Archive for June, 2008
Charlotte Monday Real Estate Updates|6-30-2008
June 30th, 2008 Categories: Buy A Charlotte Home
Charlotte Home Sales UNDER $500,000 still dominate market.
Each week I try and give a brief market summary of the Charlotte Real estate market as reflected through the Carolina a MLS. The last week (6/22/08-6/28/08) results from the MLS:
Sold and Closed Homes (Solds) 598 648 same week in 2007
New Under Contract
Pendings 490 Conditional 143, Contingent 20
Total New Under Contract 1251- slightly behind the Total New listings, but once expireds and withdrawns are accounted for, there will be a net lowering of inventory. These totals are higher than last week, and we still haven’t hit the heaviest closing day of the month, today… I’ve one later today to be counted!
A drill down on the solds for the last week: On the Sold property we know exact sales price and sf’s here, they sold at an average of $110/sf in 88 days. 452 of the solds-
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Charlotte NC| Two Home Buying Decisions, Negotiations and Great Deals- Part II
June 28th, 2008 Categories: Buy A Charlotte Home, Union County
Spectacular New Homes In Brookhaven in Union County
Last week I wrote about the re-sale home in Providence Downs, this time I’m writing about the deal we made in popular Brookhaven- a John Wieland neighborhood in Matthews-Weddington, on a new inventory home, with a buyer from Rockville, MD. Definitely a tale of a new home builder doing what it takes to get the house sold– and Union county in general, but Matthews, Weddington and Waxhaw remain very popular.
The house was a popular Windsor, a large 3 floor model aggressively priced at $559K, with and unfinished 3rd floor. (Cost to finish was about 28K with bath) A great price, as many of the similar homes- new and re-sales were in the low 600’s, most with finished 3rd floors. This one had 2 issues- one the builder had corrected already (some of the finishes had been below what was expected) and the other was a somewhat smaller yard, with a bit of a privacy problem. With today’s high inventory, and many choices, these at first glance appeared to be deal killers- but not for long.
I knew the yard size wouldn’t be an issue here- my client was happy with the smaller yard (less to mow) and, as we looked at it more closely, we felt the privacy problem wasn’t a huge one- it was a much bigger problem for the neighbor than for this lot- and it wasn’t horrible, it was something that could be dealt with. So, $559? Liking that much better than $629, our next best, but the 3rd floor wasn’t complete… what would Wieland do?
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Charlotte NC| Things-To-Do June 27-29
June 27th, 2008 Categories: Things To Do Charlotte
Fun Things to Do in Charlotte, North Carolina!
Looking for something fun to do this weekend? Read On!
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Footloose
Friday, June 27
Matthews Playhouse of the Performing Arts and Theatre is putting on the classic musical Footloose. Matthews Playhouse is located in downtown Matthews at the Matthews Community Center (100 McDowell Street). This is a fun for the family and difference then a movie!
found on www.charlottecultureguide.com
Presented by Matthews Playhouse of the Performing Arts and Theatre Matthews
$15-$17 buy tickets
Call 704-372-1000 to order- – - – - – - – - – - – - – - – - -
Food For Thought 
Through Sunday, June 29
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Charlotte, NC| Homes for Sale Report: Southpark, Myers Park and Eastover
June 26th, 2008 Categories: Buy A Charlotte Home, South Charlotte
Charlotte NC Homes for Sale Report: South Park, Myers Park and Eastover – 3 Close-In Charlotte Neighborhoods
The Southpark area is located directly south of Myers park, and of uptown Charlotte, about 10 minutes from Bank of America. With the tony Southpark mall as its center, and now the 4th largest business district in the state, homes and developments started in the 80’s have take root, and there are many neighborhoods from which to choose, and in a wide range of prices, tending towards the higher price per SF. Many professionals choose Southpark for the short commute and the abundance of dining, entertainment and shopping options. I called Southpark the heart of South Charlotte here. There are 76 homes for sale in Southpark.
There are 18 Southpark homes for sale for under $400,000.
There are 11 Southpark homes for sale for under $600,000, but more than $400k.
There are 21 Southpark homes for sale for under $1,000,000, but more than $600k.
There are 26 Southpark homes for sale for more than $1,000,000. The most expensive? 4.95 M in Morrocroft Estates.
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Charlote Real Estate Mortgages- Update 6-25-08
June 25th, 2008 Categories: Real Estate News
The Charlotte Mortgage Update June 25, 2008
Interest Rates
Well, last week offered a little hope. Rates dropped enough for us to catch our breath, but don’t break out the bubbly just yet… our friend at the Federal Reserve is going to open his highly educated mouth this week and probably scare the confidence right out of investors!  I don’t presume to know 1/10 what Bernanke does about the economy, but one thing I understand is bad news = markets down. Consumer confidence is way down. We will all just have to hold our collective breathes until Wednesday afternoon.
30 Year rates are around 6.25% and 15 year fixed are running around 5.75%.
We offer rate protection against higher and lower rates! If that peeks your interest – give me a call!
Product Highlight
There is no one loan that is right for every borrower- each week I’ll highlight a different type of loan we have available at Myers Park Mortgage.
FHA LOANS
Here are the benefits:
-Only a 3% Cash investment required- and it can be a gift or from first time homebuyer programs, etc.
-Credit requirements are not a strict as conventional loans
-Great interest rates for 30 year fixed loans
-Lower mortgage insurance cost monthly = lower monthly payment
 Drawbacks:
-Loan amount limits (303K in Charlotte right now, may decrease in future)
-Upfront MIP (Mortgage Insurance Premium) fee of 1.5% charged upfront (but can be financed into the loan)
Mortgage Bond Chart: (Higher Bond prices = Lower Rates)
Apply Today at http://www.mycharlottelender.com/applyNow.html.
Olan Carder
Your Charlotte Mortgage Specialist
Myers Park Mortgage
980-721-7478
www.mycharlottelender.com
olan@myersparkmortgage.com
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Charlotte NC| A Tale of Two Home Buying Decisions, Negotiations and Great Deals
June 24th, 2008 Categories: Buy A Charlotte Home, Union County
One New Home Purchase, One Re-Sale Home Buyer, 2 Deals, Same Great Results
This past week before leaving for my son’s wedding in Annapolis was a busy one… first, a home buyer I’ve been working with since November reached a decision and we concluded negotiations on a $1.4 M home in Providence Downs South, and while those negotiations were ongoing, I was out with another set of buyers from my old neighborhood, Rockville MD, and on Monday we reached a conclusion on a new home at John Wieland’s Brookhaven in Weddington. Two great homes and two great deals. And congratulations to the Kaminsky-Sawyers on their closing the same week.
3rd Time’s a Charm
I first met my client from Seattle in November of last year. He and his wife had decided to leave the Pacific northwest (”The most beautiful spot in the world on the 30 non-raining days a year”) this client is blessed with a portable job- he needs to be near a quality airport- and after investigating the schools decided on a South Charlotte- close in Union County location. Moving from the Seattle area to Charlotte purely by choice, they with their 2 young children, came for the temperate climate, the can do spirit of the city, and they had visited and liked the city. Charlotte was a compromise between Texas and Ohio, with the edge going to the wife’s relatives in Ohio.
We first made a run at a home in Waxhaw in the spring, that was foreclosing. it was a short sale offer that basically went
no where. Whether the lender didn’t want to give up any rights, or we just didn’t offer enough, we’ll never know. They were just opaque.
Next we made an offer on a builders own personal residence in Skyecroft, subject to us getting plans of our liking for a pool and pool house. In the end, though it was a great family home, we passed on that.
Next came several possibles in Providence Downs South, and one in Highgate. For the first time, we found 2 possibly 3 homes she thought she could be really happy in. One was an almost over the top $2 M home, offered at $1.8 and possibly available as low as 1.575M– the deal was sweet, and it had everything she had been dreaming of, but…
She also liked another home, built by a favorite builder, built in a very family friendly way, with all the features she needed, many of what she wanted, and most of all a terrific yard for her energetic kids. Asking price was $1.499, it had been $1.599 a month earlier.
Now the negotiations began–after a week-end of going back and forth, we settled at $1.4M. The 1.4 is 93% of 1.5, 87% of the original aksing of 1.6M My other client, looking at great homes in the 5-700K range, saw the whole negotiation unfold, and was hoping for a similar deal. We got about the same percentage wise, but more on that in my next post.
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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Weddington, Charlotte, or Lake Norman? Waxhaw? You can quickly compare area prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below. Click on the pics below for photo galleries of each community
Related Links
Home Prices Rise in South Charlotte in First Quarter of 2008
Southpark Charlotte Homes for Sale- Foxcroft, Morrocroft, Barclay Downs
PDS …. Skyecroft …. Highgate
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Charlotte Real Estate|Updates June 23 2008
June 23rd, 2008 Categories: Buy A Charlotte Home
Charlotte Home Inventory in the MLS is Declining
Good news on the Inventory front as Home Sales + Pendings + Conditionals + Contingents + Withdraws far surpassed the New Listings for the week ending June 22, 2008
In the “Greater” Charlotte area, 12 counties covered by the Carolina MLS, for the period 6/16/08-6/22/08, there were:
515 Sold and closed Homes – Average Cost per Square foot was $114
563 Pendings , 124 Conditionals and 33 Contingent
So a total of 693 new Sales in the last week, over 1200 homes subtracted from the 22K +/- Homes for Sale. Remember, this represents re-sales and only counts about 1/3 of the new Home Sales, as many New Homes are sold but not listed in the MLS. (Builders will frequently just “List” their models to get people out) Only 33 were “Contingent” sales, 2.75% of the MLS activity, (demonstrating that the Contingent sale is all but DEAD in Charlotte, something I’ve been telling clients for over a year. Add to it last months decline in Charlotte foreclosures and I’m starting to be encouraged… maybe…
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