Archive for May, 2009
Union County NC, Homes Sold Report, March, 2009
May 29th, 2009 Categories: Buy A Charlotte Home
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Case-Shiller just announced their March results this week showing a slight uptick in Charlotte home prices, leading the 20 city index; I thought I’d compare that with close-in Union County homes sold in March. There are some interesting trends. This date is from the Carolina MLS, areas 10/1,2 and3.
March Homes Sold in Union County: Surprising strength in prices.
Cost per square foot are the Average Sold price divided by the average price, so an average CPSF is what I use to compare month to month and year to year.
There were 61 homes sold for under $300,000, the average Cost per square foot was $81/sf, down from $85/sf in February. However, the 61 homes sold, was a 22% increase over 2008. So prices fell, sales went up.
There were 17 homes sold for under $500,000, but more than $300K, and prices rose from February 3%. Sales were 40% of last year’s pace.
There were 15 homes sold for over $500,000, 37% off March, 2008, but prices were up 17%.
Also interesting, homes in the “first home price range” below $300,000 account for more than 2/3 of the sales. 84% were with conforming money- loans probably below $417K.
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Skilled Buyer Agents and Smart Buyers Make Great Deals Happen, The McDonald Team, 704-351-1519
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Charlotte Things To Do This Weekend
May 29th, 2009 Categories: About Charlotte
For Family Fun try…
2009 Shakespeare Festival – Twelfth Night
There are some experiences in Charlotte that really drive home what a vibrant, special place it is. The Shakespeare Festival is one. Take some friends and your lawn chairs uptown to the Park on The Green, a small downtown park. The stage was part of the park. Shakespearean characters seemed to just wander in from the street. At one point a man wandered in and sat on a bench, not realizing that the bench was part of the play. When he finally looked up and, to his horror, saw a whole audience looking at him, it was a classic moment.
If you’re worried that your kids won’t get the play, you might be surprised. The actors are so skilled that they convey the meaning of the words, even if you don’t understand every single thing they say. 10 and 13 year olds laughed at the jokes. You are allowed to bring well-behaved dogs.
This year the outdoor Shakespeare play is Twelfth Night. As always, it’s absolutely free. Donations are welcome.
You have plenty of performances to choose from:
Thursday May 28, 8:00 pm
Friday, May 29, 8:00 pm
Saturday, May 30, 8:00 pm
Sunday, May 31, 6:30 pm
and more next weekend…
If its free, we find it at Charlotteonthecheap.com.
Free concerts
In Huntersville, Friday, it’s Birkdale Village, 7-9 pm
At Blakeney, Friday, it’s 7-10, at the corner of Rea Rd and Ardrey Kell
Matthews, Saturday night, Stumptown Park, 7Pm to? Motown, Oldies and more… bring a lawn chair and snack, no pets please.
Connect with all thing in Charlotte Culture through the Charlotte Cultural Guide.
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Skilled Buyer Agents and Smart Buyers Make Great Deals Happen! Â Call the McDonald Team 704-351-1519
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Charlotte, NC|Economic Indicators Up, Interest Rates Moving… Up
May 28th, 2009 Categories: Buy A Charlotte Home
Generally good, or “less bad” news on the economy.
Consumer Confidence is up… from historic lows.
1st Quarter GDP, not as bad as expected.
Durable Goods orders are up, over the forecaset
Initial Jobless claims fall, the pace of job loss is declining…
But…
Mortgage Bond Yields- the bonds Fannie andFreddie use for financing, the interest rate rose for the 4th straight day, indicating higher consumer mortgage interest rates are around the corner.
Interest rates move in inverse proportion to the economy.. so as the economy improves, we can expect interest rates to rise… so a Buyer should make their best deal ASAP, and lock in at very low 30 year rates.
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Skilled Buyer Agents and Smart Buyers Make Great Deals Happen. We are skilled. Please call 704-351-1519 for immediate help, or Search for Homes here.
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Waxhaw's Providence Downs, Area 10/1 Market Report, March Prices Up
May 27th, 2009 Categories: Buy A Charlotte Home, Union County
Charlotte, NC. Last week I wrote that I thought Providence Downs and Providence Downs South were on the move. This morning, I checked the May activity so far, and found there were 9 new PD or PDS houses that went Conditional or Pending in May, 5 in PDS and 4 in PD. Yes- the skeptics will say there are still plenty of homes available, and that is true, but which homes do you think would sell first, the best ones or the trashy ones? The best deals are Selling now. 
Area 10/1, the western side of Union County that includes Providence Downs and PDS,
has had its best month in quite some time with 43 Pending or Conditional Sales. 23 of these home sales are under $400,000, 13 are for homes priced above $600,000, and 4 for homes priced above $1M- a good spectrum.
The popular under $400,000 includes the popular Hunter Oaks, The Reserve, Quellin and the new Millbridge. The over $400K category includes PD and PDS, Kingsmeade, Longview, Highgate, Woodall and a few others.
Prices have fallen, and buyers are making their best deals. Yes, inventories are high, but once you add all the things you like, the universe shrinks quickly. I had one this week buy in Providence Downs- Not included in the numbers above. Next week, I’ll detail the numbers on this deal, once fully ratified and on its way.
Yesterday’s Case-Shiller Index revealed Charlotte home prices were up .3% in March over February
reports The Charlotte Observer this morning, the only city in the 20 city index with an increase. Very modest, but nie to be in positive territory. Last city in, first city out.
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TerryMcDonaldRealEstate- Skilled Buyer Agents Meeting Smart Buyers… Where Great Deals Happen! 704-351-1519
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Charlotte Weekend RoundUp- It is All About Speed!!!
May 22nd, 2009 Categories: About Charlotte, Charlotte Homes for Sale
Charlotte, NC. What’s your speed this weekend?
Are you in the mood for speed? The culmination of Race Week brings the Coca-Cola 600 to Lowe’s Motor Speedway. When the race isn’t going on you can still get into the racing spirit at Food Lion Speed Street in uptown Charlotte. Featuring live music, kids’ activities, and plenty of freebies, it’s an event all on its own. A new event, SpeedCentre, brings Race Week to Uptown’s newest entertainment spot, EpiCentre.
Want to enjoy a slightly slower pace? On Saturday, check out the Mint Hill Highland Games. There’s still a spirit of competition, but it’s between sheepdogs. Enjoy Celtic music craft items, and even learn the history of your family name.
Still not slow-paced enough? Get away from it all with a free forest walk, lead by a naturalist, in McDowell Nature Preserve, at 1:30PM Saturday.
Charlotte Real Estate?
A busy weekend with 3 buyers in town, 2 physicians moving to Charlotte to 1) improve their practices and 2) improve their lifestyles. Lower insurance rates, fewer HMO’s and the Carolinas lower taxes are appealing!
Seeing Waterfront at Lake Norman at 2003 -2004 prices!
Great home, convenient to I 77 in Mooresville, good water front, 4000 sf +, 4 bedroom, 3.5 bath home, granite, trex deck and 12000 lb boatlift! $549,900Â Lets go buy this one this weekend!
Like a genuine $1.3M home for under 800K in Union County??? I think we ould do it, visit here.
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Skilled Buyer Agent and Smart Customers Make Great Deals Happen 704-351-1519
This week’s event lineup courtesy of CharlotteOnThe Cheap. Thanks Jody
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Movement Out at Providence Downs South
May 21st, 2009 Categories: Buy A Charlotte Home
Providence Downs South- Is it Turning?
Providence Downs South, a custom home community cut out of a horse farm on gently rolling hills in Waxhaw, is located at the corner of New Town and Waxhaw-Marvin Road, and has had its share of problems over the last 2 years. Bad timing, some bad plans, and the generally huge inventory of $1M plus homes in Union County, has left many homes here partially complete, quite a handful empty, in pre-foreclosure or foreclosure status. Still, after the dust clears, I think it is too well located and too beautiful to fail, and there is enough occupancy to weather the economic storms… and the bottom may have been reached in the last 60 days.
We know of 6 closings in the last 30-45 days- not all in the MLS, and 4 more Conditional or Pending sales appearing inthe MLS today, from 799,000 to 1.2M. So, is it turning? Or just wishful thinking on my part? Have a look at the pics below to get an idea of what I’m talking about… to beautiful to fail.
OF course, you’ll never know the “bottom” until 60-90 days later, and then of course it will have passed you by.
So, searching for a deal? A $1M+ home for 55% of its sales price, possibly the best deal in Providence Downs South this year? Have a look here.
Skilled Buyer Agents and Smart Buyers Make GREAT Deals Happen Call me direct- I am easy to reach, at 704-351-1519
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Charlotte Updates: Real Estate, Race Weekend and More
May 20th, 2009 Categories: About Charlotte
$8000 Tax Credits to Be Used In Down Payments?
Yes, says HUD Secretary Donovan, at a Realtor meeting in Washington last week.  FHA borrowers will “soon be able to use the tax credit through a bridge loan” for their down payment. Regulations are “following soon.” At this point it DOES NOT exist, but should shortly. This would effectively return the FHA to “no money down” lending. As awful as this could be, I think it is the right move, with the tougher credit standards in force today. Stay tuned.
Smoking Banned in all Restaurants and Bars In North Carolina
After repeated legislative attempts over the last 5 years, Governor Bev Perdue signed into law the banning of all tobacco products in restaurants and bars effective January 1, 2010. This may seem slow in coming, but NC has been a major, if not THE major grower of tobacco for generations, and their interests carry a lot of weight here. Those interests were finally defeated giving way to the rights of all of us to breathe clean air.
It’s Race Weekend in Charlotte… 
Speed Street, our 5 day Downtown Block party, starts Thursday- Remember, Tryon will be shut down, from the Wachovia Plaza to about 6th or 7th street- most of the city. The sides streets are closed too- I wouldn’t drive there if at all possible. Why not park off South Blvd for free, near a Lynx station, and ride in to the city? $1.35 each way. O ryou could pay $5, $10 or $20 per car for parking.
more later…. Gentleman Start your Engines. Wait, that is from Indy, where there’s another race this weekend…
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Skilled Buyer Agents and Smart Buyers Make Great Deals Happen… call a skilled Buyer Agent for your next move, 704-351-1519- Terry McDonald
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Charlotte Symphony
May 19th, 2009 Categories: About Charlotte
The Charlotte Symphony needs your help.
The recession is hitting Charlotte’s non-profits hard. Only 1/3 of the Charlotte Symphony’s operating expenses are covered by ticket sales– Sale are up, major donor contributions are up, and the players, the musicians- never a highly paid group, have already taken pay cuts… next month, the Summer series begins at Southpark, if you are planning on being there on the lawn Sunday evenings, wont’ you make a contribution today?
It’s easy and will only take a minute, won’t you Donate $10, $20, $50, or $100 Today? Or, give consideration to their subscription, which gives discount to all performances, and will allow you to purchase a subscriber only ticket to the Yo-Yo Ma Concert in October.
The Summer Pops Season At Southpark
Come early, get a good seat and picnic with your friends. These are great events, prelude at 7, concert at 8:15.
The Charlotte Symphony Goes Country†– June 7
The Symphony starts the summer season in the Wild West.
“Magical Night Music†– June 14
On June 14, the Symphony explores mystery and magic in some of the most famous music from Broadway and Hollywood. Themes from Harry Potter, Phantom of the Opera, and Pirates of the Caribbean, as well as orchestral favorites such as Night on Bald Mountain and Sorcerer’s Apprentice will cast spells and create enchantment.
“Dance Night at Symphony Park†– June 21
Bring your dancing shoes for “Dance Night at Symphony Park†on June 21.
“That’s Amore!†– June 28
The Symphony takes a Roman holiday on June 28 with a night of Italian-themed music.
“Celebrate America†– July 3
plus they will do area concerts throughout the summer
Charlotte Symphony Announces New Pops Season
Series expands to nine concerts, features Bernadette Peters, and The Temptations
The Charlotte Symphony announced today its exciting 2009-2010 Pops Series. Expanded from eight to nine concerts, the series line-up features Bernadette Peters, Kathy Mattea and the stars of Motown, The Temptations. Conductor Albert-George Schram returns to the Symphony Pops for his twelfth season.
More from the Charlotte Symphony website/press release:
As you may have read in The Charlotte Observer or other news sources, the Charlotte Symphony, like many in the community, is facing an unprecedented challenge in this time of economic downturn. But that is only part of the story. In the past two years the Symphony has seen remarkable growth in its subscriber base, and ticket sales continue to be strong. Individual giving by the Charlotte Symphony Board of Directors has likewise experienced extraordinary growth.
In the last three weeks, ignited by an anonymous CSO Board challenge gift of $100,000, other CSO Board members have contributed an additional $200,000. This brings Board giving this year to a stunning $582,000, well over double last year’s figure, which itself was a new record.
Strong ticket sales and powerfully increased support from the Board are continued evidence of progress from the plan adopted by the Board two years ago. Both send the unmistakable message that the Charlotte Symphony will continue to address its issues head-on, starting within the Symphony family.  You, too, can be a part of the family and bring your considerable strength to this purpose.
The Charlotte Symphony feels the impact of the current economy. Revenues are down and the operating deficit is up. To address this, we are taking the tough steps of further cost-reductions now, so that we can keep the CSO moving forward on the two-year path of progress we’ve made. This restructuring plan will maintain our core programs going forward, and your support will ensure that we continue to deliver great music in the years to follow.
You can play a role in that plan’s success. Ticket purchases help us cover nearly 1/3 of the cost of our concerts. Your gift can address the remaining 2/3. If you have already made a gift this year, we ask that you please consider an additional gift as a measure of your belief in your Symphony.
Please Donate Today TM
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The McDonald Team, Real Estate Brokers NC and SC, 704-351-1519
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Decision Time: Relocating Families Face Tough Choices
May 19th, 2009 Categories: Buy A Charlotte Home
Real Estate This Summer- Making the Hard Calls
Charlotte, NC. I am working with several families with the same problem: The husband has taken a job here, begun working here, and they put their homes up for sale in February or March of this year, fully anticipating their very nice homes in good neighborhoods to have been sold by now… but they haven’t sold.
What to Do if Your Home Won’t Sell
Thinking of two families in particular, one came to Charlotte by choice for an excellent job, and the other was laid off, but found work in Charlotte. They’ve both moved before, have excellent jobs and credit, have lowered their home prices several times already, and here they sit as the middle of May approaches, and a July moving date looms, and there have been very few showings and only one low ball offer between the two, one hasn’t had a showing in weeks. Both have sizable amounts of equity in their homes. Both are priced in the mid to upper ranges for their market: a home in an Atlanta suburb at $575,000, and the other in Fort Wayne, Indiana in the low- 300’s. Each are priced high enough that they need either a a) relocating buyer or b) a move up buyer. Both of these types of buyers are in short supply across the nation, in some places they are nearly extinct.
So we have two husbands separated from their families, one for about a month, one for nearly 6 months… to say there is a lot of stress and angst, is an understatement as both families have had to live with “week-end” Dads, worried about their futures.
They are both facing tough choices caused by this housing market that has cost American trillions in home values, and at least billions in lost productivity. Now the out of state homes feel more like a weight around their neck holding them back. They are faced with finding the “least-worst” alternative.
Finding the “Least-Worst” Choice
Alternative 1. In the old days, a common choice for families with means and good credit would have been to take the house off the market, get an equity line of credit on it, use that money as a down payment for something new here, buy a home and move, and the family would be confident the house would sell in the next few months, or potentially rent it out. You can see the obvious flaw in that thinking in today’s market, they have no idea when the house will sell, and equity lines (HELOC) have changed too, in most cases they couldn’t get that equity line as HELOC lenders are now asking the home not to have been on the market for 6 months. It is possible you might find a local lender without those restrictions, but not from the big boys.
Alternative 2. They could rent here, continue paying their other mortgage, and suffer financial death by a thousand cuts: Each month of rent adds to the loss they’ll eventually take on the sale of their home- whose value may s
till be falling, and they’ll almost certainly come to hate the house they rented because of the many compromises needed to keep the rent down. Typically they’ll be stuck there for a year lease, so if they do sell their out of state home this summer, they cold wind up renting for a year, and not setting down roots here either anticipating a move to their “real home.” A family together again, but stuck between places, in a new city, hopefully renting in a school district they could buy a home in so the kids wouldn’t have to change schools twice. Adding insult to injury, they could also notice a higher tax bill because they lost their mortgage deduction mid way through the year.
Alternative 3. They could potentially rent their out of state home with the idea they’d rent for a year or two, let the market come back for them a bit, and sell in 2010 or 2011. For both of these families who have loved their homes, and taken care of their homes, the idea of renters coming and not taking care of the home is unappealing… and who knows how good or how bad of condition the home would be when it came time to sell.
However, renting their out of state home may allow them to buy a home here- not a bad option since there are very good deals here- home prices are around 2006 levels and many will take less, and mortgage rates couldn’t be lower. However, 2nd home loans were once an easy loan if you had good credit, today, with lending as it has become, the 2nd home loan is much more difficult and would require a larger down payment, 20%, and without the equity from the last home, that might mean buying a smaller home here, or not buying at all..
None of these choices look very good, are there others?
Alternative 4. Yes, the only other is to take a more dramatic price drop on the out of state property- move it into another class of less expensive homes with a larger Buyer pool, and give you the opportunity to cut your losses, take what you can get, and move on.  For example, the home for sale at 575K might drop to $475,000- with an understanding with the Realtor, that no commission is earned until you sell, and you could quite possibly get multiple offers, and ask for a highest and best, and that might take the price north of $500K. The advantage here is it will give the listing exposure to so many more home buyers, and once folks are invested in the offer with competition, good things could happen for the Sellers.. the Buyers, not wanting someone else to get “their” home, may be able to stretch higher.
Then, on the Charlotte side, it will be our job to save you that $50-100K you lost elsewhere- something we can do if you don’t fall “in love” with one house- but fall “in like” with several- and we negotiate multiple offers, and let the best deal win. This means you may not get your first choice- something we aren’t used too- but we’d get a good choice at a great price, and that may be enough to let you live with the lowered sales price of your last home.
“Least-worst” isn’t something we are used to in America- but it is the hand we are dealt this summer. As deadlines near, difficlt choices need to be made for the good of their family’s. They won’t be easy.
Footnote: Since I started writing this late last week, one of the 2 families above have accepted an offer, albeit a low one, on their Atlanta home. I’ll keep you posted on their search results this weekend.
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Skilled Buyer Agents and Smart Buyers Make Great Deals Happen, The McDonald Team- Buyer Agents for You 704-351-1519
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Charlotte NC|Things To Do, Weekend Update
May 15th, 2009 Categories: Buy A Charlotte Home
Art Gallery Crawls, Dragon Boat Racing, Children’s Concert and More!
This is a race weekend in Charlotte, but if you don’t have tickets to the race, don’t despair; there is plenty of other activities going on.
Start the weekend off with the NoDa Gallery Crawl tonight starting around 6:30PM. Start at 36th and Davidson Streets, and walk south in North Davidson, enjoying the various art galleries and music venues.
Tomorrow morning head down to the Center City Green Market at its beautiful, urban setting at Tryon and Trade Streets. Stock up on the freshest strawberries, tomatoes, and other in-season produce, as well as flowers, and, if you’re lucky, cupcakes. There will be live entertainment as well.
Saturday afternoon should be a perfect day for the Charlotte Dragon Boat Festival, an Asian-themed festival at Ramsey Creek Park in Cornelius from 11AM to 4:30. Enjoy authentic Asian music, dance, and food – and, of course, the dragon boat races.
On Sunday afternoon, starting at 4PM, there’s another music festival, this one at Freedom Park. The Classi-Kool Festival will bring music, kids’ entertainment, and a natural setting for picnicking and catching up with friends.
Other Free Music Events
Regular events are scheduled each weekend evening, typically 7-10pm on Friday and Saturday nights at: Ballantyne Village, Birkdale Village, Blakeny, The Promenade, and Stonecrest
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