September 27, 2007

Listen to the rhythm of the Charlotte Market…

“There is a voice that doesn’t use words. LISTEN?. -  Rumi

Listening is my job.

This is what I hear:

Money: sub-prime lending is a calculated mess. Like a closet, all the pieces need to come out, be sorted and dealt with. Policies will change, credit may tighten for a while, investigations will be conducted, rents will go up to seize the advantage, homes will be lost- and gained. Investors will pick up property out of foreclosure. And maybe we will have learned some lessons.
Axioms: No such thing as a free lunch. And All That Glitters is not Gold.

New Construction
Even in the energetic Charlotte market, new construction is the glitzy new kid on the block. People like new, like picking out their counter tops, their paint, like the new appliances and furnace and new everything. They like new so much they sometimes forget to be sensible and have inspections, get representation, ask tons of questions and compare every single thing. The builders give them want they ask for and turn out hundreds and hundreds of homes as in over building. So closing are down but weren’t they up significantly?

Charlotte: Our market in radio’s top 25…means a lot. And all the other top ranking spots for largest, fastest, economic prowess. We have a good market. Sometimes the pace may quicken and even get frenzied…but like now, we slow a little. Condominium projects get put on hold…people take a moment to assess. Consultants say they are not surprised there is a reticence after saying for years that our market can absorb huge numbers…and that is all very human. We dance. We shift. We move forward. That is the Charlotte Market.

Looking at all the announcements in new construction, I think this might be a good opportunity to buy. Look at all the incentives and perks. Being careful of course, this may be a time to make lemonade out of the perceived lemons. And what better place to sip from the cup than in Charlotte?

I am confident that our market is strong  and that as we resume our energetic growth…perhaps we will do so on a more solid footing without every builder throwing themselves on the pile of projects…maybe there has just been a cautionary whistle. Maybe we just needed to slow our pace a little. Maybe we are maturing, this once small southern city.


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

 August 23, 2007

August 16, 2007

Charlotte Condos As Investments. No Crystal Ball.

Late last night after I checked my day’s work and tucked the big dogs in bed, I sat and surfed. It is amazing what sites come up at midnight and are hard to find the next day. But it’s interesting. Before surfing, I thought I would tackle M and M’s as my next subjects: Mortgages and Management Companies. Instead I cringed when I came across a website that spoke to Uptown.
In essence, this person was hawkin’ “Come On Down?…referring to Uptown Charlotte.
First, the North Carolina Real Estate Commission frowns on our using our crystal balls. And our own good sense might well do the same. The one thing I know for sure, the only thing I know for sure, is that I cannot predict appreciation. I can speak to my perception of the marketplace. Period.
So when I read about the number of sales and the prices and the towers and on and on…
and how this is the place for investors because of the promise of appreciation and substantial gain, I say “Whoa?.
 I talk with other brokers and some of us are being very cautious for our clients…some of us are suggesting condominiums outside the Uptown Loop…because  some of us think the preponderance of  small, most often one bedroom condominiums are headed for a definite unknown future. If there were a way we could parse the purchasers so we could know how many investors were involved with a project, we might have a more clear picture…and some might say, well, there is a cap on investors. Perhaps, but is there a cap on “second homes??
In SouthPark, there is a handsome new project where today there are 40 units for sale.  That conservatively is about 20% of the project. Certainly, that project will change as other retail and businesses come aboard, but what if that were your primary residence?

In some states, there are laws that prohibit rentals in some multi-family projects…rentals may occur only in dire circumstances. I can only hope that our legislature would take a look at that concept for North Carolina.

Back to Uptown. I have a friend who was asked to do a feasibility study for one of the towers. Their answer was, “No?. And then asked why, their answer was “ because I don’t think it is feasible?. Consider that in this market the same folks who often do the feasibility studies for the developers are also the spokesperson to the media. So who do you believe?

I am a cautious person. I believe you should be able to get out of whatever you get into…with relative ease and minimal heartache. The normal angst precludes not being able to get a mortgage on your place because there are too many investors. Not being able to get out financially because you are competing with not only new construction but also other, lots of others, in the same marketplace. How many one bedroom condominiums can our Uptown accommodate? Today? In the next 5-7 years.

Then let’s think logically…Charlotte is still growing. There is land close to uptown, close enough to build more towers, more mixed use and still have access to the city. Hmmm.
Would I rather be able to walk my dog in the neighborhood park, actually have a grocery closer by, have more than 550-750 square feet, be able to hop to the Y as well as the night life and pay less than $300 a sq ft.? Hello!

Of course, there are folks who do use the Uptown condominiums as their city pad…some folks do use them as a second home. I am speaking to the general population for whom this is their primary residence, their biggest investment. Single folks just starting out, young marrieds enjoying  the street scene, the night life and the glitz.

Charlotte is a great little city…growing, energetic, vibrant. The streets are sometimes paved with good intention, the air is less than pure, the people represent both the best and the worst and the mantra or at least, my mantra is always, “Caution, caution?. Even as a real estate broker specializing in condominiums.

August 14, 2007

The Planning Commission, the Zoning Department, Home Owners and Neighborhood Associations.

Charlotte-Mecklenburg has a large and capable staff of good folks at The Planning Commission. They have an excellent map-making department, a superb graphics department, they have numbers and statistics folks with lots of experience and they have visionaries, too. It amazes me how we sometimes do not listen and take into account their recommendations. Doesn’t that make you wonder? Recently, zoning was passed by the governing body for a project in Dilworth that both the Planning Commission and the Neighborhood Association opposed.
I read an article recently from Seattle…it spoke to the longing many years ago for the community to be involved in the planning of their city. Community formed, community spoke and with little avail. Money speaks louder make no mistake about it…if it’s in the form of the possibility of increased tax revenues or another source of income…we see it happen time and time again. And if community wins once…wait…for the developers can often outwait the community. It has happened before and it will happen again. Axiom.

Zoning. How do they keep it straight? We have to have smaller home sites so we can have more homes. We court density thinking it is the only saving grace, the only answer to an energetic, burgeoning town. Smaller home sites, more vertical homes priced higher and higher each year. And just for fun, do you think there is a limit on the number of one bedroom condominiums in uptown Charlotte? Okay, here is a puzzle. There was an article about the Light Rail and how there are building permits for 7300 residential units along the rail. Now  there is also a report that informs us that in the last quarter of 2006 there were 7300 building permits for condos. There is probably some overlap, but when asked, I was told they are not the same.

The very neighborhoods with their charm and ambiance that brought folks here are changing. Maybe it is inevitable. We are a people who fancy “more?. I keep wondering if other cities go through this…where neighborhoods change and streets change and the Mom and Pop shops and restaurants can’t compete and pretty soon, Charlotte as we know it, knew it, is gone.

In my sleepy, country neighborhood, we have a strong neighborhood association because builders have found us and try to build more houses than our covenants and restrictions call for. We want to maintain the integrity of our neighborhood, we stand close, chip in, hire an attorney, speak out, fight back. Part of this process has been fun…we have a website, an email newsletter and we get together more often. Look for the good, cherish the positive.

I have a friend who is a personal trainer…she says we “tear? the muscle apart to build the muscle stronger. Maybe it is that way with cities. I have lived in Charlotte for over 50 years. I love this place like no other. I can recall another time…and I am grateful that we live in this vortex of growth and change. I only wish we could grow our integrity as well.

Charlotte Real Estate 070707

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

Charlotte’s real estate voice

Charlotte, NC    City of the Future

Are we all pleased? Charlotte is ranked as the 20^th largest city in the country and listed as the 10^th fastest growing. Wow!
I have lived here for well over 50 years and am appreciative of our fertile climate for business, our closeness to beach and mountains, the community of friends that has grown over the years to be hundreds or thousands as our paths intertwine as our children bear children and as some of our parents come to Charlotte to retire. It is a pretty nifty place,  Charlotte, NC - this city of the future.

And I wonder…will our cities and descriptions always be based on “biggest? and “fastest?… and “newer? and “improved?…I wonder that as our tree lined streets with elegant homes of the 50’s and 60’s change to sport the mega mansions…and our charming neighborhoods sport the 4ft x 8ft signs advertising the property for sale and how many lots it may be subdivided to…and the sound of cash registers and the silent clicks of calculators of all shapes and descriptions marching silently to this city of the future.  My personal quest would be clean drinking water all, enough for everyone, clean, pure air and great schools for our children, all of our children. Safe, clean well equipped schools with the best teachers who receive top pay.  Everything else would follow I believe.
Today…I honor the visionaries. The people who worked long ago, loving this place and wanting it to be the kind of city where we could raise our children, educate our children, have movies on the green, streets where we could ride our bikes and so on…and behind every effort there were the people. In many cases we don’t know nor did we record their names. These people who made the core tapestry of Charlotte.

I am glad to read about newcomers, where they come from, where they choose to live in our fair city…I would like to know about the weavers, the older ones who have left, are leaving - their stories. For inasmuch as we consistently and persistently tear down our old homes and old buildings, if we treat our physical history with such little respect, are we doing the same with the people who created our past. All of the people.

 The women who started the Afro-American Cultural Center for whom I think the new one should be named. We owe much to these two visionaries: Mary Harper and Bertha Maxwell Roddy, both women now with doctoral degrees…and others like them who helped shape Charlotte. All of us…black, white, yellow, red, rich, poor, kimonos, Birkenstocks, jeans, artists, economists…all of us made Charlotte so that it could look to the future. So besides being among the biggest and fastest, what are we?

Who are we as a people? It is a question I ask of myself as I say goodbye to folks who are heading out.

June 21, 2007

Finding my voice…

When I discovered the Internet, it was manna. The years spent in newspaper, radio and television seemed to converge. Here on the web, the playing field is leveled. The fascination and knowledge I gained in the various media and learned to love was introduced to me again. This time on a silver platter.

And the doing of creating space is much like the cobbler with no shoes. It is easier to write a story, take pictures, and create a web for someone else. Doing for oneself is a challenge.

I have given podcasting a good bit of thought. I crossed out roles of cynic and forecaster. The idea of being an expert has little appeal because I know so much can change in the drop of a hat. And I am passionate about Charlotte. Fascinated by the whole workings of real estate. Energetic and intrigued by the condominium market. Curious about all the new construction. Where do I start and where do I place the Podcast?

In my usual way, I am going to be myself. Hungry for all that the Charlotte market offers. TheRealEstateLady.com seems like a logical place. And we’ll link from AtHomeCharlotte.com and CondoCanDo.com when need be.

I like the challenge and the adventure of trying new things, honing old skills. Come along, tune in, please. And ask questions. I am very accessible.

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

June 20, 2007

Good Day.

This is Lynnsy Logue, The Real Estate Lady, signing on from Charlotte, North Carolina most recently touted as one of the re-silient  real estate markets and with good reason. Charlotte is a jewel. How do I know? Well, I've lived here for over fifty years and worked in the market for decades. Good things are happening here.

For example, we have good news and more good news. I have been working with a retiree who bought a ranch style townhome almost ten years ago. Key note there is almost. And we recently sold it. The inspections showed a crack in the foundation.
She knew the date she signed all of her closing papers and had her builder's warranty in hand.

I made the call to the warranty department for the builder and followed my call with an email so I would have written documentation.

A local builder, they wrote the work order immediately, scheduled a crew to inspect the work. The crew chief called me yesterday to say he was on site and if I wanted to come, they would be there at 2:30. They did a complete inspection, even pulled back the carpeting to see how far the crack might have gone, scheduled soil testing and another crew to begin the repair work.

I have worked with this company before and they are as good as their word. They do excellent follow-up and passing the buck is not  their style. How fabulous is this, a builder who stands behind their work even ten years later.

While Charlotte is growing and new people and companies come every day ... some are good and some are not so good. Today it's a good real estate news story.

Thanks for joining us. Lynnsy Logue, The Real Estate Lady, Charlotte. NC

Transition. We buy. We sell. We explore choices. Except when we feel we don't have the luxury of time.
Today I met a smart business woman at one of our listed properties. She had been driving around, looking for a place where she feels "at home". Even though she bought a brand new  vinyl clad home almost seventeen months ago just a few miles from this all brick  ranch home.
She explained how she came to buy her new home which in fact was almost the same size as the one we were walking through.
She had little time then as she shuttled from one state to another. Had one home on the market while this one was being finished. Landed a transfer and had a time limit. Did not shop for a loan or even another home. She was in a hurry. Feeling pressured.
We walked through the back yard, spacious and quiet with lots of trees. She looked carefully at the exterior construction. She looked under the decking and asked about drainage. She walked carefully through each room taking an inventory of size and light.

Now she had time. And I encouraged her to take the time to think about where she is and where she thinks she wants to be and why and, of course, the dollars.

Patience is often the most prized tool in our real estate business. Patience to wait for the right buyer, to find the right home and to consider all of your options well before taking any step.