Charlotte NC- Three Big Wins for the City
December 10th, 2009 Categories: About Charlotte, Charlotte Business
CMS Tops the Nation in 4th Grade Urban School Performance,
Wells Fargo Gives $6M in Year End Charitable Contributions
The Nations Report Card, NAEP, or National Assessment of Educational Progress, is a nation wide study of 4th and 8th grade students in 18 urban school districts. This interim report released yesterday, or TUDA, indicated that CMS 4th graders were at the top in math of the 18 cities, that they scored above average national mathematics scores in 4th and 8th grade. Another win for Charmeck Schools Superintendent Peter Gorman. State Department of Education release.
Wells Fargo made their presence known in Charlotte, surprising the recession-starved non-profit community with $6Million in grants Tuesday. In a year where there weren’t enough dollars to go around to Charlotte’s non-profits, this was happy news, dance in the street news… and it was a shot in the arm the whole community needed.
Bank of America announces they would re-pay the Federal Government TARP $45 Billion, including interest, before years end. Good news for Bank stock, and good news in the search for a CEO replacement.
These are powerful statements about Charlotte’ s future. I’ll write more in the future
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Charlotte NC- Good Housing and Economic News
October 26th, 2009 Categories: About Charlotte, Buy A Charlotte Home, Charlotte Business, Charlotte First Time Home Buyers
Unemployment DOWN, Existing Home Sales/Home Prices UP, Charlotte On The Rebound?
Yes, it is too early to declare the recession over. However, these are some encouraging signs–more than the “just getting worse slower” We have strong economic reports and increasing home prices again… the details below
Mecklenburg County Unemployment fell .3 % from August’s 11.3 to 11% in September
The region, Charlotte/Gastonia/Concord dropped .2%. Hickory/Lenoir/Morganton region dropped .5% to 14.1. In all, unemployment fell in all 9 counties I watch closely.
The Charlotte Chamber of Commerce announced that job creation is well ahead of 2008’s pace, and jobs are growing here faster than the last few years, hopefully signs of good times ahead. Area employers announced new jobs of 11,527, up from 9,552 last year. This good news was tempered by substantially lower capital investment numbers-from $1.75 billion in 2008 to $784M through the first3 quarters of 2009
The energy sector is growing as the world sees a larger commitment to nuclear power coming and Duke Energy’s HQ here makes all the difference. Health care is strong here as well , with two major hospitals competing and Premier Health Care relocating corporate headquarter’s here…Personally, we’ve moved several doctors this year.
Johnston and Wales University announced plans to expand its Uptown presence building a 30,000 square foot recreation center. The building will house a gymnasium, locker rooms, and places for student activities to meet…we’ll keep an eye onit. Johnston and Wales opened in 2004 in Charlotte with the plan to close its Richmond and Charleston campuses.
Wells Fargo reported increased earnings,$2.6B for the 3rd quarter, even as credit losses rose and Bank of America reported record 3rd quarter losses of 2.24B… and that Ken Lewis wouldn’t be getting a bonus in 2009.
Housing Prices Bottomed and Moving Back Up Slowly
Charlotte is a part of the well regarded Case-Shiller 20 city Home Price Index, and has had the 5th least price drop of the 20 major cities measured. This summer, Charlotte’s price index had 3 consecutive months of increasing home prices through July, the latest month reported. Home prices are still down more than 9% from a year ago, but they are moving in the right direction. Prices have now risen 3 months in a row and 4 of the last 5 months, Charlotte home prices hit bottom and are bouncing back.
ED NOTE: August C-S report slightly lower prices in August-still nearly 2% above February low
The number of foreclosures fell 6% in NC in the 3rd Quarter according to Realty Trac, the soure for foreclosure information.
Nationally, existing Home Sales up 9.4% from August pushed by first home buyer tax credits. It’s happening here in Charlotte too…as home sales under $200k are about 66% of our market in September as reported in the CarolinaMLS.
Charlotte Job creation up, housing sales up, home prices up… Take that Washington Post! Happy Monday!
Terry McDonald, Charlotte NC
Related Videos and Posts
Charlotte Homes – An Introduction to Charlotte, You Tubes #1 Video Charlotte NC
Charlotte Custom Homes Luxury Homes- Charlotte update and Luxury home report combined
Charlotte Homes For Sale- A Market Report Through 3 Quarters 2009
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First Home Buyer Alert
Yes, there is still time to get in before November 30, The TAX CREDITS WERE EXTENDED! hopefully you are far enough along and getting ready to make an offer. The IRS is not flexible, their deadline for contracts is April 30, Closings July 30, 2010. Call me and I’ll help you put it together. 704-351-1519
Home buyers, our $500 Gift card program has been extend to 12/31 and now applies to All Home Buyers who close begore 12/31/2009. Use us as your buyer agents, and within a few days of closing receive a $500 Gift card good at Ikea, Pottery Barn, Crate and Barrel or Lowe’s Home Improvement Center. Call me today and we’ll get you started.
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Charlotte NC At a Glance
July 1st, 2009 Categories: About Charlotte, Charlotte Business
| Quick Search Charlotte Homes | Charlotte Condos and Townhomes |
| Quick Search Luxury Homes | Luxury Condos and Townhomes |
| Quick Search Fort Mill Homes | Fort Mill Townhouses Condos |
Charlotte at a Glance- News from our Excellent Chamber of Commerce, link below
Even with the loss of Wachovia as a corporate headquarters, Charlotte is still the #2 banking city in the US, and we have 8 Fortune 500 companies headquartered here.
Charlotte Demographics, Population & Economic Profile, Now and Projections for 2018
Charlotte at a Glance
Population
 |
|
2008 |
2018 |
|
| City |
695,995 |
985,000 |
|
County |
902,803 |
1.3Â mil |
|
MSA |
1.7 mil |
2.4 mil |
|
100 Mile |
6.9 mil |
9.4Â mil |
Employment
| County |
410,948 |
8.3% Unemployed |
| MSA |
764,728 |
8.9% Unemployed |
Air Travel
|
Enplaned Passengers |
17.4 mil |
|
Enplaned Cargo |
61,847 tons |
Construction
| Residential Units |
10,505 |
$1.5 bil |
| Non-Residential Permits |
5,409 |
$2.2 bil |
More Facts…
- Cost of living below the national average
- City, County and State AAA bond ratings
- Average of 644 airline flights daily
- 12.165 new jobs for 2008
- $14 billion in annual retail sales
- 1st most educated workforce
- 1st America’s most livable communities
- 1st top large counties for business recruitment
- 1st top state business climate
- 1st top market for apartment owners
- 2nd economic strength ranking
- 2nd largest banking center (controls over $2 trillion in assets)
- 2nd best city for entrepreneurs
- 4th best city for relocating singles
- 5th best city for business
- 6th in number of Fortune 500 headquarters
- 10th most active airport in the U.S.
- 20th largest city
See my Introduction to Charlotte video here, it is fact filled and #1 on you Tube for Charlotte NC for 2 years.
See The Components of Charlotte’s Success here from the Charlotte Chamber of Commerce.
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Skilled Buyer Agent’s and smart buyers make GREAT deals happen. The McDonald Team, Call 704-351-1519
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200 NEW Jobs in Charlotte, Other Real Estate News
March 23rd, 2009 Categories: Charlotte Business
GMAC and Governor Perdue announced the expansion of the GMAC facility in Charlotte
taking advantage of the expected availability of high quality finance employees. Over the next 2 years, GMAC will add about 200 high lever finance job- average pay of $96,000. Good job to Charlotte and our new gov…
Jumbo loans from BofA are priced nicely- If you have 20% DP an excellent FICO of 720 or above and otherwise full documentation, BoFA is holding these loans in their own portfolio and offering strong competition to other lenders in the over$417K loan market. BofA has issued these loans to $3M.
Cornelius and Fort Mill have been named to Yahoo’s Top Ten Affordable markets in the US, #7 and #10 respectively,
here is that link. This is on top of Forbes calling Charlotte the 3rd best real estate market in the US in late February of 2009.
Pulte announced their 3.99% 30 year fixed financing continuing through June closings! Yea Pulte!
Stock market reacting favorably to the toxic asset relief plan put forward by Treasury Secretary Geithner today…keeping our fingers crossed!
The NAR announced February’s sales up over 5% – a big surprise.
Lets keep the good news rolling along! Terry
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Charlotte NC|Interest Rates at Historic Lows, Business Updates More
January 6th, 2009 Categories: About Charlotte, Charlotte Business, Charlotte News and Politics
Interest Rates at Historic Lows
Last week a client closed a loan for a 2nd home that looked like this: 20% down payment, 5.17% fixed for 30 years, 1 point origination, full doc. For Owner occupied, check out these rates from Bank of America
Conventional 30 year fixed
760 or higher credit score – 4.625% with 1 point 0 origination
720 to 740 credit score – 4.75% with 1 point 0 origination
700 to 720 credit score – 4.875% with 1 point 0 origination
FHA 30 year fixed 4.75% with 1 origination and 0 points
VA 30 year fixed 4.875% with 1 origination and 0 points
and yes , financing is very available with scores of 650 and up.
Wells Fargo Announced they would continue all the commitments to the Wachovia Cultural Center uptown- major good new to start 2009.
This includes hosting 4 museums, and a very substantial financial commitment. Way to go Wells Fargo!
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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.
Nationally, prices still may need to fall in a number of markets… but some markets may have reached their bottom, drawing buyers back into the market. Prices go down, a bit of confidence returns, sales go up! Lets get this economy going!
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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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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?
———————————-
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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