Archive for November, 2008
More Housing and Real Estate Updates: Home Sales Up
November 30th, 2008 Categories: Charlotte Business, Real Estate News
2 New Reports of Rising Homes Sales, in Major Down Markets, a Sign the Tide is Turning?
Charlotte NC  The California Realtor Association reports that home sales doubled in October when compared to October 2007. Average home prices are down 40%, returning much of California to the affordable range. Distressed properties sold at a discount and very low interest rates account for the surge. See more.
Tampa, Florida, reported October sales Up 11% over the prior October, their first increase in probably more than 2 years… See details on Clearwater-Tampa Real Estate
Consumer Confidence increased in November as well,
startling the economists and others watching the big numbers. Of course October numbers were the lowest on record, still economists expected much worse. Â A small but a needed step in the right direction.
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you haven’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Townhome Charlotte, NC To Live or To Invest, 4b 3.5ba 159k in University area
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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Some Charlotte Home Prices UP, Good Housing News From the Carolinas
November 28th, 2008 Categories: Buy A Charlotte Home
Many Charlotte Home Prices Rise in 2008
Charlotte NC  By now the national housing story is depressingly familiar, and many people who’ve never heard of Case Shiller can tell you how bad home prices are… Yet despite the slower real estate sales market, there have been a few bright spots, Charlotte, Seattle and Austin, cities and communities where home prices have risen, stayed steady or only slightly fallen in a handful. In many subdivisions and communities, Charlotte home prices are advancing.
Charlotte has many appreciating neighborhoods, median prices are up, through 3 quarters, lets look at a few:
Birkdale In Huntersville – a popular neighborhood in popular Huntersville
Beverly Crest in South Charlotte- large newer Saussy Burbank community in South Charlotte, inside of Rt 51
Matthews- popular small town in South Charlotte-ahead of last year, in median and cost per sf.
Myers Park- in town close to Charlotte, traditional Chevy Chase like suburb
And there are others- but the further you go from Uptown Charlotte, the less likely the homes are appreciating. In some of the more distant communities, prices have fallen substantially.
Other good housing news (yes there is some good):
Home sales in southern California are up 63% over October 2007 .
In the United Kingdom, home prices fell only .4% in October.
Interest rates dropped a half point in 30 year fixed notes on Wednesday and everyone awaits to see what will be in the promised stimulus package in January.
While there is general agreement that the national housing market must reach bottom- and it hasn’t yet, it is also well agreed that the US has many individual real estate markets, sales possibly show the California numbers indicate a bottom there.   We’ll need another month of sales figures to confirm that…
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you haven’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Townhome Charlotte, NC To Live or To Invest, 4b 3.5ba 159k in University area
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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Fed Action Reduces Interest Rates-Charlotte Homeowners Refinancing…Buying Soon?
November 27th, 2008 Categories: Real Estate News
$800 Billions IS Enough, Rates Fall, Homeowners Refinancing
Charlotte NC| After many attempts, the Federal Reserve was finally able to move mortgage interest rates lower in an attempt to jump start the housing industry. Rates dropped 1/2 point Tuesday in response to the massive infusion of capital in the credit markets, and borrowers returned Wednesday looking to refinance. Treasury officials stressed that the new adminstration was fully informed along the way… the markets have responded well, despite more bad economic numbers released Tuesday and Wednesday. Local mortgage contacts reported good news on new refi applications Wednesday. Good signs.
Happy Thanksgiving to all. May your day be a happy one, and for our nation, a thankful one. We live in the greatest nation on earth, and the only nation based on ideas… and it a nation about to get it mojo back.
Terry
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Charlotte Business Charlotte Real Estate and September Case-Shiller Home Price Report
November 25th, 2008 Categories: Real Estate News
Charlotte Homes Prices Fall Slightly in Case-Shiller’s September Report, Nationally Home Prices Fall Over 17%
Charlotte NC Standard and Poor’s September Case-Shiller Report was released this morning and the 20 city index fell 17.4% in September compared to home prices one year earlier. Charlotte home prices held up well against the tidal wave of foreclosures, and the national issues that made September the largest price drop on record, surpassing August’s 16.6% price fall. Home prices from August to September fell 1%. Check out the table below of the 20 City index.
Looking at the 1 year price declines, the right hand columns, falling least (this one month) is Dallas at -2.7%, then Charlotte at -3.5%… the worst, above 30% price decline, Las Vegas, (-31.3%) Phoenix (-31.9%) and a host abopve 25% price loss from California and Miami of course.  Here is the complete report from Standard and Poors.
Another major Research Center is coming to the Charlotte area, Legacy Park in Marshville,
over 5000 acres, its all about innovation and jobs in North Carolina…Union County officials announced last week their commitment to Legacy Park, a massive 5000 acre research and development park, modeled after Raleigh’s Research Triangle, but twice the size and mixed use including retail and residential… ambitious? You bet.. but North Carolina understands better than most the importance of business innovation and the key role it has in producing jobs… Union County is moving into the 21st century. Could it be a research center for alternative energy? I hope so… NC already leads in many “green” jobs.
Charlotte is already the home of the Kannapolis based, $1.5B Bio Tech Research Center, built on the old Pillowtex mill site.
Real Estate prices in Charlotte have fallen to 2004 levels,
says our local association of Realtors. Nationally, median home prices fell 11.3 % from October 2008 to October 2207- the largest one year drop on record (since 1968) according to NAR. It seems more certain that President-elect Obama’s stimulus plans will include aide/stimulus for housing– judging by these numbers, it can’t get here soon enough. I’ll post a roundup of some of the ideas in the next few weeks…
Good to see the markets respond positively in the last few days… 500 points on the annoouncement of Geithner, and another rally based on the Citibank rescue and the rest of the economic team taht will lead the nation in 2 months…
There are great home buying opportunite here in Charlotte, at and often below replacement cost. But you need to be buying for the long term, in a community that adds value, and then get a great deal too.
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Townhome Charlotte, NC To Live or To Invest, 4b 3.5ba 159k in University area
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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Home Buyers in Charlotte- Mortgage Protection From Bank Of America
November 24th, 2008 Categories: Buy A Charlotte Home, Charlotte First Time Home Buyers, mortgages
Buying a home in Charlotte, NC? First Time Home Buyers and other Charlotte Home Buyers…
Use Bank Of America for Your Mortgage, and Receive one year protection against layoffs, accidents and sickness that hospitalizes you- it pays your Principal and Interest- the PI.
Charlotte, NC| Concern about the overall health of the economy runs deep, and Bank of America has helped home buyers, offering an answer. The tough question? It goes something like this,
“I’ve a great job with a great company, our company is doing well and I’d love to buy a house here in Charlotte, but with all the horrible economic news, what if I buy a home now and business goes bad and I get layed off next summer?”
Now, most of the time the buyer knows this is not likely to happen- knows her (his) company is strong, the Charlotte economy is strong, and that home values are still appreciating in many areas of Charlotte, and she does feel good about her job… or she wouldn’t be looking, but how to still that nagging voice? You know the one! Buyer Protection from Bank of America, is part of the answer to that “What If” question, lets look at the details.
Buyer Protection is an insurance product normally sold with a mortgage,
BOA offer’s it free for the first year. Is there a medical exam? No, but there is a 90 day exclusionary period- so coverage begins on the 91st day after the mortgage is signed. So in the case above, 6 months from now you lose your job involuntarily- a lay off-you can ask BOA to pay up to 12 months of Principal and Interest, in addition to an unemployment you receive, should give you extra peace of mind.
But there is more- suppose 6 months from now your work is fine, the economy is getting better, an you are involved in a car accident and can’t work, for a while, or worse become disabled… we don’t like to think of these things yet we all know they happen to someone somewhere every day – the buyer protection plan from BOA will be there for you in that worst case…
and the cost is, uh, FREE. Really free, no kidding. There are more details, and as with everything in insurance – please read the details to understand your coverage, but his is just another benefit our strategic partnership with Bank of America Mortgage provides to home buyers in the Charlotte area.
These plans are typically expensive and in the past have not been a favorite of mine- but at this price, free, it brings a great deal of peace of mind- and combined with the $7500 tax credit for first time homeowners–they represent two powerful incentives to buy a home in Charlotte in 2009.
The rest of the answer is to only buy in communities that add value, make sure your home fits your needs now and in the future, and buy it at a discount. We are here to help.
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Townhome Charlotte, NC To Live or To Invest, 4b 3.5ba 159k in University area
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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Charlotte News Roundup|Real Estate, Jobs and the Economy
November 23rd, 2008 Categories: Real Estate News
The Biggest News This Week is National- but Charlotte Has Good News on Jobs as Well!
Charlotte, NC| After a week on Wall Street that will only want to be forgotten, the unofficial announcement of New York Federal Reserve President Tim Geithner to be the next Treasury Secretary sent stocks soaring in late trading on Friday, picking up steam the moment it was announced, and sending the DOW up 500 points in the last 2 hours of trading.
Then on Saturday, President-elect Obama vowed to take swift action to address the need of the nation and add 2.5 million jobs in 2 years, ending the speculation on whether he’d go “big” or go slowly. He’s going big, and apparently he is going fast as work has already begun on the plan.
It is unclear whether the Friday stock rally was pure applause for Geithner, a well regarded professional that has been in the Treasury Department his entire career and been intimately involved in working through the mess with Secretary Paulson, or just happy to know who is coming, reducing uncertainty.
This is what the markets need right now, leadership and a voice of confidence… not to magically turn things around with a few words, but stop the slide into ever worsening pessimism and business decisions. Stocks rally Monday? Lets hope so.
XXXXX
This blog is mostly about local real estate news, why so much focus on the national story? Simple really-
our underlying values in Charlotte real estate are sound, and the local economy, though slowed by this recession is still creating jobs in Charlotte -
we will in all liklihood add jobs in 2008, after last weeks announcement that nationally we are down 1.2M jobs for the year, and the NC jobless rate is up to 7%– the national story is a weight dragging down our economy, our home buyers and sellers see their stock portfolios reduced… and story after story of home prices plunging around the country doesn’t make folks want to start something new like a new house…
Until the US economy is turned around- or at least appears to be turning, Charlotte real estate will be slow. IMHO Charlotte will be on the leading edge of that recovery, and there is a lot of pent up demand and money on the sitting on the sidelines.
XXXXX
This week AREVA – a European nuclear service company announced expanison of their US operations that will lead to the doubling of their Charlotte operations (Currently 545 employees)
over the next 5 years in anticipation of renewed nuclear development in the US.
An on Bio-Tech, filed under smart government- reported in the Charlotte Business Journal this week
North Carolina’s biotechnology industry, boosted by more than $1 billion in state investments,
is growing at a much faster clip than biotech sectors in other states, according to a study by the N.C. Biotechnology Center.
According to a 133-page report produced by the Battelle Memorial Institute’s Technology Partnership Practice, North Carolina’s net job growth in the biosciences sector from 2001 to 2006 was 18.5 percent — three times the rate nationwide. That growth rate is also five times the overall growth rate for North Carolina’s private sector during the same period.
So- growing 3X’s faster than the national rate, as measured by net job growth (a sound measure) – it far surpassed the 5% job growth in California, and Massachusets 2% job growth for the 5 year perio 2001-2006. Still smaller in size than those states, NC is closing the gap!
Take THAT Beacon Hill– 27th most competitive state!
XXXXX
Precision Framing Systems of Illinois has signed a 226,000 square foot lease in southwest Charlotte moving their plant and headquarters. Precision Systems, a subsidiary of Masco Corp- an 11billion dollar construction supplier, makes manufactured trusses- a staple in the housing and construction market. This is another firm betting on Charlotte’s swift recovery…
XXXXX
Big changes come out of crisis and disaster–what changes will this, “the greatest economic disaster since the great depression” cause here in Charlotte?
Clearly the financial industry just ended an epoch,and a new regime started this past fall. I think real estate, already undergoing change before this economic mess, I think that change will accelerate, and this time will be noted as the end of Big Brokers- real estate offices around the city are closing. More power is moving to the Agents, consumer and to the buyer.
Consumers are buiying smaller homes, is the decades old trend towards larger and bigger boxes over?
What else? Will the stopped contstruction sites be revived, or sit partially developed- and for how long? Where is the next wave of development coming? Is it bio-tech? alternative energy? Will we see a bigger push and funds for mass transit in the next 4-8 years? All good questions… change is once again coming to Charlotte.
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Townhome Charlotte, NC To Live or To Invest, 4b 3.5ba 159k in University area
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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NoDa in Charlotte, The Smelly Cat Coffeehouse and more
November 22nd, 2008 Categories: About Charlotte, Community Reports
by Karen Cimino
Charlotte, NCÂ Â Â This week I visited one of my favorite hangouts in Charlotte – Smelly Cat Coffeehouse, which has its own unique charm and is located in the heart of NoDa, Charlotte’s Historic Arts District.
NoDa offers art galleries, good food, funky films and shops and, of course, Smelly Cat. Smelly Cat is named for the song Phoebe Buffay sang at a coffee house in the NBC show Friends. Maybe you remember it? “Smelly cat, smelly cat, what are they feeding you…”
Don’t worry, the only smell you’ll find here is the yummy caffeinated concoctions, hot cocoa and this time of year hot cider.
Smelly Cat has a quirky sense of style and decor that uses old doors to create private seating areas where patrons can peruse the Internet or have a quiet conversation.
Like many places in NoDa, the walls feature original artwork by local artists. The art is for sale so every day is a gallery crawl in NoDa, but there’s also an official gallery crawl on the first and third Friday of every month throughout the year.
I checked out a beautiful collection of flower paintings by artist Kent Boggs while sipping my skinny cinnamon dolce latte (my favorite drink) by the coffee bar. Luke, my eight-month-old, started talking loudly attracting the attention of a man wearing a toboggan and long-sleeve t-shirt that gave him the look of a musician straight out of the alternative music scene in Seattle.
Folks in NoDa tend to be that way – friendly and interesting.
It’s a place where young hip artists, writers and business people call home or their favorite place to hangout. It’s generally still an affordable place to live while being located within about two miles from Uptown on North Davidson (the reason for its name) at 36th Street. That makes it popular with the twenty and thirty-somethings moving to Charlotte. But it’s a place that can be appreciated by all ages.
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Townhome Charlotte, NC To Live or To Invest, 4b 3.5ba 159k in University area
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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Charlotte NC Friday Things To Do This Weekend 11-21
November 21st, 2008 Categories: About Charlotte, Things To Do Charlotte
Fun Things To Do In Charlotte for The Weekend, and Thanksgiving Activities…
Charlotte NCÂ Â Â Reba McEntire and Kelly Clarkson perform tonight at the Time Warner Cable Arena, 333 East Trade (Home of the bobcts if the name isn’t familiar) ticket at www.ticketmaster.com, or 704-522-6500
The UNC Charlotte Dance Ensemble’s fall concert plays this weekend, with tix available for Friday and Saturday night. More
Watch Charlotte Grow is an ongoing (thru January) Exhibit at the Charlotte Museum of History. This is a great local museum for children and adults alike. More here.
You can have a drink and watch indy movies at Ballantyne Village Center- click here for this weekend’s movies. You’ll find them at 14825 John J. Delaney Drive , Charlotte, NC 28270
Thursday take time out to run in this year’s South Charlotte Turkey Trot sponsored by Sharon Road Methodist Church and the Leukemia and Lymphoma Society- . Nearly 20,000 are already registered for th 1mil, 5k and 8k walk/run. More details here.
Some of the hardest tickets in town are to see the Davidson Wildcats and Stephen Curry, possibly the best player in
college basketball. Two 8:00 games have been added to their schedule as part of the pre-season NIT next Monday 11/24 and Tuesday night in their Belk Arena- get tickets here! They are the 2nd half of a double header each night.
Did you know… census data shows the #1 destination for folks living in Erie County New York is… Mecklenburg County. I admit it I, I’ve been listening to the Buffalo series on WFAE this week.
Things to Do With Children in Charlotte?
If you haven’t visited, Imaginon is a great 1 hour – half day trip. Its great, free and has free parking- more details here
I’ll be posting on a limited basis this weekend, clients are in town from Atlanta.
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Townhome Charlotte, NC To Live or To Invest, 4b 3.5ba 159k in University area
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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Friday in Charlotte| Ramblings on Charlotte News and Real Estate From the Week…
November 21st, 2008 Categories: Charlotte Business, Charlotte News and Politics, Real Estate News
Charlotte, NCÂ We are getting January type weather in November and I for one have had a enough of these 50 degree high days. Supposed to stay cool through the weekend…
The big local Charlotte news is that the state of North Carolina is asking the school systems for money back-
they are expecting severe year end shortfalls and are asking school systems to return some of their annual allotment. They are asking each school district to return $39/student, for CMS- over $5M. CMS Superintendent Peter Gorman is looking for non-teaching cuts. I’ve heard in the Washington DC area they are talking massive teacher layoffs to meet their larger budge shortfalls… and they’ll just go with larger classes.
Charlotte Country Day School- one of the area’s premier private schools announced that Mark Reed, assistant headmaster at St. John’s School in Houston, will take over as Charlotte Country Day’s head of school on July 1. Considered a rising star in private education circles, Reed will be the first African-American at the helm of a private school in Charlotte.
NC Treasurer Moore has called the Wells-Wachovia deal a bad deal for Wachovia
stockholders and North Carolina, and is looking at ways to block it. Wachovia Chairman Bob Steel responded this week saying the Wells deal is “good for Wachovia, and was the best available.” What was the urgency that weekend to strike a deal? First it was Citi, then Wells later in the week? The FDIC told them they weren’t going to allow the doors of Wachovia banks to open that Monday without a deal. More. Well that explains the deal…
In other banking news, and Charlotte commercial real estate scuttlebut, GMAC is said to be considering relocating their headquarters here (Ballantyne) to take advantage of some of the financial workers expected ot be available in the spring.
Fundraising for the UNCC (University of North Carolina Charlotte) Real Estate Center surpassed its goal of $4 Million raising 4.4M dollars for thenew Real Estate Center. UNCC is the 4th largest campus (of 17) in the North Carolina system and has over 22,000 undergraduates and 5000 graduate students. It is the largest University in the Charlotte area.
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National Economic Notes…
A sign that the tide is turning? Septemeber home sales are UP 66% in Southern California over last September as median home prices fell to $300,000, 2003 prices, very affordable by west coast standards. Unbelievable? I thought so too, here is the link for the skeptical. from the WSJ.
Fannie and Freddie announced they were postponing foreclosure actions on 16000 homes until January 9th, as they review their eligibility for a new workout plan. Holiday relief for a few. The debate is raging about whether these should be made public companies or remain government entities- the NAR says keep them in government hands. Socialists!
Citibank’s stock price fell dramatically this week- why? They still own, and are liable for, a whole mess of “credit-default swaps”, this quasi-insurance type product Warren Buffet called a “weapon of mass financial destruction” in 2003. Essentially, companies paid a premium, say $100M to Citibank, and Citibank would guarantee ten billion dollars of the securitized mortgages. They worked just fine with rising house prices, easy $100M. Can anyone say, oops?
In Nevada, nearly 1/2 the homeowners owe more than their house is worth. Notice how many of the cities are California cities? This was the mess Wachovia bought into in 2006 with thir $24B purchase of “Golden” West- a huge writer of the pic-your-payment mortgage loan.
New home construction and new home permit requests fell to a 50 year low in September. This is good news for everyone NOT associated with the building industry… we need to STOP adding inventory. Apparently the Tresaury Department is considering a ban on new construction as well. From the WSJ.
Experts are debating but many believe that the economy can’t turn around until housing bottoms out. So should we stop building new?
Above My Pay Grade
These are the questions on my mind as I ponder the big picture…
Can the US remain a superpower without a US auto industry? If we were at war, can the Secretary of Defense call The chairman of Toyota and tell him we need more armored vehicles? In a hurry?
How do we get out of the mortgage mess- investors were sold these securitized products, guaranteeing their returns through the credit default swap. (I’m no expert here so if this isn’t right, speak up, glad to fix it) These “guarantees” can easily put the banking business, out of business, see AIG and more recently the damage to Citi shares. So far, all the support given, over 300 Billion dollars, it amounts to no more than filling 300 holes in the colander, with another 2000 still leaking cash. Until the underlying asset- the mortgage – is fixed, our financial system is in jeopardy. Would Secretary Paulson agree?
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale-Â map based intuitive search
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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Charlotte NC| A Mortgage Loan For Doctors- And Mortgage Money For All
November 20th, 2008 Categories: Charlotte First Time Home Buyers, Real Estate News, mortgages
A No Money Down Mortgage Loan For Doctors? In a word, Yes
and you don’t need to be Doctor to get a home loan in Charlotte: there is home mortgage money for your home purchase in Charlotte, NC.
Charlotte, NC Â Â Our strategic lending partner, Bank of America, has a program specifically designed for Doctors that reflects the bank’s commitment to our health providers and the stability of their profession. (Their jobs can NOT be out-sourced!) The no money down physician program is for primary residences- for Doctors relocating or moving to Charlotte, NC.
The devil is always in the details, but there is a lot to love in these details, and lots to love about Bank of America:
Up to 100% financing available
Loans Up to $1,000,000
No Private Mortgage Insurance
Fixed and adjustable rate mortgages available
Gift funds allowed for closing costs and reserves
Do not include student loans in DTI ratios- Debt to Income ratios- for qualifying
And remember, this is Not a loan offer, those only come from Bank Of America, once they have reviewed your credit and all terms you seek. I’m sure with no money down they require above average credit as well. But they like these loans and worked hard to put together competitive rates.
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Doctor or not, there is money to lend in Charlotte, NC.
I’ve spoken to several real estate agents in the past few days about lending issues… They agreed, we are getting loans done. There were few surprising turndowns- folks with 5% and trying to borrow BIG (1.5M) but most homes, most loans are still being done, just asking for a bit more down for the best terms. I asked my informed 25 year old son about buying- and he told me there wasn’t any money for mortgages in Raleigh… I think that too is misperception. Spread the word- there is money for houses in the Carolinas! So here are a few loans- loans for all:
3% FHA Loans – we can do this loan all day. Loan limit is $303,000, and may be reduced in the not too distant future. Our old DPA-Down payment Assistance Program- is out for now, may be revived. Average credit required.
VA- No money Down- to $417K Conforming Loans? Same $417K. Jumbo, still some at higher rates.
$7500 first Time Home Buyer Tax Credit- CREDIT- if you are thinking rent or buy, A $7500 REFUND on your taxes may tip the scale.
If you are considering a move or investing in Charlotte, deals have never been better or sweeter. Not in recent memory.
———————————-
Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale-Â map based intuitive search
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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