March 30, 2008

Lynnsy Logue, The Real Estate Lady and CondoCanDo in Charlotte, NC

Permits and inspections, let’s take a look…

Charlotte and change. The two go together. Huge building cranes populate the center city and the crane sentinels keep watch and work on a hospital site off Randolph Road, in the SouthPark cluster of office buildings, out Ballantyne Country Club  way and up at the ever-expanding University of North Carolina-Charlotte.

On a smaller scale, homes are being remodeled or torn down. Condos are coming out of conversion or under new construction…decks and patios, fences and driveways, room additions and garages with apartments above…new home sites tend to be smaller and one might wonder about surveys…and the importance of permitting for furnaces and decks, driveways and the like. And the follow-up of county inspections. Charlotte is a busy, growing city in every direction. Both old and new homes and offices are undergoing transformation.

 

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 North Carolina.

Consequences: if a fire happened and the insurance company in their due diligence discovered this, your claim might be in jeopardy. If the information were divulged to FHA (assuming the loan were going FHA), he FHA appraiser would deduct the system from the appraisal. So the house would not appraise for the purchase price in most cases.

 

You can check property yourself in Mecklenburg County by going to www.meckpermit.com. Just simply enter the address and you will get a record of items permitted. Checking a contractor’s license in North Carolina, go to N.C. Board of Examiners and follow your nose. You can search by name and by county.

Verifying everything is even more important in his energetic market.

Coming up: Condo Documents

March 29, 2008

Lynnsy Logue, The Real Estate Lady and CondoCanDo in Charlotte, NC

Inspections and How Situations Change…

Real Estate is like the ocean…probably more volatile because our life forms are humans. So we have the predators, the bottom fish, big fish and really big mammals, and little fish, plankton and seaweed. And the Dolphins. But we are different because we are shape shifters…what looks like a Dolphin person may well be a hungry shark. The test is when we get into unknown waters.
The “weâ€?  represents the brokers and the buyer and the seller. The unknown waters is sometimes the time for inspections. Because even though the inspectors are licensed and have a governing agency, they are not all alike. Just like “weâ€? are not all alike.
Hire three different inspectors and you will have three different reports. 1. They are not all written in the same format. 2. Some are more descriptive than others 3. Some are lacking.4. Some come with color pictures of the troubled spots.5. Inspectors are human,too. Sometimes they miss something.
Recently, I had a buyer who liked a house that had been under contract, inspections had been done, repairs were underway. The buyer backed out.We liked the house and wanted to make an offer. The seller said fine, but I am not making anymore repairs. We said, we’ll have it inspected again, have our repair guy look at everything and if all is true, we’ll proceed without further ado. We asked for the previous inspection and for the repair list so our guys could see what had been done.
The first inspector was lacking in his report. He reported items that do not require reporting, cosmetic items. He didn’t catch the live hanging wires under the kitchen, he didn’t check the water heater and the list goes on. The sellers repair guy just showed up and did a few things and not well and charged a lot. Our inspector was thorough beyond belief. Comparing the two inspection reports was like day and night. Our repair guy made his list and checked the other’s work. Disparity. And the final straw is in the next podcast because what my handyman and I found in the crawl space was a huge problem that we both “felt� and explored.
So what’s my point. If you hire an inspector, look at a sample of their work, check their credentials and make a list of items you and/or your broker have specific questions about and ask him to address them in his report. Give him/her a written list. And for the handyman, even I have been fooled by the smooth talker. The guy I like the best  always shows up on time, always sends me a written estimate line by line, always thinks ahead of me and has great ideas, always tries to save money if he can without loosing quality and his prices are always fair. I found him through another broker. Good source.

Coming up…Permits and County Inspections

March 28, 2008

 

Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC

Home Owner’s Questionnaire…Good Stuff.

So here is the scenario. You decide to buy a condo. You are a first time home buyer. You’ve gotten pre-approval for a loan amount, you’ve teamed up with a real estate broker and you are on the Internet ( 87% of buyers and sellers head to the web) and in your car( 67% drive the area, check the neighborhoods and I do this as well).

You’ve found the one you really like, made your offer, negotiated the deal and you’ve got a contract. So you know you like the location, you like the floor plan, you can have a dog, there’s a pool. But what else do you need to know?

I posted a great and thorough questionnaire on www.condocando.com that I picked up at Countrywide. It’s pretty detailed but I like detail especially when it comes to condominiums and town homes. You need to know before you buy how many investors there are…if the complex or building is complete? (Sound strange? It has happened.)
Can the project be expanded beyond its current size? That’s really good. Is there any commercial space designated in the project? This has happened after the fact. Are there any pending lawsuits? Assessments being discussed or forthcoming? Catch my drift?

 

An ounce of prevention is worth a pound of cure. Download the form or ask your mortgage broker for their company’s questionnaire. Ask the questions, read the documents.

Documents, you say?…Discussion on the way!

 

Lynnsy Logue, The Real Estate Lady and CondoCanDo in Charlotte, NC

 

 

March 27, 2008

Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC

Condominium Insurance-Part Two

The following is a great excerpt  from InmanNews:

“Take this very common situation: a common-element pipe burst, causing major flooding damage throughout the building, including in your unit. The condominium association files its claim against the master policy, and you file your claim with your insurance company. However, each company points it’s finger at the other one, stating that it is the obligation of the other carrier to cover the claim. Often, when faced with this situation,one expert merely tells both agents: "Guys, both the master and the HO-6 policy were issued by the same company, so why not just work it out on your own, and make sure that both the association and the owner are properly compensated for their losses?"

If you own a condominium unit, learn the difference between a unit and the common elements. Remember we often say a condo is the space, the area between the floors and the walls. Common areas are elevators, hallways, roof mechanical equipment, parking garage. And further, consider the pipes that serve only your unit will most likely be considered part of your unit -- even though those pipes go down the walls outside of your unit.

It is important that you understand these concepts. Your association declaration will provide you with this information, but if you get confused with the legal (and architectural) terms, consult the association's property manager, its attorney or even the insurance agent for your building. It is absolutely critical for every owner to carefully read -- and reread periodically -- these legal documents.

If you are renting your unit, you probably will not need protection for your tenant's personal property. However, you still need coverage in case someone gets hurt in your unit, and accordingly should still obtain the HO-6 policy. And you should make it a requirement in your lease that your tenants purchase "renters insurance" -- called an HO-4 policy -- so that they too will have protection in case problems arise.

Damage to condominium units can come from many sources. The hot water hoses in your washer can burn out. Your fireplace chimney can get stuffed up, unable to provide the necessary updraft. Or the rubber seal under your toilet gets worn down.

One never knows when these problems occur. More importantly, disasters are often out of your control. The cost of this insurance is nominal, considering the risk and the exposure involved. 

 

 

March 26, 2008

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

 

One more step…Condominium Insurance.

Let’s be precise. This is condominium insurance. Not co-op or town home, but genuine condominium insurance. Good. In every condominium and co-operative and even townhome communities there is a master insurance policy. Each association requires a certain level of insurance. The Lender requires proof of this Master Policy. Further the coverage must be consistent with the legal requirements. The buyer’s lender has a form that is completed by the Home Owner’s Association regarding this policy.

This master policy may not cover your personal loss. The master policy covers the common areas that owners share with others in the building like the roof, elevator, hallways and walkways for both physical damage and liability. If someone takes a tumble, the master policy provides coverage and if a lawsuit ensues, the master policy will also cover the legal costs incurred by the Home Owners Association.

If a unit suffers maximum damage, the master policy will bear the expense for the restoration of ceilings and walls. And then there are the grey areas: appliances. Sometimes a master policy will cover them and sometimes not. Remember the deductible and your HOA should know that figure.

But…read carefully…any improvements that previous owners or you have made will not be covered. I read this in my insurance brochure, the word is “bettermentsâ€?. Wallpaper or upgrades in the kitchen or bathroom are not covered. It is better to know this before you need to know this, right? The most common occurrences are the overflowing bath tub or shower: tumbling water into the units below. The Master Policy will repair floors and ceilings…other items that were damaged like that hand woven Greek wall hanging, Persian rug or priceless water color will lack coverage. For those items, you will need  your own individual policy. This insurance policy is known as an HO-6 policy. This gives you coverage subject to a deductible for your personal furniture, clothing and “bettermentsâ€? in your unit.

Depending on your own financial situation, the HO-6 policy can also include such things as reimbursing you for monthly assessments and alternative lodging while you are unable to reside in your unit; water and sewer back-ups (which are all too common especially in older buildings); and even expensive jewelry, stamp or coin collections, or fur coats. You should be able to obtain this kind of policy through any insurance agent

Some associations require that every owner obtain the HO-6 policy, and many experts strongly recommended that every association make this a requirement.

I have read  that the best approach is to obtain that policy from the same carrier that issued the master policy.

Condo Insurance, Part Two Coming Up!

March 25, 2008

 

Lynnsy Logue, The Real Estate Lady and Condo CanDo

Latta Pavilion: Following Up with a Certified Radon Measurement Provider

Michael Lewis is a highly qualified inspector with superb credentials and experience. You may check his background and service information at his website: www.mecklenburginspections.com.
I received this last night from Michael:

Radon

I am often asked “do I have radon in my home?�. The answer is yes. Radon is everywhere. It is the level of the radon and the expose time that is harmful. The EPA suggests that when the level in homes reaches 4.0 Pico curies per liter, remediation is needed. The common levels outside the home are usually 0.4 Pico curies per liter.

 

What is Radon? Radon is a colorless, odorless and tasteless gas that is produced by decaying uranium and radium. If it sounds scary, it is. Temperature, wind conditions, and air pressure, as well as behavioral factors, influence ventilation and concentration of radon and its decay products that may build up in a room. Efforts to improve insulation and preserve energy may often times make the situation worse. This means that your efforts to make your home more energy efficient make it harder for your home to breathe.

 

The use of stony building materials and ground conditions influence indoor concentrations of radon and its decay products. The leakage of radon from the ground shows great variations, and very high indoor concentrations can occur in one house, but not in another, even if located nearby. In general, the leakage of radon from the ground is usually more important than its emanation from stony building materials. Radon can even be located in the water, but is less of a threat than the levels in your environment, such as the home or work place.

 

The EPA estimates the amount of deaths caused by radon induced lung cancer is about 21,000 per year, second only to deaths caused by drunk drivers. Persons that smoke increase their chances greatly.

 

To test the levels of radon gas in your home, a certified radon measurement provider should be contacted. If the levels are at 4.0 Pico curies or more, mitigation will be necessary to lower the radon gas levels. For more information go to, www.epa.gov/radon/pubs/hmbyguid.html.

 

 

Mecklenburg Inspections, Inc.

Licensed NC and SC Home Inspector

Certified Radon Measurement Provider

As we discover/learn more information about Radon or if there are any further developments regarding Latta Pavillion, I will post them here.

 

March 24, 2008

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

 

Latta Pavilion: Two Follow Ups. First, Tracking

When I began my series on Latta Pavilion and Radon, I put out a couple of emails to people in the business. The first reply  is from a highly qualified construction professional who works with building condominiums, townhomes, single family homes and large apartment complexes. I asked him how one would begin to track aggregate used in such a project as Latta Pavilion.
Here is his reply: 

The only way you would be able to track down where the stone came from is to know who the concrete subcontractor was on that job.  Then, you'd have to contact that subcontractor and get them to tell you who supplied them with the stone.  Then, contact that supplier and ask them where they got their stone during the period of time they supplied to that subcontractor and, most importantly, for that particular job, because a large subcontractor will have several jobs going at once.  And they may have an account with one supplier, but that supplier may ship to different jobs from different quarries depending upon the job location.  Then, and only then, when you have tracked down which quarry the stone came from, you can then find out which concrete subcontractors the quarry sold to.  Then, you'd have to contact those subcontractors and see if they could tell you if the stone they purchased from that quarry was used for slabs or flatwork (sidewalks).  If they can tell you specifically slabs, ask them on which projects those slabs were poured. 

 

Yes, it's some back-tracking, and alot of footwork.  But that's the only possible way I know that you could track down that sort of information.  I hope that helps!

Next, I also spoke with a certified Radon Inspector and asked for his overview.
Coming Up Tomorrow: Certified Radon Inspector Comments on Radon

 

 

March 23,2008

Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC

Chapter Two. Now you See It, Now You Don’t…

This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.
I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.
I will try to read the whole article as it appeared on February 22, 2008.  Counting this, here will be five parts:
1.Latta Pavilion Is Sick 
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon

GETTING A READ ON RADON

§                What is it? Colorless and odorless radioactive gas formed in rock and soil.

§                How does it get in your home or business? Leaks into basement or crawl space from exposed soil, rock. Also is present in building materials such as natural stone or rock.

§                How dangerous is radon? The EPA says radon causes 100 times more deaths than carbon monoxide poisoning. It is the second-leading cause of lung cancer.

§                How to check? EPA-certified radon test kits are available for $20 from hardware, discount stores.

§                How do you cut levels? Seal cracks, openings to prevent from entering via soil; ventilation to carry gas out of a building.

Source: Environmental Protection Agency

As there is follow up, it will be posted here!!!

 

March 22,2008

Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC

Chapter Two. Now you See It, Now You Don’t…

This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.
I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.
I will try to read the whole article as it appeared on February 22, 2008.  Counting this, here will be five parts:
1.Latta Pavilion Is Sick 
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon

Here goes:

Still selling

In spite of the elevated levels of radon, people are still buying units at Latta Pavilion.

Allen Tate's Dilworth office has sold three units in Latta Pavilion since the radon was found. "We have not worked with any potential buyers who elected not to purchase in this community, based on this knowledge," says Jane Richey, the office branch manager.

Kindbom says Tate has been discussing the radon issue since it was discovered at Latta Pavilion. She says radon tests are not routine in Charlotte, but adds it's always better to be safe than sorry.

"It's a fixable problem that's not terribly expensive," Kindbom says. "My hope is that once this is corrected it will be a nonfactor."

Grubb says his company has moved quickly to try to resolve the issue. "We're not trying to hide our head in the sand."

He'd like to move forward with a mitigation plan that includes the fan installation in each unit over the next couple of months. "We'll have to work through whether this is a design issue, construction materials or an engineering issue. That part won't be fun."

Next: GETTING A READ ON RADON

 

March 21, 2008

Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC

Chapter Two. Now you See It, Now You Don’t…

This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.
I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.
I will try to read the whole article as it appeared on February 22, 2008.  Counting this, here will be five parts:
1.Latta Pavilion Is Sick 
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon

Here goes:

Solving the problem

Grubb is involved in a mediation process with Rodgers Builders, the executive board of the Latta Pavilion Condominium Owners Association Inc. and the project's designer, Charlotte-based FMK Architects.

"We have consulted with numerous experts and coordinated professional tests of many units as well as overall airflow in the building," the homeowners association said in a statement sent to the Charlotte Business Journal this week. "Based on what the experts tell us, we believe the primary problem is insufficient airflow between the units and the outside environment."

Association member Buck Lawrimore, owner of a communications firm who is acting as the group's spokesman, declines to comment on the issue.

In the written statement, the association says it's working with Grubb and Rodgers Builders to find a solution. So far, the focus is on installing fans that would funnel the gas out of the building. The cost: $5,000 per unit, or $1.3 million.

Grubb pledges that tenants won't bear any of the expense, but it's not clear who will.

Grubb believes a faulty ventilation system designed by FMK is the cause of the radon problems.

Not so fast, says Allan McGuire, managing principal at the architectural firm. He says his company designed Latta Pavilion to meet the Charlotte-Mecklenburg building codes, and it was constructed accordingly. "Nothing is unique about the Latta Pavilion system that would allow it to contain radon over other systems we have done."

Fong says he's unaware of any similar problem in a building in Charlotte. He's seen a few cases of high readings in buildings in Gastonia and Cherryville where soil conditions are more conducive to creating radon emissions.

McGuire says Grubb is ultimately responsible for delivering a safe building.

Rodgers Builders executives did not return calls.

"It's a weird, perfect storm of strange occurrences that are causing this," says Sandy Kindbom, who heads the uptown office of Allen Tate Realtors. Tate is the primary sales representative for Latta Pavilion and

1315 East Blvd.

, which was converted to condos from apartments in 2005.

 

Caught up in that storm are condo owners such as Brian Cowman, who moved into his $370,000 Latta Pavilion unit a couple of months ago, before the radon issue came to light.

Cowman says he's not concerned about the short-term health impact. He is worried about the potential damage to the value of his unit. "If you have place one and place two and there is an issue at one, you are going to choose place two."

There are currently 22 units in Latta Pavilion and the adjacent

1315 East Blvd.

building listed for sale on the Multiple Listing Service, with prices ranging from $194,000 for a one-bedroom unit to $610,000 for a two-bedroom penthouse.

 

While residents do have a justifiable concern about resale values, North Carolina is a "buyer beware" state, says Thomas Miller, general counsel for the N.C. Real Estate Commission in Raleigh.

The state's real estate license law imposes upon real estate agents the duty to disclose material facts about the properties they list. But those rules do not apply to the seller.

Next: Still selling

March 20, 2008

Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC

Chapter Two. Now you See It, Now You Don’t…

This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.
I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.
I will try to read the whole article as it appeared on February 22, 2008.  Counting this, here will be five parts:
1.Latta Pavilion Is Sick 
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon

Here goes:

Taking measure

Grubb forwarded the results to contractor Rodgers Builders Inc., the original Latta Pavilion contractor.

Bill Brodhead, president of Riegelsville, Pa.-based radon-mitigation service WPB Enterprises, was brought in by Rodgers to analyze the severity of the problem and to help find a cure. "We know there is a situation there. I can't answer who, where or when."

Because of local soil conditions, Charlotte is not a typical candidate for high levels of radon, a radioactive gas and carcinogen formed in the rock and soil from the breakdown of uranium. It occurs naturally and can be found in low levels almost everywhere.

The gas can also come from building materials such as concrete or stone fireplaces.

Brodhead found radon readings in Latta Pavilion units ranging from 5 to 10 picocuries per liter, the unit of measurement that quantifies radioactive particles. The EPA says radon is dangerous in the home at 4 picocuries per liter.

He sent the results to Felix Fong, radon program manager for the N.C. Department of Environment and Natural Resources' division of radiation protection in Raleigh, because the readings seemed to defy explanation. Radon typically pools in the lower level of a building because it seeps up from the ground. At Latta Pavilion, some of the highest readings were on the top floors.

Fong's explanation: The radon could be generated from the building materials inside the units. Radon is typically concentrated in areas with lots of granite, shale and phosphate in the soil. So building materials such as concrete or stone that originated from an area where radon occurs naturally at high levels would be a possible source.

If the radon in Latta Pavilion is coming primarily from building materials, Fong says the fix will not be easy. "Radon is a mysterious thing. It can slip in any crack or hole of a house."

Not so mysterious is the need to find a fix -- and someone to pay for it.

In a unit where the level of radon measures 8 picocuries, the chance for that resident to develop lung cancer is 14 out of 1,000, Fong estimates. By comparison, a pack-a-day smoker faces a 50 in 1,000 chance of developing lung cancer.

Next: Solving The Problem

March 19, 2008

Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC

Chapter Two. Now you See It, Now You Don’t…

This may require several parts but I feel compelled to talk about what I have read and ultimately who I will talk to about this and what links I can provide you the reader, the listener, the real estate consumer. This is serious. It is Radon. I think I will simply publish the whole story as it appeared in the Business Journal. I have been waiting for a follow up from someone…a newspaper, a radio report, a television, but nothing as of this date.
I am going to put this on my blog as well. And will do my best to follow this through. This addresses my core concern…public health, public safety, consumer awareness.
I will try to read the whole article as it appeared on February 22, 2008.  Counting this, here will be five parts:
1.Latta Pavilion Is Sick 
2.Taking Measure
3.Solving The Problem
4.Still Selling
5.Getting a Read on Radon

And as there is follow up, it will be posted here.

Here goes:

Latta Pavilion is sick.

A colorless, odorless and potentially lethal gas has invaded the high-profile Dilworth complex, which is populated by condo owners, office workers, shoppers and two medical practices.

And while Latta Pavilion developer Grubb Properties Inc. promises to clean up the radon that is coursing through the building at levels at least twice what is considered safe, there's still a question about what exactly is causing the problem.

Getting rid of the gas is not going to be easy. Neither will be deciding who is ultimately responsible. And for owners of condos in the six-year-old building, the question isn't just how their property values are going to be affected. There's also concern about how long they've been exposed to the gas, which the Environmental Protection Agency says is the second-leading cause of lung cancer behind smoking.

The level of radon found at Latta Pavilion is anything but typical for Charlotte, which was precisely why it had gone undetected. No one was looking.

Charlotte developer Clay Grubb, president of Grubb Properties, says he got the call regarding high radon readings at Latta Pavilion, which includes the 1315 East Blvd. condo building, just before the holidays.

 

 "At first, we didn't believe it," he says.

The company had sold more than 250 condos in the complex since it opened in 2002. None of the buyers had tested for radon. Neither had any of the office or retail tenants that occupy the first two floors of the building at East Boulevard and Scott Avenue.

 

 It wasn't until a potential corporate client inquired about a condo that radon was on anyone's checklist. The company is based in the Northeast, where radon testing is part of the normal real estate purchase process.

The company's testing found radon. Lots of it.

Coming Up: Taking Measure.

March 18, 2008

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

Now you see it, now you don’t…

People ask me if I specialize in condominiums and I usually answer that I specialize in my clients. Years ago, when condos seemed to have a less than desirable reputation, when other real estate brokers didn’t care for that niche in the market, I decided that if no one else wanted it, I did. Funny thing, those condo buyers of sometimes small one bedroom condos or the room mate condos (two bedrooms, two baths) went on to buy their first homes, their second homes, their lake houses and well, you get my drift.
So I learned to look at condominiums and town homes with a different set of eyes, a special measure to where there might be a problem. Or problems.
For instance:
Windows. Windows with broken seals. Windows that leak. Broken windows. Windows that need replacing and the association will accrue funds to do that and spend a lot of time talking about it. Windows. Whose responsibility are they in a condominium? It is written in the documents. Except for the part where the replacement is being discussed, the project is forthcoming, the details have yet to be hammered out, but the new buyer was never told and now there is an assessment for the windows. And only a short time after closing. Hmmm?

 Water. Did you know that one of the most recurring problems with condos especially while under construction is water? If the pipes leak between the walls, in the ceiling, in the basement, in the attic, or after the last closing in the garage and in the footings? How do you know there was/is a problem? Whose responsibility is it? Remember in a condo, you own the air space. Documents? Read carefully.

 This is a good one. If a town home community has four units attached to each other and three of the units have termite bonds…well, how effective is that? Is there anything in the governing documents that says a termite bond is a requirement?

 This is a recent one. A high-rise with 40 units  with average prices of 500,000 up and five stories is  approaching 14 years old and maintenance problems are becoming larger…40 people are maintaining a mid-rise…How about a four story, ten units condo in Uptown Charlotte. Even with big bucks, long term, grab your calculator. Factor in maintenance.

The biggest and most fascinating mystery to me is Radon on the upper floors of a relatively new condominium in Dilworth. Catch it on the next installment.

Lynnsy Logue, The Real Estate Lady and CondoCanDo, Charlotte, NC

March 17, 2008

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

March. In like a Lion out like a lamb. ..

Sometimes, I feel compelled to speak out about what I see and hear. Sometimes,

I think being quiet and patient is more peaceful, but more and more I am learning

that faster is not necessarily better, skipping up the steps is not always prudent and

being as thorough as one can be is probably old fashioned. But as I approach my

70th year, I feel an obligation if only to myself to have conversations with myself

about this real estate business. Because while I never said when I was a little girl

that I wanted to be a real estate broker, it has been the perfect vocation for me in

this city I love so well and have for so long.

What are we thinking? For decades it was a requirement to have a termite inspection. Once I helped a buyer with a two bedroom condominium downtown in The Poplar on the fifth floor. Their mortgage company required a termite letter. It was an FHA loan.

Today, many of the lenders do not require a termite inspection for condominium, town home or single family home. Nothing. ln this city of trees with our usually high water table, termites must gather monthly to laugh and buzz over this latest non-requirement as they munch away on walls of homes built on slabs, the crawl spaces in older and newer homes, the garages, the thresholds and on. I think having a termite inspector at the home with the structural inspector was one of the best protocols we used to follow. And many of us still do. Regardless. And not so much with condominiums...depending.

Cheaper. Better. Faster. I have lived in my home for over four decades and maintenance is like rearing twins. It is a full time job. Painting and cleaning, and caulking and repairing wooden siding and wooden deck and wooden ramp. I know sometimes I wished I would have taken the leap and paid $15 a month more for all brick. ..but as a woman, I was lucky to get a mortgage at all. I might have looked twice at vinyl, but even then, only twice. Now I see instances where wind damage is greater, fire damage is more prevalent because of smaller, closer homesites. The latest wrinkle I learned from a super on a construction site: a home is wrapped thoroughly, the vinyl is installed and the pocket between the wrap and the vinyl can retain moisture. Sound healthy? Insert wheezing and coughing here.

And while crawling around in crawl spaces with the mold guys, I learned that the up and coming thing might be to have a crawl space without vents, no air, no light, and a sump-pump...this new theory is probably based on the dollar. It is not based on a simple theory of fresh air. That is my septuagenarian belief.

Lynnsy Logue, The Real Estate Lady and Condo CanDo in gorgeous Charlotte, N.C.

March 16, 2008

 

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

In The Driver’s Seat…

The truth is, I could write a book about condominiums if I just kept a daily journal of what  people tell me on the phone,  what they write in emails and what I see and hear with my own ears and eyes. I have started a book on the basics, but mercy me, there is so much going on in Charlotte, NC.
Maybe you can help me understand something. What will it take for buyers to comprehend that they drive the market? If buyers keep romancing granite and stainless, that is what the builders will deliver. And not necessarily the best or even better grade of granite and not necessarily a good quality on the stainless appliances. Then there are the cherry cabinets and the hardwood floors or bamboo or laminate. The descriptive words seem to sell the product. I have seen cabinets in half a million dollar condos that on a scale of 1 to ten, ten being the highest quality, are about a 1.5. And this is by the manufacturer’s standard. I have been told by project managers that the crappy construction I see where flashing does not meet, trim is a course grade, interior doors are little more than sandwiched cardboard are all “urban design�. And I wonder why the consumers bite. In uptown condos admittedly we have a love affair going on with our “Disney-esque� view of the city. The downtown/uptown area is small enough to be cute, compact enough (six blocks to the North, South, East and West) and that’s pushing it…

So you can take it all in. Charlotte city is new. The towers rise in the air promising another profile on the horizon, lights sparkling off the other towers.  It goes on and on. The excitement is real. We like going uptown. Some of us, a lot of us, want to live there…whether it is a 350 square foot condo or a 2500 or larger square foot penthouse.
And I think that is great. What I think is lacking is the consumers knowledge of what they are buying or trading. I truly believe most people spend more time buying a car than a home. And my goodness, a condominium is different from a single family home. I know you know that. Not unless you think it is a town home.
Here is my point. If you are buying a condominium anywhere, have your own agent representing you. Ask questions about the quality of construction and the quality of the building products. Look or know about other projects these builders have built, this architect has designed. My prayer is that building as it takes on “green� may also take on more integrity. That builders and developers might honestly come to appreciate the genuine charm and history of Charlotte, its historic districts, its neighborhoods. I used to be hopeful but after all the sub-prime mess, I doubt it. I think that money entrenched part of this business, real estate, builders, architects, developers, contractors and the like will keep on doing business as usual…until the consumers realize that they, the buyers are in the drivers seat.