Charlotte: The Soul Of The Community
November 23rd, 2009 Categories: About Charlotte, Charlotte News and Politics
What makes people love Charlotte? Any given Community? What is it about the place that they love?
These were some of the questions asked in the three year study by the John S. and James L. Knight Foundation conducted by Gallup polling in 26 metropolitan areas around the country. Charlotte was fortunate to be included, and here is what they found.
Broadly speaking, almost 28000 people were interviewed in 2008 and 2009 in the 26 city study, there were three primary factors in every city.
Social Offerings- entertainment, places to meet, “what’s going on.” This was across age levels too, not just the young.This was #1 in 21 of 26 cities
Openness- how welcoming the place is
Aesthetics- the physical beauty of the place, often a reflection of its parks, trails and natural areas
Access to quality education was also rated highly- K-12, College or Both
Interestingly, these values were measured both in 2008, then in 2009, and the answers didn’t change much because of the economy. Economics was THE Top concern in 2009… but didn’t seem to determine the emotional attachment to the community. Interestingly, crime is a concern, but didn’t make the list regarding emotional attachment.
Charlotte scored high on Aesthetics, and Social offerings, less so on Openness, and scored high on quality education, with 2009 improving over 2008. Young people- college grads’s and folks over 55 with middle to high incomes were the most attached to Charlotte.
I’m just diving into this study, I’ve always been curious about this, and so to this Foundation. Why do people love to live in Charlotte? Anywhere? Details are found a The Soul of the Community
They also found a correlation between peoples passion for the community and the economic well-being though now one is sure which way the causal direction arrow points… Charlotte details here.
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Economy GROWS 3.5% in 3rd Quarter- Music to My Ears in Charlotte
October 29th, 2009 Categories: About Charlotte, Charlotte News and Politics
Charlotte NC. This is Great Economic News. Great.
The US economy in 2009- 1st Quarter 6.4% loss, 2nd Quarter 0.7% loss, 3rd Quarter 3.5% gain
Inflation was annualized 1.6%. that is outstanding as well.
What’s left, we are done on the economy, right?
No, not done, not even close with more than 10M jobs lost, and over 12 M unemployed, and a Still shaky financial system.
It is ALL about Creating new jobs. Obama said it, and I couldn’t agree more. Waiting on those unemployment numbers to trend DOWN. Details here at the New York Times
But in Charlotte we are making progress:
If you saw my last post you know Charlotte IS creating new jobs, 20% ahead of the pace in 2008, and unemployment is falling in Charlotte and Charlotte real estate prices have risen in 4 of the last 6 months, and homes sold were up 23% in August over a year before…
Still, if we want the good times rolling here in Charlotte, we have to create jobs- jobs for May grad’s, for mid-level managers, in finance, in manufacturing, in the service sector…
Question of the day? How can Charlotte, and North Carolina Grow more jobs here? Without the cross-state bribery going on in South Carolina?
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Charlotte Real Estate Market Report January 2009, Housing Stimulus Gaining
February 3rd, 2009 Categories: Charlotte News and Politics
Nationwide Housing Downturn Comes to Charlotte
Charlotte NC  Persistently low demand, 50% 0ff 2008’s pace by volume, has pushed average Charlotte home prices lower still in January, 13% off the same averages in 2008, and 13% off for the last 90 days of closings. Sold to list has average 90%, as single family closings fell in January to 1,108 “Solds.”
Sales by units are around 2001 levels, Sales by price are still above January 2006 prices. What the sub-prime/foreclosure fiasco couldn’t do to the Charlotte market, the Wall Street disaster’s did. Â
Virtually all areas in the region suffered, from Lake Norman to South Charlotte. Demand has been off for nearly 2 years, and in just he last 6 months we began to lose some value, which is a testament to the strength of home values here.
Nationally Zillow Reports Loss of 3.3 Trillion Dollars in Home Values in 2008
Much if this is no doubt necessary, but as I have shown , in multiple posts, there were tons of American cities and markets that didn’t play the “Real Estate Bubble Game” including Charlotte, and have no real reason to be losing value, but are, because of a lack of demand. Below the fold- Housing Stimulus plans gaining traction in the Senate!
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Charlotte Real Estate Updates- January Home Sales Burst For McDonald Team and More
February 3rd, 2009 Categories: About Charlotte, Charlotte News and Politics
Charlotte Sales, Market Wide, remain low, and prices took a hit in January
look for that post later today.
Demand is Up for McDonald Team
In November and December, things were so quiet we joked about whether the local car washes need any help. It is increasingly harder to “feel” the market as our Team demand was up in January, 2009. We had 4 new contracts accepted, 2 with buyers, 2 of our bank listings went under contract. We had more than 50 new e-mail inquiries, and 6-8 phone inquiries as well, 8-10 buyer visits, and we created at least 8 new buyer relationships.
Fix Housing First Ain’t Happening
Fix Housing First has been the slogan of the National Home Builders in their attempt to get a massive housing stimulus in the package the President will soon sign, it has essentially failed. A smaller effort led by the NAR was more successful in getting the current $7500 tax credit/loan into a pure credit- Read the rest of this entry »
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Housing Stimulus: State of the Housing Stimulus Package In Congress and More
January 27th, 2009 Categories: Charlotte News and Politics, Housing Stimulus
$7500 Tax Credit to New Buyers In House Bill- REVISED: NOW $8000, 75K INCOME LIMIT.
That’s the good news. Over in Charlie Rangel’s office, the House Ways and Means Committee is drafting the economic stimulus package that President Obama speaks about daily and hopes to have passed by mid- February, and a
$7500 Housing Tax credit is In IT for home buyers who have not bought a home in 3 years, who are buying for their primary residence, and with income below $95K individually, $170K jointly.
Real tax credits, for those out of the home market the last 3 years. They currently deadline when the old credits do, July of 2009, and the NAR is working to extend them through the end of the year.
This is big news, rocket fuel for the Realty business. I have to say I like that! Read the rest of this entry »
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Welcome President Obama… One Million Plus Welcome the 44th President of the United States
January 21st, 2009 Categories: About This Blog, Charlotte News and Politics
Last minute tickets led to a last minute trip to Washington DC and the inauguration of a President. Judy and I decided and left in 30 minutes, and you know I took my camera! The view was just OK, the atmosphere electric, the experience? (groan) Priceless!
As I think about the day, if I only had one word to describe the day on the mall- it would be Joy. Despite a crushing crowd early, despite the cold, and the long wait- we were surrounded by all kinds of people, young and old, every race, every ethnicity, and they were celebrating America.
Yes they loved Obama, but they loved what he represents more, the American ideal. For the first time African-Americans have been brought into the compact that is America.
Now, anyone can grow up to be President. Tell your children.
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Charlotte Updates- Business, Economics and Hopes for the New Administration
January 19th, 2009 Categories: Charlotte News and Politics
As we inaugurate a new President, my attention has shifted to the national scene, and how it affects Charlotte.The city’s biggest company, Bank of America, plays on the national stage. Things have been happening with BOA and Charlotte the last two weeks before the inaugural.  A summary is below.
Bank of America
Bank of America received a 20Billion dollar infusion from TARP Friday to cover losses at Merrill Lynch, reported its first quarterly loss in 17 years at 2.39B and its stock fell to single digits this past week. All of this has created a storm for bank Chairman Ken Lewis who the Observer quoted an industry watcher as being in “the Fight of his Life.” My money is on Ken.
The Charlotte Chamber of Commerce reported on job gains and investment in the Charlotte MSA in 2008:
The year-end numbers of 2008 are certainly something to be proud of. Charlotte gained 1,337 firms, a record number, resulting in 12,165 new jobs. Also a record number was the addition of 27.6 million square feet. Investment totaled more than $2.3 billion this year, second highest of all time. The economy may be trying but Charlotte is certainly holding strong.
There are several important companies to note this quarter. Areva, a power industry services group, expanded with 545 new jobs. Designline International, a hybrid bus plant new to Charlotte, created 200 additional jobs. Carolina Asphalt expanded with more than 430,000 square feet of new space and Presbyterian Hospital has invested more than $300 million in expansions at several locations.
Although this year has been full of hardships, the numbers show that Charlotte still continues to grow with a diversified economy. The largest increase this past year was within the retail, healthcare, food service and professional and technical services sectors. Manufacturing also increased by 44 firms and despite the current state of the economy, Charlotte gained more than 80 firms in the finance and insurance industry.
The full story with the last 5 or more years of investment in Charlotte is here.
Mortgage Interest rates are low, historic lows.
For the week ended Jan. 11, the average 30-year rate in the United States was 4.92 percent, down from 5.10 percent the week before, according to the Zillow Mortgage Rate Monitor. more her from the Biz Journal
The Federal Reserve made news this week, Chairman Bernanke’s comments,
“The Federal Reserve retains powerful policy tools and will use them aggressively to help achieve this objective,†Bernanke said. “Fiscal policy can stimulate economic activity, but a sustained recovery will also require a comprehensive plan to stabilize the financial system and restore normal flows of credit.â€
Italics are mine.
Agreed. As part of any long term recovery plan (the proposed stimulus is a part) there must be a solution to the credit/foreclosure issues, and declining house values, in the 90% of the markets where no decline is necessary.
Rightly or wrongly, our homes have been our bank accounts, or savings accounts for decades.
There are some markets still way over valued, these market are the minority of US housing, 10% of the major 350 markets or less, located in just 4-6 states… and the rest? Prices are at or near where they should be but are falling anyway. This must be stopped. America, its citizens, US, can not afford this loss in wealth any longer. We didn’t start it, Wall Street did and now Federal policy must be to 1) stop declining values by increasing demand, 2) forcing the workouts of the estimated 2M foreclosures coming this year 3) getting the toxic assets off the books of these banks so their equity doesn’t keep falling.
There are high expectations for the new Administration, but so far he has received very high marks from all sides as they seemingly working together to get our economy back on track. So far so good but the real work begins Wednesday,  kumbaya days end, and the political work to turn his plans into legislation, get them passed in an acceptable form, and move to the next issue.
We are all watching, waiting and hoping that once again, when the United States needs a great leader, one has emerged.
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