charlotte real estate, custom luxury homes, south charlotte, lake noprman, union county nc and more (4)

Charlotte NC|On the Mortgage Front, There is Money To Lend In Charlotte NC!

November 13th, 2008 Categories: Charlotte Business, Charlotte News and Politics, mortgages

Mortgage Money To Lend in Charlotte, The Bailout and Charlotte Real Estate News

There is mortgage money to lend in Charlotte NC and no you don’t have to have credit from God to qualify. It is true that money signs “no money down” loans are a thing of the past. And some of the qualifications have stiffened. You will need FICO scores above 600 (about 90% of us) but there is money to lend!

There is an active and competitive market for your business as first time home buyers and move up buyers below the conforming loan limits of $417K. That means a loan amount of $417,000 so you could purchase a $460,000, with a 10% DP, giving a loan amount of $414K. Or, with 20% down, $520,000 home price. For FHA loans, with 3% down, you can at this time get loan amounts up to $303K. Our best VA source provides loans to 417K. You will need FICO scores above 600 to qualify, but that is 90% of us. Bank of America is even offering FREE Buyer Protection, if you are laid off or become disabled in the first year of the mortgage.

However there remains a liquidity problem in jumbo loans according to senior bank officials I’ve spoken with. The Jumbo loan market has no secondary market, which means no liquidity for a lender, so there are still a few Jumbos out there if you need one, but they grow more expensive by the day.

Investors- 20% Down is now the minimum, the PMI, mortgage insurance folks, won’t issue PMI any more for investors.

2nd Home- Vacation Homes 10% Down is still available.

First Time Home Buyer’s may Earn up to a $7500 federal tax credit for purchase of new homes between April of 2008 and June 30 of next year. This credit will be recaptured over 15 years so amounts to an interest free loan to the borrower-first time homeowner. I wrote about this in detail here.

TARP- Troubled Assets Relief Program , otherwise known as the Bailout

It’s been two months since Secretary Paulson asked Congress for the $700B bailout, then it passed in a week we won’t soon forget, now Secretary of the Treasury Paulson announced today that of the $250Billion disbursed, none was used to buy up bad loans, the purported purpose of the bailout. WHAAAAT? (Can anyone say “Missing WMD?) Apparently the problem was much worse than thought, and most of this money has been kept in companies, to keep them solvent and alive. That makes me feel better. Help has been extended to American Express, but not so far to GM, which is not a financial company according to Paulson.

His work has the transparency of mud, he still speaks of “systemic problems” and my confidence level is not rising. President-Elect Obama - please announce your Treasury team today.

Charlotte Real Estate

Big headline from the Observer- Sales down 31% last month. (PLAY LOUD SCARY MUSIC) Further down you’ll see that median prices went down not quite 1%- essentially flat. And these averages are hiding key numbers as certain neighborhoods have risen in price. I’ve written about a few recently, all with rising home prices, have a look at Birkdale, Southpark, and Myers Park.

Once again I need to mention to Stella (Stella Hopkins- Observer Reporter) and her editors- the story here is the strength of our Home PRICES. No doubt there is a headline about sales being down- um, Stella that means the market is slow, and very bad for the New Home industry, and you’ve written about it extensively and well. But there is another story you seem determined to ignore. The news that despite what’s happening around the nation to home values- what has caused a crisis in housing, and now in our credit markets–that crisis has NOT, thankfully, not taking place in most of Charlotte. Not in Austin Texas either, not so much in Atlanta, or Seattle. Why do we have in common with these cities, and why have our prices held up? This is a good front page story… and here are a few hints.

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It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales.

Moving to Charlotte?

Have Questions? I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We know the neighborhoods, prices and brokers. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below. Another good place to start is my fact-filled and well received Introduction to Charlotte Video (nearly 9000 You Tube views, 22 reviews) and don’t miss the FAQ videos (Where to look for luxury homes 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

Fall In Charlotte NC

November 12th, 2008 Categories: About Charlotte, Charlotte News and Politics

See Charlotte NC in the fall!

The leaves were unusually brilliant this year, and I took these pictures along many of my favorite streets in Charlotte. Dilworth, Myers Park, South Charlotte, The Sanctuary and more. May take a few moments to load. Enjoy.

fall in myers park south charlotte

Brilliant reds in Beverly crest Beverly Crest Fall in south charlotte

the sanctuary fall in charlotte

I’ve taken more than 3000 pictures of Charlotte, here are some links to see more Charlotte pictures, fall and other wise:

Lake Norman Myers Park Dilworth Southpark Lake Wylie Uptown Charlotte Matthews Weddington Waxhaw Huntersville Ballantyne

and these communities

Providence Plantation Antiquity Birkdale Sun City Carolina Lakes Stone Creek Ranch Bridgehampton

Brookhaven and these luxury communities

The Sanctuary The Peninsula The Club at Longview Skyecroft The Palisades Providence Country Club

And if you’d prefer to see all the communties by area, visit my main Charlotte Photo Site with over 45 galleries and 3000 pictures

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It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales.

Moving to Charlotte?

Have Questions? I am a Charlotte broker specializing in luxury relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We know the neighborhoods, prices and brokers. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below. Another good place to start is my fact-filled and well received Introduction to Charlotte Video (nearly 9000 You Tube views, 22 reviews) and don’t miss the FAQ videos (Where to look for luxury homes 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

Birkdale in Huntersville NC- A Bluechip in the North

November 11th, 2008 Categories: Buy A Charlotte Home, Huntersville

“How good is the real estate market in Birkdale?” or asked another way, “Am I safe investing in Birkdale?”

This is the question a client asked me last week. Birkdale has been a consistently strong real estate performer over the years, and it isn’t a surprise since Birkdale is the centerpiece of modern Huntersville, a city named to Money Magazines “Best Places to Live in America” twice this decade.

My client’s offer was accepted on the Birkdale home last week, and while I told her Birkdale was one of the strongest subdivisions in Huntersville, I came back thinking I should do the numbers…

Here is the answer to her question in objective numbers.

I compared the home sales for the last 90 days- 8/1-10/31/08 to the same period over the last 4 years, and Birkdale’s price/value strength shows through. There aren’t as many people moving to Huntersville as there were a few years ago (residents say thank you!) but the home prices? Have a look for yourself.


				Sold
Year	Homes Sold	Median price	Median SF	Cost Per SF	% +/-
2008	9	369522	2847	$129	Up 3%
2007	12	330770	2643	$125	up
2006	19	333231	2679	$124	Up 5%
2005	36	340002	2882	$118
all numbers	from the mls	(not created by	CMLS)

So while home sales have slowed dramatically in the last 4 years, the median price has increased 8.7% and the actual Cost per Square foot of the sold properties has risen 9.3%. Is this a guarantee of price rise in the future? No. Is it a testament to the real value in this crazy rel estate market we are living through? Absolutely.

Huntersville has done well for the same reasons Charlotte has done well. It is “objectively affordable”, (Radar Logic and PMI) we create jobs and employment here (in this down year about 2% increase projected) and people still want to move here, just for the quality of life.

As for my client from last week? We got her a smaller home in very good condition, with a few appliances, at about $112/sf, or 13% under the last 90 days market prices, not too bad at all.

more pictures of Birkdale and Huntersville

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It is a strong buyers market here in the Huntersville - Lake Norman area, the greater Charlotte area, for new homes and re-sales.

Moving to Charlotte?

Have Questions? I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We know the neighborhoods, prices and brokers. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below.

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

Charlotte Education Roundup| News About Charlotte Area Schools

November 10th, 2008 Categories: About Charlotte, Charlotte Schools and Education

New N.C. ABC ratings reveal stark contrast in Charlotte schools

A new set of N.C. school ratings paints Charlotte-Mecklenburg Schools as a study in contrasts, with some of its suburban schools rating among the state’s best while more than 40 high-poverty urban schools have fewer than half their students on grade level. This article is excerpted from the Charlotte Observer, full story from the Charlotte Observer

The 2008 ABC ratings, being approved by the N.C. Board of Education this morning, look worse than usual because of a new reading test introduced last year, designed to more accurately reflect student success. Officials acknowledged that the old exam, used to rate schools for years, falsely labeled too many children with weak reading skills as being on grade level.

If the state had used the old scoring method in 2008, just over 85 percent of students statewide would have been labeled passing. With the new method it was 58 percent for elementary schools and 56 percent for middle schools. CMS had similar results.

CMS Superintendent Peter Gorman praised the state’s decision to make the scores more accurate.

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The 2008 ratings show schools in the Charlotte region dominating the high end of the academic spectrum as well. CMS’s Providence Spring Elementary and Davidson IB Middle were in the state’s Top 10 for overall pass rates, with 96 and 95 percent respectively. Metrolina Regional Scholars Academy, a south Mecklenburg charter school for gifted students, was one of three statewide with 99 percent passing.

Of 29 schools that earned the state’s highest rating, based on scores and progress, Union County Schools accounted for six and CMS five, compared with four in Wake County, the state’s largest district.

The scores highlight what many say is an increasingly wide gap in educational opportunities within the countywide district. Thirty CMS schools had pass rates of 80 percent or higher. Most of those are low-poverty suburban neighborhood schools, along with a handful of magnets.

Review your NC Schools test results, I think the best search is by map, visit scores and ratings for any N.C. public school or district

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CMS-Discovery Channel partnership

The Charlotte-Mecklenburg Schools and Discovery Education, a division of the company that owns the Discovery Channel and a number of other cable TV networks, have announced a partnership that will bring new resources to the school system.The partnership was announced Thursday evening at Discovery Place, where the Animal Planet’s Jeff Corwin conducted a screening of his upcoming special program, “The Vanishing Frog.” See the Full Story

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Presidential election energizes high schools

At Providence High, about 30 students will join their government teacher on a trip to the inauguration in January.At West Charlotte, students discuss what the election or defeat of America’s first serious black presidential contender would say about race.

At Myers Park High, where almost 300 students turned out for an after-school debate between pro-McCain and pro-Obama students, lively political arguments in the cafeteria and classrooms are common.

“A ton of people are volunteering” for both campaigns, said Myers Park sophomore Michael Griggs, who impersonated the candidates and Joe the Plumber for comic relief after the debate. He, like other students, says there will be gloating and anger when the results are in.

See the full Observer Story here

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It’s a strong buyers market in Charlotte-”The only objectively affordable major city in the US” so says Wall Street Journal darling Radar Logic. You may Search Charlotte Homes here or call me direct at 704-351-1519 and we’ll help you get started moving to Charlotte!

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