July 30, 2008

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

Quail Hollow Estates:

This is the third condominium built in Charlotte…we’ll begin with the introduction found on their complete website. We are also proving a link to that website.
Quail Hollow Homeowners Association is the umbrella of three condominium associations, and forty-one single-family homes, which make up Quail Hollow Estates, the first Planned Unit Development in Mecklenburg County, Charlotte, North Carolina. The membership is comprised of 269 members, with each condominium association having separate documents that govern their individual membership in addition to those documents of Quail Hollow Homeowners Association.

Our 33 gently rolling, park like acres are located within the northwest quadrant of

Our beautifully appointed clubhouse has a fully equipped kitchen, library, bar, game rooms, meeting room and spacious living room, lending itself very well to the many planned activities centered here.

More in detail on Quail Hollow as we visit the interior of an almost 2000 sq ft condominium recently refurbished and on the market. Pictures tomorrow.

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

July 29, 2008

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

We Are Moving Out…Slowly. Change is coming…

Some days are a plethora of information…as I read the morning paper…as I check email and the news on the Internet…as I clip articles from the professional periodicals I receive and as I drive in to town and wind my way back trying to cover as much of the market as I can. As I stop in the offices of friends in the business…today a well-known and lauded appraiser.

From the morning paper, a journalist writes about the shift from McMansions to smaller houses with more amenities.

From a colleague whose business is urban planning, about front porches and neighborhoods designed for walking.

From NPR about the trails that bind a city together as in Europe.

And driving, I see the cranes at work uptown and know their stories of stops and starts. In one large condo complex, besides selling units, I now see signs for leasing them. And I know the builders have to find some relief and I wonder about the long term effect.

I see more signs that read New Price. I have clients who ask about the slowness in the market and I then realize that not everyone is so intensely focused on this market.

My friend, the appraiser, thinks that if Wachovia can stabilize, we will see a shift in our market. And that we might see a slow up tick in the next two to three months and it will not be fast for us here in Charlotte.
Washington has finally agreed to pass some help for some folks…North Carolina has drawn its own bill to help homeowners through the process with help from various quarters. And maybe even the media has tired itself out from their rhetoric. We are becoming used to them and searching for data on our own.
Maybe this whole mess will make us stronger. More self-reliant.

And then, it is July here. It is the one month I look forward to because there is less traffic, school is out. We can run up and down the roads and streets without having to gauge our departure and return windows. The sign people confirm that it is July too.

They are staying afloat they say, business has been slow…and after all, it is July.

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

July 28, 2008

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

More and more…I consider the 55+ communities.

In our area, Charlotte, we hear about communities especially for the 55+ demographic. At firs, many years ago, we did not even have that designation…maybe we used the term Active Adult Communities. As I began researching this idea, I came across the acronym NORC. That is the government’s name for Naturally Occurring Retirement Communities.
And went further to explain that these communities happen naturally because the homes are good for first timers, good for singles, and good for empty nesters. Usually smaller ranch style homes with modest yards, modest refinements but with sidewalks and adequate parking. When I began defining these communities in Charlotte and talking to the people who lived there, I found quite simply, community. The single and working couples liked the fact that someone was in the neighborhood during the day. The seniors liked it because there were young folks and young families around playing and growing. Of course it was not at all perfect but I would surmise it fit the bill in many ways.

And in my own neighborhood, I like the differences in age, in race, in religion, in orientation, even the grumpy ones have their moments. And maybe that would not suit everyone. Maybe some wear out their joy in crying babies and boisterous teens.

Now an increasing number of Americans are choosing to live in age segregated leisure-villes where at least one household member must be 55 or older. No one under 18 may live there-ever. According to industry estimates more than 12 million Americans in the next decade or so will live in communities that forbid young families. This represents
a drastic overhaul in our societal living arrangements. And by 2015 those age 50 and older will represent 45% of the U.S. population.
 I think about my own experiences with the younger generations…from babies to those just starting to receive their ARP magazine… how each of them enrich my life with their new and different perspective.

As I think about the cycles in the real estate world, I think about the afterward as the baby boomers sift through life’s last third. Are the numbers as great as the boomers to fill the hearths left? How does this growing bubble shake out?

Comments are always welcome!

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

July 26, 2008

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


Just returning from a quick trip to my home places, I gathered up the newspapers to catch up on our Charlotte Real Estate market. Of course, there are many opinions and new sets of figures from each source. The ones that more closely resemble my own are from Karla Hammer Knotts. She writes:

No reason for fear about Charlotte housing market

No housing ‘bubble' here, just normal market ups and downs.

Karla Hammer Knotts

From Karla Hammer Knotts, owner of Land Matters, a real estate consulting company:

If you're waiting for home prices in Charlotte to fall significantly before purchasing a home, be careful. You may have been misled – or “Case-Shillered” – by a notoriously negative barometer of the national housing market.

Released at the end of each month, the Case-Shiller Index measures home prices in 20 U.S. cities. It's the media's report of choice on the housing market. Robert Shiller, creator of the index, claims home prices “will fall further than the 30 percent drop in the historic depression of 1930s.”

Why such alarming predictions? Seven of the 20 markets analyzed in Case-Shiller are from hard hit-areas in the West and Florida, places such as Las Vegas (prices down 25.9 percent), Miami (down 24.6 percent), Phoenix (down 23 percent) and Los Angeles (down 21.7 percent). This skews the index and leads to headline-grabbing proclamations that may result in a false fear that prices in Charlotte have a long way to fall before bottoming out.

For an example of a disconnect between the index and reality in Charlotte, look at May's Case-Shiller report and subsequent media coverage which concluded “home prices fall 14.1 percent.” At the same time, home prices in Charlotte, the only N.C. city measured by the index, actually rose.

So what's really happening in Charlotte? On June 18, the Observer declared “Housing slump slams Mecklenburg builders.” Building permits are down to lows not seen in years, the article tells us. This is true. While some view these numbers as further proof of impending doom, savvy observers understand these are signs of recovery and opportunity.

Charlotte is in the middle of a normal real estate cycle. We hit our peak at the end of 2006 and will quickly reach a bottom. Why? Charlotte's strong fundamentals (that is, no bubble) delayed the slowdown, allowing builders to anticipate the downturn and cut new starts and inventory quickly. Evidence of this foresight is clear in the latest building permit data: It shows a sharp, but expected, decline.

Our market had excess permits in 2006 and 2007. Those houses have now sold and permits are balancing with demand. This is good news for homeowners. For prices to stabilize and rebound, builders must eliminate inventory of finished homes. To opportunistic homebuyers, this is a signal that now is the time to buy.

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

July 24, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte.com

The Power of One…

From global to local…we live by the numbers these days. Interest rates, the numbers of foreclosures, the price of oil per barrel, the cost of gas per gallon, the number of building cranes uptown, the number of condo towers stopped, stalled and in litigation. Then the more human side: the number of jobs lost, the number of employees to be laid off, the number of plants closing, the number of top executives leaving the building, the amounts they have been paid, are being paid and benefits they collect. The numbers in our own checkbook, the months we can stay in the water.

And what it boils down to, for me at least, is today. I am heading off to a farm in Virginia. It is an historic farm and has been in the family for generations. Not my blood family, my family by close bond, shared laughter, decades of history…and yes, numbers.
Of the twelve children born on that farm in Virginia, one is 82, my 8^th grade school teacher, another is 83, also a school teacher who lives in another part of the farm with her family, and another sister 85 who tends the herd of cattle, has a beer now and then and wears a baseball cap. Many others will join us as we head out to their lake house to cook breakfast tomorrow morning…a celebration of birthdays, mine at 69 and those other Leo’s mentioned before.
I throw some things in my van and take out the signs and info boxes…data sheets and water bottles from my journey around Charlotte this week. Yes, some projects are stalled, some seem stalled, some though are finishing up and look terrific, some of the towers uptown have reported sales. There is buzz about the numbers of large apartments that can’t be found. . The news of how much the market is down. What I focus on is what is being sold in the market, the activity I see in the mortgage offices, the news I hear and read about new companies coming to Charlotte or the region. What I delight in is how people are adapting, how folks are being creative, how many help each other by sharing a ride, and grocery pick ups. What really touches my heart is the vast number of conversations about how we will get through this, the numerous discussions about how we can do something about the economy, the dozens and dozes of thoughts, ideas and articles about how we can approach global warming. It is about the power of One.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte.com

July 24, 2008

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

Regarding Charlotte’s Uptown Condo Status:

Is Wachovia going ahead with its First Street Cultural Campus which includes a new headquarters and a planned condo tower?

Tom Wurtz, Wachovia's chief financial officer, said to expect “continued progress on all fronts.”

“No change in schedule for the office tower,” he said. As for the planned condo, he said it is “of great interest to us.” However, Wachovia might pursue that project with a partner.

Uptown's condo market has struggled in the downturn, with two towers postponed, one in foreclosure and another stalled by a legal dispute. David Furman, one of Charlotte's early high-profile condo developers, said Wachovia has a year or more to consider its next steps because the condo would sit atop a museum still under construction. “It's not worth worrying about today,” Furman said.

And on another tower, from hotel-condo to hotel:

A sliver of land beside Time Warner Cable arena that didn't work for a large condo-hotel development is getting a 16-story hotel without the condos.

LodgeWorks of Wichita, Kan., plans to start construction this summer of a 163-suite Hotel Sierra on a third of an acre on the

Denny Meikelham, senior vice president of development, said LodgeWorks originally cooperated with Charlotte developer David Furman and his partner on a project that would have combined condos and hotel rooms in a 25-story tower.

When the plan fell through last year due to site restrictions and construction costs, LodgeWorks decided to buy the land from the city and proceed on its own.

“There is so much opportunity in this area, and it's close to everything,” Meikelham said. “This is a forever location. It's only going to get better with the NASCAR Hall of Fame and what's going to happen around it.”

He expects construction of the $35 million project to take about 14 months, which would put the opening in late 2009.


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

Jul. 23, 2008

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

Fall could be a catalyst for new condo's success so w rites Doug Smith of The Charlotte Observer

The Catalyst has already sold 58 of its 462 units. And the developer is pleased.

A rendering of the Catalyst condo tower under construction on

The Uptown condo market has suffered setbacks over the past few months, but that apparently isn't scaring buyers away.

The Catalyst, a 27-story tower under construction on

It does have a ways to go – the project includes 462 residences priced from the $180,000s to more than $300,000 – but given the season and the economic climate, Atlanta developer Novare Group is pleased.

“Fall is always a good time in uptown Charlotte,” said Wendy Field, who leads the sales and marketing team. “If we are doing this well now, we feel good about where we will be then.”

Condo developers are selling in the face of some of the worst news the uptown housing market has seen since the center city high-rise boom began about four years ago. Two towers are postponed, one is in foreclosure and another is stalled by a legal dispute.

Developers are reluctant to try new high-rise projects, as lenders aren't interested in financing them until the economy improves.

Yet “inventory is line with a healthy market,” said multifamily analyst Emma Littlejohn of the Littlejohn Group. “The problem is with delivery.”

Littlejohn said about 1,200 high-rise and mid-rise units are under construction or in the pre-sale stage in the center city, and more than half of those are under contract for sale.

The central Charlotte area that includes uptown is performing better on sales and resales than the overall residential market, she said.

With four major projects now in doubt, Littlejohn said, a bigger issue for the center city could be a potential undersupply of high-rise condos.

She wasn't surprised to see an initial surge in demand at Catalyst. “People are out there on the sidelines,” she said. “They still need a place to live.”

Field said buyers today are less impulsive and more likely to secure financing before making an offer.

Catalyst, unlike most condo projects, was started without a pre-sales campaign and is expected to open early next year.

“It gives people more confidence to know they don't have to wait two years,” Field said.

Novare targets 25- to 40-year-old buyers with a predominance of one-bedroom units and amenities packages that include a fitness center, a club room, a pool, an Internet cafe and concierge service. About 65 percent of Catalyst's condos are one bedroom.

A good mix of one- and two-bedroom units have sold, Field said, with the project being typical for a high-rise: “The most expensive and least expensive tend to sell right away.”

Catalyst (catalystcharlotte.com) will overlook a planned uptown park, and that was a lure for many of the initial buyers, Field said.

Also a factor: gas prices. “Many of the people who come in are asking where the light-rail stop is in relation to the project,” she said.

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

July 22, 2008

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

Council OKs tower on

No opposition voiced; controversy over views

By Clay Barbour

Developers are planning a 230-foot apartment tower, a 200-plus foot office tower and a 180-foot hotel on approximately 2.74 acres next to The Arlington (in background).

The Charlotte City Council Monday approved a rezoning bid for another high-rise tower along

The approval came in spite of the recent controversy over the proposal. Residents of the nearby Arlington tower had complained that the new 230-foot-tall building would block their views of uptown.

But on Monday no one spoke against the proposal and the council passed it unanimously.

“We are excited and a little surprised,” said Tracy Finch of the Harris Development Group. “We expected more opposition.”

Harris applied for a rezoning of the former Simpson's Lighting property. The apartment tower is part of a $200 million project that includes a 200-plus-foot-tall office building and 180-foot-tall hotel on approximately 2.74 acres.

The Charlotte-Mecklenburg Zoning Committee unanimously backed the $200 million project last month, with some changes. Center City Partners also supported the plan.

But earlier this month some residents of The Arlington, South End's 300-foot-tall pink residential high-rise, complained that the new project would block their views and lower property values. They said they have a right to their views in the non-legally binding South End Transit Station Area Plan approved in 2005 – about two years after The Arlington opened. That plan caps building height in the area at 120 feet.

Hundreds of thousands of dollars sometimes separate condos with views of the city from those without. At The Arlington, available condos facing away from the city are larger and cost around $335 per square foot. Available uptown-facing units top out around $372 per square foot.

Finch, who spent the early part of Monday going back and forth between council members, said the idea that Harris' new project would hurt Arlington's property values is not accurate.

“They will go up thanks to us, she said.  The Arlington isn't without its own controversy. Some residents of the Factory South Lofts complained about their view being blocked when the tower was built.

And Counter Point:

 

South End tower wins swift OK

 

Reporting live, from City Council: Mary Newsom of The Charlotte Observer
The City Council launched the vote-on-rezonings part of its meeting at roughly 6:25 p.m. By 6:39 p.m. it had finished its rezoning decisions. They ripped through 18 rezonings, all except one of them approved unanimously with no discussion on any, except for about 30 seconds on the one that was approved 7-2 for a day care center at The Plaza and

July 21, 2008

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

Here come the Americans…

I believe in the spirit of this country and have read so much about all the sub-prime mess…looking for the rays of hope. What I seek is the pathways that led us here and then the ideas and the pathways, even though we may have to blaze them, out and to better ideas of what we can and might do.
Applause to Neal Peirce of the Washington Post Writers Group for his ideas.

 I am selecting his very good ideas for path out of and not the path into this mess.
He first calls for Assistance for low-income renters through the national affordable housing trust fund… and then the restoration of HUD. He writes:
With a will, we could have top-notch leadership and a rejuvenated agency staff focused on a full spectrum of housing for all Americans. Though maybe with a caveat-to rename HUD the Department of Housing and Metropolitan Development. Why? To think more expansively, to make connections. No Other developed country lacks a national policy on cities, recognizing the vital importance of urban regions. We need such a policy-and department.
He continues: Build in anti-sprawl incentives. Incentives for coordinated development could be built not just into housing but also highway or transit bills, requiring our nationwide set of metropolitan planning organizations to take on land use, working with city and suburban governments to limit wasteful outward sprawl of regions.
But a HUD focused especially on cities and housing could be a special steward of the new relationships, providing incentives for core cities and suburbs which increasingly need housing supports, to work together.
Plus a new HUD could watch to see that housing has meaningful income mixes and that it works hand-in-glove with transportation-making sure, for example, that when federal housing dollars are used, there will be upgraded zoning around highway interchanges or transit stops, providing higher density, more energy efficient and socially inclusive housing together with job-providing commercial development. That way, isolated housing projects for the poor and federally financed roads to developers Greenfield projects would be history.
We could do all these exciting things. But first, we’ll have to make some smart choices-candidates with vision, and some tough political hides-in the November elections.

We have problems. We have solutions. Here come the Americans!

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

July 19, 2008

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

City treats its plans as if they're on Kleenex
An Opinion from the Charlotte Observer

What's the point of plans if they get dumped to suit developers?

It was oddly appropriate that the article about a proposed apartment-hotel-office tower project in South End was positioned on the Observer's front-page right next to one about scams and counterfeit Panthers' tickets. You might view the City Council's 2005 approval of a 120-foot height limit for that part of South End as a similar scam, a sort of counterfeit assurance to neighbors.

The proposal, from Harris Development Group, has won a positive recommendation from the development-loving zoning committee of the city's Planning Commission and is due for a July 21 yes-or-no vote from the City Council.

The city planning staff also smiles upon it, because it's near a station on the light rail line. “That site can support that density,” planner Tim Manes told the Observer's Dan Tierney. “Sometimes when you have density you have to have height.”

So what's the problem? Simply this. The 120-foot height limit – which allows 10- to 11-story buildings – is common throughout many city plans adopted for older parts of town. It's the height limit in the city's MUDD, or mixed-use development, and TOD, or transit-oriented district, zonings. It's the limit in the Transit Station Area Principles. In reality, allowing buildings that tall is too lenient to be of any protection to the bungalow-filled neighborhoods such as Dilworth's historic district, that tend to border the light rail line, planned future rail lines and corridors where MUDD zoning is most likely.

City plans aren't legally binding. They're merely merely suggestions to developers. Even MUDD and TOD zoning, binding once applied to a property, offer generous wiggle room for developers who want taller buildings.

Some neighbors of the proposed 230-foot-tall South End tower complain that they bought condos in the 300-foot-tall Arlington (built before the 2005 plan adoption) because of views of uptown, which the new development would mostly block. You can always ask, of course, what else should they have expected in an area of booming development. However, the looming issue of tall buildings blocking light, air and views from existing buildings is one the city should study, and so far it has shown no appetite to do so. Already, uptown is becoming a canyon of shadow and wind tunnels, because of the city's unmitigated glee at over tall buildings. Further, the South End neighbors took part in good faith in meetings that produced the 2005 plan with its 120-foot height limit. Their dismay is understandable and, sadly, not unique to this plan. Why even bother with a plan if it only serves to let developers do what they'd do anyway, without the plan?

If the city approves this violation of the South End Transit Station Area Plan, it will be yet another in a lengthy litany of city decision-makers treating plans as if they're written on Kleenex. Residents all over town should take it as confirmation that even when the council approves an area plan, it might well be as counterfeit as a fake Panthers ticket. You might say it's the city's planning scam.

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

July 18, 2008

The Real Estate Lady and Condo CanDo in Charlotte, NC

Doing the right thing…

North Carolina lawmakers have approved a bill that would give the state commissioner of banks the power to step in when homes with subprime mortgages are facing foreclosure.

The bill requires mortgage servicers to give at least 45 days notice before they start foreclosure proceedings on subprime loans.

Notice also must be filed with the state commissioner of banks, who will review individual loans to determine whether they can somehow avoid foreclosure. If that’s the case, the commissioner will have the right to extend by 30 days the date on which lenders can start foreclosure proceedings. The state banking office then will work with borrowers and servicers to work out a deal.

Problems with housing are much worse in most other areas of the country than they are in North Carolina. But the state isn’t immune to the crisis: Foreclosures across the state are expected to hit 60,000 this year, up from about 50,000 last year.

The bill passed the state House on Thursday. The Senate has already approved the measure. Gov. Mike Easley is expected to sign the bill.

And here’s  applause for Spectrum…

Times are tough for developers seeking to build uptown, but acting in good faith now will surely lead to success when the market turns around. At least that’s the philosophy Charlotte-based Spectrum Properties is following by giving back the earnest money it collected from buyers.
The company cited an uncertain economy when it shelved plans for a mixed-use tower at

Good for Spectrum.  Atta guys!

The Real Estate Lady and Condo CanDo in Charlotte, NC

July 17, 2008

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

Buying a New Condo…

With almost all new construction, the contract originates with the builder. There is language specific to new construction that outlines the process, the steps, somewhat of a time line, substitution of like materials, delays, deposits…well, you get my drift.

To my way of interpreting these documents, there is very little, if any, room for the buyer. Sure, there are the disclosures about having an attorney review them. I have never had anyone change them, alter them in any way. I think it is time.

I am hoping that good will come of this mess we are all in…and that buyers will realize that they can be in the driver’s seat…or at least perhaps the playing field can be leveled.

To this extent:
I read this morning and I knew it…about the failure of The Park and how the buyers could probably kiss their good faith money goodbye because of the following: a clause in the contract which says the developer can spend owners' deposits once construction begins means the buyer’s deposit is gone.
Maybe that should read that the good faith money is just that…and that it is held in a Trust account as in most real estate transactions.

And another situation: a buyer gives 10,000 good faith money/deposit on a 200,000 condo that has yet to be started but was slated to start in less than 6 months. The market slowed, the sub-prime hit and the project was stopped. But it took incessant hounding to get that money back for the buyer. So maybe there should be a time-line for starting and one for finishing…because the buyer in this instance lost valuable time…interest deductions, etc. Who gambled here?

And I think all buyers should hire an inspector as construction starts and goes along. And I would very definitely include radon testing because we are seeing more and more evidence even in the multiple stories. Maybe having an inspector routinely check the progress would call attention to poor building materials and shoddy construction. Maybe.

And I also think in the offer to purchase there should be a clause about the rebate that would mandatory should the builder sell out the last small per cent of the units at a discounted price…a practice we have seen repeatedly.

And I also firmly believe that there should be language that states the buyer will not close, does not have to close until all the repairs are made to his/her satisfaction. And that if this is not met, the builder is responsible for the buyer’s costs, movers, and lease, whatever.

I am sure there will be other issues…and I will also address resales and steps you might want to consider.

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

July 16, 2008

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


Real Estate Prices Rise for Four Straight Months - Is Anyone Noticing?

 

RISMEDIA, July 14, 2008-Amidst the gloom on Wall Street about housing someone forgot to check the stats. The National Association of Realtors® has now reported four straight months of rising housing prices, but it seems no one is listening.

According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year.

“I just don’t know where Wall Street’s brains are today,” said David Michonski, CEO of Coldwell Banker Hunt Kennedy in New York City. “Everyone on the Street is wringing their hands over housing when in fact the average American has been out this spring buying homes and pushing the median price higher. This has got to go down as one of Wall Street and

Main Street

’s biggest disconnects in history.”

 

In addition, on an annualized basis the volume of home sales has also risen somewhat from a low of 4,890,000 homes in January to 4,990,000 in May.

“Rising prices on expanding volume should not a crisis make on Wall Street,” says Michonski.

So why the crisis?

“They say that there are bulls and bears on Wall Street but there are also pigs. Pigs try not just to profit from a crisis but create one to profit from. Today there are just so many people who have positioned themselves to profit from a crisis that they refuse to admit the reality of what is happening on

Main Street

. It might hurt their positions.”

 

Is this the bottom?

“No one can know for sure, but the hard data is clear. The median price has risen four straight months. The average American is out there taking advantage of bargains in their local real estate market. They are not listening to Wall Street but following their own belief that the best time to buy is when no one else is, and they are out there buying. If this keeps up, February may prove to have been the low in prices.”

“It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a home is at a five year high and is acting on it.”

The Americans Are Coming. The Americans Are Coming!

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

July  15, 2008

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

Charlotte’s Rainwater Harvesting System…

Grant helps ministry reap the rainfall

Organic Gardening magazine helps Charlotte group use runoff to grow produce.

By Catherine Carlock/The Charlotte Observer

To serve the needy with fresh produce from their garden, the Urban Ministry Center in uptown Charlotte used a $9,000 grant from Organic Gardening magazine to install a 1,600-gallon cistern. Rainwater from the center's roof will irrigate the garden.

Fried green tomatoes aren't just the stuff of summertime chick flicks. They're one of the staple foods of the Urban Ministry Center's soup kitchen. And with the help of a new grant, the kitchen can serve the goodies all summer long.

The center received a $9,000 grant from Organic Gardening magazine to install a rainwater harvesting system. The 1,600-gallon cistern collects runoff water from the Urban Ministry Center's roof and cleanses it of debris, to water the center's garden.

The roof is “the perfect rain collector,” garden program director Don Boekelheide said.

Urban Ministry Center, located on

The Urban Ministry Center's 3,000 square foot garden produces what Boekelheide called “some of the freshest and best organic food in the whole county.”

Instead of using only donated food, which is often close to expiration, the center can grow much of its own food for its soup kitchen.

“We grow things that people like to eat,” said Boekelheide. That includes okra, black-eyed peas, sweet potatoes, squash, cucumbers, and a summer mainstay – tomatoes.

Last summer's water restrictions forced the garden's food production to a bare minimum. And Mecklenburg County is currently under extreme drought conditions, according to the U.S. Drought Monitor.

“That's where the cistern comes in,” said Boekelheide.

This summer, instead of battling short periods of heavy rain followed by weeks of no rain at all, the cistern provides a consistent source of irrigation for the center's garden.

This week's thunderstorms have provided enough water to fill the entire tank.

“The cistern gives us the water to carry us between rainstorms,” Boekelheide said.

Boekelheide knows it's a small solution. But it's saving Charlotte thousands of gallons of treated water and providing food along the way.

“We're feeding people who are hungry here,” he said.

And today, I was just plain hungry for some good news. Tomorrow, back to business.


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

July 12, 2008

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

As city's dazzle turns to dread, what's next?

The Charlotte Observer/DOUG SMITH

A lot of people are holding their breath in Banktown these days.

Troubled Wachovia Corp. has selected a new chief executive officer with impressive credentials, but he doesn't walk on water.

Even as the announcement of former U.S. Treasury Department official Bob Steel's hiring came Wednesday, bank officials predicted second-quarter losses could reach $2.8 billion.

Wachovia's uptown neighbor, Bank of America, hasn't been immune either from the nation's sub-prime lending and financial markets turmoil.

In Charlotte, I think we're starting to see bravado – “We're the nation's second-largest banking center” – give way to doubt and anxiety.

Wachovia and Bank of America are builders of the center city skyline, patrons of the arts, pillars of the economy.

If they falter, what happens to Charlotte?

Many worry that a weakened Wachovia could be acquired, losing its independence and hometown allegiance to Charlotte.

Real estate brokers say potential homebuyers who perceive their financial center jobs in doubt already are pulling back, wary of what might happen.

The uptown condo market in particular has thrived on a supply of young professionals, many of whom are employees of banks or in financial businesses tied to the growth of banks.

If hiring for those jobs wanes or if more layoffs come – and some say they already are under way – what happens?

Real estate developers believe there's little chance that a half a dozen or so residential towers proposed uptown – but not yet started – will get under way this year. Lenders will be skittish about financing them, they say, until the housing market shows solid signs of recovery.

Landlords in the office-leasing market are concerned, too.

One major office-condo-retail development – 300 South Tryon – was postponed earlier this year over worries that a bank slowdown could squelch office demand.

The city's big towers have filled with tenants in large part because the bank anchors pulled in law firms and other related vendors around them.

If the banks aren't growing, who leases the estimated 1 million-plus square feet of speculative office space expected to come on the market over the next two years?

Maybe the financial bleeding will stop, and everything will work out for Charlotte and the banks over the next year.

Some economists can see a turnaround coming possibly by mid-2009.

But in the meantime, nail biting has become the norm in Banktown.

The city's Hugh McColl Jr. swagger has faded.

Remember how the former Bank of America chairman used to dazzle stock market analysts in New York with the bank's next bold move?

Today, Charlotte's two big banks aren't dazzling.

They're too busy defending their actions to Wall Street analysts and fending off angry shareholders.

How quickly fortunes can be reversed. In Banktown, this is something we never thought we would see when our banking giants were flying high just over a year ago.

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

July 11, 2008

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

Looking for a sign…

 Today on the way to the inspections, I misplaced keys to a house I listed and sold in one day. Today, my computer guru came to install better safeguards for my main PC…and confessed he had sold all of his stock in October and that he is worried.
Today I read the news that our man in the white house will take no steps toward global warming because it might affect adversely the economy. Today the news was changing minute by minute getting worse and worse. The last thing I read was the ice breaking up in Antarctica. And the last voice I heard before I walked out of my office was a client calling…worried about what is ahead.
And it is still Friday. There is still a podcast to write. What do I write about when so much seems to be melting away? What do I say when even I wonder if there is a light at the end of the tunnel?
And opening MSNBC before I start to gather my thoughts, there is a headline about the religions of the world. The one featured is about the Whirling Dervishes. I laugh. My Mother used to say that when everything around us was highly energetic. And the laughter brought me back to myself. Grounded me on this struggling planet with its many selfish, narrow sighted people. Centered me in the moments of this week…children at a party, a little girl five who is already a spiritual woman, a little boy of eight who is  enlightened, well read and engaging as he coaxed me out into his world.
Best of all was the Charlotte Business Journal. I sat on my huge medicine ball that I use as my computer seat and flipped through this latest issue. Get these story lines:
1. A new plan in play for Crosland Site. Green contest winners pitch range of options for development of 33 acre site on transit corridor and
2.Morehead Building under contract. High profile corner may be next in line for office development on rapidly changing corridor.
3. Business Groups Pitch In For Team. Knights gain business support in effort to sell tickets, sponsors for new uptown stadium
4. Jim Donnelly moving right along with luxury condo tower that will incorporate a renovated Carolina Theatre and set to break ground within 60 days…8 of the 20 are under contract priced from 1.7 million to 5.5 million dollars
5. Office market holding steady in turbulent economy
6. Research Campus Close to Key Hire for Core Lab Leader
7. Tough Time for Retailers but Family Dollar gains
8. Group Seeks Gay Friendly Climate at Nations’ Colleges
9. Solar Start Up to Invest 37 Million

All going on in Charlotte. Here was my report for this week. And I remembered on The RealEstateLady.Com website, on every page in small print, I have written, I am a part of Charlotte and Charlotte is a part of me. Through thick and thin…we move forward knowing the best is yet to come.

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

July 10, 2008

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

More specifics on Condos in South End…

Lynx spurs housing boom in South End

By Nichole Bell

Related Content

South End projects

Several residential projects are under way in South End along the light rail line. They include:

Silos at South End: The first phase of the project at

SouthHaus: This project located at

Circle at South End: This 360-apartment building on

Ashton South End: Located at

The number of people living in Historic South End is expected to triple in the next two years, reaching a population of about 7,000 residents, according to Charlotte Center City Partners.

The rush of residents comes as developers begin to complete several housing projects in the area.

Much of the growth, they say, is because of the light rail.

“It's very rare that you see an entire residential neighborhood established overnight,” said James Mathis III, director of Historic South End. “It'll be exciting to see all those people walking around in the area at 11 o'clock at night.”

Historic South End spans from

The area was a thriving manufacturing community in the 1850s. It declined when the textile industry faded in the '70s and '80s. Revitalization efforts in the '90s brought a crop of restaurants, shops and design-related industries. Many were interested in reusing the old mill buildings and warehouses.

The launch of light rail in November has also helped South End.

The projected growth would push South End close to Uptown's existing population of 10,800.

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

July 9, 2008

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

Out of this mess, perhaps something good, perhaps…

I liken the sub-prime mess to cleaning out my worst closet. Every single thing must come out…off all the shelves, out of boxes, pulled from racks, removed from hooks, to the very top where I find mittens and caps to the floor and the extra bag of batteries, an extension cord, a dog brush.
All on the foyer floor, down the hall and some things stacked on the kitchen table…it is a magic closet because there is much more in it than I remembered,  items forgotten some of them mine, some from guests, some…who left this anyway?

But the resemblance to the sub-prime ends there. I read an article today, I’ll quote,  sometimes the rating agencies deviated from their own models and their own procedures. The problems were serious enough to cause concern among employees of the agencies themselves as cited by internal e-mails uncovered in the SEC review.
Among the conflicts of interest cited in the SEC report were the practice of companies that issue the securities paying the rating agencies for their work.
The rating agencies have had to downgrade thousands of securities backed by mortgages as home-loan delinquencies have soared and the value of those investments has plummeted. The downgrades have contributed to hundred of billions in losses and write downs at major banks and investment firms.
And then this, speaking Tuesday to a mortgage lending forum Treasury Secretary Henry Paulson said that many of today’s unusually high number of foreclosures are not preventable. There is little public policymakers can, or should, do to compensate for untenable financial decisions.

And to me those very words signal that our problems are not mere closets. There are many layers…some were players, some are innocent bystanders.
The players who invested lost money. Others lost their money and their homes.

Some things never go back in the closet. For now. Many of us are weighing the details, looking at footprints, asking ourselves and others how can we do better, be better as real estate professionals. And some don’t care. They never did. It is just hard sometimes to tell us apart.

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

July 8, 2008

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

The 74/26 Vantage Point…

For as long as I have lived in this place, almost 55 years now, the magic is palpable…
even though some uptown projects may be stalled or stopped, in spite of our neighboring counties being over whelmed with the energetic growth and lack of infrastructure…and the growling complaints of traffic and the on-going grumpiness about the school system…
South End
I read with delight how the number of residents in Historic South End is expected to triple in the next two years. Two years! In two years it will reach a population of about 7,000 according to Charlotte Center City Partners.
The growth comes as developers complete several housing projects in the area. Observers say the communities will create a residential district where none existed, triggering a second wave of retail, restaurant and entertainment venues.

Much of the growth, they say, is because of the light rail.

Historic South End spans from

July 7, 2008

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

Our Neighbors in Union County Are Making Lemonade…

MONROE -Developers looking to build in Union County have been running

into a serious roadblock: permits for sewer and water are not easy to come by.

Due to the rapid growth and the inability for infrastructure to keep up, many

developers are having trouble securing sewer permits. Drought conditions have

also forced a moratorium on water permits. Officials have some ideas for ad-

dressing the county's sewer and water needs, but some of the required projects

could take up to 15 years.

   The problem has already slowed development in what has recently been among the nation's fastest-growing counties. Union County experienced immense growth and most public officials agree there was too much growth without enough infrastructures to support it. Today county's sewer system is operating is at capacity, meaning it cannot safely handle any extra Wastewater. Water could be at capacity, but in dry times they are on restriction.

Allan Baucom, chairman of the Union County Board of Commissioners, explained that the reason behind this was pretty straightforward. He said that, there have been previous boards and previous paid officials that have allowed the capacity to be utilized without creating additional capacity.

Baucom explained that when he took office in 2006, I knew there were sewer

challenges ...I just didn't know we were absolutely out.

The county's primary wastewater facility, 12 Mile Creek, near Waxhaw , was

built in the 1980s, for what was a much-less-populated Union County.

Last year, the state rejected 30 sewer permits for various construction projects

around the county, including residential developments, two hospitals and other

commercial developments. Sewer space was then allocated to those projects based  on a tiered priority plan and so construction on many of those projects has moved forward.

,

The  Downturn buys time ...

.The slow economy might actually be a  good thing in this instance. Union County Manager Al Greene noted that due to the economy, he's not sure they would have as much development as they'd had in the recent past, even if the sewer and water permits weren't an issue. He said the slowing market gives them time to negotiate and work on building their infrastructure, and perhaps by the time the market picks up they'll be in a position to move forward. Greene said that while this is not a good situation to be in,  this is probably the best time to have this problem - while the economy is slowing and demand is down. He said there is never a good time to have these capacity challenges  that we have, but with the current market conditions, now is probably as good a time as any .

This report from The Mecklenburg Times/Carolyn Steeves

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

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July 5, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC

Stucco, Water, and HOA…

Question:
I own a condominium that I have been trying to sell as I have been relocated for a new job. I have lowered the price on the condo incrementally over time and finally received an offer to purchase.

I received, however, a letter from our homeowners association stating that severe water penetration issues have been discovered in several of the condominiums in our complex, but not in our unit, and the exterior stucco had to be removed and the outer structure in these Units needed to be rebuilt. The letter also speculates that the

water issues may be much worse than expected and further investigations have begun.

In signing the purchase agreement, I had to disclose this information by forwarding this letter to the buyers, and the buyers obviously backed out of the purchase agreement. I offered the buyers a $10,000 escrow account that they could use toward future special

assessments levied within the next year. The buyers signed the purchase agreement again and everyone is following through with the sale process.

My question is do I have any legal recourse against the association, or anyone else? The association has essentially made our property value worthless and unsalable in this market. We lost our purchase agreement because of their actions -or inaction. ,

The complex was built in 1984, so action against the builder is outside the 10-year window. The condo association has claimed they have been inspecting the stucco every two years for the last decade or so. The only confirmed time I know about was in 2006, and they didn't report any problems then. They have apparently been inspecting using a moisture probe.

Right now, I'm stuck with this property. I can't turn it over to the bank; they obviously

won't take it. I can't even short-sell it, because no one else will buy it. I just have to continue making double housing payments and hope another buyer comes along who doesn't notice the problems if the buyer I have fails to get to closing.

Answer
You do not have any legal claims against your homeowner's association. The homeowner’s association is simply disclosing a potential problem. I could not tell from your letter when the homeowner's association will act to correct the stucco and moisture problem. You should contact the homeowner's association and the property manager to

determine when they will obtain bids to make the repairs and how much each unit

will be assessed. This information will possibly help in selling the unit or entering into a short sale with the lender. The events have placed you in a difficult position with no clear or immediate solutions.

In Charlotte, a condo complex was not maintained, the siding rotted, a vinyl siding was installed on top of the rotting wood and the vinyl siding was not done properly and worse, the wooden windows also rotted out…both wood and vinyl had to removed down to the studs and a new siding, new windows and new decks were installed. But guess what, Condo CanDo asked the contractor if anyone checked for mold. Do you think they did?

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

July 3, 2008

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

Being in the trenches is pretty heady stuff…

Time was we would search through big, thick books that held all the listings in our Multiple Listing Service looking for the perfect fit for a client or researching the market for what was active or sold to get a handle on the market. Then along came Texas Instrument Terminal that could be leased and line by line on thermal paper, a search was printed out…it was fabulous!
Technology went foot loose after that and now…it is all very quick…in seconds. Now it is all complete with many pictures, maps, disclosures in .pdf format, access to tax bills and deeds and pictures of the front lawn. Quick.
And when I start working with a client, I go through all those steps and then I hit the streets. Like today. I completed research for property for an out-of-town buyer who has very specific wants/needs…and sent this couple my final data sheets late last night. I made all my appointments to preview property, planned my route and timing and set off…electronic key, camera, recorder, cell…you know, the regular cadre of tools.
Previewing property is one of my most favorite segments…
Researching the property is fun because we do get most if not all of the information we need…and can send off an email to the listing agent if more is needed…making the selections is interesting because comparing all the property in a complex is enlightening, the options, the views, the amenities, the dues…and actually going in and out of every property…
Today I was looking for charm and light. Charm is sometimes in the construction, most often in the floor plan…and light is in both elements as well. A superbly built condominium that has a dark interior is quickly crossed off the list for these folks. And the glistening, sparkling new concrete and steel structures are as well. Especially when I heard the words “Synthetic stucco”…
And out in the trenches, I meet other agents. Sometimes see old friends and engage in a little shop-talk. Out on the streets, I can see up close, the construction efforts especially in Uptown Charlotte…and out there, walking through the city, I can see how the older condominiums blend with the new and newer ones…it is charming. It is evolution. I like seeing the progression from converted hospital, and converted apartments and converted churches to towers that shoot straight up like steel arrows.
My ears perk up as I listen to building materials and run my fingers across the finishes and open cabinet doors and inspect the bathroom showers.
Sometimes I pick up the Public Offering Statement and the hard copy of the marketing piece. Actually I try to get them for every condo I visit. It is amazing what some people like to look at before sleep.
And maybe even more amazing…after twenty two years of being The Real Estate Lady and Condo CanDo, I love being in the trenches!

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

July 2, 2008

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

Suddenly, green roofs are sprouting across North America. Designed to curb air pollution, decrease energy expenses and reduce storm runoff, the environmentally friendly assemblies are adding a decidedly earthy element to urban skylines — a sign that the green roof industry is rapidly coming into its own.

Particularly in cities, the rise of roof-topping grasses, succulents and other vegetation is fueling a boom for landscape architects, growers, builders and consultants in the know. As the roofs bloom in size and number, cities are weighing new incentives to developers and owners to install the admittedly costly growing medium and plant life as a long-term investment that could benefit both businesses and surrounding communities. And with a strengthening infrastructure to support them, designers are branching out in new directions.

Steven Peck, founder and president of the Toronto-based industry association Green Roofs for Healthy Cities, said the industry’s “mother ship” hails from Europe, particularly Germany. Research there in the 1970s on lightweight, low-maintenance green roof systems dominated by hardy sedum grasses, he said, “opened up thousands of miles of roofscapes that had been unavailable to any sort of greenery.”

German policymakers quickly took notice of the advantages, including the potential to reduce both stormwater runoff and the urban heat island effect associated with asphalt, concrete and metal surfaces. In response, they created dozens of incentives and regulations encouraging more green roof construction. In the mid-‘90s, a European industry mostly dominated by French and German firms began expanding into North America and introducing the basic concepts to a new generation of specialists.

Peck, himself introduced to the idea in 1997, was tasked with leading a federal study on its benefits and barriers in Canada, only to find that there was little scientific information available for North America. “There was no proof, it was all in German academic studies,” he said.

One of his committee member spent hours translating many of the studies into English. And even those reports sidestepped analysis of big-picture benefits that had been largely taken for granted.

A decade later, the industry has been buttressed by research and case studies detailing both individual benefits like savings on cooling costs and enhanced commercial values, and bigger-picture pluses like reduced air pollution and storm water overflows.

Another essential element has been building expertise across a talent pool that remains unevenly distributed. Peck’s group has been working for five years on an accreditation program modeled in part on LEED certification (Leadership in Environmental Energy and Design). The new Green Roof Professional, or GRP system, should roll out sometime next year, he said. In the meantime, Green Roofs for Healthy Cities has grown to include more than 80 corporate members and has trained more than 4,500 individuals. “You can’t have an industry unless you can have people who can design and deliver,” he said.

And here in Charlotte, the new roof for the Federal Reserve? Going to Green!!!

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

The Real Estate Lady and Condo CanDo are registered servicemarks 1989.

July 1, 2008

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


Signs suggest regional influx slowing

Wavering real estate sales, power hookups and CMS enrollment growth are among the indicators cited.

By Christopher D. Kirkpatrickand Amy Baldwin/Charlotte Observer

The Charlotte region's march of newcomers appears to be slowing.

Some indicators, including school enrollment, new electrical service hookups and reports from businesses that cater to new residents, point to a migratory slip.

Economists and others say the change, though just a hiccup and no threat to long-term prosperity, illustrates how Charlotte's economy is feeling pressure from a flagging national economy.

It could also ease traffic, pollution and a classroom space crunch, among other growing pains, said Douglas Shoemaker, a research analyst with UNC Charlotte's Center for Applied Geographic Information Science.

“A lot of towns have been overwhelmed by quality of life issues and providing services such as water and sewer,” Shoemaker said. “A lull would allow planners to get the upper hand again.”

The latest Census Bureau population data on newcomers isn't available until the fall. But institutions such as Charlotte-Mecklenburg Schools and Duke Energy have noticed a recent decline.

CMS officials expected to add 5,200 students this school year, but only about 2,900 new enrollees turned up. It marked the first time in four years that CMS forecasts overestimated enrollment.

Duke says new electric power hookups in the Carolinas fell to 38,391 for 2007 after increasing to a high 40,828 in 2006.

Gentle Giant, a Boston-area-based mover with a Charlotte office, has seen its once-strong flow of New Englanders into the region pull back, said Jon Vogel, regional branch manager. It started about six months ago, he said.

The company also specializes in out-of-state corporate moves. “We've had a lot of really big jobs get canceled. There isn't the drive to invest as much.”

Vogel said real estate prices have fallen so far in the Northeast that homeowners can't afford to sell at a loss: “So they're putting off moves.” Side business from relocations is also affected – fewer newcomers move their parents down after them, for example, he said. “All that stuff used to trickle down.”

The region has benefited this decade from transplants who spend money, buy houses and work available jobs, said Mark Vitner, senior economist with Wachovia.

About 88,000 newcomers moved to Charlotte in 2006-2007, and about 14,000 moved away, for a net population increase of 74,000. That's up from 80,000 newcomers in 2005-2006, with 30,000 moving away for a net 50,000 increase, according to an annual Observer analysis of census data released each fall.

Federal Reserve economist Matt Martin said he expects this fall's census data that counts newcomers to confirm a decline. He said he's been hearing a collective buzz since the fall about the slowdown of newcomers.

He said a tightening local job market is adding to the falloff. “There are not as many opportunities at the moment,” said Martin, who works at the Federal Reserve branch in Charlotte.

Jobless rates for the Charlotte area and the Carolinas have been higher than the U.S. rate, which was up to 5.5 percent in May from 5 percent in April. The region's jobless rate was 5.1 percent in April. The latest Carolinas unemployment figures are due later this month.

Vitner said he's expecting the newcomer slowdown to extend into next year, sapping tax revenues and local economic sectors that offer services “directly tied to population growth.”

Savvy + Co., a residential real estate company in Charlotte, is seeing out-of-state clients take a lot longer to relocate. A year ago, it took only a month or two for them to sell their homes and be ready to buy here, said owner Lexie Longstreet. Now it's more like seven or eight months or longer, she said.

“Sometimes they just say, ‘We can't sell our house, so we are going to stay here,'” she said.

Suzanne Meyer, owner of The Welcome Service, which dispatches welcome baskets in the Lake Norman area, also blames slower housing markets in other regions

Business “has slowed down a bit for us,” she said. Meyer's company targets affluent homeowners, those who buy homes with price tags upwards of $300,000.

Gina DeCarlo recently decided to leave Las Vegas for Charlotte. But it wasn't meant to be.

After more than 30 years in Nevada, she and husband Bill wanted a change. She visited Charlotte in late April and loved the area as much as her sister in Matthews predicted she would.

But DeCarlo, 50, doesn't want to sell her home in Las Vegas' sinking real estate market, one of the nation's hardest hit.

“I can't get what I want for my house,” she said. “The house has taken probably a $50,000 dump.”

She'd like to get $300,000 for the house she bought in 1982 for $100,000.

Martin and Vitner predict the slowdown of transplants won't create lasting economic woes.

“It's nothing to panic about,” Vitner said, noting that housing prices in hard-hit states should bottom out by the end of next year and those markets should loosen up. The flow of newcomers should pick up as those homes start to move, he said.

And Charlotte is already faring much better than most large regions, Martin said.

“I think this is all short-term,” he said. “I don't think the conditions that have driven Charlotte's growth over the last decade are all of a sudden gone.”

THE MORE THE MERRIER

Population for nine-county Charlotte region. This is the same region the Observer uses to calculate its newcomer statistics every fall when the American Community Survey data is released by the Census Bureau.

2007: 2,143,946

2006: 2,065,520

2005: 1,991,060

2004: 1,934,195

2003: 1,893,429

2002: 1,858,327

2001: 1,820,030

2000: 1,775,860

Note: For this story, the Observer defined the region as the retail trade zone counties of Mecklenburg, Cabarrus, Catawba, Gaston, Iredell, Lincoln, Rowan, Union counties and York County, S.C.

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

Green building booms in WNC by Paul Clark-Citizen Times

The N.C. HealthyBuilt Homes program is a voluntary, statewide green building certification program. The number of certified and finished HealthyBuilt homes in Western North Carolina more than doubled between June 2007 and January 2008 — from 51 to 125, according to the Western North Carolina Green Building Council.

Green homes in progress increased nearly fivefold — from 100 to 482. Currently, there are 668 in development, the council reports.

The number of HealthyBuilt homes for sale in the county jumped from 11 in the year preceding June 19, 2007, to 113 in the year preceding June 19, 2008, according to the WNC Regional Multiple Listing Service, a tool that real estate professionals use to list and sell homes.

“This is not a fad. This is the future,” said Pat “Tree” Spaulding, a certified environmental consultant for Keller Williams Professionals real estate company in Asheville. She provided the MLS numbers above. “These homes are more durable, healthier and far more energy-efficient. Why would anyone want to buy anything else in the world as we are now experiencing it?”

“Everything (green) is going through the roof and shows no sign of stopping,” said Stephens Farrell of Stephens Smith Farrell Architecture in Asheville. “The thought of owning a 4,500-square-foot, poorly conceived and insulated house 45 minutes from work send shivers down people’s spines when they think about $4.50 gas.”

Farrell is the architect on a house on Cantrell Mountain south of Brevard that should be ready for its owners this month. They wanted a house that produces more electricity than it consumes. Farrell suggested a photovoltaic system — a typical residential system costs about $40,000 — that feeds excess energy into the electrical grid. Every three months, the owners should get a check from Duke Energy, Farrell said.

Their super-insulated house reduces its energy needs by using a geothermal heat pump, which uses the consistency of the earth’s temperature — about 55 degrees five feet below the surface — to heat and cool. The house, with solar hot water, stays cool in summer and warm in winter because of its living roof — a mat of live sedum that needs watering the first year but none later, barring a searing drought.

Bigger than it was

In its Enka Hills subdivision, Asheville Area Habitat for Humanity built 16 HealthyBuilt homes in 2007 and plans to build the same number this year, communications manager Ariane Kjellquist said. All have non-toxic water-based paints and high-efficiency appliances. Its largest four-bedroom house won’t cost more than $34 a month to heat or cool, Kjellquist said.

There are more than a dozen LEED-registered buildings in WNC, said Matt Siegel, director of Western North Carolina Green Building Council. LEED — Leadership in Energy and Environmental Design — is a voluntary, consensus-based national standard for developing high-performance, sustainable buildings. Siegel is working with the Eastern Band of Cherokee Indians on the largest LEED-certified project in WNC — a 470,000-square-foot, three-building school complex under construction.

“For years, we have been having Realtors saying, ‘We have a customer (for green housing), but there’s nothing out there,’ ” Seigel said. “They didn’t have 50 different options as far as size and price.”

“I’ve got clients who moved to Seattle just to buy a green-certified home,” real estate agent Michael Figura said. “And they came here, and (green homes) are all over the place.”

Energy prices are one reason green building is so popular, Seigel said. As a result “a lot of our green builders haven’t seen the downturn in real estate that others have,” he said. Developers of large communities are coming to the council for its advice on how to build green. In two and half years, the council’s membership has grown from 150 to 520.

Eco Concepts Realty completed Hudson Street Cottages, a green development off

Ed and Kate Daigle are moving into a condo at Gaia this fall. They live in a 1930s house in Brevard that other than the grass, isn’t green at all, Ed Daigle said. The move is philosophically based — he believes that global warming is the world’s most pressing matter.

Michael Figura owns Eco Concepts Realty. He’s also a planner at GreenPlan, an Asheville company that promotes sustainable development. And he’s chairman of the Eco Consultants Association, a division of Asheville Board of Realtors.

“It’s the best way we can impact the sustainability of our culture,” Figura said. “We only have one earth. We’ve got kids and want to try to leave it a better place than we found it.”

Green with envy

Got a green home you’re dying to show off? ECO (the Environmental and Conservation Organization) is organizing its first green home tour in August in conjunction with the Southern Energy and Environment Expo on Aug. 23. It is looking for homes in Transylvania, Henderson or south Buncombe counties. Call 692-0385 or visit www.eco-wnc.org.

Eco-friendly home features

The N.C. HealthyBuilt Homes program has an extensive checklist that calculates eco-friendly aspects of a dwelling before designating it as a HealthyBuilt home. Green features at Stan and Colette Corwin’s Chunns Cove home include:

• Recycled gray water system.

• Salvaged building materials.

• Sealed crawlspace.

• Locally milled/fabricated cabinets with FSC-certified zero-formaldehyde hardwood plywood.

• Decking and hardwood floors made of sunken river wood.

• Natural cork bathroom floors.

• Zero-VOC Earthpaint in interior and on decking.

• Icynene insulation throughout.

• Rain harvesting.

• Wood-burning stove.

• Tankless water heaters.

• Looped on-demand hot-water delivery system.

 More green in the Carolinas from the mountains to the coast!

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