Wednesday, December 19, 2007
Our New North Carolina Blog!
We have partnered with CityBlogUSA and now have control over all of CityBlogUSA's North Carolina sites! What does that mean to you? It means that you can go and ask questions about any city or town in North Carolina! What are the hospitals like, how is the market looking, what are good restaurants, etc. Anything you want! Just go to http://northcarolinablogpage.com/ and look for whatever city you want. If you want to adverise on any of these just let us know and we can hook you up with a coupon code!
Tuesday, December 18, 2007
Friday, December 14, 2007
All Realtor Bonuses to be Disclosed. Commission wants homebuyers to learn of incentives in writing.
N.C. regulators have moved closer to making the state among the most rigorous in the country in letting homebuyers know about their real estate agent's financial interests.
The nine-member N.C. Real Estate Commission decided unanimously Wednesday to draft a rule that would require agents to provide a written disclosure of bonuses they receive from sellers before their clients make a decision to buy a home.
The rule change, prompted by an Observer investigation, could take effect as early as July 1. It will be subject to a public hearing before the commission decides to send it to the state for approval.
Real estate brokers are typically paid a commission, or a percentage of the sales price. Some sellers, particularly homebuilders, also pay agencies a bonus for finding buyers. Such extra incentives are legal.
State rules currently require agents to tell customers of bonuses before an offer for purchase is made, but agents are only required to disclose bonuses orally, making the rule hard to enforce.
"The buyer needs to know 100 percent of what's going on in that transaction," said commission Chairman Skip Alston of Greensboro. "It should be transparent."
If the new rule is approved, North Carolina would be among just a few states nationwide requiring written disclosure of bonuses before a purchasing decision. Most don't require any disclosure of bonuses beyond including them on the HUD settlement statement at closing.
In the Southeast, only Tennessee requires the type of disclosure pending approval in North Carolina.
One commission member questioned Wednesday whether a rule change was necessary, given that bonuses are seemingly infrequent in some markets. "I'm not sure how egregious the problem is," said Joe Hodge, a Raleigh-area Realtor. But Executive Director Phillip Fisher said his staff's research showed that bonuses are common in Charlotte, indicating substantial use of the practice.
Mecklenburg County real estate agents have told the Observer that bonuses are offered on as many as 40 percent of newly built homes and about one-fourth of existing homes.
Tom Miller, the commission's director of legal services, said the new rule wouldn't require that agents provide written disclosure of bonuses each time they approach a house. He hoped, however, that the rule would prompt agents to be more diligent about notifying clients of bonuses orally when they are considering a house, then putting the bonus in writing before a contract is signed.
The written disclosure would likely come in a separate form created by the N.C. Association of Realtors or individual real estate agencies.
The commission could still change or scrap the rule following public comment. But, said chairman Alston: "I don't think you're going to have any opposition once it becomes a proposed rule."
The move to change the rules followed an Observer investigation published in September of Realty Place, a Charlotte-area company that received millions of dollars in bonuses from homebuilders in exchange for finding buyers. Observer reporters spoke to more than 50 Realty Place clients, none of whom remembered being told about a bonus the agent received.
The Observer investigation found that Realty Place maintained a close relationship with builders after vowing to protect clients from them. Company records showed -- and former employees affirmed -- that the company funneled buyers into low-priced starter home developments, many of which are now plagued by foreclosures.
Miller said a Real Estate Commission investigation of Realty Place, opened in response to the Observer's reporting, is ongoing. The company's owners have denied wrongdoing.
The nine-member N.C. Real Estate Commission decided unanimously Wednesday to draft a rule that would require agents to provide a written disclosure of bonuses they receive from sellers before their clients make a decision to buy a home.
The rule change, prompted by an Observer investigation, could take effect as early as July 1. It will be subject to a public hearing before the commission decides to send it to the state for approval.
Real estate brokers are typically paid a commission, or a percentage of the sales price. Some sellers, particularly homebuilders, also pay agencies a bonus for finding buyers. Such extra incentives are legal.
State rules currently require agents to tell customers of bonuses before an offer for purchase is made, but agents are only required to disclose bonuses orally, making the rule hard to enforce.
"The buyer needs to know 100 percent of what's going on in that transaction," said commission Chairman Skip Alston of Greensboro. "It should be transparent."
If the new rule is approved, North Carolina would be among just a few states nationwide requiring written disclosure of bonuses before a purchasing decision. Most don't require any disclosure of bonuses beyond including them on the HUD settlement statement at closing.
In the Southeast, only Tennessee requires the type of disclosure pending approval in North Carolina.
One commission member questioned Wednesday whether a rule change was necessary, given that bonuses are seemingly infrequent in some markets. "I'm not sure how egregious the problem is," said Joe Hodge, a Raleigh-area Realtor. But Executive Director Phillip Fisher said his staff's research showed that bonuses are common in Charlotte, indicating substantial use of the practice.
Mecklenburg County real estate agents have told the Observer that bonuses are offered on as many as 40 percent of newly built homes and about one-fourth of existing homes.
Tom Miller, the commission's director of legal services, said the new rule wouldn't require that agents provide written disclosure of bonuses each time they approach a house. He hoped, however, that the rule would prompt agents to be more diligent about notifying clients of bonuses orally when they are considering a house, then putting the bonus in writing before a contract is signed.
The written disclosure would likely come in a separate form created by the N.C. Association of Realtors or individual real estate agencies.
The commission could still change or scrap the rule following public comment. But, said chairman Alston: "I don't think you're going to have any opposition once it becomes a proposed rule."
The move to change the rules followed an Observer investigation published in September of Realty Place, a Charlotte-area company that received millions of dollars in bonuses from homebuilders in exchange for finding buyers. Observer reporters spoke to more than 50 Realty Place clients, none of whom remembered being told about a bonus the agent received.
The Observer investigation found that Realty Place maintained a close relationship with builders after vowing to protect clients from them. Company records showed -- and former employees affirmed -- that the company funneled buyers into low-priced starter home developments, many of which are now plagued by foreclosures.
Miller said a Real Estate Commission investigation of Realty Place, opened in response to the Observer's reporting, is ongoing. The company's owners have denied wrongdoing.
Crosland Homes LLC are planning a "Green" Community beside the U.S. National Whitewater Park and want your opinion!
In an unusual step for a developer, Crosland LLC is seeking advice from the public on a nearly 800-acre "green" community it plans near the U.S. National Whitewater Center.
The northwest Charlotte development's theme, "explore living," is based on the range of outdoor activities -- rafting to biking -- anticipated there.
But realizing that words mean different things to different people, Crosland is turning to consumers for their interpretations and suggestions on dwellings, activities and amenities.
A teaser ad campaign starting today will reach out through a Web site and a video clip to be shown on the site and at selected movie theaters during the holiday season.
Construction of the first houses in the estimated 2,800 home community -- Whitewater -- is to start in about a year, allowing time for the developer to incorporate consumer ideas, said Crosland's Rich Reichle.
The feedback could influence everything from what kind of trails will come first -- walking, hiking or mountain biking -- to the price range and mix of single-family houses and townhomes.
Crosland expects homes in the community along N.C. 27 and the Catawba River near Interstate 485 to sell from the high $100,000s to the $700,000s.
Bill Daleure, president of Crosland's land development division, said the developer bought the initial land for the project in late 2003, before the U.S. National Whitewater Center had become its neighbor.
But once the center located there, he said, the planning shifted to linking with it, preserving green space, emphasizing outdoor living and developing an environmentally sensitive community.
Residents of Whitewater will experience trails, parks and green space connected to 300 acres of public park land and 11 miles of trails. They will have access to the Catawba River via the center.
The community will have its own amenities complex and full-time "exploration" director.
Crosland said it has started grading for 1.3-mile Whitewater Parkway which is expected to open in late April connecting the community and the center.
The center has been using a temporary road while it awaits the connector, for which Crosland is paying most of the cost.
Work also is under way in Whitewater for a public elementary school expected to open in August, Crosland said.
The master plan for Whitewater includes about 450,000 square feet of commercial space. Roughly a third of Whitewater's acreage will be devoted to green space.
Daleure believes Crosland will spend about 10 years completing the development.
Consumers -- Crosland sees them as potential home owners -- who respond to the ad campaign might be asked to participate in future surveys on Whitewater, but they will get a bonus.
Crosland said they will be the first invited to tour the property and will have the first opportunity to buy in the community.
The northwest Charlotte development's theme, "explore living," is based on the range of outdoor activities -- rafting to biking -- anticipated there.
But realizing that words mean different things to different people, Crosland is turning to consumers for their interpretations and suggestions on dwellings, activities and amenities.
A teaser ad campaign starting today will reach out through a Web site and a video clip to be shown on the site and at selected movie theaters during the holiday season.
Construction of the first houses in the estimated 2,800 home community -- Whitewater -- is to start in about a year, allowing time for the developer to incorporate consumer ideas, said Crosland's Rich Reichle.
The feedback could influence everything from what kind of trails will come first -- walking, hiking or mountain biking -- to the price range and mix of single-family houses and townhomes.
Crosland expects homes in the community along N.C. 27 and the Catawba River near Interstate 485 to sell from the high $100,000s to the $700,000s.
Bill Daleure, president of Crosland's land development division, said the developer bought the initial land for the project in late 2003, before the U.S. National Whitewater Center had become its neighbor.
But once the center located there, he said, the planning shifted to linking with it, preserving green space, emphasizing outdoor living and developing an environmentally sensitive community.
Residents of Whitewater will experience trails, parks and green space connected to 300 acres of public park land and 11 miles of trails. They will have access to the Catawba River via the center.
The community will have its own amenities complex and full-time "exploration" director.
Crosland said it has started grading for 1.3-mile Whitewater Parkway which is expected to open in late April connecting the community and the center.
The center has been using a temporary road while it awaits the connector, for which Crosland is paying most of the cost.
Work also is under way in Whitewater for a public elementary school expected to open in August, Crosland said.
The master plan for Whitewater includes about 450,000 square feet of commercial space. Roughly a third of Whitewater's acreage will be devoted to green space.
Daleure believes Crosland will spend about 10 years completing the development.
Consumers -- Crosland sees them as potential home owners -- who respond to the ad campaign might be asked to participate in future surveys on Whitewater, but they will get a bonus.
Crosland said they will be the first invited to tour the property and will have the first opportunity to buy in the community.
Thursday, December 13, 2007
Saturday, December 1, 2007
Great Wolf Lodge Indoor Waterpark Coming to Concord, NC!
This is a video of a similar waterpark that will call Concord, NC home in the near future!
Charlotte North Carolina - ABC News Report Real Estate
This is a wonderful piece from ABC on the Charlotte areas real estate market.
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