorneys Wednesday in U.S. Bankruptcy Court. As the fate of the stalled condo tower has languished in court, its developer burdened with financial problems, the building could be falling into disrepair, its lender's attorney said. The 21-story project at In addition to the dangers facing its structure and the building materials inside, a city fire inspector has expressed concern about wood and debris, a fire hazard, she said. City officials have also revoked the developer's right to use part of The court on Wednesday appointed Langdon Cooper, a The high-profile Park is one of several uptown condo towers to face problems this year, despite showing strong sales. 210 Trade, the condo tower going up at the EpiCentre, has been stalled since February in a legal dispute between its developer at the EpiCentre's. Two other projects, One Charlotte and 300 South Tryon, have been postponed this year. The Park went into foreclosure last month. As of Aug. 20, its developer, After an auction and bidding period this month, a company called But on Aug. 14, three contractors filed an involuntary bankruptcy petition, forcing the condo tower into court and temporarily halting the foreclosure process. Those creditors, who say they're owed more than $1.8 million, want to see the project sold for a higher price and supported Cooper's appointment, said Kevin Sink of Nicholls & Crampton in Raleigh, who filed the bankruptcy petition on their behalf. “There needs to be someone at the head of this ship,” he said. “… This gives them the opportunity to maximize (the project's) value.”
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Wed, 27 August 2008  August 27, 2008 Solar-powered mid-rise in SouthPark? SouthPark could become home to the city's first fully eco-friendly mid-rise if one Charlotte man gets his way.David Thompson has filed a rezoning request to build SolarPark, an 80-foot residential building that would run entirely on solar power and electricity. The building would sit on one acre near Park and Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tue, 26 August 2008 August 26, 2008 Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mon, 25 August 2008 August 25, 2008 Home Prices Are Down, but Stabilizing
Lynnsy Logue The Real Estate Lady and Condo CanDo in
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Fri, 22 August 2008 August 22, 2008 Charlotte-area colleges named among bestSeveral schools in the In addition, U.S. News asked the experts who respond to its peer assessment survey to identify schools that fit the profile of "up and coming." Davidson came in first, with the most nominations. Queens University of Charlotte ranked No. 20 among private master’s universities in the South. That category includes institutions that provide undergraduate and master’s-level programs but offer few, if any, doctoral programs. In the category of baccalaureate colleges in the South, Schools in that category focus on undergraduate education but grant fewer than half their degrees in liberal arts disciplines. U.S. News & World Report evaluates the following criteria to determine each institution’s ranking: class size and student/faculty ratio, retention of freshman, student selectivity, financial resources and alumni giving.
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Thu, 21 August 2008  August 21, 2008 New life for First Ward project Daniel Levine makes pitch for $26 million in funding Daniel Levine has a new plan for his key stretch of First Ward property. And, for the first time, the developer appears to have a key partner on board — taxpayers. The massive project he unveiled to the city this week includes 2 million square feet of office space, 2,150 residential units and 282,000 square feet of shops and restaurants on 20 acres he controls. Plans now call for a public investment of as much as $26 million in tax-increment financing from the city and county. The funding would pay for parking decks and other improvements. As much as $8 million more could be spent by the city for road improvements. The county would also kick in the construction cost for a park of at least 3 acres. “Our enthusiasm has never wavered,” says Levine, who has been pitching various development options for the site for a decade. “I am going to be excited when this moves from the drawing boards to breaking ground. We’re patient and we’re committed to bringing the best development to the city.” A $46 million UNC Charlotte classroom building planned for the corner of East Ninth and The formal request for public money gives hope to political leaders and uptown boosters that Levine is serious this time. Real estate experts remain guarded, saying Levine’s past starts and stops have left them wary. “It’s been a long time coming,” says John Lassiter, chairman of Charlotte City Council’s economic development committee. Adds Jim Palermo, executive-in-residence at The complex deal still has a long way to go before it becomes reality. Next week, City staff hopes to have a final deal for council to consider by year end. The county would likely puruse a similar schedule. Construction on Levine’s first phase of development, dependent upon county agreement for a park and tax-increment financing for 1,300 of nearly 2,000 new parking spaces in First Ward, could begin in 2009. In all, Levine anticipates a 10- to 15-year schedule for building out all of the First Ward land. The county park, UNCC, underground parking and a 300,000- to 400,000-square-foot office building would be built first. Levine will build the office building with ground-floor retail. Next up would be a 1,500-car parking deck and a property encompassing 525 residential units, a hotel and street-level retail. Talks gained momentum during the past three months, as stakeholders gathered to discuss possibilities and negotiate the framework of a deal. What emerged mirrors several other high-profile public-private ventures assembled in recent years in and around uptown. These include: •A $1.3 billion South Tryon Street complex anchored by Wachovia Corp. and several arts venues. •The $225 million Metropolitan shopping, office and residential complex in midtown. •Merrifield Partners’ Bryant Park project near •Grubb Properties’ mix of offices, shops and restaurants in the In each case, substantial contributions for parking decks and other improvements near the projects were — or will be — paid for with city and county money. Levine credits the city and county for working with him while also negotiating a deal “that puts all the risk in the private sector.”
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Wed, 20 August 2008 August 20, 2008 Skybridge Terrace is up and running …
Project size: 144 condos in three buildings off the 1200 block of Prices: Units range from 500 to 1,078 square feet and sell from the $120,000s to $280,000s. Timeline: First of three buildings completed. Two others to be started as the market dictates. Features: Elevators in each building secure parking and controlled access, private balconies on most units, 10-foot smooth ceilings, double-bowl stainless-steel sinks, granite bar tops in kitchens and hardwood flooring in living areas. Now, residential revitalization is poised to be The Next Big Thing in development there. The first building in Skybridge Terrace, a planned 144-unit condo project, has been completed on The $22 million project occupies 2.2 acres with a greenway connection that provides pedestrian access to uptown via Third Ward and the Bank of America Stadium area. Farther out Morehead at the Ogunrinde, a principal in Neighboring concepts with Darrel Williams and Luis Tochiki, said the firm has been active on The commercial development under way in the corridor is setting the stage for future retail and residential development, he believes. The increased density has the potential to attract shops and restaurants to serve office workers and residents. And the area also could appeal to office tenants and condo owners seeking to enjoy center city amenities without paying center city prices. The remaining Skybridge Terrace condos – 500 to 1,060 square feet – are priced, for example, from the $120,000s to the $280,000s. Prices fall in the $250-a-square-foot range compared with $350 a square foot or more inside I-277. The project eventually will have three buildings – 48,000 square feet each – connected by sky bridges to give owners uptown skyline and Ogunrinde said the skyline side, with the largest and most expensive units, has been the most popular so far. Buyers put contracts on all the units, he said, but some are struggling to arrange financing and close in the uncertain lending market. Purchasers have been a mix of older professionals, young professionals and people seeking a second dwelling.
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Tue, 19 August 2008 August 19, 2008
We can do so much if we believe we can. Hard times bring challenges. Yes, we can! Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mon, 18 August 2008 August 18, 2008Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NCWe Knew.....June 29, 2006 That Hissing Sound Robert Reich, pointing to leaks in the housing bubble, gives the Fed some advice: Market Meltdown: Say goodbye to the housing bubble, by Robert B. Reich, American Prospect: ...Americas housing bubble has not exactly burst. Its just sprung a leak the size of your average mortgage banker. Whats clear is the boom is over. All across America, backlogs of unsold homes are long. Price increases are slowing. In some markets, home prices are actually dropping... Its better that bubbles leak than burst. Gradual declines are always easier to manage than explosions. But the housing boom has been so large and important to the American economy over the past five years that even this slow leak will cause severe headaches. One will be experienced by millions of households that had turned their growing home values into piggy banks to finance their continued consumption. That easy route to cash is just about gone. The inevitable result will be less consumption, which will mean fewer jobs. A more immediate problem will arise for all the people making, financing, and selling houses. Here we are talking about a vast army of carpenters, plasterers, roofers, plumbers, electricians, mortgage bankers, home inspectors, real estate agents, architects, structural engineers and many more. According to Moodys Economy.com, housing-related employment has accounted for almost a quarter of the five million jobs that have appeared since 2003. These jobs pay well even though most of them dont require a college degree. Thats because they dont have to compete in global commerce. Workers in Beijing or Calcutta cant easily build houses in Phoenix or San Diego. ... But now with the housing boom over, many of these good jobs are over, too. In other words, without the housing bubble, the American economy will lose a lot of its fizz. I dont like bubbles, but from a jobs standpoint this recovery has needed all the fizz it can get. Median wages have gone nowhere. The ranks of the long-term unemployed have been unusually high. The percent of the labor force with jobs is lower than in 2000. Housing has been one of the few bright spots in the economy. All of which brings us to Ben Bernanke and his gang at the Federal Reserve Board Open Market Committee. They are determined to raise interest rates because they think the economy is too fizzy and still prone to inflation. I hope they listen carefully: The hissing sound they hear is air escaping the housing bubble. Theres less fizz in the economy than they think. Raise interest rates, and the Fed raises the likelihood the economy will deflate. We'll know more soon when the Fed announces its rate hike decision from today's meeting. That from June 2006. We Knew.Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
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Fri, 15 August 2008 August 15, 2008 Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thu, 14 August 2008 Dear Lynnsy Logue, 08/01/08 This week President Bush signed the Housing and Economic Recovery Act of 2008, immediate measures that will help homeowners facing foreclosure find ways to refinance and will help strengthen mortgage markets. The package also includes a very substantial tax credit available to first-time home buyers. In this email, you will find a series of links that provide comprehensive details of the legislation package. We hope you will share this good news with your agents. To summarize, the legislation package includes Federal Housing Administration Modernization that will simplify and make FHA-backed mortgages more available while helping thousands of families refinance existing mortgages and keep their homes. Other important components of the bill are reform of the government-sponsored enterprises (Fannie Mae and Freddie Mac), permanent increases to both GSE and FHA loan limits, a first-time home buyer tax credit and a program to expand FHA that would allow more homeowners to refinance their mortgages. “Realtors® are in the business of building communities, and our 1.2 million members understand that this legislation will go a long way in helping people buy and keep their homes,” says Dick Gaylord, NAR’s2008 president. Wendell Bullard, 2008 president of the NC Association of REALTORS®, agrees. “This is good news for our more than 43,000 members and even better news for our clients,” Helpful links: http://www.ncrealtors.org/en/TaxCreditChart.pdf http://www.ncrealtors.org/en/RefinanceChart.pdf
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Wed, 13 August 2008 August 13, 2008 While the presidential campaign was mired in the egregious and the trivial last week, there was a hearing in Put aside for a moment all the talk about alternative fuels. They are important and the wave of the future, but the fastest, cheapest, easiest and cleanest step toward a sane energy environment is the powerful combination of efficiency and conservation. That was the message delivered again and again at a hearing of the Joint Economic Committee that carried the title, “Efficiency: The Hidden Secret to Solving Our Energy Crisis.” Two political leaders who are no longer very fashionable were on to this long ago – former Gov. Jerry Brown of It may be hard to believe, but largely because of far-reaching efficiency and conservation measures imposed by Brown's administration, Sen. Chuck Schumer of A national to-do list It's not widely understood how profound a change in overall energy consumption could be realized from a big-time, coordinated efficiency and conservation effort. In addition to the obvious need for more fuel-efficient vehicles, we should be demanding more efficiencies from utilities, we should be requiring states to revamp their commercial and building codes; and we should be trying to weatherize homes from coast to coast, including the homes of families without enough money to make such improvements themselves. And, of course, there are the everyday good energy deeds that would help make a world of difference: car-pooling; taking public transportation when possible; using more efficient lighting; dropping the thermostat a couple of degrees; buying more efficient appliances; unplugging appliances that aren't in use, and so on. A leadership shortage Combining the development of alternative fuels with a real efficiency and conservation effort is the winning hand in the global energy crisis. People in many parts of the country are already frightened, in the heat of the summer, about next winter's heating bills. Families are worried about having to choose between mortgage payments and fuel bills, or fuel bills and medicine. The Senate considered but was unable to pass a measure that would have substantially increased financing for the Low-Income Home Energy Assistance Program. It was a bad sign. If the government can't get that done in the current atmosphere, it hardly seems likely that it could move to an even more important step: finding a way to get the homes of these cash-strapped families weatherized so they use substantially less fuel each winter. We know what we should be doing. What we lack is the leadership, the common sense or the will to get it done. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tue, 12 August 2008 August 12, 2008| “And the commonly used herbicides are chemical first cousins of Agent Orange, which was used in
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 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 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 Your home office 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 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).
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Mon, 11 August 2008 August 11, 2008 Giving to help others keeps We're No. 10. Hold on. That's good. In a national ranking of 50 major If there's an activity where we should welcome being in the top 10, it is in volunteer service. Volunteer work is evidence that people care about their neighbors and the health and welfare of the communities they reside in. Now, that's puffing-out-your-chest worthy. The largest percent of Nationwide, nearly 61 million Americans volunteered in 2007, giving 8.1 billion hours of service, estimated to be worth $158 billion, according to the Volunteering in And though Consider the amount of time volunteers and non-volunteers spend watching television. Volunteers report spending 15 hours watching TV while non-volunteers spend 23 hours doing so. That eight-hour difference adds up to more than 400 volunteer hours a year, the report said. Volunteers make time to do this important work. They are increasingly necessary as economic difficulties push more Americans into the need category. Don't stand on the sidelines and applaud these volunteers. Join them. It is vital to the health and prosperity of communities and the nation that people commit to such service, and that public and private entities encourage and enable their efforts. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 9 August 2008 August 9, 2008 Lynnsy Logue The Real Estate Lady and Condo CanDo in Based on the current sales pace, it will take ten months to clear out the inventories of new homes. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fri, 8 August 2008 August 8, 2008
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Thu, 7 August 2008 August 6, 2008Drivers in the SouthPark area are fond of using the tiny streets in When They didn't expect it to become a popular driver shortcut with high-speed traffic. Now residents and businesses in the center find themselves conflicted about what to do. They want to slow down – even deter – traffic so pedestrians feel safe walking to and from the shops. On the other hand, the businesses need traffic to drum up interest. “We bought these units knowing we weren't on a cul-de-sac,” said Thomas Golen, president of the Piedmont Row Residential Condo Association. “The volume of traffic is just so high, though, that we feel things could have been planned better.”
Getting through the choked intersection can be slow. So during rush hour, dozens of drivers funnel onto the tiny arteries running through
Some residents have unaffectionately dubbed the route the “Barclay Downs Bypass.” Restaurant managers in the area say they don't mind the increased traffic because it can be used to boost business. “Our problem isn't that we can't get people here,” said Brian Boyce, general manager of Dolcetto wine bar. “The problem is they can't get out when they do want to leave.” Boyce said he and other business owners have thought about how they might capitalize on the situation, perhaps providing to-go services. Food, bottled wine and other products could be delivered to customers' cars while they're sitting in gridlock. A similar idea has occurred to Paula Cocking, co-owner of The Dinner A'Fare, a meal-preparation business at The streets in Residents and business owners have considered installing speed slowing measures such as speed humps or the gentler speed “tables.” Cocking and others said something will have to be done before someone gets hurt. Lynnsy Logue The Real Estate Lady and Condo CanDo in
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Wed, 6 August 2008 August 6, 2008
Post Properties Inc. has scuttled plans to build Post Plaza South, a 300-unit apartment complex on The Atlanta-based developer, citing difficult market conditions, says it will also terminate its contract to buy the site. Post Properties disclosed the decision Tuesday in its second-quarter earnings report. A company spokesman was unavailable for comment. Among its holdings in the In its financial report, the company says it lost $27 million, or 61 cents per diluted share, in the second quarter. In the same period last year, Post Properties earned $62 million, or $1.40 per diluted share. Post Properties (NYSE:PPS) incurred a loss on its funds from operations of $12.6 million, or 29 cents per diluted share, in the latest quarter. In the same period last year, its funds from operations totaled $22.1 million, or 49 cents per diluted share. Funds from operations is the primary earnings measure for real estate investment trusts. Post Properties operates in 10 markets across the country. The company owns 22,435 units in 62 developments. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tue, 5 August 2008 August 5, 2008 She was the secret guest that caused Now we know the identity of the secret guest whose visit to It was Martha Stewart. Stewart, the lifestyle guru, was the guest of billionaire developer David Murdock on Thursday and Friday. She visited the North Carolina Research Campus in Kannapolis and made a quick shopping trip in the Last week, city workers took down banners honoring Earnhardt after an official at Murdock's real estate company and a local tourism official said some of the banners were dirty and torn and might upset a Murdock guest, who wasn't identified. Lynne Scott Safrit, president of Castle & Cooke, Murdock's development company, said Stewart's visit had been planned for months. It's hard to work around those schedules, she said. Stewart had dinner with Murdock late Thursday evening and left During her visit Thursday, she toured a research laboratory with Murdock. It's scheduled to open later this year. The banners honoring Earnhardt had been placed along
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Mon, 4 August 2008 August 4, 2008 New-home starts drop, but that's good trend for a market full of unsold houses and foreclosures. The latest local housing market stats confirm the slump continues, but they also show the week's second positive trend. Charlotte-area homebuilders started 49 percent fewer homes during the second quarter, compared with the same period in 2007, according to data released Friday by Metrostudy. The 3,011 new home starts marked the second consecutive quarter below 4,000, a level last seen in 2003. Metrostudy, a The firm's method differs from those that compile building permit and sales data from public records. Results of the two methods tend to track fairly closely. New-home closings fell nearly 40 percent in the second quarter but exceeded the number of houses started, according to Metrostudy research. That's important because it means builders are cutting back in response to weak demand rather than adding to a market glutted with foreclosures and other houses awaiting buyers. That's a welcome shift from the last two quarters, when area builders started more houses than they sold, said Bill Miley, Metrostudy's “ Earlier this week, a popular index showed Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 2 August 2008 August 2, 2008 Lynnsy Logue The REal Estate Lady and Condo CanDo in Charlotte, NC FIRST-TIME HOMEBUYER TAX CREDIT Frequently Asked Questions As part of its major housing legislation (H.R. 3221), Congress has created a tax credit to provide an incentive for first-time homebuyers. The $7500 credit will be available for the purchase of a principal residence on or after April 8, 2008 and before July 1, 2009. The Basics Who qualifies for the new tax credit? Only first-time homebuyers are eligible for the credit. A first-time homebuyer is defined as an individual who has not had an ownership interest in a principal residence in the previous three years. The 3-year period is measured as of the date of the purchase of the eligible principal residence. Is there an income restriction? Yes. The income restriction is based on the tax filing status of the tax return the purchaser files. Individuals whose Form 1040 filing status is Single are eligible for the credit if their adjusted gross income is no more than $75,000. Individuals who file a Joint return may have income of no more than $150,000. Do individuals with incomes greater than the $75,000 or $150,000 limits lose all the benefit of thecredit? No. The credit has a phase-out. A formula is provided so that the credit is gradually reduced as an individual’s income reaches $95,000 (single return) or $170,000 (joint return). Adjusted gross income above $95,000 ($170,000 joint) will receive no tax credit. Is the amount of the credit tied to the price of the home? Yes. The credit is for 10 percent of the cost of the home, up to a limit of $7500. What’s the definition of “principal residence?” Generally, a principal residence is the home where an individual spends most of his/her time. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of dwelling. Are there restrictions on the location of the property? Yes. Eligible property must be located in the United States. Property outside the US is not eligible for the credit. What if the purchaser is eligible for a $7500 credit but owes only $6000 of income tax? The tax credit is a so-called “refundable” credit. Thus, in this example, the purchaser would receive an income tax refund of $1500. The refundable amount is the difference between $7500 and the amount of tax owed. Why is the credit sometimes referred to as an interest-free loan? Unlike most other tax credits, this tax incentive must be paid back. Eligible purchasers will be required to repay the tax credit over 15 years. The statute specifies that the repayment amount will be 6.67% of the credit amount each year. Thus, a buyer who qualifies for the full $7500 credit will repay $502.50 each year. There will be no interest charge on outstanding balances. Some Practical Questions How do I apply for the credit? There is no application or approval process. Eligible purchasers will claim the credit on the appropriate IRS Form 1040 tax return and/or on any special forms the IRS might devise. So I can’t use the credit amount as part of my downpayment? Presently, there is no mechanism available for claiming the credit any earlier than the 2008 tax return that will be filed in 2009. Congress tried to devise a mechanism that would allow pre-funding of the credit, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction. So there’s no way to get any cash flow benefits before I file my 2008 tax return? Any first-time homebuyers who believe they would be eligible for all or part of the credit would be allowed to make adjustments to their income tax withholding (through their employers) or to their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their take-home pay would increase. If I don’t make an eligible purchase until 2009, do I claim the credit when I file my 2009 tax return in 2010? Qualified first-time homebuyers who make their purchase between January 1, 2009 and before July 1, 2009 are permitted to make an election to treat the purchase as if it had occurred on December 31, 2008. This election allows them (depending on the timing of the sale) to claim the credit on their 2008 tax return that is due on April 15, 2009. They may also elect to extend their 2008 tax return by filing for an automatic extension. If they file their 2008 return before they have purchased the home, they may utilize this election and file an amended 2008 tax return. My sister and I are both single and want to purchase a home together. Will we each receive a $7500 credit? No. The purchase of a residence will generate a tax credit amount that will total up to $7500, no matter how many unmarried purchasers are buying the house. My sister and I wish to purchase a home together. She previously owned a principal residence but sold it 2 years ago. I’ve never owned a residence. Can I qualify for a partial credit? Possibly. The statute is somewhat ambiguous. It specifically provides that for a married couple to be eligible for the credit, both must be first-time homebuyers. Similarly, the statute provides that if a married couple files their tax return as Married Filing Separate, then the credit is limited to $3750 each. By contrast, the statute directs the IRS to determine how the credit can be shared when two or more unrelated individuals purchase a home. In that case, the statute does not specify whether all the unrelated purchasers must be first-time homebuyers. I made an eligible purchase of a principal residence in May 2008. If my brother, also a first-time homebuyer, wishes to move in with me and purchase a partial interest in the home in 2009, will he qualify for the credit, as well? No. Any purchase of a principal residence from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any interest in the home that he purchases from you. I’ll be working outside the US for part of 2008, so part of my income will be eligible to be excluded from tax. I want to buy a home when I come back. Can I disregard my non-taxable overseas income when figuring whether I am eligible for the credit? No. To determine whether you are eligible for the tax credit, you are required to combine your nontaxable overseas income with any US income you earn in 2008. Thus, if you are single and had $45,000 of non-taxable overseas income and $55,000 of US income, you would be ineligible for the tax credit because your 2008 income ($100,000) exceeded even the $95,000 phase-out amount. If you had $45,000 of non-taxable overseas income and $40,000 US income, you would qualify for a partial credit because your total income would be $80,000. If you had $45,000 non-taxable overseas income and $20,000 US income, you would qualify for the full credit (assuming you met all of the other requirements). Similar rules would apply if you had non-taxable overseas income in 2009 and wished to purchase then. I live in the District of Columbia and am eligible for the DC Homebuyer Tax Credit. Can I use both credits? No. You must choose one or the other. Note that the $5000 DC credit has no repayment feature, while the new $7500 credit must be repaid as an interest-free loan. Repaying the Credit What is the repayment feature of the credit? The repayment feature of the credit is similar to a recapture provision: the tax system takes back all or part of a tax benefit. In this case, there is no precedent for repayment of an individual tax credit, so not much is known about how the repayment will occur, how it will be reflected at settlement or on the sales forms or how the IRS will collect and enforce the payments. The repayment is the equivalent of converting the tax credit into an interest-free loan. What are the terms for repayment? The credit amount is repaid in increments of 6.67% of the credit amount over 15 years. For individuals who take the full $7500 credit, the repayment will be $502.50 a year. Individuals who claim a credit of less than $7500 will also have a 15-year repayment period and will pay 6.67% of their credit each year. For example, an individual who claims a credit of $6000 will repay $400.20 a year ($6000 x .0667). When do I make the payment? The mechanics are not specified. Payments for credits claimed on 2008 tax returns will go into effect for the 2010 tax year. Payments for credits claimed on 2009 returns will go into effect for the 2011 tax year. What if I sell my house before the 15-year repayment period is complete? When the person who utilized the credit sells the home, any amount of tax credit that has not been repaid will be due in the year of sale. For example, if an individual still “owed” $4000 in repayments and realized $25,000 of proceeds from the sale, the $25,000 of proceeds would be reduced to $21,000 and $4000 will be remitted to the IRS. What if there’s very little (or no) gain on the sale and the proceeds won’t cover the repayment amount? If the proceeds of the sale don’t cover the amount that must be repaid, part of the liability is forgiven. For example, if the individual still “owed” $4000 but the gain on the sale was only $3500, then the seller would not be required to repay the IRS the $500 shortfall. Are there any other exceptions to the repayment rules? Yes. If the person who utilized the credit dies before the full credit amount has been repaid, then any balance that remains unpaid is disregarded. Special rules are provided that make adjustments for people who sell homes as part of a divorce before the credit has been fully repaid. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency). Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 2 August 2008 August 1, 2008
There’s More to My Real Estate Day Than Meets The Eye… The journey. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thu, 31 July 2008  July 31, 2008
Never say never…
The unit I have has been lovingly cared for in every detail. The owners have replaced all four sliding glass door sets and all the rest of the windows. The entire unit has been repainted with neutral colors. New is everywhere: tile in the kitchen, new kitchen appliances, new countertops, new range/oven, new dishwasher, new light fixtures, newer carpeting…and pergo in the joining hall and foyer. The downstairs master suite bath has been remodeled from the studs out. The upstairs full bath has new flooring, new lighting, new paint, new fixtures and hardware. The rooms are large, every one of them. And the windows are many…the light is abundant. The living room, the dining room, the kitchen, and the downstairs master all lead to patios. The kitchen patio is oversized and rolls over to green space. Very park-like. Upstairs master has a trio of new windows overlooking green space. Large walk-in storage runs adjacent to the 3rd bedroom or home office. Carport and utility. Almost 2000 sq. ft for less than $220,000 in one of
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Wed, 30 July 2008  July 30, 2008
Quail Hollow Estates: Our 33 gently rolling, park like acres are located within the northwest quadrant of
Our beautifully appointed clubhouse has a fully equipped kitchen, library, bar, game rooms, meeting room and spacious living room, lending itself very well to the many planned activities centered here.
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Mon, 28 July 2008 July 28, 2008 And in my own neighborhood, I like the differences in age, in race, in religion, in orientation, even the grumpy ones have their moments. And maybe that would not suit everyone. Maybe some wear out their joy in crying babies and boisterous teens. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sun, 27 July 2008  July 26, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo, No housing ‘bubble' here, just normal market ups and downs.
Karla Hammer Knotts From Karla Hammer Knotts, owner of Land Matters, a real estate consulting company: If you're waiting for home prices in Released at the end of each month, the Case-Shiller Index measures home prices in 20 Why such alarming predictions? Seven of the 20 markets analyzed in Case-Shiller are from hard hit-areas in the West and For an example of a disconnect between the index and reality in So what's really happening in Our market had excess permits in 2006 and 2007. Those houses have now sold and permits are balancing with demand. This is good news for homeowners. For prices to stabilize and rebound, builders must eliminate inventory of finished homes. To opportunistic homebuyers, this is a signal that now is the time to buy.
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Fri, 25 July 2008 July 24, 2008 “No change in schedule for the office tower,” he said. As for the planned condo, he said it is “of great interest to us.” However, Wachovia might pursue that project with a partner. Uptown's condo market has struggled in the downturn, with two towers postponed, one in foreclosure and another stalled by a legal dispute. David Furman, one of And on another tower, from hotel-condo to hotel: A sliver of land beside Time Warner Cable arena that didn't work for a large condo-hotel development is getting a 16-story hotel without the condos. LodgeWorks of Wichita, Kan., plans to start construction this summer of a 163-suite Hotel Sierra on a third of an acre on the Denny Meikelham, senior vice president of development, said LodgeWorks originally cooperated with When the plan fell through last year due to site restrictions and construction costs, LodgeWorks decided to buy the land from the city and proceed on its own. “There is so much opportunity in this area, and it's close to everything,” Meikelham said. “This is a forever location. It's only going to get better with the NASCAR Hall of Fame and what's going to happen around it.” He expects construction of the $35 million project to take about 14 months, which would put the opening in late 2009.
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Thu, 24 July 2008  Jul. 23, 2008 Fall could be a catalyst for new condo's success so w rites Doug Smith of The Charlotte Observer The Catalyst has already sold 58 of its 462 units. And the developer is pleased. A rendering of the Catalyst condo tower under construction on The Uptown condo market has suffered setbacks over the past few months, but that apparently isn't scaring buyers away. The Catalyst, a 27-story tower under construction on It does have a ways to go – the project includes 462 residences priced from the $180,000s to more than $300,000 – but given the season and the economic climate, “Fall is always a good time in uptown Condo developers are selling in the face of some of the worst news the uptown housing market has seen since the center city high-rise boom began about four years ago. Two towers are postponed, one is in foreclosure and another is stalled by a legal dispute. Developers are reluctant to try new high-rise projects, as lenders aren't interested in financing them until the economy improves. Yet “inventory is line with a healthy market,” said multifamily analyst Emma Littlejohn of the Littlejohn Group. “The problem is with delivery.” Littlejohn said about 1,200 high-rise and mid-rise units are under construction or in the pre-sale stage in the center city, and more than half of those are under contract for sale. The central With four major projects now in doubt, Littlejohn said, a bigger issue for the center city could be a potential undersupply of high-rise condos. She wasn't surprised to see an initial surge in demand at Catalyst. “People are out there on the sidelines,” she said. “They still need a place to live.” Field said buyers today are less impulsive and more likely to secure financing before making an offer. Catalyst, unlike most condo projects, was started without a pre-sales campaign and is expected to open early next year. “It gives people more confidence to know they don't have to wait two years,” Field said. Novare targets 25- to 40-year-old buyers with a predominance of one-bedroom units and amenities packages that include a fitness center, a club room, a pool, an Internet cafe and concierge service. About 65 percent of Catalyst's condos are one bedroom. A good mix of one- and two-bedroom units have sold, Field said, with the project being typical for a high-rise: “The most expensive and least expensive tend to sell right away.” Catalyst (catalystcharlotte.com) will overlook a planned uptown park, and that was a lure for many of the initial buyers, Field said. Also a factor: gas prices. “Many of the people who come in are asking where the light-rail stop is in relation to the project,” she said. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wed, 23 July 2008 July 22, 2008 Council OKs tower on No opposition voiced; controversy over views By Clay Barbour
Developers are planning a 230-foot apartment tower, a 200-plus foot office tower and a 180-foot hotel on approximately 2.74 acres next to The Arlington (in background). The Charlotte City Council Monday approved a rezoning bid for another high-rise tower along The approval came in spite of the recent controversy over the proposal. Residents of the nearby But on Monday no one spoke against the proposal and the council passed it unanimously. “We are excited and a little surprised,” said Tracy Finch of the Harris Development Group. “We expected more opposition.” Harris applied for a rezoning of the former Simpson's Lighting property. The apartment tower is part of a $200 million project that includes a 200-plus-foot-tall office building and 180-foot-tall hotel on approximately 2.74 acres. The Charlotte-Mecklenburg Zoning Committee unanimously backed the $200 million project last month, with some changes. But earlier this month some residents of The Arlington, South End's 300-foot-tall pink residential high-rise, complained that the new project would block their views and lower property values. They said they have a right to their views in the non-legally binding South End Transit Station Area Plan approved in 2005 – about two years after The Arlington opened. That plan caps building height in the area at 120 feet. Hundreds of thousands of dollars sometimes separate condos with views of the city from those without. At The Arlington, available condos facing away from the city are larger and cost around $335 per square foot. Available uptown-facing units top out around $372 per square foot. Finch, who spent the early part of Monday going back and forth between council members, said the idea that Harris' new project would hurt “They will go up thanks to us, she said. The Arlington isn't without its own controversy. Some residents of the Factory South Lofts complained about their view being blocked when the tower was built. And Counter Point:South End tower wins swift OK Reporting live, from City Council: Mary Newsom of The Charlotte Observer
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Sat, 19 July 2008 July 19, 2008 City treats its plans as if they're on Kleenex What's the point of plans if they get dumped to suit developers? It was oddly appropriate that the article about a proposed apartment-hotel-office tower project in South End was positioned on the Observer's front-page right next to one about scams and counterfeit Panthers' tickets. You might view the City Council's 2005 approval of a 120-foot height limit for that part of South End as a similar scam, a sort of counterfeit assurance to neighbors. The proposal, from Harris Development Group, has won a positive recommendation from the development-loving zoning committee of the city's Planning Commission and is due for a July 21 yes-or-no vote from the City Council. The city planning staff also smiles upon it, because it's near a station on the light rail line. “That site can support that density,” planner Tim Manes told the Observer's Dan Tierney. “Sometimes when you have density you have to have height.” So what's the problem? Simply this. The 120-foot height limit – which allows 10- to 11-story buildings – is common throughout many city plans adopted for older parts of town. It's the height limit in the city's MUDD, or mixed-use development, and TOD, or transit-oriented district, zonings. It's the limit in the Transit Station Area Principles. In reality, allowing buildings that tall is too lenient to be of any protection to the bungalow-filled neighborhoods such as Dilworth's historic district, that tend to border the light rail line, planned future rail lines and corridors where MUDD zoning is most likely. City plans aren't legally binding. They're merely merely suggestions to developers. Even MUDD and TOD zoning, binding once applied to a property, offer generous wiggle room for developers who want taller buildings. Some neighbors of the proposed 230-foot-tall South End tower complain that they bought condos in the 300-foot-tall If the city approves this violation of the South End Transit Station Area Plan, it will be yet another in a lengthy litany of city decision-makers treating plans as if they're written on Kleenex. Residents all over town should take it as confirmation that even when the council approves an area plan, it might well be as counterfeit as a fake Panthers ticket. You might say it's the city's planning scam.
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Fri, 18 July 2008 July 18, 2008 The bill requires mortgage servicers to give at least 45 days notice before they start foreclosure proceedings on subprime loans. Notice also must be filed with the state commissioner of banks, who will review individual loans to determine whether they can somehow avoid foreclosure. If that’s the case, the commissioner will have the right to extend by 30 days the date on which lenders can start foreclosure proceedings. The state banking office then will work with borrowers and servicers to work out a deal. Problems with housing are much worse in most other areas of the country than they are in The bill passed the state House on Thursday. The Senate has already approved the measure. Gov. Mike Easley is expected to sign the bill. Good for Spectrum. Atta guys!
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Thu, 17 July 2008 July 17, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in
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Wed, 16 July 2008
July 16, 2008
RISMEDIA, July 14, 2008-Amidst the gloom on Wall Street about housing someone forgot to check the stats. The National Association of Realtors® has now reported four straight months of rising housing prices, but it seems no one is listening. According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year. “I just don’t know where Wall Street’s brains are today,” said David Michonski, CEO of Coldwell Banker Hunt Kennedy in
In addition, on an annualized basis the volume of home sales has also risen somewhat from a low of 4,890,000 homes in January to 4,990,000 in May. “Rising prices on expanding volume should not a crisis make on Wall Street,” says Michonski. So why the crisis? “They say that there are bulls and bears on Wall Street but there are also pigs. Pigs try not just to profit from a crisis but create one to profit from. Today there are just so many people who have positioned themselves to profit from a crisis that they refuse to admit the reality of what is happening on
Is this the bottom? “No one can know for sure, but the hard data is clear. The median price has risen four straight months. The average American is out there taking advantage of bargains in their local real estate market. They are not listening to Wall Street but following their own belief that the best time to buy is when no one else is, and they are out there buying. If this keeps up, February may prove to have been the low in prices.” “It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a home is at a five year high and is acting on it.” Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tue, 15 July 2008  July 15, 2008 Organic Gardening magazine helps By Catherine Carlock/The Charlotte Observer
To serve the needy with fresh produce from their garden, the Fried green tomatoes aren't just the stuff of summertime chick flicks. They're one of the staple foods of the The center received a $9,000 grant from Organic Gardening magazine to install a rainwater harvesting system. The 1,600-gallon cistern collects runoff water from the The roof is “the perfect rain collector,” garden program director Don Boekelheide said. The Instead of using only donated food, which is often close to expiration, the center can grow much of its own food for its soup kitchen. “We grow things that people like to eat,” said Boekelheide. That includes okra, black-eyed peas, sweet potatoes, squash, cucumbers, and a summer mainstay – tomatoes. Last summer's water restrictions forced the garden's food production to a bare minimum. And “That's where the cistern comes in,” said Boekelheide. This summer, instead of battling short periods of heavy rain followed by weeks of no rain at all, the cistern provides a consistent source of irrigation for the center's garden. This week's thunderstorms have provided enough water to fill the entire tank. “The cistern gives us the water to carry us between rainstorms,” Boekelheide said. Boekelheide knows it's a small solution. But it's saving “We're feeding people who are hungry here,” he said. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mon, 14 July 2008 Monday, July 14, 2008 Senate earmarks $18M for The U.S. Senate’s proposed transportation budget for 2009 contains $18 million for expanding Charlotte Area Transit System requested. The proposed 11-mile rail line extension would run from The light rail extension would be a continuation of the 9-mile track that parallels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 12 July 2008 July 12, 2008 The Charlotte Observer/DOUG SMITH A lot of people are holding their breath in Banktown these days. Troubled Wachovia Corp. has selected a new chief executive officer with impressive credentials, but he doesn't walk on water. Even as the announcement of former U.S. Treasury Department official Bob Steel's hiring came Wednesday, bank officials predicted second-quarter losses could reach $2.8 billion. Wachovia's uptown neighbor, Bank of America, hasn't been immune either from the nation's sub-prime lending and financial markets turmoil. In Wachovia and Bank of America are builders of the center city skyline, patrons of the arts, pillars of the economy. If they falter, what happens to Many worry that a weakened Wachovia could be acquired, losing its independence and hometown allegiance to Real estate brokers say potential homebuyers who perceive their financial center jobs in doubt already are pulling back, wary of what might happen. The uptown condo market in particular has thrived on a supply of young professionals, many of whom are employees of banks or in financial businesses tied to the growth of banks. If hiring for those jobs wanes or if more layoffs come – and some say they already are under way – what happens? Real estate developers believe there's little chance that a half a dozen or so residential towers proposed uptown – but not yet started – will get under way this year. Lenders will be skittish about financing them, they say, until the housing market shows solid signs of recovery. Landlords in the office-leasing market are concerned, too. One major office-condo-retail development – 300 South Tryon – was postponed earlier this year over worries that a bank slowdown could squelch office demand. The city's big towers have filled with tenants in large part because the bank anchors pulled in law firms and other related vendors around them. If the banks aren't growing, who leases the estimated 1 million-plus square feet of speculative office space expected to come on the market over the next two years? Maybe the financial bleeding will stop, and everything will work out for Some economists can see a turnaround coming possibly by mid-2009. But in the meantime, nail biting has become the norm in Banktown. The city's Hugh McColl Jr. swagger has faded. Remember how the former Bank of America chairman used to dazzle stock market analysts in Today, They're too busy defending their actions to Wall Street analysts and fending off angry shareholders. How quickly fortunes can be reversed. In Banktown, this is something we never thought we would see when our banking giants were flying high just over a year ago. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fri, 11 July 2008 July 11, 2008
Looking for a sign…
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Thu, 10 July 2008 July 10, 2008 By Nichole Bell Related Content South End projects Several residential projects are under way in South End along the light rail line. They include: Silos at South End: The first phase of the project at SouthHaus: This project located at Circle at South End: This 360-apartment building on Ashton South End: Located at The number of people living in Historic South End is expected to triple in the next two years, reaching a population of about 7,000 residents, according to The rush of residents comes as developers begin to complete several housing projects in the area. Much of the growth, they say, is because of the light rail. “It's very rare that you see an entire residential neighborhood established overnight,” said James Mathis III, director of Historic South End. “It'll be exciting to see all those people walking around in the area at 11 o'clock at night.” Historic South End spans from The area was a thriving manufacturing community in the 1850s. It declined when the textile industry faded in the '70s and '80s. Revitalization efforts in the '90s brought a crop of restaurants, shops and design-related industries. Many were interested in reusing the old mill buildings and warehouses. The launch of light rail in November has also helped South End. The projected growth would push South End close to Uptown's existing population of 10,800. Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
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Wed, 9 July 2008 July 9, 2008 But the resemblance to the sub-prime ends there. I read an article today, I’ll quote, sometimes the rating agencies deviated from their own models and their own procedures. The problems were serious enough to cause concern among employees of the agencies themselves as cited by internal e-mails uncovered in the SEC review. Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tue, 8 July 2008 July 8, 2008
The 74/26 Vantage Point… Much of the growth, they say, is because of the light rail. Historic South End spans from
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Mon, 7 July 2008 July 7, 2008
into a serious roadblock: permits for sewer and water are not easy to come by. Due to the rapid growth and the inability for infrastructure to keep up, many developers are having trouble securing sewer permits. Drought conditions have also forced a moratorium on water permits. Officials have some ideas for ad- dressing the county's sewer and water needs, but some of the required projects could take up to 15 years. The problem has already slowed development in what has recently been among the nation's fastest-growing counties.
challenges ...I just didn't know we were absolutely out. The county's primary wastewater facility, 12 Mile Creek, near Waxhaw , was built in the 1980s, for what was a much-less-populated Last year, the state rejected 30 sewer permits for various construction projects around the county, including residential developments, two hospitals and other commercial developments. Sewer space was then allocated to those projects based on a tiered priority plan and so construction on many of those projects has moved forward. , The Downturn buys time ... .The slow economy might actually be a good thing in this instance. Union County Manager Al Greene noted that due to the economy, he's not sure they would have as much development as they'd had in the recent past, even if the sewer and water permits weren't an issue. He said the slowing market gives them time to negotiate and work on building their infrastructure, and perhaps by the time the market picks up they'll be in a position to move forward. Greene said that while this is not a good situation to be in, this is probably the best time to have this problem - while the economy is slowing and demand is down. He said there is never a good time to have these capacity challenges that we have, but with the current market conditions, now is probably as good a time as any . : Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 5 July 2008 July 5, 2008 Question: I received, however, a letter from our homeowners association stating that severe water penetration issues have been discovered in several of the condominiums in our complex, but not in our unit, and the exterior stucco had to be removed and the outer structure in these Units needed to be rebuilt. The letter also speculates that the water issues may be much worse than expected and further investigations have begun. In signing the purchase agreement, I had to disclose this information by forwarding this letter to the buyers, and the buyers obviously backed out of the purchase agreement. I offered the buyers a $10,000 escrow account that they could use toward future special assessments levied within the next year. The buyers signed the purchase agreement again and everyone is following through with the sale process. My question is do I have any legal recourse against the association, or anyone else? The association has essentially made our property value worthless and unsalable in this market. We lost our purchase agreement because of their actions -or inaction. , The complex was built in 1984, so action against the builder is outside the 10-year window. The condo association has claimed they have been inspecting the stucco every two years for the last decade or so. The only confirmed time I know about was in 2006, and they didn't report any problems then. They have apparently been inspecting using a moisture probe. Right now, I'm stuck with this property. I can't turn it over to the bank; they obviously won't take it. I can't even short-sell it, because no one else will buy it. I just have to continue making double housing payments and hope another buyer comes along who doesn't notice the problems if the buyer I have fails to get to closing. Answer determine when they will obtain bids to make the repairs and how much each unit will be assessed. This information will possibly help in selling the unit or entering into a short sale with the lender. The events have placed you in a difficult position with no clear or immediate solutions.
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Fri, 4 July 2008 July 4, 2008Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC Sometimes Homes Come With History… In my role as a real estate broker, my days are spent on the phone, in front of a computer, driving in and around our market place looking at new construction, visiting different sites around the county…and like yesterday, previewing over a dozen properties for buyers I worked with this holiday. Last last night I ulled the ones we wouldn’t see and made appointments for those I thought fit the bill. Today we met and set about to look at various homes. The first had been a rental in a nice complex and the owners had spent some money painting, putting in a new heating and air unit…the place was vacant…even of voices or smells or signs of anyone who had lived there…and the second condo in the same complex was occupied and we were met at the door. There was history of a remodeled kitchen, a closet door off the track, boxes in the closets making preparation for the next move…to an even smaller space…as we all begin to know the value and the necessity of scaling down. The townhouse we next visited was also vacant only had been “staged”, the newest jargon in our business…someone had planted red flowers around the patio many years ago and left the cast iron angel hanging on the brick wall… I could only hear whispers here. The next was an historic building…feeling very much like a edifice out of Next we visited a new condominium unit in Dilworth. There was good light and arched windows…but for my ears silence. I thought about how we shop for a nest and what we bring to it and what we leave. In the new, we will add our own colors, our own flowers, our own footprint. Surely in the older units, we also make changes, tearing out or building in…someone has been there before. Someone has lived there, been happy or sad there, celebrated or wept…I can feel much of that energy even though I try to just pass through. And what I come away with much of the time is that home, home is indeed where the heart is. Lynnsy Logue The Real Estate Lady and Condo CanDo in Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Wed, 2 July 2008 July 2, 2008 Particularly in cities, the rise of roof-topping grasses, succulents and other vegetation is fueling a boom for landscape architects, growers, builders and consultants in the know. As the roofs bloom in size and number, cities are weighing new incentives to developers and owners to install the admittedly costly growing medium and plant life as a long-term investment that could benefit both businesses and surrounding communities. And with a strengthening infrastructure to support them, designers are branching out in new directions. Steven Peck, founder and president of the Toronto-based industry association Green Roofs for Healthy Cities, said the industry’s “mother ship” hails from Europe, particularly German policymakers quickly took notice of the advantages, including the potential to reduce both stormwater runoff and the urban heat island effect associated with asphalt, concrete and metal surfaces. In response, they created dozens of incentives and regulations encouraging more green roof construction. In the mid-‘90s, a European industry mostly dominated by French and German firms began expanding into Peck, himself introduced to the idea in 1997, was tasked with leading a federal study on its benefits and barriers in One of his committee member spent hours translating many of the studies into English. And even those reports sidestepped analysis of big-picture benefits that had been largely taken for granted.
A decade later, the industry has been buttressed by research and case studies detailing both individual benefits like savings on cooling costs and enhanced commercial values, and bigger-picture pluses like reduced air pollution and storm water overflows. Another essential element has been building expertise across a talent pool that remains unevenly distributed. Peck’s group has been working for five years on an accreditation program modeled in part on LEED certification (Leadership in Environmental Energy and Design). The new Green Roof Professional, or GRP system, should roll out sometime next year, he said. In the meantime, Green Roofs for Healthy Cities has grown to include more than 80 corporate members and has trained more than 4,500 individuals. “You can’t have an industry unless you can have people who can design and deliver,” he said.
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Tue, 1 July 2008 July 1, 2008 Wavering real estate sales, power hookups and CMS enrollment growth are among the indicators cited. By Christopher D. Kirkpatrickand Amy Baldwin/Charlotte Observer The Some indicators, including school enrollment, new electrical service hookups and reports from businesses that cater to new residents, point to a migratory slip. Economists and others say the change, though just a hiccup and no threat to long-term prosperity, illustrates how It could also ease traffic, pollution and a classroom space crunch, among other growing pains, said Douglas Shoemaker, a research analyst with UNC Charlotte's Center for Applied Geographic Information Science. “A lot of towns have been overwhelmed by quality of life issues and providing services such as water and sewer,” Shoemaker said. “A lull would allow planners to get the upper hand again.” The latest Census Bureau population data on newcomers isn't available until the fall. But institutions such as CMS officials expected to add 5,200 students this school year, but only about 2,900 new enrollees turned up. It marked the first time in four years that CMS forecasts overestimated enrollment. Duke says new electric power hookups in the Gentle Giant, a Boston-area-based mover with a The company also specializes in out-of-state corporate moves. “We've had a lot of really big jobs get canceled. There isn't the drive to invest as much.” Vogel said real estate prices have fallen so far in the Northeast that homeowners can't afford to sell at a loss: “So they're putting off moves.” Side business from relocations is also affected – fewer newcomers move their parents down after them, for example, he said. “All that stuff used to trickle down.” The region has benefited this decade from transplants who spend money, buy houses and work available jobs, said Mark Vitner, senior economist with Wachovia. About 88,000 newcomers moved to Federal Reserve economist Matt Martin said he expects this fall's census data that counts newcomers to confirm a decline. He said he's been hearing a collective buzz since the fall about the slowdown of newcomers. He said a tightening local job market is adding to the falloff. “There are not as many opportunities at the moment,” said Martin, who works at the Federal Reserve branch in Jobless rates for the Vitner said he's expecting the newcomer slowdown to extend into next year, sapping tax revenues and local economic sectors that offer services “directly tied to population growth.” Savvy + Co., a residential real estate company in “Sometimes they just say, ‘We can't sell our house, so we are going to stay here,'” she said. Suzanne Meyer, owner of The Welcome Service, which dispatches welcome baskets in the Business “has slowed down a bit for us,” she said. Meyer's company targets affluent homeowners, those who buy homes with price tags upwards of $300,000. Gina DeCarlo recently decided to leave After more than 30 years in But DeCarlo, 50, doesn't want to sell her home in “I can't get what I want for my house,” she said. “The house has taken probably a $50,000 dump.” She'd like to get $300,000 for the house she bought in 1982 for $100,000. Martin and Vitner predict the slowdown of transplants won't create lasting economic woes. “It's nothing to panic about,” Vitner said, noting that housing prices in hard-hit states should bottom out by the end of next year and those markets should loosen up. The flow of newcomers should pick up as those homes start to move, he said. And “I think this is all short-term,” he said. “I don't think the conditions that have driven Population for nine-county 2007: 2,143,946 2006: 2,065,520 2005: 1,991,060 2004: 1,934,195 2003: 1,893,429 2002: 1,858,327 2001: 1,820,030 2000: 1,775,860 Note: For this story, the Observer defined the region as the retail trade zone counties of Mecklenburg, Cabarrus, Catawba, Gaston, Iredell, Lynnsy Logue The Real Estate Lady® and Condo CanDo®, Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mon, 30 June 2008  Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NCGreen building booms in WNC by Paul Clark-Citizen Times The N.C. HealthyBuilt Homes program is a voluntary, statewide green building certification program. The number of certified and finished HealthyBuilt homes in Western North Carolina more than doubled between June 2007 and January 2008 — from 51 to 125, according to the Western North Carolina Green Building Council. Green homes in progress increased nearly fivefold — from 100 to 482. Currently, there are 668 in development, the council reports. The number of HealthyBuilt homes for sale in the county jumped from 11 in the year preceding June 19, 2007, to 113 in the year preceding June 19, 2008, according to the WNC Regional Multiple Listing Service, a tool that real estate professionals use to list and sell homes. “This is not a fad. This is the future,” said Pat “Tree” Spaulding, a certified environmental consultant for Keller Williams Professionals real estate company in “Everything (green) is going through the roof and shows no sign of stopping,” said Stephens Farrell of Stephens Smith Farrell Architecture in Farrell is the architect on a house on Their super-insulated house reduces its energy needs by using a geothermal heat pump, which uses the consistency of the earth’s temperature — about 55 degrees five feet below the surface — to heat and cool. The house, with solar hot water, stays cool in summer and warm in winter because of its living roof — a mat of live sedum that needs watering the first year but none later, barring a searing drought. Bigger than it was In its Enka Hills subdivision, Asheville Area Habitat for Humanity built 16 HealthyBuilt homes in 2007 and plans to build the same number this year, communications manager Ariane Kjellquist said. All have non-toxic water-based paints and high-efficiency appliances. Its largest four-bedroom house won’t cost more than $34 a month to heat or cool, Kjellquist said. There are more than a dozen LEED-registered buildings in WNC, said Matt Siegel, director of Western North Carolina Green Building Council. LEED — Leadership in Energy and Environmental Design — is a voluntary, consensus-based national standard for developing high-performance, sustainable buildings. Siegel is working with the Eastern Band of Cherokee Indians on the largest LEED-certified project in WNC — a 470,000-square-foot, three-building school complex under construction. “For years, we have been having Realtors saying, ‘We have a customer (for green housing), but there’s nothing out there,’ ” Seigel said. “They didn’t have 50 different options as far as size and price.” “I’ve got clients who moved to Energy prices are one reason green building is so popular, Seigel said. As a result “a lot of our green builders haven’t seen the downturn in real estate that others have,” he said. Developers of large communities are coming to the council for its advice on how to build green. In two and half years, the council’s membership has grown from 150 to 520. Eco Concepts Realty completed Hudson Street Cottages, a green development off
Ed and Kate Daigle are moving into a condo at Gaia this fall. They live in a 1930s house in Brevard that other than the grass, isn’t green at all, Ed Daigle said. The move is philosophically based — he believes that global warming is the world’s most pressing matter. Michael Figura owns Eco Concepts Realty. He’s also a planner at GreenPlan, an “It’s the best way we can impact the sustainability of our culture,” Figura said. “We only have one earth. We’ve got kids and want to try to leave it a better place than we found it.” Green with envy Got a green home you’re dying to show off? ECO (the Environmental and Conservation Organization) is organizing its first green home tour in August in conjunction with the Southern Energy and Environment Expo on Aug. 23. It is looking for homes in Eco-friendly home features The N.C. HealthyBuilt Homes program has an extensive checklist that calculates eco-friendly aspects of a dwelling before designating it as a HealthyBuilt home. Green features at Stan and Colette Corwin’s Chunns Cove home include: • Recycled gray water system. • Salvaged building materials. • Sealed crawlspace. • Locally milled/fabricated cabinets with FSC-certified zero-formaldehyde hardwood plywood. • Decking and hardwood floors made of sunken river wood. • Natural cork bathroom floors. • Zero-VOC Earthpaint in interior and on decking. • Icynene insulation throughout. • Rain harvesting. • Wood-burning stove. • Tankless water heaters. • Looped on-demand hot-water delivery system. More green in the Carolinas from the mountains to the coast! Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 28 June 2008 June 28, 2008Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC Homeowners and builders find going green is a balance of cost and concerns for the environment. In 1970, Kermit the Frog sang "It's not easy bein' green," and today's homeowners are feeling his plight as they try to balance costs and concerns for the environment. While the initial cost of "going green" is still a significant deciding factor, there are several benefits. Homeowners are doing something positive for the environment, their families and the future by saving energy and resources. There are also sometimes rebates and credits to encourage people to incorporate green building practices. Many lenders now offer energy efficient mortgages. To learn more, visit http:/f.Nww.dsireusa.org/, the Web site for the Database of State Incentives for Renewables & Efficiency. The database is an ongoing project of the North Carolina Solar Center and the Interstate Renewable Energy Council (lREC) funded by the U.S. Department of Energy. What actually is green building or remodeling? According to the National Association of Home Builders (NAHB), a home can be considered green when energy efficiency, water and resource conservation, sustainable or recycled products, and indoor air quality considerations are incorporated into the home building process. Key components of a green home include: Energy- Efficient Features Many energy-efficient qualities of a green home are easy to spot. Appliances, windows, and water heating systems will likely have ENERGY STAR@ ratings. The home should also include efficient lighting fixtures and bulbs. Renewable energy sources, such as photovoltaic electricity and water heating systems, further decrease the overall energy consumption within the home. Water-Efficient Features Fixtures and appliances such as low-flow showerheads, faucets and toilets -along with ENERGY STAR@ dishwashers and washing machines -all conserve water. Programmed, low-volume irrigation systems, rainwater collection systems, wastewater treatment systems, and hot water recirculation systems also save water. Resource-Efficient Features These decisions -from home size, to orientation of the lot, to floor plan layout -are made in the design of your home and development of the lot. The house orientation and design should take advantage of natural daylight to reduce lighting needs, and should use strategies to reduce heat gain in the summer and heat loss in the winter. The home should contain renewable materials (including rapidly-renewable wood species such as bamboo) and recycled-content materials in carpets, tiles, and concrete formulations. Indoor Air Quality Features The heating, air conditioning and ventilation system (HVAC) must be appropriately sized for an efficient and properly ventilated home. Fans in the kitchen and bathrooms should cycle fresh air inside, and release stale air. Low-VOC paints and finishes and wall papers should be used as well. NAHB has developed the NAHB National Green Building Program, a comprehensive resource on green building and remodeling at www.nahbgreen.org. . Source National Association of Home Builders (NAHB) www.nahb.org As a disclaimer: I am not a proponent of bamboo flooring and would personally do more research. Wall papers trap moisture. Light bulbs with mercury are on my watch list and hopefully, another option will appear. I have included links where you may find other good articles on the National Home Builders site: www.nahb.org our source for this article on going green. Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC Comments[0] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fri, 27 June 2008 June 27, 2008 Relocate-America.com ranks top 100 cities in its annual listBy MarketWatch Amy Hoak CHICAGO (MarketWatch) -- Apparently, there's just something about This year, " September 11, 2008 September 10, 2008 Can there be radon on a fifth floor condominium? September 9th, 2008 September 8, 2008 Conundrum…Mold in a Condo… I am stuck. September 5, 2008 Developer stops sales of units at troubled condo building With no end in sight to the legal troubles surrounding the stalled 210 Trade condo building, its onsite sales team has moved out. In a letter to condo owners last week, Builder Services Inc., an arm of Allen Tate, said the team was leaving the sales office, citing “issues … in the court system, thus temporarily curtailing our ability to sell property at this location.” The company plans to monitor the building's progress and update buyers through a Web site it created for them, the letter said. Questions about the move were referred to a spokesman for the developer, Charlotte FC, part of the Indianapolis-based Flaherty & Collins. He did not immediately return phone calls Thursday. Charlotte FC will not sell more units until the legal issues are resolved, its attorney, Lee Spinks, said. Work on the 50-story tower, part of the EpiCentre complex uptown, stopped in February, with two floors built, because of a disagreement over technical building-code issues. Its developer and the EpiCentre's, Both sides have said they want the project to move forward. The latest contract gives developers until December 2010, with the option to extend up to four months beyond that, to finish the building. Spinks said Charlotte FC hopes construction can be started in time to meet the deadline and that the developer will let buyers know when that will be – or if it's unable to start construction in coming months. September 4, 2008 September 3, 2008 September 2, 2008 our medium size southern town that is looking towards being World Class. Why last year, the newspaper was consistently announcing condo towers…most of them in Uptown Charlotte. September 1, 2008 A comparison of the twelve months ending 2Q08 vs. 2Q07 reveals an existing market down 26 percent on an unchanged median price; the new home market was down a similar 26 percent on a 6 percent increase in median price. Lynnsy Logue The Real Estate Lady and Condo CanDo in August 29, 2008 Proposal has projects all over the county, but possible $250 million price tag stirs debate. 1. New recreation center at Davidson IB Middle School 2. Planning for new 3. Double Oaks pool renovations. 4. Stewart Creek Greenway; Build 0.5-mile trail. 5. Expansions to 6. New regional sports complex in Matthews Northern residents will get a mega-sized, regional recreation center. Greenway trails will be added, including one to The projects, recommended by the park and recreation commission, are among 60 that could be paid for with a bond package this fall of up to $250 million. The projects won't be spelled out on the November ballot, but county commissioners and other leaders will use the list to drum up support for the bond package. A public hearing is set for the Sept. 3 commissioners meeting. Commissioners also will vote that night on the final size of the bond package. Scott McClure, chairman of the park and rec commission, told commissioners recently the plan has been well received by residents across the county. The mayors of Matthews, Mint Hill and Pineville also have lent their support. But some residents are likely to push for changes. The Charlotte Tennis Association, for example, wants money to build a 20-plus court tennis center and to hire a director of tennis for the county. And there is still some concern about whether the county should even ask voters to approve a bond package in light of the economy and the county's mounting debt load. This spring, County Manager Harry Jones had recommended asking voters for $560.2 million worth of county bonds, including $360.2 million for a new jail. That would join $227.2 million in roads, neighborhood development and affordable housing bonds from the city of Concern about the size of the local bond slate prompted county leaders to decide to pay for the new jail using debt that doesn't require voter approval. Commissioners then agreed to increase the size of the park bonds to no more than $250 million. Commissioner Dan Bishop has said he thinks the bond package is unaffordable, and noted it is more than three times the size of the last referendum for parks. Commissioners can decide to reduce the size of the bond package, but some say they expect to ask voters for the full $250 million. Among the proposed projects for the bond is $25 million for a regional sports plex in Matthews, a project commissioner Bill James has championed. An original list of bond projects didn't list the sports plex. James, whose district includes the sports plex, said Sunday he thinks the new list of parks projects better distributes the bond money across the county instead focusing on those areas closest to uptown. “It's fair,” James said. August 28, 2008 The Park condo was auctioned at noon Thursday at the Mecklenburg County Courthouse. A bid of $17.9 million was offered by Tim Griffin, an attorney for the lender. Steel at The Park condos has started to rust. Wind and rain have damaged fireproofing materials on the walls, and stucco, glass windows and interior doors have been left inside, targets for vandals and the elements. That rare scene of uptown decay – a sharp contrast from the city's shiny image – was painted by attorneys Wednesday in U.S. Bankruptcy Court. As the fate of the stalled condo tower has languished in court, its developer burdened with financial problems, the building could be falling into disrepair, its lender's attorney said. The 21-story project at In addition to the dangers facing its structure and the building materials inside, a city fire inspector has expressed concern about wood and debris, a fire hazard, she said. City officials have also revoked the developer's right to use part of The court on Wednesday appointed Langdon Cooper, a The high-profile Park is one of several uptown condo towers to face problems this year, despite showing strong sales. 210 Trade, the condo tower going up at the EpiCentre, has been stalled since February in a legal dispute between its developer at the EpiCentre's. Two other projects, One Charlotte and 300 South Tryon, have been postponed this year. The Park went into foreclosure last month. As of Aug. 20, its developer, After an auction and bidding period this month, a company called But on Aug. 14, three contractors filed an involuntary bankruptcy petition, forcing the condo tower into court and temporarily halting the foreclosure process. Those creditors, who say they're owed more than $1.8 million, want to see the project sold for a higher price and supported Cooper's appointment, said Kevin Sink of Nicholls & Crampton in Raleigh, who filed the bankruptcy petition on their behalf. “There needs to be someone at the head of this ship,” he said. “… This gives them the opportunity to maximize (the project's) value.” August 27, 2008 Solar-powered mid-rise in SouthPark? SouthPark could become home to the city's first fully eco-friendly mid-rise if one Charlotte man gets his way.David Thompson has filed a rezoning request to build SolarPark, an 80-foot residential building that would run entirely on solar power and electricity. The building would sit on one acre near Park and August 26, 2008 August 25, 2008 Home Prices Are Down, but Stabilizing Lynnsy Logue The Real Estate Lady and Condo CanDo in August 22, 2008 Several schools in the In addition, U.S. News asked the experts who respond to its peer assessment survey to identify schools that fit the profile of "up and coming." Davidson came in first, with the most nominations. Queens University of Charlotte ranked No. 20 among private master’s universities in the South. That category includes institutions that provide undergraduate and master’s-level programs but offer few, if any, doctoral programs. In the category of baccalaureate colleges in the South, Schools in that category focus on undergraduate education but grant fewer than half their degrees in liberal arts disciplines. U.S. News & World Report evaluates the following criteria to determine each institution’s ranking: class size and student/faculty ratio, retention of freshman, student selectivity, financial resources and alumni giving. August 21, 2008 New life for First Ward project Daniel Levine makes pitch for $26 million in funding Daniel Levine has a new plan for his key stretch of First Ward property. And, for the first time, the developer appears to have a key partner on board — taxpayers. The massive project he unveiled to the city this week includes 2 million square feet of office space, 2,150 residential units and 282,000 square feet of shops and restaurants on 20 acres he controls. Plans now call for a public investment of as much as $26 million in tax-increment financing from the city and county. The funding would pay for parking decks and other improvements. As much as $8 million more could be spent by the city for road improvements. The county would also kick in the construction cost for a park of at least 3 acres. “Our enthusiasm has never wavered,” says Levine, who has been pitching various development options for the site for a decade. “I am going to be excited when this moves from the drawing boards to breaking ground. We’re patient and we’re committed to bringing the best development to the city.” A $46 million UNC Charlotte classroom building planned for the corner of East Ninth and The formal request for public money gives hope to political leaders and uptown boosters that Levine is serious this time. Real estate experts remain guarded, saying Levine’s past starts and stops have left them wary. “It’s been a long time coming,” says John Lassiter, chairman of Charlotte City Council’s economic development committee. Adds Jim Palermo, executive-in-residence at The complex deal still has a long way to go before it becomes reality. Next week, City staff hopes to have a final deal for council to consider by year end. The county would likely puruse a similar schedule. Construction on Levine’s first phase of development, dependent upon county agreement for a park and tax-increment financing for 1,300 of nearly 2,000 new parking spaces in First Ward, could begin in 2009. In all, Levine anticipates a 10- to 15-year schedule for building out all of the First Ward land. The county park, UNCC, underground parking and a 300,000- to 400,000-square-foot office building would be built first. Levine will build the office building with ground-floor retail. Next up would be a 1,500-car parking deck and a property encompassing 525 residential units, a hotel and street-level retail. Talks gained momentum during the past three months, as stakeholders gathered to discuss possibilities and negotiate the framework of a deal. What emerged mirrors several other high-profile public-private ventures assembled in recent years in and around uptown. These include: •A $1.3 billion South Tryon Street complex anchored by Wachovia Corp. and several arts venues. •The $225 million Metropolitan shopping, office and residential complex in midtown. •Merrifield Partners’ Bryant Park project near •Grubb Properties’ mix of offices, shops and restaurants in the In each case, substantial contributions for parking decks and other improvements near the projects were — or will be — paid for with city and county money. Levine credits the city and county for working with him while also negotiating a deal “that puts all the risk in the private sector.” Photo of Daniel Levine by Nancy Pierce August 20, 2008 Skybridge Terrace is up and running … Project size: 144 condos in three buildings off the 1200 block of Prices: Units range from 500 to 1,078 square feet and sell from the $120,000s to $280,000s. Timeline: First of three buildings completed. Two others to be started as the market dictates. Features: Elevators in each building secure parking and controlled access, private balconies on most units, 10-foot smooth ceilings, double-bowl stainless-steel sinks, granite bar tops in kitchens and hardwood flooring in living areas. Now, residential revitalization is poised to be The Next Big Thing in development there. The first building in Skybridge Terrace, a planned 144-unit condo project, has been completed on The $22 million project occupies 2.2 acres with a greenway connection that provides pedestrian access to uptown via Third Ward and the Bank of America Stadium area. Farther out Morehead at the Ogunrinde, a principal in Neighboring concepts with Darrel Williams and Luis Tochiki, said the firm has been active on The commercial development under way in the corridor is setting the stage for future retail and residential development, he believes. The increased density has the potential to attract shops and restaurants to serve office workers and residents. And the area also could appeal to office tenants and condo owners seeking to enjoy center city amenities without paying center city prices. The remaining Skybridge Terrace condos – 500 to 1,060 square feet – are priced, for example, from the $120,000s to the $280,000s. Prices fall in the $250-a-square-foot range compared with $350 a square foot or more inside I-277. The project eventually will have three buildings – 48,000 square feet each – connected by sky bridges to give owners uptown skyline and Ogunrinde said the skyline side, with the largest and most expensive units, has been the most popular so far. Buyers put contracts on all the units, he said, but some are struggling to arrange financing and close in the uncertain lending market. Purchasers have been a mix of older professionals, young professionals and people seeking a second dwelling. August 19, 2008 We can do so much if we believe we can. Hard times bring challenges. Yes, we can! August 18, 2008Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NCWe Knew.....June 29, 2006 That Hissing Sound Robert Reich, pointing to leaks in the housing bubble, gives the Fed some advice: Market Meltdown: Say goodbye to the housing bubble, by Robert B. Reich, American Prospect: ...Americas housing bubble has not exactly burst. Its just sprung a leak the size of your average mortgage banker. Whats clear is the boom is over. All across America, backlogs of unsold homes are long. Price increases are slowing. In some markets, home prices are actually dropping... Its better that bubbles leak than burst. Gradual declines are always easier to manage than explosions. But the housing boom has been so large and important to the American economy over the past five years that even this slow leak will cause severe headaches. One will be experienced by millions of households that had turned their growing home values into piggy banks to finance their continued consumption. That easy route to cash is just about gone. The inevitable result will be less consumption, which will mean fewer jobs. A more immediate problem will arise for all the people making, financing, and selling houses. Here we are talking about a vast army of carpenters, plasterers, roofers, plumbers, electricians, mortgage bankers, home inspectors, real estate agents, architects, structural engineers and many more. According to Moodys Economy.com, housing-related employment has accounted for almost a quarter of the five million jobs that have appeared since 2003. These jobs pay well even though most of them dont require a college degree. Thats because they dont have to compete in global commerce. Workers in Beijing or Calcutta cant easily build houses in Phoenix or San Diego. ... But now with the housing boom over, many of these good jobs are over, too. In other words, without the housing bubble, the American economy will lose a lot of its fizz. I dont like bubbles, but from a jobs standpoint this recovery has needed all the fizz it can get. Median wages have gone nowhere. The ranks of the long-term unemployed have been unusually high. The percent of the labor force with jobs is lower than in 2000. Housing has been one of the few bright spots in the economy. All of which brings us to Ben Bernanke and his gang at the Federal Reserve Board Open Market Committee. They are determined to raise interest rates because they think the economy is too fizzy and still prone to inflation. I hope they listen carefully: The hissing sound they hear is air escaping the housing bubble. Theres less fizz in the economy than they think. Raise interest rates, and the Fed raises the likelihood the economy will deflate. We'll know more soon when the Fed announces its rate hike decision from today's meeting. That from June 2006. We Knew.Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC August 15, 2008 Dear Lynnsy Logue, 08/01/08 This week President Bush signed the Housing and Economic Recovery Act of 2008, immediate measures that will help homeowners facing foreclosure find ways to refinance and will help strengthen mortgage markets. The package also includes a very substantial tax credit available to first-time home buyers. In this email, you will find a series of links that provide comprehensive details of the legislation package. We hope you will share this good news with your agents. To summarize, the legislation package includes Federal Housing Administration Modernization that will simplify and make FHA-backed mortgages more available while helping thousands of families refinance existing mortgages and keep their homes. Other important components of the bill are reform of the government-sponsored enterprises (Fannie Mae and Freddie Mac), permanent increases to both GSE and FHA loan limits, a first-time home buyer tax credit and a program to expand FHA that would allow more homeowners to refinance their mortgages. “Realtors® are in the business of building communities, and our 1.2 million members understand that this legislation will go a long way in helping people buy and keep their homes,” says Dick Gaylord, NAR’s2008 president. Wendell Bullard, 2008 president of the NC Association of REALTORS®, agrees. “This is good news for our more than 43,000 members and even better news for our clients,” Helpful links: http://www.ncrealtors.org/en/TaxCreditChart.pdf http://www.ncrealtors.org/en/RefinanceChart.pdf August 13, 2008 While the presidential campaign was mired in the egregious and the trivial last week, there was a hearing in Put aside for a moment all the talk about alternative fuels. They are important and the wave of the future, but the fastest, cheapest, easiest and cleanest step toward a sane energy environment is the powerful combination of efficiency and conservation. That was the message delivered again and again at a hearing of the Joint Economic Committee that carried the title, “Efficiency: The Hidden Secret to Solving Our Energy Crisis.” Two political leaders who are no longer very fashionable were on to this long ago – former Gov. Jerry Brown of It may be hard to believe, but largely because of far-reaching efficiency and conservation measures imposed by Brown's administration, Sen. Chuck Schumer of A national to-do list It's not widely understood how profound a change in overall energy consumption could be realized from a big-time, coordinated efficiency and conservation effort. In addition to the obvious need for more fuel-efficient vehicles, we should be demanding more efficiencies from utilities, we should be requiring states to revamp their commercial and building codes; and we should be trying to weatherize homes from coast to coast, including the homes of families without enough money to make such improvements themselves. And, of course, there are the everyday good energy deeds that would help make a world of difference: car-pooling; taking public transportation when possible; using more efficient lighting; dropping the thermostat a couple of degrees; buying more efficient appliances; unplugging appliances that aren't in use, and so on. A leadership shortage Combining the development of alternative fuels with a real efficiency and conservation effort is the winning hand in the global energy crisis. People in many parts of the country are already frightened, in the heat of the summer, about next winter's heating bills. Families are worried about having to choose between mortgage payments and fuel bills, or fuel bills and medicine. The Senate considered but was unable to pass a measure that would have substantially increased financing for the Low-Income Home Energy Assistance Program. It was a bad sign. If the government can't get that done in the current atmosphere, it hardly seems likely that it could move to an even more important step: finding a way to get the homes of these cash-strapped families weatherized so they use substantially less fuel each winter. We know what we should be doing. What we lack is the leadership, the common sense or the will to get it done. August 12, 2008| “And the commonly used herbicides are chemical first cousins of Agent Orange, which was used in 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 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 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 Your home office 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 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). August 11, 2008 Giving to help others keeps We're No. 10. Hold on. That's good. In a national ranking of 50 major If there's an activity where we should welcome being in the top 10, it is in volunteer service. Volunteer work is evidence that people care about their neighbors and the health and welfare of the communities they reside in. Now, that's puffing-out-your-chest worthy. The largest percent of Nationwide, nearly 61 million Americans volunteered in 2007, giving 8.1 billion hours of service, estimated to be worth $158 billion, according to the Volunteering in And though Consider the amount of time volunteers and non-volunteers spend watching television. Volunteers report spending 15 hours watching TV while non-volunteers spend 23 hours doing so. That eight-hour difference adds up to more than 400 volunteer hours a year, the report said. Volunteers make time to do this important work. They are increasingly necessary as economic difficulties push more Americans into the need category. Don't stand on the sidelines and applaud these volunteers. Join them. It is vital to the health and prosperity of communities and the nation that people commit to such service, and that public and private entities encourage and enable their efforts. August 9, 2008 Lynnsy Logue The Real Estate Lady and Condo CanDo in Based on the current sales pace, it will take ten months to clear out the inventories of new homes. August 8, 2008 When They didn't expect it to become a popular driver shortcut with high-speed traffic. Now residents and businesses in the center find themselves conflicted about what to do. They want to slow down – even deter – traffic so pedestrians feel safe walking to and from the shops. On the other hand, the businesses need traffic to drum up interest. “We bought these units knowing we weren't on a cul-de-sac,” said Thomas Golen, president of the Piedmont Row Residential Condo Association. “The volume of traffic is just so high, though, that we feel things could have been planned better.” Getting through the choked intersection can be slow. So during rush hour, dozens of drivers funnel onto the tiny arteries running through Some residents have unaffectionately dubbed the route the “Barclay Downs Bypass.” Restaurant managers in the area say they don't mind the increased traffic because it can be used to boost business. “Our problem isn't that we can't get people here,” said Brian Boyce, general manager of Dolcetto wine bar. “The problem is they can't get out when they do want to leave.” Boyce said he and other business owners have thought about how they might capitalize on the situation, perhaps providing to-go services. Food, bottled wine and other products could be delivered to customers' cars while they're sitting in gridlock. A similar idea has occurred to Paula Cocking, co-owner of The Dinner A'Fare, a meal-preparation business at The streets in Residents and business owners have considered installing speed slowing measures such as speed humps or the gentler speed “tables.” Cocking and others said something will have to be done before someone gets hurt. Lynnsy Logue The Real Estate Lady and Condo CanDo in Post Properties Inc. has scuttled plans to build Post Plaza South, a 300-unit apartment complex on The Atlanta-based developer, citing difficult market conditions, says it will also terminate its contract to buy the site. Post Properties disclosed the decision Tuesday in its second-quarter earnings report. A company spokesman was unavailable for comment. Among its holdings in the In its financial report, the company says it lost $27 million, or 61 cents per diluted share, in the second quarter. In the same period last year, Post Properties earned $62 million, or $1.40 per diluted share. Post Properties (NYSE:PPS) incurred a loss on its funds from operations of $12.6 million, or 29 cents per diluted share, in the latest quarter. In the same period last year, its funds from operations totaled $22.1 million, or 49 cents per diluted share. Funds from operations is the primary earnings measure for real estate investment trusts. Post Properties operates in 10 markets across the country. The company owns 22,435 units in 62 developments. August 5, 2008 She was the secret guest that caused Now we know the identity of the secret guest whose visit to It was Martha Stewart. Stewart, the lifestyle guru, was the guest of billionaire developer David Murdock on Thursday and Friday. She visited the North Carolina Research Campus in Kannapolis and made a quick shopping trip in the Last week, city workers took down banners honoring Earnhardt after an official at Murdock's real estate company and a local tourism official said some of the banners were dirty and torn and might upset a Murdock guest, who wasn't identified. Lynne Scott Safrit, president of Castle & Cooke, Murdock's development company, said Stewart's visit had been planned for months. It's hard to work around those schedules, she said. Stewart had dinner with Murdock late Thursday evening and left During her visit Thursday, she toured a research laboratory with Murdock. It's scheduled to open later this year. The banners honoring Earnhardt had been placed along August 4, 2008 New-home starts drop, but that's good trend for a market full of unsold houses and foreclosures. The latest local housing market stats confirm the slump continues, but they also show the week's second positive trend. Charlotte-area homebuilders started 49 percent fewer homes during the second quarter, compared with the same period in 2007, according to data released Friday by Metrostudy. The 3,011 new home starts marked the second consecutive quarter below 4,000, a level last seen in 2003. Metrostudy, a The firm's method differs from those that compile building permit and sales data from public records. Results of the two methods tend to track fairly closely. New-home closings fell nearly 40 percent in the second quarter but exceeded the number of houses started, according to Metrostudy research. That's important because it means builders are cutting back in response to weak demand rather than adding to a market glutted with foreclosures and other houses awaiting buyers. That's a welcome shift from the last two quarters, when area builders started more houses than they sold, said Bill Miley, Metrostudy's “ Earlier this week, a popular index showed August 1, 2008 There’s More to My Real Estate Day Than Meets The Eye… The journey. July 31, 2008 Never say never… The unit I have has been lovingly cared for in every detail. The owners have replaced all four sliding glass door sets and all the rest of the windows. The entire unit has been repainted with neutral colors. New is everywhere: tile in the kitchen, new kitchen appliances, new countertops, new range/oven, new dishwasher, new light fixtures, newer carpeting…and pergo in the joining hall and foyer. The downstairs master suite bath has been remodeled from the studs out. The upstairs full bath has new flooring, new lighting, new paint, new fixtures and hardware. The rooms are large, every one of them. And the windows are many…the light is abundant. The living room, the dining room, the kitchen, and the downstairs master all lead to patios. The kitchen patio is oversized and rolls over to green space. Very park-like. Upstairs master has a trio of new windows overlooking green space. Large walk-in storage runs adjacent to the 3rd bedroom or home office. Carport and utility. Almost 2000 sq. ft for less than $220,000 in one of July 30, 2008 Quail Hollow Estates: Our 33 gently rolling, park like acres are located within the northwest quadrant of Our beautifully appointed clubhouse has a fully equipped kitchen, library, bar, game rooms, meeting room and spacious living room, lending itself very well to the many planned activities centered here. July 29, 2008 July 28, 2008 And in my own neighborhood, I like the differences in age, in race, in religion, in orientation, even the grumpy ones have their moments. And maybe that would not suit everyone. Maybe some wear out their joy in crying babies and boisterous teens. July 26, 2008 Lynnsy Logue The Real Estate Lady and Condo CanDo, No housing ‘bubble' here, just normal market ups and downs. Karla Hammer Knotts From Karla Hammer Knotts, owner of Land Matters, a real estate consulting company: If you're waiting for home prices in Released at the end of each month, the Case-Shiller Index measures home prices in 20 Why such alarming predictions? Seven of the 20 markets analyzed in Case-Shiller are from hard hit-areas in the West and For an example of a disconnect between the index and reality in So what's really happening in Our market had excess permits in 2006 and 2007. Those houses have now sold and permits are balancing with demand. This is good news for homeowners. For prices to stabilize and rebound, builders must eliminate inventory of finished homes. To opportunistic homebuyers, this is a signal that now is the time to buy. July 24, 2008 July 24, 2008 “No change in schedule for the office tower,” he said. As for the planned condo, he said it is “of great interest to us.” However, Wachovia might pursue that project with a partner. Uptown's condo market has struggled in the downturn, with two towers postponed, one in foreclosure and another stalled by a legal dispute. David Furman, one of And on another tower, from hotel-condo to hotel: A sliver of land beside Time Warner Cable arena that didn't work for a large condo-hotel development is getting a 16-story hotel without the condos. LodgeWorks of Wichita, Kan., plans to start construction this summer of a 163-suite Hotel Sierra on a third of an acre on the Denny Meikelham, senior vice president of development, said LodgeWorks originally cooperated with When the plan fell through last year due to site restrictions and construction costs, LodgeWorks decided to buy the land from the city and proceed on its own. “There is so much opportunity in this area, and it's close to everything,” Meikelham said. “This is a forever location. It's only going to get better with the NASCAR Hall of Fame and what's going to happen around it.” He expects construction of the $35 million project to take about 14 months, which would put the opening in late 2009. Jul. 23, 2008 Fall could be a catalyst for new condo's success so w rites Doug Smith of The Charlotte Observer The Catalyst has already sold 58 of its 462 units. And the developer is pleased. A rendering of the Catalyst condo tower under construction on The Uptown condo market has suffered setbacks over the past few months, but that apparently isn't scaring buyers away. The Catalyst, a 27-story tower under construction on It does have a ways to go – the project includes 462 residences priced from the $180,000s to more than $300,000 – but given the season and the economic climate, “Fall is always a good time in uptown Condo developers are selling in the face of some of the worst news the uptown housing market has seen since the center city high-rise boom began about four years ago. Two towers are postponed, one is in foreclosure and another is stalled by a legal dispute. Developers are reluctant to try new high-rise projects, as lenders aren't interested in financing them until the economy improves. Yet “inventory is line with a healthy market,” said multifamily analyst Emma Littlejohn of the Littlejohn Group. “The problem is with delivery.” Littlejohn said about 1,200 high-rise and mid-rise units are under construction or in the pre-sale stage in the center city, and more than half of those are under contract for sale. The central With four major projects now in doubt, Littlejohn said, a bigger issue for the center city could be a potential undersupply of high-rise condos. She wasn't surprised to see an initial surge in demand at Catalyst. “People are out there on the sidelines,” she said. “They still need a place to live.” Field said buyers today are less impulsive and more likely to secure financing before making an offer. Catalyst, unlike most condo projects, was started without a pre-sales campaign and is expected to open early next year. “It gives people more confidence to know they don't have to wait two years,” Field said. Novare targets 25- to 40-year-old buyers with a predominance of one-bedroom units and amenities packages that include a fitness center, a club room, a pool, an Internet cafe and concierge service. About 65 percent of Catalyst's condos are one bedroom. A good mix of one- and two-bedroom units have sold, Field said, with the project being typical for a high-rise: “The most expensive and least expensive tend to sell right away.” Catalyst (catalystcharlotte.com) will overlook a planned uptown park, and that was a lure for many of the initial buyers, Field said. Also a factor: gas prices. “Many of the people who come in are asking where the light-rail stop is in relation to the project,” she said. July 22, 2008 Council OKs tower on No opposition voiced; controversy over views By Clay Barbour Developers are planning a 230-foot apartment tower, a 200-plus foot office tower and a 180-foot hotel on approximately 2.74 acres next to The Arlington (in background). The Charlotte City Council Monday approved a rezoning bid for another high-rise tower along The approval came in spite of the recent controversy over the proposal. Residents of the nearby But on Monday no one spoke against the proposal and the council passed it unanimously. “We are excited and a little surprised,” said Tracy Finch of the Harris Development Group. “We expected more opposition.” Harris applied for a rezoning of the former Simpson's Lighting property. The apartment tower is part of a $200 million project that includes a 200-plus-foot-tall office building and 180-foot-tall hotel on approximately 2.74 acres. The Charlotte-Mecklenburg Zoning Committee unanimously backed the $200 million project last month, with some changes. But earlier this month some residents of The Arlington, South End's 300-foot-tall pink residential high-rise, complained that the new project would block their views and lower property values. They said they have a right to their views in the non-legally binding South End Transit Station Area Plan approved in 2005 – about two years after The Arlington opened. That plan caps building height in the area at 120 feet. Hundreds of thousands of dollars sometimes separate condos with views of the city from those without. At The Arlington, available condos facing away from the city are larger and cost around $335 per square foot. Available uptown-facing units top out around $372 per square foot. Finch, who spent the early part of Monday going back and forth between council members, said the idea that Harris' new project would hurt “They will go up thanks to us, she said. The Arlington isn't without its own controversy. Some residents of the Factory South Lofts complained about their view being blocked when the tower was built. Reporting live, from City Council: Mary Newsom of The Charlotte Observer July 21, 2008 July 19, 2008 City treats its plans as if they're on Kleenex What's the point of plans if they get dumped to suit developers? It was oddly appropriate that the article about a proposed apartment-hotel-office tower project in South End was positioned on the Observer's front-page right next to one about scams and counterfeit Panthers' tickets. You might view the City Council's 2005 approval of a 120-foot height limit for that part of South End as a similar scam, a sort of counterfeit assurance to neighbors. The proposal, from Harris Development Group, has won a positive recommendation from the development-loving zoning committee of the city's Planning Commission and is due for a July 21 yes-or-no vote from the City Council. The city planning staff also smiles upon it, because it's near a station on the light rail line. “That site can support that density,” planner Tim Manes told the Observer's Dan Tierney. “Sometimes when you have density you have to have height.” So what's the problem? Simply this. The 120-foot height limit – which allows 10- to 11-story buildings – is common throughout many city plans adopted for older parts of town. It's the height limit in the city's MUDD, or mixed-use development, and TOD, or transit-oriented district, zonings. It's the limit in the Transit Station Area Principles. In reality, allowing buildings that tall is too lenient to be of any protection to the bungalow-filled neighborhoods such as Dilworth's historic district, that tend to border the light rail line, planned future rail lines and corridors where MUDD zoning is most likely. City plans aren't legally binding. They're merely merely suggestions to developers. Even MUDD and TOD zoning, binding once applied to a property, offer generous wiggle room for developers who want taller buildings. Some neighbors of the proposed 230-foot-tall South End tower complain that they bought condos in the 300-foot-tall If the city approves this violation of the South End Transit Station Area Plan, it will be yet another in a lengthy litany of city decision-makers treating plans as if they're written on Kleenex. Residents all over town should take it as confirmation that even when the council approves an area plan, it might well be as counterfeit as a fake Panthers ticket. You might say it's the city's planning scam. July 18, 2008 The bill requires mortgage servicers to give at least 45 days notice before they start foreclosure proceedings on subprime loans. Notice also must be filed with the state commissioner of banks, who will review individual loans to determine whether they can somehow avoid foreclosure. If that’s the case, the commissioner will have the right to extend by 30 days the date on which lenders can start foreclosure proceedings. The state banking office then will work with borrowers and servicers to work out a deal. Problems with housing are much worse in most other areas of the country than they are in The bill passed the state House on Thursday. The Senate has already approved the measure. Gov. Mike Easley is expected to sign the bill. Good for Spectrum. Atta guys! July 17, 2008 Lynnsy Logue The Real Estate Lady and Condo CanDo in July 16, 2008 RISMEDIA, July 14, 2008-Amidst the gloom on Wall Street about housing someone forgot to check the stats. The National Association of Realtors® has now reported four straight months of rising housing prices, but it seems no one is listening. According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year. “I just don’t know where Wall Street’s brains are today,” said David Michonski, CEO of Coldwell Banker Hunt Kennedy in In addition, on an annualized basis the volume of home sales has also risen somewhat from a low of 4,890,000 homes in January to 4,990,000 in May. “Rising prices on expanding volume should not a crisis make on Wall Street,” says Michonski. So why the crisis? “They say that there are bulls and bears on Wall Street but there are also pigs. Pigs try not just to profit from a crisis but create one to profit from. Today there are just so many people who have positioned themselves to profit from a crisis that they refuse to admit the reality of what is happening on Is this the bottom? “No one can know for sure, but the hard data is clear. The median price has risen four straight months. The average American is out there taking advantage of bargains in their local real estate market. They are not listening to Wall Street but following their own belief that the best time to buy is when no one else is, and they are out there buying. If this keeps up, February may prove to have been the low in prices.” “It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a home is at a five year high and is acting on it.” July 15, 2008 Organic Gardening magazine helps By Catherine Carlock/The Charlotte Observer To serve the needy with fresh produce from their garden, the Fried green tomatoes aren't just the stuff of summertime chick flicks. They're one of the staple foods of the The center received a $9,000 grant from Organic Gardening magazine to install a rainwater harvesting system. The 1,600-gallon cistern collects runoff water from the The roof is “the perfect rain collector,” garden program director Don Boekelheide said. The Instead of using only donated food, which is often close to expiration, the center can grow much of its own food for its soup kitchen. “We grow things that people like to eat,” said Boekelheide. That includes okra, black-eyed peas, sweet potatoes, squash, cucumbers, and a summer mainstay – tomatoes. Last summer's water restrictions forced the garden's food production to a bare minimum. And “That's where the cistern comes in,” said Boekelheide. This summer, instead of battling short periods of heavy rain followed by weeks of no rain at all, the cistern provides a consistent source of irrigation for the center's garden. This week's thunderstorms have provided enough water to fill the entire tank. “The cistern gives us the water to carry us between rainstorms,” Boekelheide said. Boekelheide knows it's a small solution. But it's saving “We're feeding people who are hungry here,” he said. Monday, July 14, 2008 July 12, 2008 The Charlotte Observer/DOUG SMITH A lot of people are holding their breath in Banktown these days. Troubled Wachovia Corp. has selected a new chief executive officer with impressive credentials, but he doesn't walk on water. Even as the announcement of former U.S. Treasury Department official Bob Steel's hiring came Wednesday, bank officials predicted second-quarter losses could reach $2.8 billion. Wachovia's uptown neighbor, Bank of America, hasn't been immune either from the nation's sub-prime lending and financial markets turmoil. In Wachovia and Bank of America are builders of the center city skyline, patrons of the arts, pillars of the economy. If they falter, what happens to Many worry that a weakened Wachovia could be acquired, losing its independence and hometown allegiance to Real estate brokers say potential homebuyers who perceive their financial center jobs in doubt already are pulling back, wary of what might happen. The uptown condo market in particular has thrived on a supply of young professionals, many of whom are employees of banks or in financial businesses tied to the growth of banks. If hiring for those jobs wanes or if more layoffs come – and some say they already are under way – what happens? Real estate developers believe there's little chance that a half a dozen or so residential towers proposed uptown – but not yet started – will get under way this year. Lenders will be skittish about financing them, they say, until the housing market shows solid signs of recovery. Landlords in the office-leasing market are concerned, too. One major office-condo-retail development – 300 South Tryon – was postponed earlier this year over worries that a bank slowdown could squelch office demand. The city's big towers have filled with tenants in large part because the bank anchors pulled in law firms and other related vendors around them. If the banks aren't growing, who leases the estimated 1 million-plus square feet of speculative office space expected to come on the market over the next two years? Maybe the financial bleeding will stop, and everything will work out for Some economists can see a turnaround coming possibly by mid-2009. But in the meantime, nail biting has become the norm in Banktown. The city's Hugh McColl Jr. swagger has faded. Remember how the former Bank of America chairman used to dazzle stock market analysts in Today, They're too busy defending their actions to Wall Street analysts and fending off angry shareholders. How quickly fortunes can be reversed. In Banktown, this is something we never thought we would see when our banking giants were flying high just over a year ago. July 11, 2008 Looking for a sign… All going on in July 10, 2008 By Nichole Bell Related Content South End projects Several residential projects are under way in South End along the light rail line. They include: Silos at South End: The first phase of the project at SouthHaus: This project located at Circle at South End: This 360-apartment building on Ashton South End: Located at The number of people living in Historic South End is expected to triple in the next two years, reaching a population of about 7,000 residents, according to The rush of residents comes as developers begin to complete several housing projects in the area. Much of the growth, they say, is because of the light rail. “It's very rare that you see an entire residential neighborhood established overnight,” said James Mathis III, director of Historic South End. “It'll be exciting to see all those people walking around in the area at 11 o'clock at night.” Historic South End spans from The area was a thriving manufacturing community in the 1850s. It declined when the textile industry faded in the '70s and '80s. Revitalization efforts in the '90s brought a crop of restaurants, shops and design-related industries. Many were interested in reusing the old mill buildings and warehouses. The launch of light rail in November has also helped South End. The projected growth would push South End close to Uptown's existing population of 10,800. Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC July 9, 2008 But the resemblance to the sub-prime ends there. I read an article today, I’ll quote, sometimes the rating agencies deviated from their own models and their own procedures. The problems were serious enough to cause concern among employees of the agencies themselves as cited by internal e-mails uncovered in the SEC review. July 8, 2008 The 74/26 Vantage Point… Much of the growth, they say, is because of the light rail. Historic South End spans from July 7, 2008 into a serious roadblock: permits for sewer and water are not easy to come by. Due to the rapid growth and the inability for infrastructure to keep up, many developers are having trouble securing sewer permits. Drought conditions have also forced a moratorium on water permits. Officials have some ideas for ad- dressing the county's sewer and water needs, but some of the required projects could take up to 15 years. The problem has already slowed development in what has recently been among the nation's fastest-growing counties. challenges ...I just didn't know we were absolutely out. The county's primary wastewater facility, 12 Mile Creek, near Waxhaw , was built in the 1980s, for what was a much-less-populated Last year, the state rejected 30 sewer permits for various construction projects around the county, including residential developments, two hospitals and other commercial developments. Sewer space was then allocated to those projects based on a tiered priority plan and so construction on many of those projects has moved forward. , The Downturn buys time ... .The slow economy might actually be a good thing in this instance. Union County Manager Al Greene noted that due to the economy, he's not sure they would have as much development as they'd had in the recent past, even if the sewer and water permits weren't an issue. He said the slowing market gives them time to negotiate and work on building their infrastructure, and perhaps by the time the market picks up they'll be in a position to move forward. Greene said that while this is not a good situation to be in, this is probably the best time to have this problem - while the economy is slowing and demand is down. He said there is never a good time to have these capacity challenges that we have, but with the current market conditions, now is probably as good a time as any . : July 5, 2008 Question: I received, however, a letter from our homeowners association stating that severe water penetration issues have been discovered in several of the condominiums in our complex, but not in our unit, and the exterior stucco had to be removed and the outer structure in these Units needed to be rebuilt. The letter also speculates that the water issues may be much worse than expected and further investigations have begun. In signing the purchase agreement, I had to disclose this information by forwarding this letter to the buyers, and the buyers obviously backed out of the purchase agreement. I offered the buyers a $10,000 escrow account that they could use toward future special assessments levied within the next year. The buyers signed the purchase agreement again and everyone is following through with the sale process. My question is do I have any legal recourse against the association, or anyone else? The association has essentially made our property value worthless and unsalable in this market. We lost our purchase agreement because of their actions -or inaction. , The complex was built in 1984, so action against the builder is outside the 10-year window. The condo association has claimed they have been inspecting the stucco every two years for the last decade or so. The only confirmed time I know about was in 2006, and they didn't report any problems then. They have apparently been inspecting using a moisture probe. Right now, I'm stuck with this property. I can't turn it over to the bank; they obviously won't take it. I can't even short-sell it, because no one else will buy it. I just have to continue making double housing payments and hope another buyer comes along who doesn't notice the problems if the buyer I have fails to get to closing. Answer determine when they will obtain bids to make the repairs and how much each unit will be assessed. This information will possibly help in selling the unit or entering into a short sale with the lender. The events have placed you in a difficult position with no clear or immediate solutions. July 3, 2008 July 2, 2008 Particularly in cities, the rise of roof-topping grasses, succulents and other vegetation is fueling a boom for landscape architects, growers, builders and consultants in the know. As the roofs bloom in size and number, cities are weighing new incentives to developers and owners to install the admittedly costly growing medium and plant life as a long-term investment that could benefit both businesses and surrounding communities. And with a strengthening infrastructure to support them, designers are branching out in new directions. Steven Peck, founder and president of the Toronto-based industry association Green Roofs for Healthy Cities, said the industry’s “mother ship” hails from Europe, particularly German policymakers quickly took notice of the advantages, including the potential to reduce both stormwater runoff and the urban heat island effect associated with asphalt, concrete and metal surfaces. In response, they created dozens of incentives and regulations encouraging more green roof construction. In the mid-‘90s, a European industry mostly dominated by French and German firms began expanding into Peck, himself introduced to the idea in 1997, was tasked with leading a federal study on its benefits and barriers in One of his committee member spent hours translating many of the studies into English. And even those reports sidestepped analysis of big-picture benefits that had been largely taken for granted. A decade later, the industry has been buttressed by research and case studies detailing both individual benefits like savings on cooling costs and enhanced commercial values, and bigger-picture pluses like reduced air pollution and storm water overflows. Another essential element has been building expertise across a talent pool that remains unevenly distributed. Peck’s group has been working for five years on an accreditation program modeled in part on LEED certification (Leadership in Environmental Energy and Design). The new Green Roof Professional, or GRP system, should roll out sometime next year, he said. In the meantime, Green Roofs for Healthy Cities has grown to include more than 80 corporate members and has trained more than 4,500 individuals. “You can’t have an industry unless you can have people who can design and deliver,” he said. July 1, 2008 Wavering real estate sales, power hookups and CMS enrollment growth are among the indicators cited. By Christopher D. Kirkpatrickand Amy Baldwin/Charlotte Observer The Some indicators, including school enrollment, new electrical service hookups and reports from businesses that cater to new residents, point to a migratory slip. Economists and others say the change, though just a hiccup and no threat to long-term prosperity, illustrates how It could also ease traffic, pollution and a classroom space crunch, among other growing pains, said Douglas Shoemaker, a research analyst with UNC Charlotte's Center for Applied Geographic Information Science. “A lot of towns have been overwhelmed by quality of life issues and providing services such as water and sewer,” Shoemaker said. “A lull would allow planners to get the upper hand again.” The latest Census Bureau population data on newcomers isn't available until the fall. But institutions such as CMS officials expected to add 5,200 students this school year, but only about 2,900 new enrollees turned up. It marked the first time in four years that CMS forecasts overestimated enrollment. Duke says new electric power hookups in the Gentle Giant, a Boston-area-based mover with a The company also specializes in out-of-state corporate moves. “We've had a lot of really big jobs get canceled. There isn't the drive to invest as much.” Vogel said real estate prices have fallen so far in the Northeast that homeowners can't afford to sell at a loss: “So they're putting off moves.” Side business from relocations is also affected – fewer newcomers move their parents down after them, for example, he said. “All that stuff used to trickle down.” The region has benefited this decade from transplants who spend money, buy houses and work available jobs, said Mark Vitner, senior economist with Wachovia. About 88,000 newcomers moved to Federal Reserve economist Matt Martin said he expects this fall's census data that counts newcomers to confirm a decline. He said he's been hearing a collective buzz since the fall about the slowdown of newcomers. He said a tightening local job market is adding to the falloff. “There are not as many opportunities at the moment,” said Martin, who works at the Federal Reserve branch in Jobless rates for the Vitner said he's expecting the newcomer slowdown to extend into next year, sapping tax revenues and local economic sectors that offer services “directly tied to population growth.” Savvy + Co., a residential real estate company in “Sometimes they just say, ‘We can't sell our house, so we are going to stay here,'” she said. Suzanne Meyer, owner of The Welcome Service, which dispatches welcome baskets in the Business “has slowed down a bit for us,” she said. Meyer's company targets affluent homeowners, those who buy homes with price tags upwards of $300,000. Gina DeCarlo recently decided to leave After more than 30 years in But DeCarlo, 50, doesn't want to sell her home in “I can't get what I want for my house,” she said. “The house has taken probably a $50,000 dump.” She'd like to get $300,000 for the house she bought in 1982 for $100,000. Martin and Vitner predict the slowdown of transplants won't create lasting economic woes. “It's nothing to panic about,” Vitner said, noting that housing prices in hard-hit states should bottom out by the end of next year and those markets should loosen up. The flow of newcomers should pick up as those homes start to move, he said. And “I think this is all short-term,” he said. “I don't think the conditions that have driven Population for nine-county 2007: 2,143,946 2006: 2,065,520 2005: 1,991,060 2004: 1,934,195 2003: 1,893,429 2002: 1,858,327 2001: 1,820,030 2000: 1,775,860 Note: For this story, the Observer defined the region as the retail trade zone counties of Mecklenburg, Cabarrus, Catawba, Gaston, Iredell, Lynnsy Logue The Real Estate Lady® and Condo CanDo®, Green building booms in WNC by Paul Clark-Citizen Times The N.C. HealthyBuilt Homes program is a voluntary, statewide green building certification program. The number of certified and finished HealthyBuilt homes in Western North Carolina more than doubled between June 2007 and January 2008 — from 51 to 125, according to the Western North Carolina Green Building Council. Green homes in progress increased nearly fivefold — from 100 to 482. Currently, there are 668 in development, the council reports. The number of HealthyBuilt homes for sale in the county jumped from 11 in the year preceding June 19, 2007, to 113 in the year preceding June 19, 2008, according to the WNC Regional Multiple Listing Service, a tool that real estate professionals use to list and sell homes. “This is not a fad. This is the future,” said Pat “Tree” Spaulding, a certified environmental consultant for Keller Williams Professionals real estate company in “Everything (green) is going through the roof and shows no sign of stopping,” said Stephens Farrell of Stephens Smith Farrell Architecture in Farrell is the architect on a house on Their super-insulated house reduces its energy needs by using a geothermal heat pump, which uses the consistency of the earth’s temperature — about 55 degrees five feet below the surface — to heat and cool. The house, with solar hot water, stays cool in summer and warm in winter because of its living roof — a mat of live sedum that needs watering the first year but none later, barring a searing drought. Bigger than it was In its Enka Hills subdivision, Asheville Area Habitat for Humanity built 16 HealthyBuilt homes in 2007 and plans to build the same number this year, communications manager Ariane Kjellquist said. All have non-toxic water-based paints and high-efficiency appliances. Its largest four-bedroom house won’t cost more than $34 a month to heat or cool, Kjellquist said. There are more than a dozen LEED-registered buildings in WNC, said Matt Siegel, director of Western North Carolina Green Building Council. LEED — Leadership in Energy and Environmental Design — is a voluntary, consensus-based national standard for developing high-performance, sustainable buildings. Siegel is working with the Eastern Band of Cherokee Indians on the largest LEED-certified project in WNC — a 470,000-square-foot, three-building school complex under construction. “For years, we have been having Realtors saying, ‘We have a customer (for green housing), but there’s nothing out there,’ ” Seigel said. “They didn’t have 50 different options as far as size and price.” “I’ve got clients who moved to Energy prices are one reason green building is so popular, Seigel said. As a result “a lot of our green builders haven’t seen the downturn in real estate that others have,” he said. Developers of large communities are coming to the council for its advice on how to build green. In two and half years, the council’s membership has grown from 150 to 520. Eco Concepts Realty completed Hudson Street Cottages, a green development off Ed and Kate Daigle are moving into a condo at Gaia this fall. They live in a 1930s house in Brevard that other than the grass, isn’t green at all, Ed Daigle said. The move is philosophically based — he believes that global warming is the world’s most pressing matter. Michael Figura owns Eco Concepts Realty. He’s also a planner at GreenPlan, an “It’s the best way we can impact the sustainability of our culture,” Figura said. “We only have one earth. We’ve got kids and want to try to leave it a better place than we found it.” Green with envy Got a green home you’re dying to show off? ECO (the Environmental and Conservation Organization) is organizing its first green home tour in August in conjunction with the Southern Energy and Environment Expo on Aug. 23. It is looking for homes in Eco-friendly home features The N.C. HealthyBuilt Homes program has an extensive checklist that calculates eco-friendly aspects of a dwelling before designating it as a HealthyBuilt home. Green features at Stan and Colette Corwin’s Chunns Cove home include: • Recycled gray water system. • Salvaged building materials. • Sealed crawlspace. • Locally milled/fabricated cabinets with FSC-certified zero-formaldehyde hardwood plywood. • Decking and hardwood floors made of sunken river wood. • Natural cork bathroom floors. • Zero-VOC Earthpaint in interior and on decking. • Icynene insulation throughout. • Rain harvesting. • Wood-burning stove. • Tankless water heaters. • Looped on-demand hot-water delivery system. More green in the Carolinas from the mountains to the coast! June 27, 2008 By MarketWatch Amy Hoak CHICAGO (MarketWatch) -- Apparently, there's just something about This year, " HomeRoute is the real estate firm that operates Relocate-America.com, a source of community information and real-estate resources for those who are relocating. Each year, the site ranks the top 100 places to live in the country. Areas need to be nominated on the site in order to be eligible for the list; more than 2,000 were nominated this year, Nickerson said. Special efforts are made to prevent spamming campaigns from influencing the results, he added. But the site's editorial team also takes into account an area's growth, its educational and employment opportunities, crime rates and housing options before granting it a spot in the top 100. Environmental highlights also play a role, with a city gaining points for good air and water quality or the strength of its recycling efforts, Nickerson said. Home-price appreciation does get some consideration, however it's only one piece of the analysis, Nickerson said -- explaining why some struggling real estate markets in Second on this year's list was Below are the top 10 cities in Relocate-America.com's 2008 list: The view from the top Certainly, being ranked as the top city to live in has its benefits, mainly as a marketing tool for the area to use, said Tony Crumbley, vice president of research for the Charlotte Chamber of Commerce. An email blast sent news of this list to thousands of residents, and the chamber actively keeps track of where "They are important," Crumbley said of the good rankings the city receives. But he also knows that these rankings come and go and that they're somewhat subjective; the city's appeal can change from one day to the next, depending on who is writing the list. There weren't any significant changes in Bank of America and Wachovia have their headquarters in In recent years, But cities can easily make it to the top of one list and rank poorly on another, he said. Case in point: One recent Forbes.com list ranked HomeRoute is the real estate firm that operates Relocate-America.com, a source of community information and real-estate resources for those who are relocating. Each year, the site ranks the top 100 places to live in the country. Areas need to be nominated on the site in order to be eligible for the list; more than 2,000 were nominated this year, Nickerson said. Special efforts are made to prevent spamming campaigns from influencing the results, he added. But the site's editorial team also takes into account an area's growth, its educational and employment opportunities, crime rates and housing options before granting it a spot in the top 100. Environmental highlights also play a role, with a city gaining points for good air and water quality or the strength of its recycling efforts, Nickerson said. Home-price appreciation does get some consideration, however it's only one piece of the analysis, Nickerson said -- explaining why some struggling real estate markets in Second on this year's list was Below are the top 10 cities in Relocate-America.com's 2008 list: The view from the top Certainly, being ranked as the top city to live in has its benefits, mainly as a marketing tool for the area to use, said Tony Crumbley, vice president of research for the Charlotte Chamber of Commerce. An email blast sent news of this list to thousands of residents, and the chamber actively keeps track of where "They are important," Crumbley said of the good rankings the city receives. But he also knows that these rankings come and go and that they're somewhat subjective; the city's appeal can change from one day to the next, depending on who is writing the list. There weren't any significant changes in Bank of America and Wachovia have their headquarters in In recent years, But cities can easily make it to the top of one list and rank poorly on another, he said. Case in point: One recent Forbes.com list ranked HomeRoute is the real estate firm that operates Relocate-America.com, a source of community information and real-estate resources for those who are relocating. Each year, the site ranks the top 100 places to live in the country. Areas need to be nominated on the site in order to be eligible for the list; more than 2,000 were nominated this year, Nickerson said. Special efforts are made to prevent spamming campaigns from influencing the results, he added. But the site's editorial team also takes into account an area's growth, its educational and employment opportunities, crime rates and housing options before granting it a spot in the top 100. Environmental highlights also play a role, with a city gaining points for good air and water quality or the strength of its recycling efforts, Nickerson said. Home-price appreciation does get some consideration, however it's only one piece of the analysis, Nickerson said -- explaining why some struggling real estate markets in Second on this year's list was Below are the top 10 cities in Relocate-America.com's 2008 list: The view from the top Certainly, being ranked as the top city to live in has its benefits, mainly as a marketing tool for the area to use, said Tony Crumbley, vice president of research for the Charlotte Chamber of Commerce. An email blast sent news of this list to thousands of residents, and the chamber actively keeps track of where "They are important," Crumbley said of the good rankings the city receives. But he also knows that these rankings come and go and that they're somewhat subjective; the city's appeal can change from one day to the next, depending on who is writing the list. There weren't any significant changes in Bank of America and Wachovia have their headquarters in In recent years, But cities can easily make it to the top of one list and rank poorly on another, he said. Case in point: One recent Forbes.com list ranked June 26, 2008 And then, when I started these communiqués, I told myself I would try to refrain from being yet another opinionated voice. Another critic, another Monday Morning Quarterback. After all, we are pretty bright as a people. We are going-forward kinds of folks. We are independent. We tend to be courageous, we Americans. And I remembered being an American in June 25, 2008 June 23, 2008 Peachtree Hills to get help from city By Julia Oliver The City Council on Monday took its boldest step yet to address The vote was unanimous, but it came after questions about the city's role. A real estate investor argued officials should let the market settle out rather than use tax dollars to intervene. And a council member wondered whether focusing on one neighborhood would shortchange others. The city will spend $449,000 as part of an $3.4 million effort to encourage homeownership in Peachtree Hills, a northwest neighborhood where a glut of foreclosures has left remaining residents vulnerable to vandalism and other crime. Self-Help, a Durham-based nonprofit organization, will pay for most of the project. It plans to buy as many as 25 properties in Peachtree Hills and start a lease-purchase program for new homeowners. The idea is unusual, housing experts say, and seems tailored to The 5-year-old community is one in a swath of northwest The organization and city officials hope the program will be a model. “We're looking at this as a pilot program,” said Stanley Watkins, The city's contribution will include lighting, sidewalks and landscaping – standard public services. But the city also has agreed to spend as much as $10,000 per home rehabilitating the houses purchased by Self-Help. Kevin Pfannes, a local real estate investor who spoke at the meeting Monday, argued against the city's participation in buying and rehabilitating homes. He said the city would be spending taxpayer money to compete in the private market. “We've already got a private pool of people that are willing to do that,” he said, urging the city to focus on code enforcement and other more traditional roles. “It takes a little time.” But Richard Payne, a project manager at Self-Help, said investors didn't seem interested in Peachtree Hills. City Council member John Lassiter said private investors were not likely to increase homeownership in Peachtree Hills. He said they would only bring more renters, and could make the problems worse. Watkins said the money that will go to Peachtree Hills is taken from other programs citywide, but wouldn't have a dramatic impact on neighborhood services. On the other hand, he said, the surge of investment into Peachtree Hills could save it. “Our intent is to get that neighborhood back to stabilization as quickly as possible,” he said. Thank you, Charlotte City Council for stepping up to the plate. Thank you! Lynnsy Logue The Real Estate Lady® and Condo CanDo® in June 23, 2008 Single-family home prices in the first quarter of 2008 were down 12 percent from their October 2005 peak -- 18 percent in real terms, after adjusting for inflation. A "dispiriting picture" of housing affordability issues nevertheless remains. The report, "The State of the Nation's Housing 2008," is more optimistic about medium- to long-term prospects, estimating that unless there's a serious, prolonged economic decline or a marked cutback in immigration, the nation will gain 14.4 million new households between 2010 and 2020, compared with 12.6 million between 1995 and 2005. Lynnsy Logue The Real Estate Lady® and Condo CanDo® in The developers of a 15-story office tower planned on In Kannapolis, home could be $1.5 million The old Kannapolis Country Club and a course designed by There's no doubt the $1.5 billion North Carolina Research Campus that Castle & Cooke is building in Uptown condo tower begins sales this week The developer hopes buzz about the tower will pay off The Catalyst condo tower – which last week reached its ultimate height of 27 stories – seems to have sprung up almost overnight on More upscale homes to rise on Park South Over the past five years, half a dozen residential infill projects have sprung up on Microsoft has purchased two buildings it has leased for more than seven years in Pricey penthouses will cater to pricey passions This unusual uptown development targets residents eager to showcase their enthusiasm for art, cooking, wine, technology and entertaining. The developer of uptown's 20-story Encore condo tower wants to create five of the most unusual and most expensive penthouses Development tied to town vision The town of Wachovia doesn't plan to slow condo tower The company will open a sales center in the fall. Waiting gives the bank flexibility, experts say. Wachovia Corp.'s $880 million, 48-story office tower is still climbing skyward in uptown Fat City facade will live again in NoDa Neighbors invited to help decide on graffiti for wall of new lofts A NoDa landmark disappeared a year ago when high winds blew down the graffiti-splashed facade of Fat City Deli. June 20, 2008 June 19, 2008 The 2,778 houses sold was the lowest count for May since 2003, according to the MLS, which accounts for nearly all existing home sales within about a 50-mile radius and roughly one-fourth of new home sales. The average MLS sales price fell nearly 4 percent, to $223,946, the sixth consecutive month of declines. Builders took out permits for 614 new residences in Lynnsy Logue The Real Estate Lady® and Condo Cando® in June 18, 2008 Financial risks Most developers choose not to sell their projects as securities to avoid the SEC complications, so they are prohibited from discussing the economic or tax benefits from a rental arrangement or project on how much a condo unit can earn in rental income. Many buyers make decisions without all the facts. "If you're not allowed to communicate revenue expectation, often times buyers are making a decision based on incorrect information or overly optimistic information," a quote from Mark Lunt, Ernst & Young in June 16, 2008 Lynnsy Logue The Real Estate Lady@ and Condo CanDo@ in Property-flipping rule suspended The White House temporarily suspends a rule that imposes a gO-day waiting period before foreclosed homes can be sold to receive government loans. WASHINGTON (AP) -The Bush administration is temporarily suspending a 5- year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties. For one year, the Federal Housing Administration will no longer impose a gO-day waiting period before foreclosed properties can be sold to receive government- backed loans. The policy was put in place in 2003 to deter property "flipping" schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern. "A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community's recovery," FHA commissioner Brian Montgomery said in a prepared statement. The new policy "will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes," Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday. . Daily Real Estate News June 11,2008 FHA Loans Gaining Popularity Source: The As lenders toughen their standards, loans by backed the Federal Housing Administration are increasingly popular. The number of FHA loans issued rose 126 percent in the first quarter of 2008, compared with the same period a year ago. Most of FHA's business now comes from refinancing. Only borrowers who can make at least a 3 percent down payment or have at least 3 percent equity in their homes and who can document their income can qualify for FHA loans. Guy Cecala, publisher of Inside Mortgage Finance, says FHA paperwork remains daunting and the rates aren't always the lowest. "But if your choice is vanilla ice cream or no ice cream, vanilla starts looking good," he says. Lynnsy Logue The Real Estate Lady@ and Condo CanDo@ in June 14, 2008 The landscape for real estate development is dramatically changing next month when new rules designed to protect area streams and rivers take effect. New projects will be required to include open space on nearly every site, bigger buffers for streams and new systems for capturing and cleaning rainfall. Developers are chafing at the law taking effect July 1. They say it will substantially increase the price of future homes, apartments, offices and industrial buildings. City officials say the rules follow federal requirements and provide a long-term benefit that prevents flooding, slows erosion and cleans Developers contend the "Pay now, or pay later," says Daryl Hammock, water quality and environmental permitting manager with The impending change has prompted a surge of applications to "Since this is a very deadline-oriented business, I expect the last week of June will be the time where we really see an unusually high number of new plan submittals," says Tom Ferguson, Federal mandates tied to the Clean Water Act required city adoption of stormwater rules by June 2009 for engineering controls for stormwater. The goal is to remove 85% of the pollutants picked up by rain water pooling on pavement before it flows into a city stream. It was only after three years of negotiating among government staff and the development community that Charlotte City Council found the rules palatable enough for approval in November. Many developers have been forced to follow the post-construction controls ordinance ahead of the implementation date. That's been the case in the past few years for any project that required a rezoning. For example, Beacon Partners wrestled with the city over a 75,000-square-foot industrial park in north Now all developers will have to embrace the rules. Those who haven't realized it are in for a "very unpleasant and expensive surprise," warns real estate consultant Karla Knotts, a local industry figure since 1986. The dramatic change in requirements directly impacts development costs, she says. "If you didn't realize you were subject to these rules, you can lose money and go belly up." Extra expenses come from building new stormwater infrastructure plus the loss of land -- as much as 25% of a site will need to be set aside for undisturbed woods. In some cases, developers may have to add plants or remove them. A project site that contains an invasive species, such Japanese honeysuckle or kudzu, in natural areas must be removed before the developer can get a certificate of occupation and be allowed to open. And the new rules mean developers now have to worry about things such as goose poop. As silly as it sounds, animal waste running off into the area's water supply is a serious matter. Fecal matter from animals and sewer overflows havecontributed to the impairment of most of the county's 3,000 miles of waterways. About 30% of Sediment clogging the county's water, often caused by construction, only worsens the situation. Then there are concerns over flooding, erosion of creeks and damage to habitats, says Hammock of the city's stormwater division. Plus, Mecklenburg has the responsibility of passing clean water back into the Catawba River, the water source for Hammock says it's a tricky balancing act to accomplish the goals of the stormwater rules. Calling for undisturbed tree growth along streams conflicts with plans to build trails along greenways. On the flipside, the post-construction controls ordinance helps developers meet state environmental requirements for projects that could impact the endangered Carolina Heelsplitter mussel, he says. But that still doesn't mean developers have to like it. "First and foremost, the ordinance is something we had to do," says Beacon Partners' Jon Morris. "There's nothing more important than the water we drink. What we were doing wasn't sustainable. In theory, it's a great idea." But, Morris adds, "this will affect pro formas in a significant way." The new requirements could add up to $15,000 an acre to the cost of a single-family subdivision, according to estimates from the development community. Using an industry standard multiplier, that extra development expense means home buyers could have to pay as much as $160,000 more per house. City officials counter that development costs could be factored into the value of land, with the market adjusting to new costs. Also at issue: conflicts between the post-construction controls ordinance and urban street design guidelines that require more sidewalks and pavement areas, exacerbating the amount of rainfall that runs off a property. Nor do the stormwater rules do enough to address velocity, says Jim Medall, president and partner at the Charlotte-based Carolinas division of Rhein Medall Communities and developer of The Palisades, a master-planned golf community on 1,600 acres along "This could be as simple as figuring out how to slow the water down," Medall says of the stormwater rules. "It's not going to apply to everything that's been built already. It's not going to fix the existing issues, and it may create new ones we don't know about." Morris, Medall and others also find fault with some of the newly required infrastructure systems, arguing that they don't consider the nature of the Hammock says many of the concerns broached by developers are often from a lack of understanding of how the ordinance and the new stormwater controls work: "The engineers don't ask these questions." What doesn't work can always be revisited, he adds. And better ways of controlling and cleaning stormwater can be added. Currently under consideration: "green" roofs and porous pavement. "We wouldn't propose these things if they were going to be a huge nuisance," Hammock says. "This technology has been used in other parts of the country for decades." THE POST-CONSTRUCTION CONTROLS ORDINANCE Federal law mandated city adoption of stricter stormwater rules by June 2009. After three years of negotiating with residential and commercial developers, City Council approved the new rules in November 2007. The regulations generally require undisturbed natural land on every site and the engineering of infrastructure that captures and cleans rainfall. Among their options, developers can install: § Rain gardens, which use plants and sandy soil to absorb and filter stormwater into an underground drainage system. § Wet ponds, or man-made wetlands, that detain stormwater and collect sediment. § Underground sand filters. Other types of stormwater protections under consideration include: § "Green" rooftops that absorb and clean rainfall. § Porous pavement that aids in the absorption of stormwater. Lynnsy Logue The Real Estate Lady® and Condo CanDo® in PS The 160K may be a an erro within the article. I'll check and report back. June 13, 2008 Lynnsy Logue The Real Estate Lady® and Condo CanDo® in June 12, 2008 June 11, 2008 Lynnsy Logue The Real Estate Lady® and Condo CanDo® in June 10, 2008 Local neighborhoods could soon join forces to fight the spread of “McMansions,” newly built, giant homes that some people say damage the look and feel of older communities. Residents from several neighborhoods, including Dilworth, Elizabeth and Plaza Midwood, are meeting tonight at the Midwood Baptist Church Fellowship Hall to discuss methods for stemming certain kinds of infill development. Leaders are expected to focus much of the discussion on Tear-downs have become increasingly popular in the area. Developers buy small homes and replace them with large ones – with equally large price tags. Last year in The developers of a 75-unit condo project in South End have stopped sales and will build it as apartments instead. "We designed Chelsea South End with multiple strategies, and one strategy was a condo building," said Terrence Llewellyn, whose Llewellyn Development is doing the project with Dean Kiriluk of Kirco. Since condo sales began there in November, home sales have slowed, financial markets have become more volatile, and lenders have tightened mortgage lending requirements. June 9, 2008 June 7, 2008 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. Sources: Global Insight, National City Corp. Shaila Danl, Elizabeth Flach, AP June 6, 2008 And because closings are our rewards, the week ended with a young Veteran buying his first home for his family in June 5, 2008 It was he, more than any other individual, who conceived of creating In those days, what is now To fulfill his vision, Stephens enlisted the services of the most promising landscape architect of the day, John Nolen of Harvard Squarein 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. June 4, 2008 June 2, 2008 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. Peggie Porter In NoDa, that’s North Davidson, also an historic district, Fat City Lofts are underway again. Fat City Lofts under construction on 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 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. Lynnsy Logue the Real Estate Lady® and Condo Cando® in May 31, 2008 May 30, 2008 Who would have believed that a new Or that one of the nation's largest apartment developers would help jump start a 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 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. Developer interest in Post expects to close on its site and start construction by the fourth quarter of a $65 million, 400-unit apartment community. 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. 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 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. 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 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. May 29, 2008 May 27, 2008 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. 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, Lynnsy Logue The Real Estate Lady and Condo CanDo in THE DAILY JOURNAL OF COMMERCE, 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. The other states with high levels of condominium litigation are Two environmental factors common to all these states are moisture and wind. Charlotte Regional Realtor Association May 19,2008 National economic news is only getting worse. The credit, currency The credit markets, and 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 saw a further downturn of 30% to 750,000. The median price was down an additional 4% to $232,500. The Existing Charlotte Market 21% to 37,155 sales. Median pricing was down 1% to $160,000 versus 2006 of 4% to 35,560 sales. Median pricing was flat at $160,000. The New Charlotte Market 2005 with sales up 15% to 24,801 and median pricing up 13% to $201,950. 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, is up 16%. National median pricing is down 7% versus stable locally! The national new home market is off 44% versus stable in median pricing is down 6% versus up 26% in 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 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. 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 Condominiums Novare’s Avenue 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, 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, Leading Communities Attached For Quintile I: < $139,000 Caldwell Creek Quintile II: $139,000 -$180,000 Alexander Chase, Hanover Crossing, Place. Quintile III: $180,000 -$224,000 Ranch, Quintile IV: $3224,000 -$289,500 Avenue, Quintile V: > $289,500 Avenue, Trademark, Lakeshore, Leading Communities Single Family By Price Quintile I: < $164,500 Meadow Hill, Reid Meadows, Citiside, Park Quintile II: $164,500 -$209,000 Mill Quintile III: $209,000 -$268,000 Quintile IV: $268,000 -$375,000 Quintile V: > $375,000 Changing Geography Attached For lead with 70% of the new attached market. 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 share at 40%. Union, maintained their second, third and fourth positions. 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 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. for individual presentations to each as a means to address their fears going forward. Knowledge is always a key input to decision making. The it is the best residential market in the U.S today! Ask Case-Shiller. May 24, 2008 Charlotte Uptown Condominiums-For May 23, 2008 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? This is Lynnsy Logue The Real Estate Lady and Condo CanDo May 22, 2008 I am learning as I go. And of course, What’s Up…Condos In Dilworth! May 19, 2008 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 Have a good time and if you need help, I am here. Lynnsy Logue The Real Estate Lady® and Condo CanDo® in May 17, 2008 2006-Active-Mecklenburg County-Uptown May 16, 2008 IN UPSCALE HE TRUSTS Million-dollar custom condos may boost DOUG SMITH Luxury $1-million-plus condos are among the most desirable units on the upscale end of 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 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 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 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 Darryl Dewberry of Spectrum Properties, which is converting an office building at He believes the market for spacious, luxury condos is deeper than it was just two or three years ago. Among the reasons he cites: + +¢ 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 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 He is a co-founder of the salon at 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 The experience with that project convinced him to put a contract on the nearby THE TRUST CONDOS The previous owner gutted the old 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. May 15, 2008 Both contractors and vendors are lining up their claims for payment at the courthouse as developer and general contractor Verna & Associates Inc. has begun piling up unpaid bills. The dream of engineer Pete Verna, The Park has been years in the making, with construction starting on top of an existing four-story parking deck at Third and Caldwell streets more than two years after it was announced. And now, with the tower about 70% complete according to Verna's recent statements, it's unclear when it could be finished. Key contractors and vendors pulled off the job in recent weeks, and now there is no ongoing work visible on the site. "The absolutely last thing any contractor wants to do is file a claim, lien or lawsuit," says Phil Campola, Charlotte-based Southern Steel Co. chief financial officer. "Ultimately, I have a responsibility in protecting the company interests, and this is a last-ditch effort." Southern Steel filed a lawsuit against Verna & Associates in February in Mecklenburg Superior Court demanding payment of $1.13 million as part of an unpaid contract for labor and materials already provided. The company began working with Verna in May 2006 when it signed a $3.3 million contract to provide and install structural steel components for The Park. "They have not hidden from their responsibility and are willing to communicate with us," Campola says. "Unfortunately, that did not result in anything substantive, and at the end of the day they could not fulfill their financial responsibility even if they wanted to." Mechanics liens totaling $567,000 have also been filed against Verna & Associates by Mooresville-based Performance Fire Protection, Charlotte-based Schotte 1 Construction Inc. and Building Logistics Inc. Performance Fire Protection has already installed most of the sprinkler system but stopped work because it had not been paid, says Ed Cook, company president. "But we are optimistic it will work out." Verna & Associates President Dave Frailey says the company is reviewing its options. "We are working with our attorneys and lenders in regard to this matter and will resolve it," he says. "We are not in any position to comment further." The Park condo was slated to open this summer. The project's initial stated cost was $42 million. Verna has said that 85 of the tower's 107 condos had been sold. Allen Tate Realtors is handling unit sales. Spokeswoman Karen Murray says the company can't comment on how buyers who have already signed contracts would be impacted by a completion delay. Condos at The Park range in price from $400 to $450 per square foot. The latest construction update on the company's Web site is from Dec. 24. The last day Southern Steel delivered materials to the site was Nov. 19. "Our best chance to recover our money is if the project can go to conclusion," says Campola. "But if for some reason the project can't be completed, our chances go down considerably. But we are holding out hope." May 14, 2008 May 13, 2008 May 11, 2008 1. The slow real estate market has brokers from competing agencies cooperating in unprecedented ways in an effort to attract more potential buyers to tour homes on the market. Tours are built around a common theme (contemporary, for example) or for the benefit of such non-profits as Habitat for Humanity. In Providence Plantation, two dozen homes will be on tour and in Huntersville, agents created a Multi-Million Dollar Spring Tour…hmmm. Can it be that in crisis, we will find that working together has greater rewards than just doing business? May 10, 2008 As dire as it is, the housing slump is not as big a fac- tor for the economy as investors think. True, the downturn has been unprecedented, leading to foreclo- sures, seizures in the credit markets, erosion of house- hold wealth, record low consumer confidence, and, until recently, stock market declines. But residential con- struction contributed just 3.8 percent to first-quarter a high of 70.8 percent of GDP in the first quarter of 2008, based on advance numbers. Exports, another rising category, added 12.7 percent. "Do not freak out about housing," says JPMorgan Funds Management Chief Market Strategist David Kel- ly. "We pay too much attention to housing in terms of how it's going to direct the stocks are under-priced as a result. Housing is closely tracked, with frequent updates on sales, construction activity and prices. "The problem is, every one of those numbers is lousy, and every one makes the evening news," notes Kelly. Citi Investment Research strategist Tobias M. levkovich says consumer spending is more important for stock prices. "Too many critical points are missed when investors only hear one data point and don't ana- lyze the rest of the information," he writes. Of course, housing shouldn't be dismissed. Mort- gage troubles helped cause the current credit crisis. Christopher Burdick, director of economic analysis for the spillover effects on spending. "The concern is warrant- ed," he says. But Kelly thinks investors should pay more attention to the stronger-than-expected growth in services in April. In addition, an early reading on first-quarter GDP points to growth, albeit at a sluggish 0.6 percent pace. SOURCE: Bureau of Economic Analysis Dani and Girard, AP May 9, 2008 May 8, 2008 Thursday, a Time For Favorites… May 7, 2008 May 6, 2008 May 5, 2008 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. May 3, 2008 ALLEN Real estate folks like to point out that an average is just that, an average. When average sales are down, that doesn't mean sales are down by the same amount in every neighborhood. In fact, sales could be up in some areas, including yours. Elementary-school math says that's true, and there's plenty of other evidence. Average home prices are down across the country, according to the respected Case-Shiller report – but up slightly in I wondered whether local sales could be up in one of the nine multiple listing areas in As you might imagine, though, Sales dipped the least – 19 percent – in Area 8, northwest of uptown. They fell the most in southwest Sales were down at But I did find sales actually up in one lake listing area. March sales of homes, condos and townhouses through Carolina Multiple Listing Services rose 19 percent at The statistics are available online if you'd like to explore them. Visit www.carolinahome.com. Elected officials from nine counties and 14 cities heard a sometimes-bleak assessment of the Here's what speakers said about key topics: Water quality Land development is now the major cause of the region's water pollution, sending sediment, bacteria, metals, pesticide and oil into streams and lakes. Between 1984 and 2003, municipal areas of the region grew by 99 percent while the number of trees dropped 33 percent, said Air quality The region faces more regulatory headaches over ozone pollution, despite several years of improvement. All eight of the region's air monitoring sites will violate a new ozone standard announced in March, said Waste management N.C. residents send far too much recyclable material to landfills. Just 10 counties, including Open space Time is running out for local governments to preserve open space, as land values soar. What May 2, 2008 Wait, Wait, Don’t Tell Me… Friday: Time for Q/A with Condo CanDo… May 1, 2008 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. Lynnsy Logue The Real Estate Lady and Condo CanDo in April 30, 2008 A Tribute to May 1st, tomorrow, at Artevation, A Celebration of History Through Art will begin. The following is an editorial written by Mary Newsome Planner, artist understood the power of place It's conventional wisdom to believe today's But in truth cities are more complex than that. Other people with less fame, less power and a lot less money leave important footprints, too. Warren Burgess, who Tuesday died unexpectedly and far, far too soon at age 56, was never powerful, never famous and most definitely never rich -- at least not in money. He'll probably never get his due in any history books on Cities need catalysts, and I met him almost 11 years ago. I had written a column lamenting the lack of community gathering places in most A few weeks later the phone rang and some guy said he was a city planner and he had my column posted on the wall of his office and would I like to have lunch? I figured it wouldn't hurt to know a city planner, especially someone who liked my columns. He was one of the thinnest people I had ever met, walked with a limp and handed me a book he had bought for me on a hunch -- Jane Jacobs' "The Death and Life of Great American Cities" -- which fed my curiosity about cities and pretty much changed the course of my career. We shared an interest in art and cities, in mountain streams (he loved fly fishing for trout) and, most important, in neighborhoods and how their buildings and streets shape the lives of the people who live there. He was a planner who understood that real places and people are always more important than theories and statistics. He was an urbanist, rare for a late 20th-century, Southern city. He filled notebook after notebook with drawings of neighborhoods where he did plans. He would walk the streets in a wide-brimmed straw hat, talk to people and just hang out until he absorbed a sense of the place into those thin bones of his. That's one reason dozens -- no, hundreds -- of Charlotteans met Burgess over the decades and treasured his friendship. I was forever finding out that friends of mine had already known him for years. He lived his life like a one-man community center, always getting people together in his own quiet way. And though Burgess' feet may have been planted on city sidewalks, his imagination was soaring. On the wall at my desk is his pen and ink version of North Davidson Street looking toward the towers of uptown. But it differs subtly from reality. Burgess, in his drawing, buried the power lines, as he did in most of his sketches. He once drew a plan for a European-style boulevard along N.C. 49 at UNC Charlotte. Next time you go down West Trade Street near Another of his visions is the drawing shown here, part of the In the bridge drawing, a thin figure in a wide-brimmed hat appears to stand in the creek, holding a cane in one hand and what looks like a fishing rod in the other. Miraculously, if you know Briar Creek, he is landing what can only be a trout. Talk about the power of dreaming. Mary Newsom Warren Burgess was a gifted planner and a visionary. April 29, 2008 Lynnsy Logue The Real Estate Lady and Condo CanDo in Ladies and Gentlemen, Sharpen Your Pencils…Pop Quiz! PS. Answers. Hold your phone upside down to read: April 28, 2008 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… So…let’s play ball! In The Real Estate Lady and Condo CanDo in April 26, 2008 Our Weekly Wrap by the Numbers Rate of growth for metro area in the 2000’s: 34% Tony Crumbley, vice president of research for the Chamber of Commerce Economic Development Office thinks a lot of businesses move here for similar reasons, one of the biggest being their desire to build a workforce based on Lynnsy Logue The Real Estate Lady,Condo CanDo in April 25, 2008 Friday is Q/A Day on Condo CanDo’s schedule. Q1. Do you have other links relating to Radon? Complex answer in a way. Foreclosures are just a part of the problem. Lynnsy Logue The Real Estate Lady and Condo CanDo in April 24, 2008 Lynnsy Logue The Real Estate Lady and Condo CanDo in I Believe in Asking for Help As you know by now, I read a lot. I read a lot to learn about the opinions of others, both clear sighted and obtuse. The daily papers, the business journal, the hip-hop weekly, reams of professional newsletters, association magazines, reports from every corner be they mortgage or bank, builder and developer, real estate statistics from around the country and in our own fair city, Charlotte. I read a lot. This is what I believe. The housing bubble is a mess. The causes are becoming clearer. It seems it was and is a house of cards. I have learned more about foreclosure that I ever would have thought, about the processes and the lack of processes, about short sales, about mortgage brokers and bankers, about abandoned homes, boarded up houses, communities in trouble. People blaming and being blamed. Recently I am reading about how it is a good time for investors to buy because prices are lower and interest rates are lower. Some of the articles are pretty basic. Some of the How To’s are for sale either in book form, or conference calls or DVD’s. And the part of our culture that turns a mess into an opportunity is beginning to take shape. Some will profit from the mess. Some will be scared for a long time. And some will be somewhat unscathed. But we are all feeling the uncertainty. Even me. April 23, 2008 I read a good bit to keep up with all the changes all the time. I thought this an interesting article to follow the preceding one on foreclosures. Here goes: Why Lenders Balk at Short Sales Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte,NC April 22, 2008 Roberts advises buying a property near your workplace or current home. After looking at several, go with the best deal. “Don’t negotiate with the bank-make an offer and then go dark,? he says. If you buy at auction, the full price is often required at the event, or soon after, so be prepared with the payment. Buying foreclosures is not without risk. “Just because it’s in foreclosure doesn’t mean it’s a bargain,? Roberts says. Things to look out for: Don’t buy in a market with too many foreclosed homes-no more than a few in any area. Also, regular maintenance likely wasn’t done, so there may be substantial costs beyond the purchase price. And don’t trust late night TV gurus-there are scams aplenty. “Many are simply very good sales people who know how to push your buttons to extract a tremendous amount of money out of you,? says Alexis McGee of Foreclosures.com. She lists several well-known schemes on her Web site. “Get a good agent, a good lawyer, good inspector and do your homework,? Roberts says. Then start checking the foreclosure listings. April 21, 2008 The EPA estimates 750,000 to 1 million U.S. Homeowners have taken radon-reduction steps over the years and says those steps, along with techniques in new construction have helped prevent 6,000 deaths. The majority of states have some form of disclosure law requiring the home seller to inform the buyer about property defects, such as radon-but only if the seller knows about them. Many experts believe this discourages testing and say a better model is an Saturday April 19, 2008 Lynnsy Logue The Real Estate Lady and Condo CanDo in Folks, this is a big deal because although the Westside is already perking, this sets the course for major change as Westside goes from warehouses and commercial to multi-use with condos and townhomes. That’s one. All that…and I planted 7 pink dogwoods! All in all, another beautiful week in Charlotte, The Queen City. Friday, April 18, 2008 April 17, 2008 April 16, 2008 • Size: 12-story parking deck to include condos, a restaurant and a green market. • Location: 2-acre site bounded by Fifth, Sixth and • The condos: 88 units, 560 to 960 square feet, priced from the $180,000s to the $280,000s. Green features to include eco-friendly finishes such as cork, recycled glass, bamboo, compact fluorescent lighting, and energy-saver appliances. • The restaurant: Developers are aiming for a health-conscious eatery featuring wholesome dining. • The green market: Developers are working with Charlotte Center City Partners on a year-round market featuring fresh vegetables, fish, meats and dairy products -- all sold by local vendors. • Parking: Condos with balconies would be constructed beside a 1,400-space deck. Glass elevator towers and a helix -shaped parking ramp add artistic elements. • Design: Developers will seek LEED silver certification and include such green features as bicycle storage, showers and changing rooms. • Development team: Spectrum Properties, developer; LS3P Associates Ltd., architect; BE&K Construction, general contractor; Bank of America, lender. • Timetable: Groundbreaking by late June; completion by fourth quarter of 2009. • Information:www.centercitygreen.com. DOUBLE-DUTY DECKS Developers are trying to improve the uptown streetscape by hiding or disguising parking decks. Here are some examples: • This garage and several of its contemporaries helped changed the public's perception of uptown as a giant office park and made it more attractive for the residential resurgence under way in the center city today. • Wachovia created The Green, a lively, 1.5-acre park atop an 860-space parking garage on • Bank of • At other uptown projects constructed since the city adopted screening rules in the 1990s, parking garages such as the one at the 46-story • Wachovia's First Street Campus under construction at Tryon and Stonewall streets conceals about 2,200 parking spaces beneath a 48-story office tower. Doug Smith: Charlotte Observer April 15, 2008 Thanks for joining us. Remember…read the fine print. All of it. April 14, 2008 Now The Charlotte School of Law is becoming visible against the uptown skyline. Motorists can see the four story building marching towards a completion date of August. What is not visible is the financial story. This building is the first The 100,000 square foot school of law is the first building in a 250 million redevelopment of Radiator Specialty’s 40 acre site as a multi-use project named Bryant Park. This is just the first phase of a broader plan that could have great impact on the area-in transit orientation, green orientation, and mixed-income housing. Thanks for joining us. April 12, 2008 April 11, 2008 Friday: Time for Condo Q and A… Lynnsy Logue The Real Estate Lady and Condo CanDo in Legal descriptions define the property. When in doubt, even from MLS data, look in Mecklenburg Polaris for the Unit File number. Unit File is often noted as a U/F. That means condominium. Condominium defines space. Does a condominium require a survey? A townhouse does and it, too, is attached housing. Townhouses come with a footprint and townhouses can be surveyed because a line can be dropped between units. The owner owns the structure and the land beneath it, ergo “footprint?. April 10, 2008 Built the first condominium in She was born September 15, 1910 in She went to school in In the late thirties, Otto Smetana opened a new mill in After World War II the hosiery business changed drastically. The stocking that had the seam up the back was called full fashion. Rather than convert the plant to make hosiery as it is today, Otto Smetana sold the mill and retired from the hosiery business. He and Kathryn traveled extensively throughout the Otto and Kathryn built a bowling alley, Park Lanes, near Kathryn got the building bug and decided to build a condo. The plans and specs were started in the late sixties and Gaynor Arms was started in 1970. Kathryn gave thought to every detail including security, storage, elevator, central laundry, clubroom and covered parking. After completing Gaynor Arms, she moved to Kathryn passed away January 23, 1998. A long and cherished friend of Kathryn’s, Al Busedu, was kind to write this story in memory of his friend. Thanks, Al…another Angel! April 9, 2008 On Wednesdays we take a trip Around the Town… More details on each project is featured in the “Condo News? section on www.CondoCanDo.com. April 8, 2008 The way to find out if any changes have occurred in the documents is to ask the President of the Condominium Association. Better yet, read them yourself. And it is a wise practice whether new or resale to make sure the purchaser receives a copy of the condominium documents. For instance, when purchasing a condominium years ago at the then brand new 400 N. Church, I read where the parking spaces were leased. Or in the case of The Park still under construction, a purchaser might be interested to know who owns the first level. Or with a complex in Ballantyne long perceived to be completed, another section is being built, this time commercial instead of continuing the residential plan. April 7, 2008 April 5, 2008 Lynnsy Logue The Real Estate Lady and Condo CanDo Charlotte NC New statistics reveal the big difference ALLEN You've read that speculators didn't drive up home prices in Here are recent numbers that provide specifics: The National Association of Realtors says investors bought 22 percent of homes sold across the country in 2006. Doesn't seem like a huge difference -- until you consider that's half again as much buying and flipping of houses. The Realtors last week released their annual survey of vacation and investment home buying. Because it's a survey, not a study of buying data, information for specific markets like "Second home owners are not very good at responding to surveys," said Realtors spokesman Walter Malony. "We have to do a lot to get usable samples." But here are interesting tidbits: • Nationally, investors bought 21 percent of homes last year. That doesn't seem like a big drop either -- until you realize that's a share of a down market. Total sales of investment homes fell 18 percent from 2006 to 2007. • The typical investment home cost $150,000 last year. • Most investment homes -- 61 percent -- were single family; 20 percent were condos and 11 percent were townhouses. • Seventy-one percent were existing homes. • Thirty-nine percent were in the suburbs, and 20 percent were in urban areas. The rest were in small towns or rural or resort areas. • The median income of investment home buyers last year was $92,900. All this to say Charlotte did have flipping, did have investors, speculators and as some are prone to say, criminals, but not as many as the rest of the nation. We were more conservative as we are want to be. Thank Heavens. Our market appreciated 1.8. Lynnsy Logue The REal Estate Lady and Condo CanDo in Charlotte NC April 3, 2008 April 2, 2008 Lynnsy Logue, The Real Estate Lady® and Condo CanDo® A South End developer has devised an unusual way to lure buyers to his live-work condos: invest money in their businesses. "People are capital starved. Money is as tight as it has ever been," said MECA Properties President Tony Pressley. "What better way to help?" The incentive is being offered at The Abbott Condominiums, whose 16 units are devoted to entrepreneurs seeking to live and work in the same building. Qualified condo buyers will be eligible for a one-time investment of up to $25,000 in their business ventures. There're strings, right? Every potential buyer must submit a complete business plan and professional credentials and be financially qualified to purchase, Pressley said. After that? "I base my decisions more on gut, commitment and track record than credit and collateral," he said. "I'm a 28-year veteran of running my own business." The exact form of the investment, depending on the needs of the buyer, could vary from repayable debt to an ownership stake in the business, he said. Commercial and residential developers typically offer incentives such as interior upgrades, flat-screen TVs or rent concessions to fill their buildings. Pressley, who helped pioneer revitalization in South End, said he came up with this unusual idea himself as a way of "keeping the entrepreneurial spirit alive" and paying forward his success. But he concedes the offer is more than an act of kindness. "I have product. I want to move it sooner rather than later," he said. "I'll do whatever I need to do to generate interest." April 1, 2008 Condominium Documents…Important.Important. Important. Can you park your boat and trailer overnight? Does the association draw interest on its reserve account? The Greens are avid gardeners. They find a lovely condo with an enclosed patio perfect for a small garden. After moving in they discover the by-laws strictly limit the type of plants that can be grown because of allergy problems of many of their neighbors. Or Every Tuesday, our podcast and blog will talk about some of the fine points. On our website www.CondoCanDo we will be publishing Typical Condo docs for your amusement, amazement and need to read lists. Lynnsy Logue The Real Estate Lady and Condo CanDo in March 31, 2008 Home Owner’s Questionnaire…Here Goes! Quite often when a new client starts talking about a condo they say, “I don’t want to cut the grass?. And that’s fine as long as they don’t cut out knowing all they can about a condominium complex. March 30, 2008 Here’s an example: supposing you installed a new furnace and air conditioner two years ago. You thought the contractor was licensed. You assumed the unit was permitted and inspected. It was only when it was sold, inspected by a structural and mechanical inspector and then by a HVAC company that the buyer/seller discovered that the unit had never been permitted, never been inspected and the contractor was not licensed in You can check property yourself in March 29, 2008 March 28, 2008 Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC An ounce of prevention is worth a pound of cure. Download the form or ask your mortgage broker for their company’s questionnaire. Ask the questions, read the documents. Lynnsy Logue, The Real Estate Lady and CondoCanDo in March 27, 2008 “Take this very common situation: a common-element pipe burst, causing major flooding damage throughout the building, including in your unit. The condominium association files its claim against the master policy, and you file your claim with your insurance company. However, each company points it’s finger at the other one, stating that it is the obligation of the other carrier to cover the claim. Often, when faced with this situation,one expert merely tells both agents: "Guys, both the master and the HO-6 policy were issued by the same company, so why not just work it out on your own, and make sure that both the association and the owner are properly compensated for their losses?" If you own a condominium unit, learn the difference between a unit and the common elements. Remember we often say a condo is the space, the area between the floors and the walls. Common areas are elevators, hallways, roof mechanical equipment, parking garage. And further, consider the pipes that serve only your unit will most likely be considered part of your unit -- even though those pipes go down the walls outside of your unit. It is important that you understand these concepts. Your association declaration will provide you with this information, but if you get confused with the legal (and architectural) terms, consult the association's property manager, its attorney or even the insurance agent for your building. It is absolutely critical for every owner to carefully read -- and reread periodically -- these legal documents. If you are renting your unit, you probably will not need protection for your tenant's personal property. However, you still need coverage in case someone gets hurt in your unit, and accordingly should still obtain the HO-6 policy. And you should make it a requirement in your lease that your tenants purchase "renters insurance" -- called an HO-4 policy -- so that they too will have protection in case problems arise. Damage to condominium units can come from many sources. The hot water hoses in your washer can burn out. Your fireplace chimney can get stuffed up, unable to provide the necessary updraft. Or the rubber seal under your toilet gets worn down. One never knows when these problems occur. More importantly, disasters are often out of your control. The cost of this insurance is nominal, considering the risk and the exposure involved. March 26, 2008 One more step…Condominium Insurance. This master policy may not cover your personal loss. The master policy covers the common areas that owners share with others in the building like the roof, elevator, hallways and walkways for both physical damage and liability. If someone takes a tumble, the master policy provides coverage and if a lawsuit ensues, the master policy will also cover the legal costs incurred by the Home Owners Association. |
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