Thu, 27 September 2007  September 27, 2007
Listen to the rhythm of the Charlotte Market…
“There is a voice that doesn’t use words. LISTEN�. - Rumi
Listening is my job.
This is what I hear:
Money: sub-prime lending is a calculated mess. Like a closet, all the pieces need to come out, be sorted and dealt with. Policies will change, credit may tighten for a while, investigations will be conducted, rents will go up to seize the advantage, homes will be lost- and gained. Investors will pick up property out of foreclosure. And maybe we will have learned some lessons.
Axioms: No such thing as a free lunch. And All That Glitters is not Gold.
New Construction
Even in the energetic Charlotte market, new construction is the glitzy new kid on the block. People like new, like picking out their counter tops, their paint, like the new appliances and furnace and new everything. They like new so much they sometimes forget to be sensible and have inspections, get representation, ask tons of questions and compare every single thing. The builders give them want they ask for and turn out hundreds and hundreds of homes as in over building. So closing are down but weren’t they up significantly?
Charlotte: Our market in radio’s top 25…means a lot. And all the other top ranking spots for largest, fastest, economic prowess. We have a good market. Sometimes the pace may quicken and even get frenzied…but like now, we slow a little. Condominium projects get put on hold…people take a moment to assess. Consultants say they are not surprised there is a reticence after saying for years that our market can absorb huge numbers…and that is all very human. We dance. We shift. We move forward. That is the Charlotte Market.
Looking at all the announcements in new construction, I think this might be a good opportunity to buy. Look at all the incentives and perks. Being careful of course, this may be a time to make lemonade out of the perceived lemons. And what better place to sip from the cup than in Charlotte?
I am confident that our market is strong and that as we resume our energetic growth…perhaps we will do so on a more solid footing without every builder throwing themselves on the pile of projects…maybe there has just been a cautionary whistle. Maybe we just needed to slow our pace a little. Maybe we are maturing, this once small southern city.
Lynnsy Logue,
The Real Estate Lady and Condo CanDo, Charlotte, NC
Direct download: Listen.mp3 Category: podcasts -- posted at: 3:19 PM |
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Wed, 26 September 2007  September 26, 2007
Show me the money, especially all of the closing costs…
Vigilance is the watchword as you take each step through the home buying process. And while I keep harping that buyers need representation, an experienced buyers broker, it is with good reason. Every step should be deliberated and scrutinized.
I urge my folks to get a Good Faith Estimate also known as a GFE and have it faxed or emailed to me so we can go over it together line by line. This step accomplishes several things:
1. The buyers become familiarized with the sometimes confusing form
2. The buyers see all of the closing costs: origination fee, attorneys, survey, title insurance, tax service fee, recording fees, appraisal, inspections and the pre-paid escrow items: property taxes and 14 months of home owners insurance.
3. The buyers then can compare various lenders’ programs.
Why am I stressing the point? Because quite often a builder will offer to pay a certain amount towards the buyers closing costs if the buyer uses the builders preferred lender.
And sometimes this actually costs more. So I always suggest still shopping around even if the builders contribution on the front end sounds like several thousands of dollars and looks like several thousands of dollars but actually isn’t.
And in the best of all worlds, I would make it feature of your purchase agreement that you see, have in your hands and your buyers broker hands, a copy of the official closing statement at least 24 hours prior to closing. How many families do you think are stressed when their belongings are in a truck, they have moved from their old residence heading towards the new house, and at the closing table, there is a big surprise. How do you head back when this happens? Get it in writing and be very clear with everyone including the closing attorney, the lender, the builder, that closing will happen when you have had 24 hours to look at every line…and further when all the repairs on the punch list are complete. Those are good reasons you need an advocate, a partner in the process.
Be careful out there. There are opportunities in this market especially in new construction but remember, there is no free lunch…and if per chance there is, be even more careful.
Lynnsy Logue is The Real Estate Lady® and Condo CanDo®, Charlotte, NC
Direct download: showmethemoney.mp3 Category: podcasts -- posted at: 1:36 PM |
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Tue, 25 September 2007 Uptown, Mid-town and Cotswold
I am visiting different sections of Charlotte and looking at Charlotte Condominiums.
And I am keeping up with the general condominium news by reading and listening.
Curious Observations:
Iteration: A tower once announced in one year, the land for the tower was closed on the following year and now, the ownership has changed. The expected dates have changed considerably and it appears that perhaps 50% of the project is under contract with delivery in 2010. Or thereabouts. I am curious about folks who went to contract a couple of years ago and how those purchase prices hold. I know of one builder who had a clause that allowed the contract to be null and void at their call. Prices went up on materials and contracts were cancelled. Read the fine print.
Ownership and Investors:
This keeps coming up. Who bought, who is looking to flip, what are those percentages. Stopped in one small complex on my tour. A brand new complex where one third of the units are occupied by owners, one third are on the market by investors and one third are on the market by the developer.
Cotswold
I take my hat off to the developer of Rosewood at the corner of Providence and Sharon. I really and sincerely hope they make a good return. I loved the rose gardens at the corner for decades and the grand old yellow two story home place…and while I loved that setting, I think Rosewood is quite a beautiful accomplishment. The whole intersection has changed for the better. And the folks at Rosewood stayed the course against the naysayers. I think they were ahead of their time. Rosewood is currently on the Showcase and well it should be. Bravo!
I will be viewing and reviewing Charlotte Condominiums. If you have questions, please be in touch. I’ll try to answer them. Meanwhile check out Chuck Graham 2Q Real Estate Report on TheRealEstateLady.com.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Direct download: uptownmidtowncotswold.mp3 Category: podcasts -- posted at: 1:37 PM |
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Tue, 25 September 2007  September 24, 2007
Charlotte Real Estate News The Charlotte Market
I took a break from the real estate to work at Festival in the Park for four days. Oh, sure, it was hot and there were a zillion people but this is one of those events that has been happening for well over forty years at Freedom Park. The tents dot the park and run alongside the lake, artists and craftspeople display their wares, clowns dance with children and parents do the hokey pokey along with their kids…and for a few days there is something that reminds me of our past. Something we haven’t torn down or turned out, something we haven’t slashed the budget on or updated the concept. Every once in a while, I need to feel a part of Charlotte tradition.
Now we are racing into October and the media is full of gloom and doom on the real estate front. Life goes on. For as long as I have lived in Charlotte, now over 50 years, I have yet to see our market reflect the statistics from across the nation. The market is here if you look for it…and you don’t have to try very hard. People are still selling and buying inside the market. Folks from other places are learning patience as they wait longer to sell their homes in Florida or Texas or even here, perhaps a newly built home purchased before a transfer. I recommend patience and prudence whether buying or selling. Of course that always applies but especially in tentative times. Charlotte is a good market.
Our good market will show through. If reading that building permits are down significantly, please know that they were up significantly as almost every builder grabbed the opportunity to join in Charlotte’s robust growth. Now you will see builders’ offering significant incentives and therein rests your opportunity. Shop carefully, ask about warranties because some of those builders will soon disappear. Always have representation and write down everything you are told. Everything.
Lynnsy Logue, The Real Estate Lady and Condo CanDo in Charlotte, NC
Direct download: Charlotte_Real_Estate_News.mp3 Category: podcasts -- posted at: 1:18 PM |
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Wed, 29 August 2007  It’s easy to be judgmental in a free market…
I have been a real estate broker in Charlotte NC for over two decades now. Previously I have worked in the media: newspaper, radio and television. My years there were many and the number of women working in the media was few. That experience was my education in the real world. In those arenas, I was privileged to observe people at their best and at their worst. And I had the chance to test my own beliefs, my own principles and my own frailness. My human traits, qualities, shadows.
And now real estate and it’s a similar story every day. Sometimes the issues are small and manageable, sometimes almost funny. But the big issues shake me still. Asbestos is a big issue and scary when it was first new to us…buried oil tanks are less of an issue…synthetic stucco is still with us…masonite is still with us…polybutylene pipe fittings…and on and on. Then there’s surveys, title insurance, home inspections and home inspectors, attorneys…each with their own baggage…and as brokers we carry our own baggage as well…including the label of Realtor which is a whole other story in my book…and then, of course, there is the mortgage business.
Subprime lending. I suspect there are strata we will never know. How deep the well goes and whose hands are in whose pockets…we will not know the entire truth. But I wonder about the people who were excited to be getting in a home of their own after or during experiencing credit problems…and about the originators and underwriters who helped make that happen…and about some of the builders who grasped that niche and built more and more houses…and not all of them well. Because some of the new home owners did not have a clue about the importance of their sub prime loan, some did, but failed again to meet their credit responsibility. And some mortgage lenders saw that niche and crafted scenarios with 100% down loans as well…and who represented the buyers along the way? Who explained the worst case scenarios, and maybe to some even said “Wait�. And the rest of us who looked at the huge gains in home ownership and wondered how was this possible? Some of us looked at these great numbers of new homes and some of us questioned some of the shoddy construction. And the loud crash recently wasn’t really a surprise. Our neck of the woods (NC) was experiencing record foreclosures. Investors were buying property sight unseen in hot markets. I am sure there is a story for each person in distress. Perhaps in uncovering those participants who are not in distress might reveal the real culprits.
And let me hasten to add, that I do not believe all the victims are without responsibility. I have seen buy-downs before and adjustable rate mortgages that were ill-fit to the new home owner…it is a mess. And now I read where conditions for obtaining a mortgage are back to normal. What does that say? And further, that there is a bulging inventory of new homes and I wonder if over building has anything to do with that report.
I believe we will learn more and more about the crafting of this mess…and perhaps less and less about the real players.
One thing is very apparent, the root is still money.
Comments? Please let us hear from you. Questions? We're available. And thanks for tuning in.
Direct download: subprime.mp3 Category: podcasts -- posted at: 6:57 AM |
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Mon, 27 August 2007 Condominium Home Owners Dues
The saying "there ain't no such thing as a free lunch" refers to this custom in a back-handed way, meaning that free things often have hidden costs. ...
The phrase refers to the once-common tradition of saloons in the United States providing a "free" lunch to patrons, who were required to buy at least one drink.
This is Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte NC
Twice this week I have heard stories about condominium home owners dues.
Maybe it is because condominium ownership is complex. After all, it is just air space. And condominium ownership is just a percentage. And the Rules and Regulations and the By-Laws and all the documents governing a project can be daunting. And financial statements and budgets for water and bills for taxes of the common area…and the number of dogs or cats…and on and on…I mean after all, you just want a place to hang your hat,
keep your stuff so you can get to the beach or the mountains on the weekends or be able to enjoy uptown and all the razzle-dazzle…or maybe because you just don’t want to have to worry about anything except paying the mortgage and the monthly dues. Let someone else worry. Right?
Please ask questions. What are the actual expenses? Line by line? How much is being set aside for maintenance as well as for the repair or replacement of the big items? In both cases, for the first year of each complex, the home owners were given a low figure for monthly expenses. Of course, new home buyers thought this was a great price, wow! condo living was going to be great, until the project was turned over to the home owners…and the expenses were actually triple because the builder or the developer or the firm that handled the conversion either paid the difference for the first year or only paid a minimum with no funds for maintenance.
One complex had to come together, dig deep and climb out of a negative balance. And then they had to pay extra to take care of their condominium home. Several years later, they are getting on their feet. But meanwhile, the complex suffered, the values dipped and home owners were frustrated, mad and financially injured. With no recourse.
Some of the best complexes I know are self-managed and so are some of the worst.
Ask questions. Make sure you get a recent financial statement.
There is a form now that speaks to the Home Owners Association and what the dues cover, if there are any opening lawsuits and if there are any pending assessments.
Ask questions.
And, oh, by the way...you can make your offer contingent on the seller providing the answers...and then, my friend, make sure you verify everything yourself.
Direct download: not_free_lunch.mp3 Category: podcasts -- posted at: 10:29 AM |
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Sun, 26 August 2007 August 23, 2007
For the want of a nail, the shoe was lost; for the want of a shoe the horse was lost; and for the want of a horse the rider was lost, being overtaken and slain by the enemy, all for the want of care about a horseshoe nail." - -- Benjamin Franklin
This is Lynnsy Logue, The Real Estate Lady and Condo CanDo, Charlotte NC
Over the twenty some years I have been a real estate broker in Charlotte, I have been in almost every condominium and townhome complex in Charlotte-Mecklenburg. When I built the first database, I spent hours and hours at the Register of Deeds searching for all the complexes, days and weeks going to each complex, taking pictures (before digital cameras evolved), noting heat source, parking areas, construction and amenities. Today, I have a snapshot of over 700 complexes in my head. You have probably correctly surmised that I am passionate about the sector of our energetic marketplace. It is a challenge for even me to keep up with the proposed projects, the under construction projects, the announced projects, and the inactive projects…and that is part of the fascination I have with Charlotte Condominiums.
But this week, I witnessed something I have never seen before. And while I was not surprised, I was. A small condo building that was new some 20 years ago is undergoing incredible repair. First of all, it was, in my opinion, of marginal quality both in materials and workmanship. Secondly, because it is small, the owners elected to manage the property themselves. And for a myriad of reasons, the maintenance was lacking until more serious issues surfaced. For lack of caulking, painting and proper flashing, deterioration of the wooden structure grew quickly. At that point the owners decided to get bids for siding figuring that would solve their problems. They felt they would not have to paint again and that would put that maintenance issue to rest. But what followed led them to attorneys and lawsuits. Now a couple of years later, the replacement siding and the old are being removed, much of the infrastructure is being replaced: studs and headers. Supports for decks which were never according to code from the get-go are being constructed. New insulation or mostly new is being installed, new flashing where there was none and finally new siding. This time the windows will be wrapped and proper caulking standards will be followed.
I have been on site twice and was allowed to take pictures for my journal. The General Contractor on the job now was kind enough to show me the whole process. This is a perfect lesson in Condominium Care.
First, the condominium homes must be well built with good materials. Second, the units must be well maintained…inside and out. Hallways and byways. Landscaping and parking areas. Everything.
Condominium construction should be done as though the builder were building the units for his/her own family. Condominium ownership does not excuse the homeowner from caring.
I was sad to see the extent of the damage and the neglect, but not surprised.
Direct download: For_Want_of_A_Nail.mp3 Category: podcasts -- posted at: 10:59 PM |
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Thu, 16 August 2007  August 16, 2007
Charlotte Condos As Investments. No Crystal Ball.
Late last night after I checked my day’s work and tucked the big dogs in bed, I sat and surfed. It is amazing what sites come up at midnight and are hard to find the next day. But it’s interesting. Before surfing, I thought I would tackle M and M’s as my next subjects: Mortgages and Management Companies. Instead I cringed when I came across a website that spoke to Uptown.
In essence, this person was hawkin’ “Come On Down�…referring to Uptown Charlotte.
First, the North Carolina Real Estate Commission frowns on our using our crystal balls. And our own good sense might well do the same. The one thing I know for sure, the only thing I know for sure, is that I cannot predict appreciation. I can speak to my perception of the marketplace. Period.
So when I read about the number of sales and the prices and the towers and on and on…
and how this is the place for investors because of the promise of appreciation and substantial gain, I say “Whoa�.
I talk with other brokers and some of us are being very cautious for our clients…some of us are suggesting condominiums outside the Uptown Loop…because some of us think the preponderance of small, most often one bedroom condominiums are headed for a definite unknown future. If there were a way we could parse the purchasers so we could know how many investors were involved with a project, we might have a more clear picture…and some might say, well, there is a cap on investors. Perhaps, but is there a cap on “second homes�?
In SouthPark, there is a handsome new project where today there are 40 units for sale. That conservatively is about 20% of the project. Certainly, that project will change as other retail and businesses come aboard, but what if that were your primary residence?
In some states, there are laws that prohibit rentals in some multi-family projects…rentals may occur only in dire circumstances. I can only hope that our legislature would take a look at that concept for North Carolina.
Back to Uptown. I have a friend who was asked to do a feasibility study for one of the towers. Their answer was, “No�. And then asked why, their answer was “ because I don’t think it is feasible�. Consider that in this market the same folks who often do the feasibility studies for the developers are also the spokesperson to the media. So who do you believe?
I am a cautious person. I believe you should be able to get out of whatever you get into…with relative ease and minimal heartache. The normal angst precludes not being able to get a mortgage on your place because there are too many investors. Not being able to get out financially because you are competing with not only new construction but also other, lots of others, in the same marketplace. How many one bedroom condominiums can our Uptown accommodate? Today? In the next 5-7 years.
Then let’s think logically…Charlotte is still growing. There is land close to uptown, close enough to build more towers, more mixed use and still have access to the city. Hmmm.
Would I rather be able to walk my dog in the neighborhood park, actually have a grocery closer by, have more than 550-750 square feet, be able to hop to the Y as well as the night life and pay less than $300 a sq ft.? Hello!
Of course, there are folks who do use the Uptown condominiums as their city pad…some folks do use them as a second home. I am speaking to the general population for whom this is their primary residence, their biggest investment. Single folks just starting out, young marrieds enjoying the street scene, the night life and the glitz.
Charlotte is a great little city…growing, energetic, vibrant. The streets are sometimes paved with good intention, the air is less than pure, the people represent both the best and the worst and the mantra or at least, my mantra is always, “Caution, caution�. Even as a real estate broker specializing in condominiums.
Direct download: Uptownchicken.mp3 Category: podcasts -- posted at: 2:02 PM |
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Wed, 15 August 2007  08-15-07
Conversions
Something Old, Something New
Some Converted…aha…yet another twist
for Charlotte Condominiums…
As I think about the various elements, the variety of processes in the world of real estate most specifically, Charlotte Condominiums…I consider “ conversions�. A conversion would be a property which has been converted to a condominium. A property which had another use, for instance:
Apartments are the most likely candidate for conversions. Property that was initially built as an apartment and at some point in its life span was converted to a condominium.
Cotswold Homes, brick gardens, were built as apartments. At first glance, you might think they would qualify as town homes. Because of their construction, they had to fall into the legal category of condominiums.
Selwyn Village off Wakefield has a town home configuration as well as flats. Obviously they converted to condos from apartments. One clue on the earlier conversions is the tell-tale central laundry facility. And often a central heating system accompanied the apartment status.
Alson Court in Eastover is another conversion. Stately brick with hardwood floors and a handful of carports. There are many conversions throughout the older sections.
My favorites are the handsome old Myers Park mansions that were converted from single family to two or three condos. I applaud that innovative thinking and that was many, many years ago.We might see more of that down the road.
Favorite stories are the apartment/condo/apartment/condo status of Heathstead. One of the largest, if not the largest, condominium complexes in Charlotte. In the SouthPark area, it was one of the pioneer projects and was built by Crosland.
Another favorite in SouthPark is Trianon…and I almost see that being a tear down someday. Precious and pricey location. Still has central heating plant.
Uptown, the elegant Poplar was once apartments. New York flair, solid, classy it was converted long ago and is a coveted location. There are two elevators…each has a special designation. Laundry and parking down. Rooftop terrace. Gramercy foyer. Great windows.
Fifth and Poplar started off as Condos but the market was soft and they went to apartment status but I suspect the construction is more to the liking of condominiums. Unlike some apartments which have been converted.
Sometimes I get the feeling that an apartment building, complex, is being built with the eventual intention of conversion because the construction is less costly for the apartments in some cases. We’ll see more of this I should imagine and the green gets greener.
Unique conversions:
Settler’s Place: on North Church St. Adjoins historic N.C. Medical. Five stories. Six units were prior to new building. These units receive tax credit because of historic designation. Newer units face the old cemetery. Exterior construction is EFIS. 2 parking spaces, deeded storage in basement. Older units (5) share rooftop terrace; 16 new units, each with private terrace.
St. Peter’s
Conversion 1996. Historic building. See AtHomeCharlotte.com Walking Tour. Renovated in early 80s. Parking is off W 6th St.Complex is at Poplar St and 6th St. Some 2 story units, some three. Exposed brick walls/wood floors. Flats as well as townhouse styles. Basement storage.
Alexander House, Elizabeth-Colonial Heights
Conversion. Built in 1917 and converted to condominium in 1993. 509 Clement Ave. Clement Ave was originally constructed to accommodate the trolley so it is wider than most streets and has a boulevard effect. Total of five units at Alexander House.
Business and warehouse converted to condominiums? You bet. There’s Factory South and Atherton Mills. The cautionary flag I would throw on a conversion is the construction. And not just the new hardwood floors, the updated kitchens with granite and snazzy new bathrooms…hire an inspector to go over the unit with a fine tooth comb. Both structural and mechanical.
Of course, that goes for any property. Yes, even brand new…especially brand new.
That is for another day.
Meanwhile, I suggest “Googling� convert apartment to condominiums. Fascinating and good information. Direct download: conversions.mp3 Category: podcasts -- posted at: 4:30 PM |
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Tue, 14 August 2007  August 14, 2007
The Planning Commission, the Zoning Department, Home Owners and Neighborhood Associations.
Charlotte-Mecklenburg has a large and capable staff of good folks at The Planning Commission. They have an excellent map-making department, a superb graphics department, they have numbers and statistics folks with lots of experience and they have visionaries, too. It amazes me how we sometimes do not listen and take into account their recommendations. Doesn’t that make you wonder? Recently, zoning was passed by the governing body for a project in Dilworth that both the Planning Commission and the Neighborhood Association opposed.
I read an article recently from Seattle…it spoke to the longing many years ago for the community to be involved in the planning of their city. Community formed, community spoke and with little avail. Money speaks louder make no mistake about it…if it’s in the form of the possibility of increased tax revenues or another source of income…we see it happen time and time again. And if community wins once…wait…for the developers can often outwait the community. It has happened before and it will happen again. Axiom.
Zoning. How do they keep it straight? We have to have smaller home sites so we can have more homes. We court density thinking it is the only saving grace, the only answer to an energetic, burgeoning town. Smaller home sites, more vertical homes priced higher and higher each year. And just for fun, do you think there is a limit on the number of one bedroom condominiums in uptown Charlotte? Okay, here is a puzzle. There was an article about the Light Rail and how there are building permits for 7300 residential units along the rail. Now there is also a report that informs us that in the last quarter of 2006 there were 7300 building permits for condos. There is probably some overlap, but when asked, I was told they are not the same.
The very neighborhoods with their charm and ambiance that brought folks here are changing. Maybe it is inevitable. We are a people who fancy “more�. I keep wondering if other cities go through this…where neighborhoods change and streets change and the Mom and Pop shops and restaurants can’t compete and pretty soon, Charlotte as we know it, knew it, is gone.
In my sleepy, country neighborhood, we have a strong neighborhood association because builders have found us and try to build more houses than our covenants and restrictions call for. We want to maintain the integrity of our neighborhood, we stand close, chip in, hire an attorney, speak out, fight back. Part of this process has been fun…we have a website, an email newsletter and we get together more often. Look for the good, cherish the positive.
I have a friend who is a personal trainer…she says we “tear� the muscle apart to build the muscle stronger. Maybe it is that way with cities. I have lived in Charlotte for over 50 years. I love this place like no other. I can recall another time…and I am grateful that we live in this vortex of growth and change. I only wish we could grow our integrity as well.
Direct download: planning081407.mp3 Category: podcasts -- posted at: 4:47 PM |
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Mon, 13 August 2007  August 13, 2007
Beginnings ARE Difficult…
Especially When Defining Charlotte’s Condo Market
Many of us in the real estate profession are shaking our heads in wonder, amazement and amusement about the Condo landscape in and around Charlotte, NC. So what must the general public be thinking? Or how about the developers and builders? And the mortgage folks? Then there’s the planning commission, the zoning department, the water and sewer department, Light Rail. Oh, and let’s remember, the management companies. Oops, then there’s current events-the mortgage debacle. And past events, the cycle of overbuilding-the lure to investors in an energetic, glitzy market. Oh, my-where do I start?
With the basics. I believe that there are many levels available for scrutiny and I have learned that old axioms age well because of their simple truths.
Cycles: Many years ago in Uptown Charlotte NC, condominiums in Center City Charlotte were built in Fourth Ward and in Third Ward. They were, by and large, smaller complexes, except Springfield Square and by the sheer nature of Condominiums then, pretty avante-guard. Local lenders encouraged this residential concept and granted loans to encourage buyers…many of the loans, however, were adjustable or balloons of 5 to 7 years. And as time rolled forward and folks were moving up and out, re-financing became tough and selling became tougher. Enter rental property. Then, of course, any buyers who would come would have a tougher time getting a loan because of the higher investor ratios. Condominiums got a bad name. Not because of the concept but because of the variables in the marketplace. Cycles happen. (to be continued)
Less is More.
Charlotte, NC used to be a sleepy southern town. For many years Charlotte ranked in the top markets, the ADI…Charlotte was a great test market for the likes of Proctor and Gamble…but no one else except the natives could differentiate between Charleston, Charlotte, Charlottesville or Chapel Hill. We were safe. You couldn’t find us easily. So we had condominiums and townhomes in the inner circle around downtown/uptown Charlotte, condominiums out a little…Raintree, Quail Hollow, SouthPark (before it was SouthPark), on the East side off Central, off Kilborne, off Hickory Grove (now W.T. Harris), out Mint Hill way, off Lawyer’s Road…and then an accelerated spurt in the late 70’s, early 80’s off Carmel. But you get my drift. We had condos and townhomes…and once again, the tick of the cycle. The builders in my opinion overbuilt. (to be continued).
Buyer Beware.
I have a friend who says of the world, how can you do anything well when you are trying to do everything? I see that now in new construction: poor building materials, poor construction. Lack of attention to detail. Re-direction of responsibility. And on the buyer’s side: lack of knowledge, lack of qualified representation, lack of patience. (to be continued.)
No Such Thing as a Free Lunch
Free furniture, free closing costs, free home owner’s dues, free mortgage, free moving…Hang-on to your hat because there is almost always an underlying reason. Builders are rarely going to give anything away unless they need to…and if they need to, the buyer needs to be able to read the signs…and make the situation work for them. We live in a capitalistic society and it is driven by profit. Money. (to be continued.)
Thanks for tuning in...got questions? I am listening.
Lynnsy Logue, The Real Estate Lady/ Condo CanDo, Charlotte, NC
Charlotte's Condominium Specialist
Direct download: beginnings2-0814-07.mp3 Category: podcasts -- posted at: 10:38 AM |
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Fri, 6 July 2007 July 6, 2007
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®in Charlotte. NC
The voice of real estate in Charlotte NC
Win. Win.Win
This is fun…gathering stories and thinking through the details and sharing them…amidst all the other stories about hidden termite damage, the money lenders who make lousy loans to unsuspecting folks, through the arenas of power and control by everyone in a transaction, the coveted dining room fixture, the switched refrigerators, the inexperienced agents and the experienced ones…through all the mirrored halls…and like Alice in Wonderland…down the rabbit hole…ker-plunk…in the land of Win.Win. Call it Winderland.
How does this happen. Remember the transaction where the townhome built ten years ago has a failed foundation? The same one where the credit card company made an error on the buyers credit report and caused her loan process to fail? The same buyer who is bunking in with her sister and their parents while she waits for some word that everything will work out. The same buyer whose Mother has Alzheimer’s and she bought her home to care for her aging parents. The same buyer who had a credit score of 850 before the credit card company made an error. The same credit car company who moved t less than a snail’s pace until the buyers agent got her company’s corporate attorney involved.
At the same time, the seller moved out to be with her children. The seller is a retired Church Secretary. The buyers agent said they would terminate the contract and if and when the buyer ‘s credit scores were repaired, she would offer another contract. We, the sellers agent said we would wait and at the end of a week or so, would offer the unit on the market seeking back-ups. In the meantime, we called the attorney as well to see if we could help, wrote a ltter to our representative in Congress, called and spoke with the office of the Attorney General of NC…and both agents kept constantly in touch. Whew!
The builder called to say the foundation problems would be fixed and all expenses would be paid by the builder and everything would be a good as new. Yesterday, the buyers agent called to say she just heard from the attorney and he had gotten a letter in the mail from the credit company acknowledging receipt of the power of attorney the buyer had given him and to say they were making the repairs to the buyers credit reports.
We are on go. Because we worked together for the good of everyone. Now that is real estate at it’s best. Win.Win.Win.
Direct download: winwin070707.mp3 Category: podcasts -- posted at: 12:06 AM |
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Thu, 5 July 2007 Charlotte Real Estate 070707
Lynnsy Logue, The Real Estate Lady® and Condo Cando® Charlotte, NC
Charlotte’s real estate voice
Charlotte, NC City of the Future
Are we all pleased? Charlotte is ranked as the 20th largest city in the country and listed as the 10th fastest growing. Wow!
I have lived here for well over 50 years and am appreciative of our fertile climate for business, our closeness to beach and mountains, the community of friends that has grown over the years to be hundreds or thousands as our paths intertwine as our children bear children and as some of our parents come to Charlotte to retire. It is a pretty nifty place, Charlotte, NC - this city of the future.
And I wonder…will our cities and descriptions always be based on “biggest� and “fastest�… and “newer� and “improved�…I wonder that as our tree lined streets with elegant homes of the 50’s and 60’s change to sport the mega mansions…and our charming neighborhoods sport the 4ft x 8ft signs advertising the property for sale and how many lots it may be subdivided to…and the sound of cash registers and the silent clicks of calculators of all shapes and descriptions marching silently to this city of the future. My personal quest would be clean drinking water all, enough for everyone, clean, pure air and great schools for our children, all of our children. Safe, clean well equipped schools with the best teachers who receive top pay. Everything else would follow I believe.
Today…I honor the visionaries. The people who worked long ago, loving this place and wanting it to be the kind of city where we could raise our children, educate our children, have movies on the green, streets where we could ride our bikes and so on…and behind every effort there were the people. In many cases we don’t know nor did we record their names. These people who made the core tapestry of Charlotte.
I am glad to read about newcomers, where they come from, where they choose to live in our fair city…I would like to know about the weavers, the older ones who have left, are leaving - their stories. For inasmuch as we consistently and persistently tear down our old homes and old buildings, if we treat our physical history with such little respect, are we doing the same with the people who created our past. All of the people.
The women who started the Afro-American Cultural Center for whom I think the new one should be named. We owe much to these two visionaries: Mary Harper and Bertha Maxwell Roddy, both women now with doctoral degrees…and others like them who helped shape Charlotte. All of us…black, white, yellow, red, rich, poor, kimonos, Birkenstocks, jeans, artists, economists…all of us made Charlotte so that it could look to the future. So besides being among the biggest and fastest, what are we?
Who are we as a people? It is a question I ask of myself as I say goodbye to folks who are heading out.
Direct download: Cityofthefuture070507.mp3 Category: podcasts -- posted at: 11:54 AM |
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Thu, 21 June 2007 June 21, 2007
Finding my voice…
When I discovered the Internet, it was manna. The years spent in newspaper, radio and television seemed to converge. Here on the web, the playing field is leveled. The fascination and knowledge I gained in the various media and learned to love was introduced to me again. This time on a silver platter.
And the doing of creating space is much like the cobbler with no shoes. It is easier to write a story, take pictures, and create a web for someone else. Doing for oneself is a challenge.
I have given podcasting a good bit of thought. I crossed out roles of cynic and forecaster. The idea of being an expert has little appeal because I know so much can change in the drop of a hat. And I am passionate about Charlotte. Fascinated by the whole workings of real estate. Energetic and intrigued by the condominium market. Curious about all the new construction. Where do I start and where do I place the Podcast?
In my usual way, I am going to be myself. Hungry for all that the Charlotte market offers. TheRealEstateLady.com seems like a logical place. And we’ll link from AtHomeCharlotte.com and CondoCanDo.com when need be.
I like the challenge and the adventure of trying new things, honing old skills. Come along, tune in, please. And ask questions. I am very accessible.
Lynnsy Logue, The Real Estate Lady®and Condo CanDo® from Charlotte, NC
Direct download: Finding_my_voice.mp3 Category: podcasts -- posted at: 9:54 AM |
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Wed, 20 June 2007 June 20, 2007
Good Day.
This is Lynnsy Logue, The Real Estate Lady, signing on from Charlotte, North Carolina most recently touted as one of the re-silient real estate markets and with good reason. Charlotte is a jewel. How do I know? Well, I've lived here for over fifty years and worked in the market for decades. Good things are happening here.
For example, we have good news and more good news. I have been working with a retiree who bought a ranch style townhome almost ten years ago. Key note there is almost. And we recently sold it. The inspections showed a crack in the foundation.
She knew the date she signed all of her closing papers and had her builder's warranty in hand.
I made the call to the warranty department for the builder and followed my call with an email so I would have written documentation.
A local builder, they wrote the work order immediately, scheduled a crew to inspect the work. The crew chief called me yesterday to say he was on site and if I wanted to come, they would be there at 2:30. They did a complete inspection, even pulled back the carpeting to see how far the crack might have gone, scheduled soil testing and another crew to begin the repair work.
I have worked with this company before and they are as good as their word. They do excellent follow-up and passing the buck is not their style. How fabulous is this, a builder who stands behind their work even ten years later.
While Charlotte is growing and new people and companies come every day ... some are good and some are not so good. Today it's a good real estate news story.
Thanks for joining us. Lynnsy Logue, The Real Estate Lady, Charlotte. NC
Direct download: therealestatelady062007.mp3 Category: podcasts -- posted at: 12:00 AM |
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Mon, 18 June 2007 Transition. We buy. We sell. We explore choices. Except when we feel we don't have the luxury of time.
Today I met a smart business woman at one of our listed properties. She had been driving around, looking for a place where she feels "at home". Even though she bought a brand new vinyl clad home almost seventeen months ago just a few miles from this all brick ranch home.
She explained how she came to buy her new home which in fact was almost the same size as the one we were walking through.
She had little time then as she shuttled from one state to another. Had one home on the market while this one was being finished. Landed a transfer and had a time limit. Did not shop for a loan or even another home. She was in a hurry. Feeling pressured.
We walked through the back yard, spacious and quiet with lots of trees. She looked carefully at the exterior construction. She looked under the decking and asked about drainage. She walked carefully through each room taking an inventory of size and light.
Now she had time. And I encouraged her to take the time to think about where she is and where she thinks she wants to be and why and, of course, the dollars.
Patience is often the most prized tool in our real estate business. Patience to wait for the right buyer, to find the right home and to consider all of your options well before taking any step.
Direct download: 101-0607patience.mp3 Category: podcasts -- posted at: 11:05 PM |
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