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, " 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
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Thu, 26 June 2008  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 Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Tue, 24 June 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
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Mon, 23 June 2008 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 Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 21 June 2008 
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. Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Thu, 19 June 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 Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wed, 18 June 2008 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 Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tue, 17 June 2008 
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Mon, 16 June 2008 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 Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 14 June 2008 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. Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fri, 13 June 2008
June 13, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in
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Thu, 12 June 2008  June 12, 2008
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Wed, 11 June 2008  June 11, 2008 Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tue, 10 June 2008  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.
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Mon, 9 June 2008  June 9, 2008
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Sat, 7 June 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 Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fri, 6 June 2008 June 6, 2008
And because closings are our rewards, the week ended with a young Veteran buying his first home for his family in
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Thu, 5 June 2008  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. Now we’ll follow soon with our interview with Alan Simonini and Scott Teel and pictures from Stephens Square. Simonini is to be applauded for preserving, making better, honoring the grace of Queens Road West. If you love Lynnsy Logue The Real Estate Lady® and Condo Cando® in
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Mon, 2 June 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 Comments[0] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sat, 31 May 2008 May 31, 2008
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