Archive for October, 2007
Beverly Crest in Charlotte| Convenient to Uptown, Amenity Rich, Affordable Re-Sale Homes in 28270
October 31st, 2007 Categories: Buy A Charlotte Home, south charlotte
Beverly Crest in South Charlotte’s popular 28270, was built by Saussy Burbank and combines Craftsman and Charleston style homes…
in 4 unique single family and two townhouse communities, all located inside of Rt 51(the Southpark- Charlotte side) … ask anyone who lives around here, being inside of RT51 is A BIG Advantage- at least for anyone driving uptown. Built in the early 90’s, the landscape is grown-in, and the homes were built right- open floor plans, porches, 9′ceilings on the first floor, fantastic crown, trim and casings round out the picture. It is a short walk to the express Uptown bus lot at the Arboretum. See more pics here.
Homes on the market today range from $295,000 to $435,000, with their highest sale in 2007 at $445,000.
Prices rose, as measured by the Average Cost per Square Foot, from $135/sf to $143/sf over the same 3 month period in 2006, representing about a 6% gain, 25% above the Charlotte region average for the same period. That’s a big thumbs up from the local market! People who know Charlotte love Beverly Crest.
Schools|Elizabeth Lane Elementary South Charlotte Middle Providence High School
I think Beverly Crest has succeeded so well by and because of the neighborhood design- walking friendly neighborhoods with sidewalks on both sides of the streets, berms to keep down traffic noise, and connecting walking trails. A day care center is nestled on the Beverly Crest Blvd at the RT 51 entrance, pictured above; it is a tree lined boulevard (lower right) with bike lanes and it bi-sects the community with plenty of crosswalks. Strollers and dog walkers abound along the
paved walking trails that bring the community together at the clubhouse, pond, pool and the tennis courts.
more Beverly Crest Pictures Search South Charlotte Communites
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the Palisades,Charlotte NC|Southwest Charlotte’s #1 Selling Community|A Terry’s Top Ten New Home Community|
October 31st, 2007 Categories: Lake Wylie NC and SC
The Palisades in southwest Charlotte NC
offers homes in a resort style country club community. The Palisades combines the elite of Charlotte custom home builders with the areas top subdivison builders, like Shea, Niblock and St Lawrence. Just 17 miles to Uptown Charlotte at Lake Wylie, The Palisades has all the features to make my Charlotte Top Ten New Home Community list…find out why below.
** See criteria for Terry’s Top Ten here.
The Palisade’s Amenities include: The Wilkinson Sports Complex, Nicklaus designed 18 hole golf course, a Boat Club, an Equestrian Center, Charlotte United Futbal headquarters (4 fields) and more
A few of the details…1600 Acres of rolling wooded country side, gentle hills and wooded lots make’s if feel just right and with a sculpted 18 hole Nicklaus Golf Course, miles of nature trails, and equestrian center, a boat club, a first class clubhouse, and the Wilkinson Sports complex makes the Palisades an artful blend of amenities, communities and nature, just a short drive to Uptown Charlotte- and a community on the rise. The addition of Winget elementary, and the Episcopal Day School offer first rate educations–and this year’s bond package will add an onsite elementary school. And I’ve learned, that the developer will donate land for a public high school, and negotiations are ongoing to make that a reality.
5 new communities within the Palisades opened this fall: Treetops, Montage, The Ranch (site of Homearama ‘o8), Westerham, and the new custom Shea neighborhood, Bear Creek. Several waterfront lots are on the market as well.
Already the Palisades is becoming the Palisades area, not unlike the Ballantyne area, and about the same distance from Uptown too. I will be reviewing the inventory in 3 different categories: custom homes select, Ashton Oaks Custom, and Semi-custom. Today it is Custom Homes Select with homes by Jas- Am and Regal- two outstanding Charlotte custom builders. Both houses represent excellent values.
Total heated sf 6,030, on the golf course, very close to the clubhouse. This home has 4 br 4 bath and 2 half bathes. 12′ ceilings first floor, an entry courtyard, marble, great covered porch and more
More house pictures, start here
Kitchen More Palisades Pictures
Asking price, $1,695,000
Terry represents buyers, call him direct at 704-351-1519, most inventory pricing is negotiable.
Regal has done a fine job on this open floor plan former Homearama house… over 7000 sf, 5 br, 5 bath +golf course view and not far from the clubhouse.
Another front exterior house picture Interior pictures begin here
Asking price, $1,775,000 (certainly negotiable tm)
The developer’s commitment to the Palisades is huge. They are still in the early stages of a 5-10 year development plan that will encompass the entire region- one only needs to drive down Route 49 to see the transforming power of the new southwest Charlotte communities, the Palisades and the Sanctuary– now that there is a destination, investment and development is booming.
See pictures here at my smugmug galleries: The Palisades, Ballantyne Country Club, Myers Park, SouthPark, High Gate
for a review of local courses, try this from Golf World
Call me direct at 704-351-1519, and I’ll see you in Charlotte!
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Where WERE the Realtors? More on the Sub-Prime Fiasco
October 30th, 2007 Categories: Real Estate News
With over 2 million home buyers facing foreclosure, this is an important question, one I’ve been asking…
The Subprime Blame Game: Where Were the Realtors?
“Often, the buyer has spent months with the agent. And to hear agents tell it, they are indispensable guides through the
hazardous home-buying terrain. How is it, then, that millions of borrowers took on toxic subprime mortgages that could cost them their homes? Why did their agents not warn them off?” More
I found this article surfing out west at the Front Steps in San Francisco- and its a question I’ve been asking about around here.
Where did the Realtors go? Have a look, I’d appreciate other opinions on this. The article mistakenly claims that 99% of the agents work for the seller- but that is not true in North Carolina, where Buyer Agency is alive and well… or is it “so-called” Buyer Agency? Well we know that Realty Place claimed to be Buyer Agents but acted in their own and the seller’s interests often as not… what about the others?
So the legal question to ponder, If an Agent, regardless of a Buyer Agency agreement, acts in the interests of the seller, or the deal itself, he is then by definition Not acting as a Buyer Agent. Our state only allows for two types of Agency, the default setting is working for the Seller and the other is Buyer Agency. That would make many of these agents sub-agents of the seller, and with that could come huge liabilities, as in joint and several to the supervising Broker. Need some help out there from my attorney friends…
I had one of these in the past two years, I did try and warn the client, however she was a first time buyer, the originator was the client’s friend, and she went with a 2 yr adjustable, “because the payments were lower and she could always refinance.”
Buyer Agent Warning: We need to act in our clients interest at all times. It really is that simple. Just like we were taught… and the penalty for abusing that trust should be high. If our NAR is smart, they’ll get out in front of this one, sooner or later those DOJ peopple will be knocking at our doors asking tough questions. Any questions other thoughts? terry
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What Every Buyer Should Know!|How Much Deposit Do I Need to Make an Offer?
October 29th, 2007 Categories: FAQs About Charlotte
Deposit Questions, New Homes and Resale Homes Answered by North Carolina Real Estate Broker Terry McDonald
There are two different deposit/contract situations to consider, is it a new home or is it a resale home? Just a word of warning, the new home contract is the quintessential “one-sided” contract– it is very strong builder rights, low on Buyer rights, but high on Buyer responsibilities, low on builder responsibilities. I’ll say more at the end regarding this issue.
The builder will have a predetermined deposit requirement, which typically they adhere to closely, with only one or two exceptions. They will sometimes lower their deposit requirements with an inventory home. There are two key considerations, first the deposit will beheld by the builder, not in escrow, and 2nd, if negotiating for inventory, typically we (Buyer Agents) would put more emphasis on price, than deposit.
The exception would be of course if we weren’t certain we (you) cold get a loan, or you weren’t certain this was the home, but wanted back up.. but usually we’ll be negotiating price with the builder on an inventory home.
One local builder requires a 5% deposit on “to-be-builts,” then 50% on all options. This has the affect of committing the Buyer to heavily to the home in advance of it being built. In other words as closing approaches, despite the Buyer’s of satisfaction- or dissatisfaction- the Buyer will have so much of their money in the deal that Buyers feel they have little choice and tend to close. A one sided contract to begin with has become concrete-like for the typical buyer once they have $30-50,000 down on a house and the builder tells them they will lose their deposit if they don’t close. Most are understandably unwilling to walk away from such a large deposit, and we try and never let our clients get into that situation.
Normal deposit requirements range from $4,000 to $10,000, and some builders as for more.
Re-sale deposits are different from new homes in three ways,
1) large deposits are not expected- historically 1% of the sales price has been sufficient and 2) Earnest money deposits are held in escrow by one of the broker offices and are subject to escrow laws and conditions, and 3) they are more frequently negotiated.
There is one very important consideration, that shapes the conversation below, regardless of any contract language, deposits are only refundable with the signatures of both Buyers and Sellers. What does that mean? It means the deposit is always potentially at risk, even in the case of an express condition in the contract. The easiest example is the house does not appraise, or you are unable to secure the financing- there are express conditions in the contract saying that in the event the house does not appraise, or you are unable to secure financing, Buyer is entitled to a refund of all Earnest moneys. That is in the contract. Nevertheless, it is part of escrow law that states it DOES require the Seller and Buyer to sign off on a refund form for the escrow agent to release that deposit back.
Usually Sellers will do this without issues- but because they do have to sign this form, and the Buyer could potentially have to sue to get the money refunded, I recommend only the minimum deposit required to get the house– unless there is some negotiating reason that alters that position, which there sometimes is, see below.
BUYER AGENT Negotiating Point:
The new resale contracts required as of November 2007 tightens the Buyer requirements in a number of important areas, making the loss of a deposit more likely if the Buyer fails to perform diligently on their side of the contract. For that reason, the negotiating point is to always seek the lowest deposit possible, putting as little money at risk as possible. In most cases we will seek that very lowest possible deposit- our first offers will have deposits in the .5% range going forward.
I also expect the Seller’s (Listing) Agent to counteroffer expecting a larger earnest money deposit. As Buyer Agents, it is our position that the safest deposit is one protected by doing the right things first: getting a loan pre-approval, only making offers on homes we are certain buyers want, unless they want to tie up the house regardless, knowing they may be risking their deposit.
There is a significant exception: suppose a Buyer finds a house that is perfect in every way, and they’d like to buy it right away, but for less. We can make the contract stronger by increasing the deposit and simultaneously lowering the offer price– so the Listing agent will present a very strong low offer, and the Seller will have to make a decision. Ideally we would also get the Seller’s preferred closing date in the offer.
We’d need hours to discuss all the possibilities, but hopefully you get the idea.
Frequently the deposit is an after thought- it shouldn’t be, there is always a “best” deposit amount for the Buyer’s goals.
As always, this is information to assist in preparing an offer, but in no way is advice for any particular situation. Consult your attorney for the most up to date information.
Call me direct for questions on a home, 704-351-1519
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Charlotte NC Real Estate|The Palisades:Southwest Charlotte Photo Gallery
October 29th, 2007 Categories: Lake Wylie NC and SC, Terry\'s Top Ten New Home Communities
I’m writing to introduce my Palisade Photo Gallery, on a very cool photo site, CharlotteCommunities.smugmug.com. Almost 30 are there: Longview, The Sanctuary, Lawson, Dilworth, Ballantyne and up north Sailview and The Point plus another 20 or so. These will be categorized under Community Photos and under the individual community name- so they should be easy to find here.
The news from the the Palisades is they have opened several new communities:
the Ranch, an Equestrian community, large lots from 350K, site of 2008 Homearama
Treetops- Custom, great location, by Kingswood from 899K
Montage- Golf course homes from $1.3M
High Cliff-Lakeview from the 800’s
Westerham- Gated Custom from the 600’s
I’ll be working on custom and non-custom inventory posts for later in the week.
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Visit CharlotteCommunitesPhotoGallery
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Charlotte, NC Real Estate|The Secret of “Tax Value”, What Is It and How do Property Taxes Work in Charlotte?|
October 27th, 2007 Categories: FAQs About Charlotte
Answers From Charlotte Real Estate Broker Terry McDonald…
There isn’t any secret, just mystery and misunderstanding. Tax Value is the result of a drive by appraisal by a stat hired appraiser, sometime in the past 8 years, andnoted to the proerty address for the purpose of computing property taxes… It is not terribly scientific, it usually doesn’t represent value in any way, and is NOT adjusted at the sale of property (except new construction). But it is an indication of possible appreciation in the neighborhood since its last appraisal and it is one of two numbers used to compute the tax bill, so it is worth noting…
The 2nd number is the rate- and there are thirty if there is one in the Charlotte area. The city of Charlotte is worst at about 1.29% of Tax Value-the best might be Lincoln County at .61% or Iredell County .55%- then add city rates/ fire rates, to get values just below or above 1%.
So you may be looking at a $200,000 home, with a Tax Value of $100,000, in the City of Charlotte, you would pay $1,290 for your taxes per year. ($100,000 x 1.29%= 1290)
You can and should ask me for specifics on any home you have some interest in, and I’ll always have the tax report with me whenever we’re aking an offer.
Buyer (Investors?)Beware of one Tax Value, one that is higher than the Asking Price, usually this indicates a neighborhood that is falling in value. We don’t have many, but there are a few out there. Call meat 704-351-1519 with any questions, OK? It is why we are here.
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the Palisades, SouthWest Charlotte NC|Charlotte New Homes
October 27th, 2007 Categories: Lake Wylie NC and SC, Terry\'s Top Ten New Home Communities
The Palisades in Southwest Charlotte is the leading new home community in South Charlotte,
and one of the premier communities in the greater Charlotte region. I’ve been watching the Palisades take shape for two years, and I must say their commitment to detail, commitment to green space, and their dedication to providing a lifestyle sets this community apart.
A partial look at the amenities:
A Nicklaus 18 hole golf course, A Country Club, A Boat Club, Soccer (4 full size fields), A Town Center, and an Equestrian center.
Recently the tennis world came to the Palisades in an over 30 event that drew John McEnroe and Pete Sampras. Unfortunately, I didn’t get there, so I’ll be searching for some photos, if you have any won’t you send me a couple? thanks
A few Palisades photos…
Inventory in Ashton Oaks from 899K- 1.4M
See More Palisades Photos Search ALL CHARLOTTE HOMES See Charlotte Pictures
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In Charlotte, How long does it take to close on a home?|Ask the Broker|FAQ
October 27th, 2007 Categories: FAQs About Charlotte
Answers from Terry McDonald, Charlotte North Carolina Broker
The short answer? It is the time it takes to secure and close a loan. Cash customers could close in a couple of days, if they weren’t concerned about inspections. Typically, loans close in 30-40 days, near the end of the month. WE can and do negotiate different closing dates when the need arises. Generally we don’t have the title issues that make some states take longer to close (New York for example)
Buyer Agent Negotiating Point
We always ask what is the sellers preferred closing date. The closing date can be a negotiating point depending on the buyer’s or seller needs. In a best case negotiating scenario, the buyer has no home to sell, has secured their financing with pre-approval, and could close in 2 weeks or 3 months, without a strong preference. In this scenario, we would ask the Seller Agent when the Seller’s preferred closing date would be and if we, the Buyer side can meet their preferred closing date, we often can get an additional price concession for the convenience. This is frequently used in early spring, when a house is on the market, but kids are still in school, and the sellers would prefer to stay there until the end of June. Logically, if we make the sellers move now, we would likely have to offer more than if we were willing to close at the end of June-
Seller Negotiating Point- Ideally, the seller is flexible and can leave in 2 weeks or 3 months, and then a good Seller Agent (Listing Agent) should ask the Buyer preference, and may be able to negotiate a higher price for their Seller.
The extreme case is a Foreclosure, when the need for immediate closing drives the price down.
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Charlotte Housing STILL Rising
October 26th, 2007 Categories: Buy A Charlotte Home
A Charlotte Real Estate Market Report
Bad national housing numbers STILL don’t translate to Charlotte. Yes we received more bad news from the NAR, the National Association of Realtors, but Charlotte (Austin, Seattle and a few others too) stubbornly refuse to play, with prices rising, and inventories just fine.
| September |
2007 | |
| Charlotte | National | |
| Sales Volume | -18.8 | 19.1 |
| Sales prices | 4.50% | -4.20% |
| Inventory | 3months | 10 months |
Yes our unit sales are off reflecting the nationwide slowdown, but our fundamental underlying values are strong, rock-solid Why else would prices rise 4.5%, with sales off nearly 20%? And our Inventory? Just fine. Not so with Charlotte’s new home builders who are stressed, to say the least.
National numbers were released by the NAR, and my numbers come from the Carolina MLS, but were not provided by them.
Mr. Seller, is your home in tip top shape? No? Then why not wait, and get it in top condition. In perfect shape? Then get it on the market at a realistic price. Lets all take a breath and relax. terry
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south Charlotte, 28277, Prices up 2.25%, 3rd Quarter 2007| A Charlotte Real Estate Market Report
October 25th, 2007 Categories: south charlotte
28277 prices rose 2.25 %, while selling 11% fewer homes in areas like Ballantyne, Piper Glen, Blakeny, Providence Promenade and Providence Country Club.
Closer-in 28277, you find older more established neighborhoods, such as Piper Glen, but as you move away from the city, you will find the booming communities in and around Ballantyne. The average sold price in September, 2007 was $377,900 on 2852 sf, or $132 per sf.
Now Lets look at the 3rd quarter 2007, and compare it to the same period in 2006.
7/1/07-9/30/07 351 homes sold at an average of $136/sf
7/1/06-9/30/06 395 homes sold at an average of $133/sf
The $3 increase in the average SOLD Cost per SF represents appreciation at 2.25%. The decrease in units sold was an 11% drop from 2006.
This compares to city-wide increases of 5% in prices and a 12% drop in sales.
This extremely popular area remains in demand, and has a lot of new home building on the perimeter contributing to price competition, keeping price increases somewhat lower than the city average.
Charlotte remains a very stable market with excellent values. As I talk to folks around the country, almost without exception, wherever we see double digit decrease in demand, prices fell with it. Not so here. And in Austin ,Texas, where lower demand still produces higher prices. Why? We have no science on this just the opinion that as the Internet and low cost travel make the country smaller, so to these trends are making real estate more of a national market,and people can see value here, and are willing to pay for it, as Charlotte remains inexpensive compared to other major cities.
Just my 2 cents!
Ballantyne Pictures and Map (Try the map view) Southpark Area Pictures Sailview at Lake Norman pictures
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