charlotte real estate, lake norman homes, custom luxury homes, south charlotte, union county nc

Charlotte Real Estate| Union County: Steal A Home in Anniston Grove

July 22nd, 2008 Categories: Buying a new home, Charlotte Community Reports, Charlotte New Home Developments-Builders

Make an Offer in Anniston, Custom Home, 3800 sf Listed for Under 500K

Union County is the fastest growing county in North Carolina, but still has that rural feel. Despite some signs of growing up- the Target at Wesley Chapel for one, Weddington and its neighbors Indian Trail, Wesley Chapel, and Waxhaw, are growing up and growing together. A staple has been the all brick custom new home community, and Anniston Grove, off of Waxhaw-Indian Trail Road is just such a neighborhood. Relatively larger lots- 1/3 acre and up, heavily wooded lots that provide privacy and a degree of separation not found on the “farm” lots (former farmer fields)favored by track builders, and all brick custom homes by many of Charlotte ’s better builders, create a community just too pretty to fail.

But Anniston has a timing problem, quite a problem in fact. Anniston Grove is a victim of this housing market. Begun in the latter part of 2005, roads and sewers went in and homes began sprouting out of the ground in late 2006. 2007 came, families moved in and more homes were started… and then the slowdown hit… The national bear housing market reached Charlotte 18 months after it started in Florida, and its wreaked havoc on Anniston Grove, with 21 homes for sale now, most never lived in. entrance to anniston grove indian trail nc

This home features a master on main, a side entry stairway to 3 bedrooms and a bonus upstairs, a sideload 3 car garage, all granite counters kitchens and all bath’s, cherry cabinets, 9′ ceilings up and down, stainless appliances, coffered great room, all on a .36 acre flat corner lot. And this builder never quite finished this home, so the bank took it over and at our suggestion went ahead and fixed the few issues that just weren’t working

Anniston Grove is on the edge of town, but in the middle of popular Union County– a few minutes from Indan Trail, about 10 minutes from the Siskey YMCA in Matthews, or 10 minutes to RT 16, AND with three different routes into town- via Monroe Rd, Weddington Road or Providence Road– makes Anniston Grove a sensible and serious community to day and in the future. Its central location will only improve with time.

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It is a strong home buyers market here in the greater Charlotte area. Thinking about moving to Union County? Lake Wylie? Matthews or Charlotte? You can quickly compare home prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.

Charlotte, NC| Top 10 Employers in Charlotte

July 21st, 2008 Categories: Charlotte Business

The Top 10 Employers in the Charlotte Area

Charlotte Skyline at Night Charlotte, long known for its banking, is now a very diversified economy and employment base. Charlotte is beginning to add to its repertoire with several health care companies, technology, and energy companies moving major offices to Charlotte. The largest city between Washington D.C. and Atlanta, Charlotte boasts a highly educated work force and a strong business economy. The 10 companies below are the largest employers in the Charlotte area. The data is over a year old, collected in January of 2007, and jobs have been growing in Charlotte not being reduced over the past year (source: Charlotte Chamber of Commerce).

1. Carolina Healthcare System (26,283 employees)

2. Wachovia Corp (20,000 employees)

3. Bank of America (13,960 employees)

4. Wal-Mart Stores Inc. (12,918 employees)

5. Food Lion (8,658 employees)

6. Duke Energy (7,500 employees)

7. Charlotte-Mecklenburg Schools (7,500 employees)

8. City of Charlotte (5,896 employees)

9. Adecco (5,000 employees)

10. US Airways (4,981 employees)

The interactive map below shows the locations of the 10 largest employers in the Charlotte area. Please click on the icons for more information about each company.

View Larger Map

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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Matthews, Charlotte, or Weddington? Lake Norman? You can quickly compare area prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.

The Charlotte Real Estate Market- 2008 and Beyond-More Good Years Ahead

July 21st, 2008 Categories: Real Estate News

A Great Time To Buy Charlotte Real Estate

I know I’m committing CWH, Conventional Wisdom Heresy, you’ve heard the talking head “experts”on CNN, CNBC, and NBC, they all say something like “the national Housing Market is a Disaster” or “only a fool would buy now unless they get the house for 30 or 40% off.” I’m going to make the case that the CW is at best a simplified half-truth- as in partly true in parts of the country- and holds almost no truth if yo are talking about Charlotte, NC. — I’m sure the worshipers of CW won’t bother to read or listen before convicting and sentencing me to death by flame - after all I am a working Realtor-but if you like your opinions to be informed by facts then grab a cup of coffee, and lets get started.

Here’s an outline of the facts of the case for Charlotte real estate, and why careful buying now makes great financial sense:

Charlotte’s Ultra Low PMI Risk (Home Prices have less than 1% chance of being lower in 2 years)
Case-Shiller Appreciation Reports Charlotte Top in 2007,and the only positive market in 1st Quarter 2008,
Wachovia’s new hire, Robert “Ironman” Steel, a NC native means Wachovia IS STAYING RIGHT HERE,
and a strong local economy projected to grow at 2.2% this year…
All Add up To More Good Years for Charlotte NC

I hear the voice of fear in the client-questions I am responding to– “How bad is the housing market in Charlotte?” or “Has “the Bubble” caught up with Charlotte? Have prices hit bottom?” Occasionally I see it in our local headlines or hear the fear seeping into local voices, agents, and others involved in the real estate industry.

This fear has a reality-based component that has been dumbed down by the national media then doused with gasoline based on a media bias: the love of a good disaster story.

First the economic realities- there is a real crisis in the US housing sector, real estate prices are truly in free fall in 55 markets, or Metropolitan Statistical Areas, as measured by the PMI Index of 381 US cities cited below; for these folks, real estate is grim today, and the falling prices are accelerating. The euphoria of double digit home price increases and easy financing have long since been replaced by the siren calls of double digit home value losses and rising rates of foreclosure– there are 55 markets where price declines are increasing, and 50 of the 55, 90% of these markets reside in just 4 states: California, Nevada, Arizona and Florida. The same states account for 84% of the prime ARM foreclosures and 93% of the sub-prime foreclosures in 2008, “the prime drivers of the rise in risk scores.” You can see the full 1st Quarter report of 381 MSA’s US Market Risk Index by PMI.

And the broad declines affect the majority of innocent hardworking types in these states who did nothing wrong, along with the speculators who took out junk loans that pushed up prices and many of whom are walking away.

Equally disturbing are the seemingly daily shocks to the system- a 30 Billion dollar bailout of Bear Stern’s, the fall of IndyMac (and immediate resurrection thanks to the FDIC) and the troubles of Freddie and Fannie Mae being the latest… but thats not all, we have $4.00+ per gallon for gas, a national economy that is sluggish at best, in a recession at worst, and oh-by-the-way inflation is rising, the highest in nearly 20 years last month, putting pressure on the Federal Reserve to raise interest rates (not typically good for a slow economy or home buying) and there is not a lot of confidence in our governmental institutions. Many of the first wave of hardest hit housing markets dovetail with the sites of largest job losses in Detroit and Cleveland increasing the fear and uncertainty- Cleveland is where Deutsch Bank has become through foreclosure the largest real estate owner in Cleveland.

So, if you are living in one of these declining markets, your real estate outlook could not be much worse… and in truth, I don’t have the answers for these markets other than to let them settle out, start over, and I believe there is a role for government here. However, the main stream media (MSM) has taken this complex problem, and dumbed it way down to a 3-5 minute interview with simple “expert” talking points, “The housing market is BAD, no really BAD” and the 5 second trailer are worse, “More Bad News for the nations’ housing market when we come back…” you hear as you go to pour yourself another cup of coffee in the morning.

It is not hard to get the viewers attentions when you are talking about home price losses- after all, for most families, it is their largest financial investment.

The voice of the real estate industry, the National Association of Realtors, would be expected to push back- but it is undeniably compromised by the “Band-played-on” character of press releases from 2006- 2007 as many of the first markets began sinking like the Titanic. Nuance has been replaced by the daily reinforcement of broad brush characterizations which instill fear, but little understanding.

I’ll use hard numbers to attempt to prove my case for Charlotte real estate that

It will hold its value and make gains in the coming years,
It has an exceptionally low risk of declining prices,
Charlotte real estate in the main is still undervalued, and
If you buy wisely, now is a great time to Buy Charlotte real estate.

Many of the same arguments could be used for Austin TX, Seattle, San Antonio and quite a few other major cities. Adding to Charlotte’s hard numbers is our strong diversified local economy- an economy that earned Charlotte a place the Forbe’s list of 10 recession proof cities in America. The Wachovia hire of Bob Steel sent a signal to the banking world, “we are not here to be taken over and Wachovia is not going anywhere but up.” I’ll point out the soft spots in our market along the way, and I’ll let the reader be the judge.

Man thinking, questionning There is a fundamental misunderstanding and mis-characterization of the “nationwide housing market” - in fact, drum roll please, THERE IS NO SUCH THING. There is Not one national market for housing, but hundreds of markets. There are hundreds of housing markets, small and large- and economists like to average all these numbers together, and when averaged, you can see broad trends, but it tells little OR NOTHING about what any individual market is doing. Charlotte NC and Miami Florida both are large cities, but there the similarities end. Likewise the real estate. I’ll show that below.

For the purpose of this discussion, I’ll confine my comments to the 381 MSA’ s measured in the broad based PMI Risk Index and the more narrow 20 leading housing markets in the US, recorded and studied for 8 years and known today as the monthly S/P Case-Shiller report.

larger and larger houses I would also be clear on one other key point- that even the Charlotte market is not just one market-but composed of a variety of markets that, when taken together, produce favorable results–but any conclusions drawn are necessarily based on averages– and just like looking at national figures, local averages can hide quite a lot too. For example, suppose each house on the left represented a Charlotte sub-market– the Yellow market decreased in value 2%, each house (sub-market) goes up 2%, so the blue represented 0%, Green +2%, Purple +4% and Red increased 6%… well the average would be the Green +2%, so what did the average tell you about the yellow or red markets? Nothing, or worse than nothing! Some price points are rising in Charlotte, others are falling… so averages don’t show where the housing is hurting or booming, here in Charlotte or nationally.

PMI, the private mortgage giant, calculates the risk that home prices will be lower than todays prices in 381 MSA’s across the country to determine local market risk. Private mortgage insurance rates are based on these risk factors, so they bet their business on these risk calculations. The need to get it right. The index ranges from 1 to 100, 100 equals a 100% chance that prices will be lower, to <1 or less than 1% chance prices will be lower in 2 years. The highest risk MSA? Riverside-San Bernadino California, with a 95.5 rating in the first quarter of 2008. “…Only 55 of the 381 markets increased in risk of decline over the 4th quarter of 2007, and of those 90% (50 0f 55) were in Florida, California, Arizona, and Nevada. ” See the map below for that distribution, also another link to the full report

The map shows clearly the geographic concentration of risk. Yellow, Orange and Red are high risk categories- more than 40% chance of price declines in 2 years. Note their absence from everywhere in the Carolinas except a few coastal MSA’s.

Charlotte is one of 14 MSA’s in the 50 largest MSA’s with less than a 1% Risk of Home prices being lower in 2 years.

But that’s not all– there are more key market trends here–when compared to the weighted averages of this lowest risk category, Charlotte is better, higher or lower, in every important category. The report shows that the volatility in home prices for Charlotte is lower that this “very-low risk” category, and slowing price appreciation much better than the average of this category… all very goood things testifying to the underlying value in Charlotte real estate, and its strenghth even when compared to the other lowest risk cities. (MSA’s)

An important factor to the Risk index, and to us homeowners in Charlotte, is the Affordability Index-this is a proprietary value that PMI uses to measure a city’s relative affordability, based on average home prices and average incomes, compared to values in 1995. So a value less than 100 is less affordable, more than 100 more affordable. It is no accident that all the the same 14 MSAs with extremely low risk factors, also are extremely affordable relative to prices in 1995- in fact all 14 have 100+ values, and Charlotte’s is a healthy 114.

Consequently, Charlotte’s Very Low Risk Index, and high Affordability Index, gives Charlotte some of the lowest PMI rates in the nation,and a great outlook. These are strong indicators of Charlotte’s underlying real estate values, and PMI uses the rates to determine PMI premiums, its great news for all Charlotte home buyers who have less than 20% down payment and intend to use PMI.

Case-Shiller. Economist Karl Case has been studying home prices for decades, and his Case-Shiller monthly report is widely regarded as the housing index of record- not unlike the Dow Jones 500- but this is an index of the top 20 housing markets in the US. Case Shiller peaked in “price” in the summer of 2005, and has been in decline since.

Charlotte led the country price appreciation in 2007, one of only 3 markets to gain in price, and for the first quarter of 2008, Charlotte is the only market still increasing in value.

Think about it, as most of the nation wallowed in declining home prices or price stagnation in the last 15 months, Charlotte home prices rose. Yes, in May Charlotte saw its first (barely measurable) decline, o.2%. Home prices in my Charlotte neighborhood are up 3.5% at the halfway mark in 2008, so I’m not too concerned.

Is Charlotte real estate Undervalued? Again, referring the the PMI report we find the Charlotte MSA has an affordability index of 114 where the greater the number, the more affordable the market. The affordability index is aproprietary PMI ranking based on median home prices vs the median incomes for an area. Our 114 makes us more affordable than 40 of the top 50 MSA markets in the US– So is Charlotte Real Estate undervalued? I think the unmistakeable conclusion is Yes, atleast if you live in the 80% (40 markets of 50) with worse affordability scores.

Is that uniform across the Charlotte market? No. Once you get above $750,000 you still get more for your money, but that market here is much slower. Once you go beyond certain recognizable boundaries, prices are much softer as well. But despite the Case-Shiller report of a .2% decline in prices, Charlotte remains in the tops of affordability and lower price risk.

If you buy wisely, now is a great time to buy Charlotte real estate.

Here is what buying wisely means to me Insist on verifiable comps before you buy, the prices of comparable HOMES SOLD.
Compare the comps condition and when sold- many communities have different price point- for example a community that is 20 year sold and half the homes have been renovated, and half have not. Or, in communities of custom and tract, somehow tract listings are priced more and more like the customs- not normally an accurate reflection of value. On the water, you have big water views and creek views…be sure you are comparing waterfront to waterfront- and not waterview or an interior lot.
Likewise, pay close attention to location, the further out, the fewer buyers you’ll have to choose from, so your home needs the features people want. There are many differing conditions that can be compared. All this is information a good buyer agent will provide for you- and you can not rely on this information if provided by a builder or Listing agent.
From the comp information, you’ll be able to determine the listing Agents pricing strategy. Is the home accurately priced? Aggressively prices? Or In Hoped For Pricing? This will help determine offer prices– and here is where the talking head prognostication really breaks down– if you offer most home sellers 30% off their asking prices, they will not only laugh, but they couldn’t sell the house to you at that price anyway because their note is larger than 70 %…. you can only get those 30% deduction in areas where homes are NOT selling, and the sellers have the equity to sell it 30% off, much more likely in those same 4 states where prices went up by double digits for many years earlier in the decade… and not likely anywhere in Charlotte.
Finally, buying wisely means find a home or two that you really want, with all the must haves and as many “wants” as you can–then negotiate vigorously, for the best deal. Be confident, in a growing city like Charlotte theat price increases have just paused a bit, and if you are in a home and neighborhood you love, your chances of success are great. Here is a link to a post about Two Recent home buying Negotiations in Charlotte

But what of Foreclosures? Interestingly, the Mortgage Bankers Association first quarter Delinquency survey ranks the same 4 states- California, Florida, Nevada and Arizona as having 84% of the increase in prime ARM foreclosures, and 93% of the increase in sub-prime ARM foreclosures. Wow. Here in Charlotte, the foreclosures are mostly confined to a handful of areas.
Here is a not so well reported fact- of the 381 MSA’s, 58% experienced positive rates of house price appreciation during the first quarter. Interestingly, if you remove the 55 MSA’s with accelerating declines noted above, “67.7% of the remaining 322 MSA’s experienced positive price appreciation, the average being 2.14%,” states the PMI report.

In other words, if you take out California, Nevada, Arizona and Florida, 2/3 of American cities are increasing in price. The PMI report goes on to discuss just this - that the MSA’s are heading in two different directions. In the four states, home values are accelerating downwards and will continue to go down until they reach an equilibrium with affordability. The balance of the market, is steadily improving with prices up and inventories declining- though still quite high by historical standards.

So the market in Charlotte is definitely slower, by most measures around 30% slower, new construction is difficult to measure but may be off as much as 50%, prices are relatively stable, much of the top end, over 1 M is barely moving. But through most of the market, the homes that have to sell are selling, keeping prices relatively flat. Individual neighborhoods will vary, and individual comparison are available to all Buying clients.

Additional Facts

The Charlotte economy is projected to grow 2.2% this year according to a variety of state economists.

The Charlotte Vacancy Rate for Commercial property is the lowest in the nation at 1.4%

Charlotte is number one on Relocate-America’s top 100 “Move-To cities :http://top100.relocate-america.com/

Charlotte is number 7 on the Business Journal’s list of “Best Places for Young Adults”:

http://www.bizjournals.com/specials/slideshow/45.html?page=7

Forbes Magazine says Charlotte is one of ten “recession-proof” cities in the country.
http://promo.realestate.yahoo.com/americas-recession-proof-cities.html

Charlotte is the most walkable city in North Carolina, named by Prevention Magazine:

http://www.prevention.com/bestcities/

The Charlotte real estate market is much slower, but still has healthy values because Charlotte home prices never experienced the rapid appreciation, the city remains one of the most affordable in the nation, and because of the strong underlying economic fundamentals- out business community is creating thousands of well paying jobs every year, and we never had the run up in prices that many markets did.

If you want to buy here in Charlotte, then come on down, find a good buyer agent, take your time and buy wisely.

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Disclaimer: The above article is my opinion of the Charlotte real estate market in general- as usual, the devil is in the details and as such, this is not an endorsement for any particular property in Charlotte.

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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Charlotte, Lake Wylie or Weddington? Lake Norman? You can quickly compare area prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.

Things-To-Do Charlotte, NC| July 18-20

July 18th, 2008 Categories: Real Estate News, Things To Do Charlotte, charlotte lifestyles

Its another summer weekend full of things-to-do in Charlotte, NC!

by Megan McDonald

“The Dark Knight”

See Heath Ledger’s final performance on IMAX! Discovery Place has shows all weekend long. Catch all the dark, intense scenes on the big screen! I personally saw it opening night, at 12:01, and it was quite worth it. I will probably see it more than once! For any fan, it is a darker look at Batman and the world he lives in, and Heath Ledger will give you the chills as you enter the twisted world of the Joker. If I could suggest one thing you must do this weekend, it would be to see ‘The Dark Knight.’

Call Discovery Place for more ticket information 704-372-6261

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Brad Paisley (with Jewel, Chuck Wicks, and Julianne Hough)

Friday July 18th, 7:30 pm Verizon Wireless ($25-$54.25)

The country star with hits like “I’m Still a Guy,” “Ticks,” and “Wrapped” will hit the stage at Verizon Wireless tonight with three other performers, including ‘Dancing With The Star’ cast member Julianne Hough making her debut as a singer.

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African Children’s Choir

African Children's Choir Charlotte NC Friday July 18th, 7:00 pm

Northside Baptist Church

The primary goal of the African Children’s Choir™ is to raise awareness of the need of destitute and orphaned children in Africa and to raise funds for continued development and support of the Choir’s relief and development programs.

Join these talented youth for an evening of traditional African music and praise songs.

> official website

found on www.charlottecultureguide.com

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“Side Show”

Saturday July 19th, 8:00 pm ($28)

Queen City Theatre Company’s final performance of the Broadway musical about the Hilton sisters, conjoined twins who lived their last years here.

Found in The Charlotte Observer

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Bryan Adams and Foreigner

Saturday July 19th, 7:30 pm ($10-$60)

Verizon Wireless

found in The Charlotte Observer

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BeachBlast

Saturday July 19th, 10 am- 10 pm (Free)

Patriots Park, downtown Kings Mountain

This day of beach music includes summer sounds from the groups Crimson Rose, Billy Scott and the Party Prophets, and the Ricky Godfrey Band. In addition to all the fun summer music, there will be amusement rides, arts and crafts, games, food, and fun for the whole family!

found in The Charlotte Observer

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“Get on the Bus” Tour

Get on The bus Tour Charlotte NC Saturday July 19th, 9:30 am- 12:30 pm

Lynx’s Scaleybark Station parking lot on South Blvd.

Experience What’s Old, New, and What’s Ahead in the Queen City.

Join Charlotte newcomer’s group Staying Ahead, Carolina for its first “Get on the Bus” Tour of Charlotte.

This is no ordinary tour. We won’t drown you in historical facts. This tour will be a “social on wheels,” as you take in the rich culture the Queen City has to offer. You will meet new people, sample foods from great restaurants, visit some tucked away spots that you might not have considered. You will know where to take friends and guests when you are looking to experience something unique in Charlotte.You will appreciate how Charlotte is taking shape in some of the hot areas of town.

> official website

found on www.charlottecultureguide.com

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Culture and Cookies

Sunday July 20th, 2 pm (Free)

Levine Museum of the New South

Explore an exhibit, take part in a craft project, and then enjoy some cookies! Free and fun for the family!

found in The Charlotte Observer

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Western Film Series

Sunday July 20th, 2 pm (Free)

ImaginOn

Catch two of Roy Rogers brief western movies (both under 80 minutes). “Utah” and “Idaho” will be screened back-to-back with an intermission in between. Bring the cowboy lover in your family!

found in The Charlotte Observer

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Rush

Sunday July 20th, 7:30 pm ($26.50-$84)

Verizon Wireless

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It is a strong home buyers market here in the greater Charlotte area. Thinking about moving to Lake Wylie? Matthews, Charlotte, Weddington? or Lake Norman? You can quickly compare home prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.

Charlotte Home Search -By Area

Moving To Charlotte? A Good Introduction to the Area?

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