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Terry McDonald Real Estate.com LLC
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Charlotte NC 28269
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Archive for January, 2008

Matthews, NC| Homes for Sale in Matthews, NC

January 31st, 2008 Categories: Buy A Charlotte Home, Matthews, south charlotte

Matthews, NC Homes for Sale

Only a short drive from Uptown Charlotte, Matthews is a popular choice as a “move to” location in the south Charlotte area. It combines a small town feel in its historic downtown, modern suburbs, communities at every price point, and has lots of sidewalks, a great public library and a revitalized downtown. Matthews is the rare suburb that has a small town feel but offers all of the important shopping, dining and entertainment. About 35 minutes from uptown,there is Rapid Bus Transit to The Bank of America building daily.

Matthews Alive, an annual Labor Day celebration draws folks from all over south Charlotte. Like to see more photos, try my Matthews Photo gallery. Like to see New Homes in Matthews? Visit my Matthews New Homes site, some very cool search tools here, move the map pin to where ever you want to search! Search For Matthews real estate here.

Here is the Matthews Homes for Sales Report for single family homes:

Table notes (a work in progress, sorry if its not perfect) : LYSold, last column on right, is the number of units sold in this price range in the prior 12 months. Both price and size are the median for their price point. Year to year appreciation studies- based on SOLD average cost per square foot prices are available to clients.

A few thoughts about the market– generally Matthews has a very low absorption rate- contrary to some local “doom and gloomers” and while it has a lot of selection- like everywhere it is a strong buyers market, the homes do sell and remain comparatively undervalued to its more expensive further out neighbors. You may search the MLS for Matthews homes at any time by clicking the Red House, when asked City- find Matthews.

Fun things to do abound in Matthews: the Siskey YMCA is only a few minutes away offering an indoor pool, several indoor basketball courts, an extensive free-weights room, an extensive treadmill and weight machine room, many different types of exercise classes and a large outdoor water park. For those more interested in a tasty meal than a treadmill try the oysters at Vinnie’s in downtown Matthews. Then if you are there on a summer Saturday night walk over to Stumptown for Movies In The Park.

Like to Search for Charlotte Homes? If you’d like to find out more about living in or moving to Matthews, NC, I lived there 7 years, so call me (Terry) direct at 704-351-1519.

Thinking about moving to Charlotte? Facing a job transfer, a quality of life move, or just want to come for the weather?

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Charlotte NC|Weddington NC Homes For Sale

January 29th, 2008 Categories: Buy A Charlotte Home, Union County

Weddington is a close-in Union county suburb of Charlotte known for its great homes, communities and lifestyles.

A farming and horse community for generations has converted to a bedroom community of Charlotte. Known for its lifestyle, Weddington has been one of, if not the most popular “Move To” location in the greater Charlotte area for the last decade, and is a big reason Union County is the fastest growing county in NC. Please see related posts in the Union County Category on the right– photo on right is from Brookhaven, an amenity-rich John Wieland Community- from the 400’s, average 600’s. You can use the Red House to search the MLS for Weddington Homes, search the city of Weddington.

Here is the Weddington Homes for Sale report:

A few thoughts – this is an example of a strong buyers market in Charlotte with good selections at most price points. Our city wide absorption rate at the end of January is about 4 months. The Union County inventory and absorption rates are somewhat skewed by the very- repeat very slow sales in the 4th quarter of 2007, leaving both unit sales lower for the year, and number of homes on the market higher. Prices are adjusting, and spring is around the corner. This will be a great season to buy a home in sought after Weddington.

As you can tell, I (we) are “numbers” people and detailed appreciation reports are available to clients.

Thinking about moving to Charlotte? Job transfer, quality of life, the weather… the 3 most common reasons for moving to Charlotte. Like to see more Charlotte Homes and Communities?

Want more Charlotte information? Read on or call me direct at 704-351-1519 Like to Search for Charlotte Homes
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Charlotte, NC| Homes for Sale in Waxhaw, 45 minutes to Uptown Charlotte NC

January 27th, 2008 Categories: Buy A Charlotte Home, Union County

Homes for Sale in Waxhaw, a Union County favorite

Popular Waxhaw, NC is located about 30 miles south of Uptown Charlotte, what I call close-in Union county and is one of the fastest growing areas in the greater Charlotte Area. Waxhaw homes and neighborhoods combine the country feel of large lots with the more modern feel of large homes and in some cases large subdivisions.

There is something for just about everyone in Waxhaw. Prefer a secluded lot with 2 acres of land? Waxhaw has it. Prefer a half an acre, a large house and a subdivision, well you’re welcome too at Lawson, Quellin, and many others. Luxury Homes are found throughout, but check the Skyecroft and Chattelaine posts elsewhere in the blog. (Use Search above) Below is a breakdown of the homes currently on the market by listing price:

There are 115 homes for sale for under $300,000

There are 196 homes for sale for under $500,000, but more than $300k

There are 105 homes for sale for under $750,000, but more than $500k

There are 91 homes for sale for under $1,000,000, but more than $750k

There are 73 homes for sale for more than $1,000,000

The most expensive home on the market in Waxhaw is listed at almost $4,000,000 and offers 6 bedrooms, 8|3 baths and 11,509 sq/ft. Waxhaw is a great area for those looking for a country feel but who need to be within a short drive of the city or South Charlotte.

If you’re looking for a home in the area contact me direct at 704-351-1519. Like to Search for Charlotte Homes

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Charlotte, NC|Great Townhome Values In University City Area

January 24th, 2008 Categories: Buy A Charlotte Home, University City

What can you buy in the University City Area of Charlotte for under $150,000? Quite a lot actually…

First time home buyers, investors and 2nd home buyers take note- these University City townhouses have a lot to offer, and are located between University of NC at Charlotte and Lowes Motor Speedway, 5-10 minutes to each.

I mentioned last week that I had a home buyer put a contract in at Mallard Lake Townhomes, pictures on left, and get a great University City townhouse. Well I took a few pictures of some of the other town houses in the area, and put together this report.

There are 54 Townhomes for sale under $150,000, the median price? $112,000

There are 14 townhomes for sale under $200,000, but more than $150,000. The Median? $164,900

There are 3 Townhomes under $250,000, but more than $200,000. The most expensive? $219,900 for over 2500 sf.

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Charlotte, NC|Mallard Lake Townhomes A University City Bargain

January 23rd, 2008 Categories: University City

A Townhome Bargain at University City in Charlotte? You bet!

Last week working with a 2nd home client I discovered the *McCar Homes project Mallard Lake, just off 485 at Rt 49, a townhome-townhouse and single family community in the heart of the University area, 3 minutes off 485. What a great deal! And they have a few more.

They have 4 Inventory homes at this writing- and this is where the deals are (see below) They are classified as Inventory, but have late spring/early summer delivery dates. There may be something sooner, call me. They are ALL 3 story with a garage on the first floor, deck off the 2nd floor, hardwoods, granite and tile backsplash, most with a guest room and full bath on the first floor, as well.

A Chestefield, with 4 br, 3.5 ba and 1959 sf at $162,130- ideal for a first place or 3 student rental

An End Unit Greenfield,, 1,959 sf, 3br/3.5 ba, $163,800

And two more units less than $161,000…

As to the deal, inventory is where it s at if you are looking for a bargain.

These units are selling quite well, and their proximity to I- 485 and the University of North Carolina at Charlotte are very strong value anchors- the units are very well done, the value fundamentals are excellent… so what are you waiting for? Call me and lets go see these. 704-351-1519  Search for Charlotte Real Estate…

*I am not affiliated with McCar homes in any way, I represent buyers. I have had multiple buyers have good experiences with McCar, or I wouldn’t have written this post- but remember they are new home builders!

Thinking about moving to Charlotte? more links and photos, read on Read the rest of this entry »

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The Levine Museum Of The New South- Charlotte, North Carolina

January 22nd, 2008 Categories: Things To Do Charlotte

“What is the New South?” asked a Charlotte home buyer this past Friday…

If you live here in Charlotte, you’ll hear the term often, something like “Charlotte is a great example of the New South” or if you live in or near Atlanta, you’ll know they claim to be the “Capital of the New South.” I had lived here nearly 5 years before hearing about a new Museum in town, that was named, curiously enough, The Museum of the New South. I had to see… this picture I took yesterday on Martin Luther King’s holiday as my wife and I, and many others took advantage of the free admission.
Again, what is the New South? Here is what I’ve told folks for the last several years: It was the simultaneous ending of all the Jim Crow laws of segregation in the south, that then allowed American business to invest in the south, and industrialize the south- something few American business would do prior- with a few exceptions like textiles- until the South desegregated. In the years following the tumultuous 1960’s, investment in the south took off as business investment soared and American business discovered that these were very business friendly states eager to have the jobs and income that these new plants and factories provided. In Charlotte, it was the friendly but fierce competition between two banks that spurred growth here, as each tried to be the first nationwide bank.

As I visited the museum yesterday on MLK’s birthday, I came to realize they talk of the New South as the time since the end of slavery– from Re-Construction to the Civil Rights movement to the present. And that is what the Museum is all about.

I now believe if Atlanta can claim to be the capital of the new south, then we Charlotteans need to be the “Heart of the New South.”
This is a great museum that explains Charlotte’s positive record on civil rights, from integrating at the drugstore counters in 1960 (3 years ahead of the famous Greensborough Woolworth sit in) to the 1963 effot by teh mayor and Chamber of Commerce that he led personally to end segregation in Charlotte.

Read on for the story in pictures from inside the Museum. Search for Charlotte Real Estate…

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Charlotte, NC Bank of America to buy Countrywide (still)

January 21st, 2008 Categories: Charlotte Business, Real Estate News

Charlotte, NC| Bank of America still planning on buying out of Countrywide

by Bob McDonald (Research and Marketing Assistant)

First and foremost I hope everyone is enjoying a relaxing day away from work to commemorate Martin Luther King day. Martin Luther King Jr. was an amazing man who showed that there is power in a dream and that one person can make a difference. Normally I’d be working the 8:30-6 shift at East Carolina University’s Online Programs Office (it pays the bills while I’m finishing up an MBA) but it’s MLK day so no school, no work for me!

I’ve been researching the Countrywide purchase and did want to post this -about a still wobbly merger that could add some traction to the housing correction. Last week everyone heard and was excited (Wall Street Journal and Reuters) that Bank of America (BoA) planned on following-up its 2 billion August investment in Countrywide with outright purchase of the company in the 3rd quarter. Countrywide, the largest mortgage lender in the US was in deep trouble before BoA’s August bailout. I believe this is good news for any individual interested in buying, selling, or investing in real estate. BoA has the deep pockets to withstand the sub-prime situation and keep Countrywide intact. This week fears were swirling again as analysts suggested that BoA had overvalued Countrywide at $3.8 billion or $6.55 a share. While BoA and Countrywide representatives both refused to comment on the situation the deal is still believed to go through as BoA had several broadly written clauses in the initial contract for further re-evaluation of Countrywide’s worth, if their situation deteriorates further.

If the deal does go through it would make BoA the largest mortgage lender in the country. BoA is the area’s third largest employer with almost 14,000 jobs in the Charlotte metro area; this number would probably grow with an acquisition of Countrywide, and its huge portfolio of loans. That, plus Countrywide access to BofA customers? This could be a big addition for the Charlotte area in the years to come in terms of job growth and development. That would be a a win/win, and for Countrywide, preferable to the alternative.

Thanks for reading, don’t be shy and comment.

Sources

Mortgage News Daily

Wall Street Journal Online

Charlotte Chamber of Commerce

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more links and photos beyond…. Search for Charlotte Real Estate… Read the rest of this entry »

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Time For Action – Lets Get in Front of the Next Wave of Foreclosures

January 20th, 2008 Categories: Real Estate News

Why is the sub-prime mess, all of our problems? Each and every one of us?

“I’ve got good credit, I’ll be able to buy anytime,” said a buyer recently. Well yes and no. The video below demonstrates powerfully how this mess affects us all, good credit, ok credit, not so good credit, and why new Fannie may guidelines may be necessary, so watch, it only takes a few minutes…thanks to MortgageReports.com and Dan Green for the video, a history of mortgage guidelines since 2000.

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Now I understand the argument for personal responsibility, agree with it, and hopefully have taught it to my children… I believe in personal responsibility. But the issues here go way, way beyond my (or your) desire for personal accountably, let me explain why.
Lets suppose I live in a neighborhood of 103 homes and the average sales price is $100,000. 3 go into foreclosure, just three, that’s less than 3%, hardly a crisis you would say… but lets scratch the surface and look deeper… The 3 homes go into foreclosure, and lest assume they are able to be sold in the winter of 2007-08, at a discount, for $78,000-$81,000. In the spring, 5 home sellers would like to sell their homes. What will their asking price be? Their sales price? Here is the scary thing, if they have to sell, their sales price will be no more than $82-85,000 because the house WILL NOT Appraise for anything higher. So each homeowner in the communbity- all 100 good taxpaying mortgage paying families, have conservatively Lost 15% of their home value, in this case, $15,000 each. That is not fair you say, and I’d agree, that is why stopping foreclosures is a paramount value.But the losses continue…the community lost $1.5Million in equity, (100 x $15,000), but city lost $1.5M of its tax base… in the spring the city sends their tax appraiser out and because of the foreclosures, he appraises the houses at $85,000. The city just lost $1.5Millionin taxbase, or at 1% rate about $15,000, about half a starting teacher’s pay.Multiply that by ten, 20, or 50, and you will begin to see a cities plight, but that is not the worst case scenario…Now suppose that the homes foeclose, but wouldn’t sell. No buyers, even at a 20% discount. Soon the grass is overgrown, then the banks board up the windows… Any idea what that does to home values? If you guessed it’s even worse than selling the homes at 80 cents on the dollar, you are correct. In this case, those homes might not sell until you hit $65,000, or 65 cents on the dollar. Now the community loses $3.5 M, and the city, at a 1% tax rate. loses $35,000, or the cost of a policeman without benefits. Now lets say you have 100 communities in your town like this- see the Cleveland example below- that fall into one of the two scenarios above- that means your city is going to have to cut back either 75 teachers or policeman because they just can’t pay their bills…and remember, this is because that about 3% of the homes foreclosed. And this isn’t a possibility, it has happened in 8-10 American cities, see the example of Cleveland below.And the damage isn’t finished there. The reality is these bad loans are concentrated in areas where the foreclosure rate has reached 15%. Boarded up houses invite crime, and formerly good neighborhoods go down the drain quickly. Many of these high density bad loans are concentrated in the rustbelt, and not all were to people who stretched too far, many of the worst loans were refinances to people whose homes were all but paid for, but when the rate reset, they couldn’t afford the loan- and they couldn’t refinance either. Not surprisingly, the burden falls heaviest on the poorest educated Americans, ones not savvy enough to understand the rules, or ones who were lied to by unscrupulous lenders.Cleveland provides a real life example. Something between 40% and 50% of the mortgage loans issued in 2005 were subprime. Today, a little more than 2 years later, Deutsche Bank is the largest land owner in the city. Dozens of working class neighborhoods have been gutted, and city tax revenues with them. The City of Cleveland announced they were suing 21 investment banks- Deutsche and Wells Fargo among them, for $100’s of millions of dollar of lost revenues and costs. We can expect more of that-more Cleveland’s and more lawsuits, if the next wave of 1-2 Million foreclosures take place in the coming two years.Even in Charlotte where home prices increased substantially in 2007, we also suffered a fair number of foreclosures in predictably, higher minority areas of the city. The outside credit conditions still impact us every day- a couple of months ago, a customer with 10% down and credit scores above 700 had to fight for a loan…today, a buyer of a commercial property with 25% down, and a 20 year record of owning investment properties and paying on time, is on the bubble on a property here in “safe” Charlotte. They don’t get it, they’ve played by the rules and done everything the right way. Yet, they are dealing with a terrified lender.

I’m writing our Governor, and US Senators and demanding they start working on some solutions here- fast. I don’t have the answers here- but someone needs to get their arms around this, and do it in a hurry. Otherwise, these years won’t be remembered as the “war years”, but the years the American dream went up in smoke- the smoke of greed and unregulated avarice.

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Terry McDonald, a veteran real estate broker and former builder writes the Charlotte blog, CharlotteCommunitiesOnline.com

Search for Charlotte Real Estate…

An interesting post  South Charlotte Homes For Sale and  Appreciation Report.

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South Charlotte, NC| Homes for Sale in Southpark area

January 17th, 2008 Categories: Buy A Charlotte Home, south charlotte

Affordable Southpark , a look at Beverly Woods, Barclay Downs, and Mountainbrook…

A few days ago I wrote about Morrocroft and Foxcroft, the more expensive side of Southpark This report focuses on the much more affordable side… Today we are looking at homes specifically at Barclay downs, on the Myers park side of Southpark, and Beverly Woods and Mountainbrook, on the Harris YMCA side of Southpark.

There are 10 homes for sale for less than $350,000

There are 14 homes for sale for less than $500,000, but more than 350k

There are 2 homes for sale for more than $500,000

The Southpark area is located in South Charlotte and is close-in to the city. The Southpark area is an established area with many shops, restraunts, and sources of entertainment in the immediate area. With Uptown Charlotte only a short drive away it is an ideal location for those working in or near the city. Tired of working and need some energy? Hit the Harris YMCA, the largest YMCA in the country by membership.

more links and photos beyond, need help? Please don’t hesitate to call me direct at 704-351-1519 Search for Charlotte Real Estate… Read the rest of this entry »

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Destination Southpark- South Charlotte| Food, Culture and Spiritual Refuge…

January 16th, 2008 Categories: Things To Do Charlotte, south charlotte

South Charlotte has been one of the fastest growing and appreciating parts of Charlotte.

I’ve been writing all week about Southpark… you may remember me calling it the heart of South Charlotte. Have a peak at the map below and you be the judge. Southpark is just 7 miles to Uptown, and 15 miles to nearby Lake Wylie… How’s that for convenience. Also, check out the blue icons at Southpark, one has a slide show embedded of the mall! The knife and fork icons represent collections of restaurants, just run your cursor over it to discover Ruth Chris, Morton’s, the Palm and more.

The red icons represent neighborhoods, some I wrote about yesterday, and some I am writing about tomorrow. Here then are the highlights of the Southpark area.

View Larger Map

The Harris YMCA
The YMCA facilities throughout Charlotte will NOT remind you of “northern YMCA’s.” Here they feature state of the art exercise equipment (treadmills with personal TV’s), they are THE center for children’s sport- soccer, basketball swimming, plus step, yoga and pilates for the adults… and much much more.

Concerts in the Park-
The Charlotte Symphony performs Friday nights in June… a great picnic night out with friends and family

The Park on Park
Just a mile away is one of Charlotte-Mecklenburg’s largest parks.

Quail Hollow Country Club
Home of the Wachovia Championship, Quail Hollow is one of Charlotte’s premier country club’s.

Queens University
3 miles away in Myers Park, the private University has well thought of MBA programs at the Hugh McCall Center

Mint Museum of Art- 4miles
Freedom Park- 4 miles

Restaurants, a totally incomplete list, but all are personally tasted and tested!
My favorite, Frank Manzettis in the Shops at Southpark
McCormick and Schmick- my favorite seafood, (sorry to the excellent La Vecchias) Cheapeake style seafood, behind Dicks Sporting Goods
Ruth Chris–never a bad meal, out of this world service
The Palm- needs no introduction, at Phillips Place
PF Changs- next to the Palm

Spiritual Destinations all within a few miles, also and incomplete list

Temple Beth El and the J.C.C. on Providence Road

St Gabriels Catholic Church,

Sharon Presbyterian,

Myers Park Presbyterian, Myers Park Methodist,

Myers Park Baptist, Sharon United Methodist, and Providence Baptist.

Like More Southpark Information?

Southpark Homes For Sale (with 3 yr appreciation)South_Charlotte_Homes

neighboring South Charlotte, Myers Park Homes For Sale Report

South Charlotte Appreciation Market Report 2007 (cost per SF solds)

Latest Southpark Homes For Sale Market Report (1/08)

Southpark is only 10-15 minutes from Uptown Charlotte, so it is centrally located to just about all the (check thi category out) fun things to do in Charlotte.

Are you considering a move to Charlotte? Like to see more Charlotte Homes and Communities?

Want more Charlotte information? If you’ve never visited Charlotte, try my video on the right hand column, it is fact-filled and has been well received. Then if you like try some of these category posts…

Active Adult, Over 55 Communities in Charlotte

Charlotte Real Estate Market Reports

Most folks like pictures, and I like taking them, so I’ve published more than 1500 pictures divided into 45 galleries, divided by community, area and fun things to do, see them at: Uptown Dilworth, SouthPark, Ballantyne Country Club, High Gate and more. (Pictures are of Charlotte at night on the left, and the a Weddington horse farm on right)

Concerned about the market? Here are couple of recent articles about the strong Charlotte real estate market by Forbes.com and ABC News

To learn more about me, and my business in Charlotte, visit TerryMcDonaldRealEstate.com, my easy to use search for houses, condos, land or multifamily~

Please don’t hesitate to call me direct with your Charlotte real estate needs and questions, 704-351-1519

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