Another condo project stalls | www.charlotteobserver.com:
"Add a Fourth Ward project to the number of stalled condo tower projects in uptown Charlotte."
Tuesday, September 2, 2008
Davidson master plan lures developer | www.charlotteobserver.com
Davidson master plan lures developer | www.charlotteobserver.com
More commercial and residential development is ahead for Davidson's 125-acre mixed-use hub at Interstate 77 Exit 30.
Davidson Commons East, the latest project to be announced, is planned off Griffith Street near the Children's Community School and a Harris Teeter supermarket.
Sunday, August 31, 2008
Friday, August 29, 2008
County readies to send notifications to residents for central
By Eric C. Deines
edeines@independenttribune.com
Thursday, August 28, 2008
CABARRUS - Landowners in the unincorporated part of the county included in a recent, major landuse plan can expect rezoning notifications from Cabarrus County. And judging from phone calls to
the county office Wednesday, officials said letters began arriving this week.
Jonathan Marshall, the county’s commerce director, said he expects even more public comment
and queries to come from the notifications than were given during the land-use planning process,
which received significant community participation.
“We’re going to get a good volume of comments from people with questions,” Marshall predicted.
“We’re going to get folks who may not have heard about the land-use plan.”
He said about 1,900 mailings have been prepared for landowners in the unincorporated area in the
south and west of Concord city limits. Landowners with more than one parcel of land are sent only
one letter.
Approximately 2,895 parcels are being rezoned across approximately 24,548 acres.
The Cabarrus Planning and Zoning Commission will host a public hearing on Sept. 18 for the
rezoning before consideration of the plan.
Marshall said most of the down-zonings included in the plan generally see land zoned for lowdensity
residential changed to agricultural/open space zoning. The latter zoning prohibits extension
of water and sewer utilities and allows for less residential density.
“We’re not rezoning in any areas where the city will be extending water and sewer,” Marshall said.
During two months of community input sessions in May and June, many residents in the 39,200-
acre focus area said they wanted most of the area to be preserved as open space, with little to no
new development - leading to the proposed down-zoning.
Officials have said the land-use plan will help control the rapid growth and strain on the county’s
public services.
Because the land-use plan includes parts of Concord’s future growth area, the Concord Planning
and Zoning Commission will consider the plan and its concepts in September, said Concord City
Manager Brian Hiatt.
Concord City Council and Cabarrus County Board of Commissioners entered into a zoning and
utilities agreement in June directly related to the land-use plan.
“Really, the agreement that’s already entered into is the main agreement,” Hiatt said. “It didn’t
specifically talk about density, but it pretty much dictates what we can do.”
The June agreement set a boundary for Concord utilities across which the city may not extend
utilities - or allow developers to tap onto utilities - unless approved by commissioners.
And if an area is annexed, the city must retain the zoning as indicated in the proposed plan.
If the land-use plan is approved by Concord’s planning board, City Council will give it a final
consideration, Hiatt said.
• Contact Eric C. Deines: 704-789-9141
edeines@independenttribune.com
Thursday, August 28, 2008
CABARRUS - Landowners in the unincorporated part of the county included in a recent, major landuse plan can expect rezoning notifications from Cabarrus County. And judging from phone calls to
the county office Wednesday, officials said letters began arriving this week.
Jonathan Marshall, the county’s commerce director, said he expects even more public comment
and queries to come from the notifications than were given during the land-use planning process,
which received significant community participation.
“We’re going to get a good volume of comments from people with questions,” Marshall predicted.
“We’re going to get folks who may not have heard about the land-use plan.”
He said about 1,900 mailings have been prepared for landowners in the unincorporated area in the
south and west of Concord city limits. Landowners with more than one parcel of land are sent only
one letter.
Approximately 2,895 parcels are being rezoned across approximately 24,548 acres.
The Cabarrus Planning and Zoning Commission will host a public hearing on Sept. 18 for the
rezoning before consideration of the plan.
Marshall said most of the down-zonings included in the plan generally see land zoned for lowdensity
residential changed to agricultural/open space zoning. The latter zoning prohibits extension
of water and sewer utilities and allows for less residential density.
“We’re not rezoning in any areas where the city will be extending water and sewer,” Marshall said.
During two months of community input sessions in May and June, many residents in the 39,200-
acre focus area said they wanted most of the area to be preserved as open space, with little to no
new development - leading to the proposed down-zoning.
Officials have said the land-use plan will help control the rapid growth and strain on the county’s
public services.
Because the land-use plan includes parts of Concord’s future growth area, the Concord Planning
and Zoning Commission will consider the plan and its concepts in September, said Concord City
Manager Brian Hiatt.
Concord City Council and Cabarrus County Board of Commissioners entered into a zoning and
utilities agreement in June directly related to the land-use plan.
“Really, the agreement that’s already entered into is the main agreement,” Hiatt said. “It didn’t
specifically talk about density, but it pretty much dictates what we can do.”
The June agreement set a boundary for Concord utilities across which the city may not extend
utilities - or allow developers to tap onto utilities - unless approved by commissioners.
And if an area is annexed, the city must retain the zoning as indicated in the proposed plan.
If the land-use plan is approved by Concord’s planning board, City Council will give it a final
consideration, Hiatt said.
• Contact Eric C. Deines: 704-789-9141
Area home prices are showing signs of life | www.charlotteobserver.com
Area home prices are showing signs of life | www.charlotteobserver.com
Charlotte-area home prices show signs of strengthening even as a popular measure of home appreciation on Tuesday registered a third consecutive decline.
Charlotte-area home prices show signs of strengthening even as a popular measure of home appreciation on Tuesday registered a third consecutive decline.
Tuesday, August 26, 2008
Consumer outlook up, housing bottom may be near | www.charlotteobserver.com
Consumer outlook up, housing bottom may be near | www.charlotteobserver.com:
Americans felt better about the economy in August, as a barometer of sentiment posted the biggest boost in two years amid falling gas prices. Two reports suggested that a bottom could be nearing for the housing market, but economists caution it's too early to proclaim that the worst is over.
The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July. That's the largest gain since August 2006, and is ahead of the 53 expected by economists surveyed by Thomson/IFR.
It's also the second month in a row that sentiment improved, after a six-month slide since January - but it remains about half what it was a year ago, and worries about the job market persisted.
'It's still too early to call a bottom' on both confidence and housing, said Gary Thayer, senior economist at Wachovia Securities.
The Standard & Poor's/Case-Shiller U.S. National Home Price Index released Tuesday showed home prices dropped a record 15.4 percent during the second quarter. However, the rate of single-family home price declines slowed from May to June, a possible silver lining.
Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink. Still, the July increase foll"
Americans felt better about the economy in August, as a barometer of sentiment posted the biggest boost in two years amid falling gas prices. Two reports suggested that a bottom could be nearing for the housing market, but economists caution it's too early to proclaim that the worst is over.
The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July. That's the largest gain since August 2006, and is ahead of the 53 expected by economists surveyed by Thomson/IFR.
It's also the second month in a row that sentiment improved, after a six-month slide since January - but it remains about half what it was a year ago, and worries about the job market persisted.
'It's still too early to call a bottom' on both confidence and housing, said Gary Thayer, senior economist at Wachovia Securities.
The Standard & Poor's/Case-Shiller U.S. National Home Price Index released Tuesday showed home prices dropped a record 15.4 percent during the second quarter. However, the rate of single-family home price declines slowed from May to June, a possible silver lining.
Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink. Still, the July increase foll"
| July Existing-Home Sales Show Gain |
| Existing-home sales rose in July to the highest level in five months, although sales have hovered in a relatively narrow range over the past 11 months, according to the National Association of Realtors®. Existing-home sales-including single-family, townhomes, condominiums and co-ops- increased 3.1 percent to a seasonally adjusted annual rate of 5.00 million units in July from a downwardly revised level of 4.85 million in June, but are 13.2 percent lower than the 5.76 million-unit pace in July 2007. NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the up-and-down pattern may break soon. "We hope the new tools in the hands of homebuyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead," he said. "Buyers who've been on the sidelines should take a closer look at what's available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection." The national median existing-home price for all housing types was $212,400 in July, down 7.1 percent from a year ago when the median was $228,600. "Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time," says Lawrence Yun, NAR chief economist. "Still, inventory remains high in many parts of the country and will require time to fully absorb." Source: National Association of Realtors® REAL Trends Comment: As we saw in the July REAL Trends Housing Market Report, sales have increased in five states and leveled off in three other major states. We think the market is improving in terms of unit sales. And the NAR median price figure is almost exactly in line with the average price indicator that the Housing Market Report indicated. All signs of slow but steady progress, at least on the unit sales level. |
Five most typical flaws discovered in new homes
The home inspection company Pillar to Post is urging buyers of new homes to have them inspected before closing the transactions, saying that many buyers erroneously believe new homes are problem free.
According to the company, many new homes have poor workmanship that ultimately can cost a buyer thousands of dollars.
The company said the five most typical flaws discovered in new homes are:
-- Improperly connected air condition pipes that will cause central air conditioning units not to work.
-- Incorrect framing that could force plumbers to cut through the framing to install pipes.
-- Poor grading in the basement, causing leaking and poor ventilation.
-- Poor roof flashing that could lead to leaks.
-- Inattention to detail that could lead to look ductwork, mismatched joints, cabinet doors that don't close and non-level floors.
According to the company, many new homes have poor workmanship that ultimately can cost a buyer thousands of dollars.
The company said the five most typical flaws discovered in new homes are:
-- Improperly connected air condition pipes that will cause central air conditioning units not to work.
-- Incorrect framing that could force plumbers to cut through the framing to install pipes.
-- Poor grading in the basement, causing leaking and poor ventilation.
-- Poor roof flashing that could lead to leaks.
-- Inattention to detail that could lead to look ductwork, mismatched joints, cabinet doors that don't close and non-level floors.
Tax credit Web site receiving 10,000 visitor per day
(WASHINGTON) - The National Association of Home Builders is boasting that more than 100,000 visitors have hit a new Web site that gives consumers information about how to receive the Bush administration's housing tax credit.
The NAHB says the site, www.federalhousingtaxcredit.com , has received 116,000 unique visitors - roughly 10,000 per day.
The site is dedicated to informing consumers how to take advantage of the temporary $7,500 tax credit for the purchase of a first home.
The Web site contains information on how the tax credit works, including eligibility requirements.
The NAHB says the site, www.federalhousingtaxcredit.
The site is dedicated to informing consumers how to take advantage of the temporary $7,500 tax credit for the purchase of a first home.
The Web site contains information on how the tax credit works, including eligibility requirements.
First Time Home Buyers Want More
Weichert Charlotte Office Growing to Statesville and Mooresville
Charlotte-based Weichert, Realtors-Rebhan & Associates has expanded into Statesville with the acquisition of Weichert franchise at 300 E. Broad St., Suite 103.
The office is the firm's third in the Charlotte area and will be followed this fall by the opening of an office in Mooresville, said Kathleen Rebhan, broker/owner.
The Statesville franchise, started in August 2005 by Harry Tsumas and partners, will include Tsumas' working “hand in hand with us,” she said.
He will focus from the Statesville office on new home construction, building and development under the Tsumas Development name. Phil Dishman remains as broker in charge, and the Statesville sales staff will stay on as well.
The Charlotte headquartered agency, which opened four year ago, was identified as one of the six top producing franchises in 36 states at of the end of 2007. It opened its second office, located in the Ballantyne area, in March 2007.
Fannie Mae, Freddie Mac shares rise
WASHINGTON Shares of Fannie Mae and Freddie Mac soared Monday in a respite from their battering in recent days, while some regional banks saw their stocks sink on worries they could be swept up in the turmoil surrounding the mortgage finance giants.
Freddie completed a $2 billion debt sale, and a Wall Street analyst said a government bailout of the mortgage finance giants may not be inevitable.
But a few regional banks with significant holdings in Fannie and Freddie preferred stocks followed the rest of the market down amid questions over whether federal regulators would step in to rescue the two government-sponsored companies.
Shares of Freddie jumped 48 cents, or 17.1 percent, to $3.29 Monday, while Fannie climbed 19 cents, or 3.8 percent, to $5.19.
Citigroup analyst Bradley Ball said in a research note that federal bailouts "don't necessarily wipe out all" company shareholders, and that Fannie and Freddie still have options despite their steep stock declines in recent weeks.
"We are not convinced that (the government) needs to take any action over the near term," Ball wrote.
But Len Blum, managing director and partner at investment bank Westwood Capital in New York, said Monday's rebound is likely to be temporary, as the companies' ability to raise capital on their own appears uncertain.
"The market thinks they're going to be nationalized," Blum said. "People have confidence in the debt, not the equity."
Freddie's sale of $2 billion in short-term debt was well received on Wall Street, but the company had to sweeten terms of the offer to lure demand, investors said. "We saw very good demand for today's deals," said Freddie Mac spokesman Michael Cosgrove.
In the coming weeks, Wall Street will be watching the results of several such auctions by the two companies. Sean Egan, manager of the ratings desk at Egan-Jones Rating Co., estimates the two companies have a combined $295 billion in debt coming due by year-end.
"It's becoming increasingly expensive for both Fannie and Freddie to fund their business," he said. "If that's not addressed fairly soon, the companies will continue to be under stress."
A government rescue of Fannie and Freddie - whose share prices have plunged in recent weeks as they struggle with billions of dollars in losses from bad mortgages - could be costly for scores of investment, banking and insurance companies that hold billions in their preferred shares.
The two companies had nearly $36 billion in preferred shares outstanding as of June 30, according to filings with the Securities and Exchange Commission.
Preferred shares usually pay a fixed dividend and have priority over common stock when it comes to dividends and bankruptcy liquidation. While slightly riskier than bonds, which have the highest priority in times of trouble, companies often invest in preferred shares for certain tax advantages.
JPMorgan Chase & Co. disclosed Monday that it held about $1.2 billion of Fannie and Freddie preferred shares. It estimated the shares have lost about $600 million since the start of the quarter on July 1, based on their current market values.
Shares of JPMorgan fell $1.54, or 4.1 percent, to $36.13 Monday, while the major Wall Street indexes lost about 2 percent. The Dow Jones industrial average fell 241.81 to 11,386.25, while the Standard & Poor's 500 index declined 25.36 to 1,266.84, and the Nasdaq composite index fell 49.12 to 2,365.59.
Regional banks with the largest exposure to Fannie and Freddie preferred stock as a proportion of their capital include Sovereign Bancorp Inc., Westamerica Bancorp, Gateway Financial Holdings Inc. and Midwest Banc Holdings Inc., according to a research note from Samuel Caldwell at Keefe, Bruyette & Woods. Of those four banks, only Westamerica shares rose on Monday.
Caldwell estimated that 38 regional banks together hold about $1.3 billion in preferred stock of Fannie and Freddie.
Banks in general are permitted to hold preferred shares as "core capital," which they use to guard against losses, said David Barr, a spokesman for the Federal Deposit Insurance Corp.
The FDIC does not make public data on such holdings, or their concentration among banks. Companies are required to recalculate the value of those holdings every quarter, and the FDIC's bank examiners are likely watching such holdings closely.
With a total of $4 billion worth of Fannie and Freddie's preferred stock, U.S. insurance companies also are among the largest holders, according to A.M. Best Co. Inc. But that still represents less than 1 percent of the insurance industry's cushion against losses.
Still, on Wall Street, Fannie and Freddie's existing preferred shares are trading like junk bonds, yielding around 17 percent to 19 percent instead of around their 6 percent dividend levels. The higher yield is an inducement to investors to accept the higher level of risk that the dividends won't be paid.
Friday, August 22, 2008
Harrisburg plans land-use agreement with Cabarrus
Harrisburg plans land-use agreement with Cabarrus
By Eric C. Deines
edeines@independenttribune.com
Thursday, August 14, 2008
HARRISBURG - Like the City of Concord before it, Harrisburg is at the cusp of a land-use
agreement with Cabarrus County that will determine where and how the city will grow.
“Our (land-use plan) is several years old, and we’ve been talking about it for a while to do it,” said
Josh Watkins, Harrisburg’s town planner.
Harrisburg and Cabarrus County would share in the cost of the study, which would include several
community input sessions.
In the current budget, Harrisburg has set aside $10,000 for a land-use plan update.
In its agreement with Concord, Cabarrus County down-zoned development densities for several
areas as a means of managing growth to keep up with public services, such as schools, and
preserve open space.
In the proposed agreement between Cabarrus and Concord that will serve as a template for the
county’s agreement with Harrisburg, it is stated that Concord will not extend utilities to
developers or allow developers to tap onto utilities without the consent of commissioners.
It also states that Concord must maintain the applied zoning of an area when it is annexed into the
city.
Officials have said the agreement is a first in the state for a county and a municipality.
“When you make rezoning decisions, you have to base them in part on what your zoning is,” said
Harrisburg Attorney Rich Koch, who also serves as attorney for Cabarrus County and is the author
of the land-use agreement between the county and Concord.
Officials said the proposed agreement between Harrisburg and Cabarrus would stand for 15 years.
Harrisburg Town Council lightly discussed how the land-use study would be paid for, with Cabarrus
and Harrisburg splitting the cost based on population and the area studied in the plan.
Mayor Tim Hagler said that because the area Harrisburg will study is much smaller than that
included in the Concord plan, the cost should be far less.
Hagler said Harrisburg is limited as to where it can grow, with Concord’s limits to the north and
east and the Mecklenburg county line to the west.
“The only way we have to grow is south into the county,” Hagler said.
Next week, the Cabarrus County Board of Commissioners plans to consider the land-use plan for
the Concord growth area, which will subsequently go before Concord City Council for approval.
• Contact Eric C. Deines: 704-789-9141
By Eric C. Deines
edeines@independenttribune.com
Thursday, August 14, 2008
HARRISBURG - Like the City of Concord before it, Harrisburg is at the cusp of a land-use
agreement with Cabarrus County that will determine where and how the city will grow.
“Our (land-use plan) is several years old, and we’ve been talking about it for a while to do it,” said
Josh Watkins, Harrisburg’s town planner.
Harrisburg and Cabarrus County would share in the cost of the study, which would include several
community input sessions.
In the current budget, Harrisburg has set aside $10,000 for a land-use plan update.
In its agreement with Concord, Cabarrus County down-zoned development densities for several
areas as a means of managing growth to keep up with public services, such as schools, and
preserve open space.
In the proposed agreement between Cabarrus and Concord that will serve as a template for the
county’s agreement with Harrisburg, it is stated that Concord will not extend utilities to
developers or allow developers to tap onto utilities without the consent of commissioners.
It also states that Concord must maintain the applied zoning of an area when it is annexed into the
city.
Officials have said the agreement is a first in the state for a county and a municipality.
“When you make rezoning decisions, you have to base them in part on what your zoning is,” said
Harrisburg Attorney Rich Koch, who also serves as attorney for Cabarrus County and is the author
of the land-use agreement between the county and Concord.
Officials said the proposed agreement between Harrisburg and Cabarrus would stand for 15 years.
Harrisburg Town Council lightly discussed how the land-use study would be paid for, with Cabarrus
and Harrisburg splitting the cost based on population and the area studied in the plan.
Mayor Tim Hagler said that because the area Harrisburg will study is much smaller than that
included in the Concord plan, the cost should be far less.
Hagler said Harrisburg is limited as to where it can grow, with Concord’s limits to the north and
east and the Mecklenburg county line to the west.
“The only way we have to grow is south into the county,” Hagler said.
Next week, the Cabarrus County Board of Commissioners plans to consider the land-use plan for
the Concord growth area, which will subsequently go before Concord City Council for approval.
• Contact Eric C. Deines: 704-789-9141
Positioning Properties to Sell
With absorption (the amount of time it takes a property to sell based on no new additions to inventory) rates of 11 months, this "Buyer's Market" can be a little overwhelming to sellers and agents. For our inventory relocation properties, we are now required to do a new Broker Price Opinion WEEKLY. Corporate owners of these properties want them SOLD. As a result, if there are no offers on a property they are making continuing price improvements (reductions) to make their properties stand out and hopefully attract attention from potential purchasers.
Real Estate is cyclical in nature and prices will rebound and recover. When? you ask. We are beginning to see more buyers shopping. that is a good sign. Most people looking for housing are still interested in location and value. If your property is priced more attractive than the competition and offers value, the chances are it will sell before the others.
This is true for all properties, not just those owned by Relocation companies. This is a different market than 12 months ago and a different market than 24 months ago. Housing purchases are for the long haul and significant consideration should be given for being a place to live in and not just an investment. Long term trends prove that real estate has been and will continue to be a great investment, but not necessarily so for the buyer who expects to "flip" the property in a year or less.
The "Gotta Have" price that sellers want, that's above market, will take a long, long time to be realized. Those days have gone the same road as $1 a gallon gasoline. And while people may not like it, they are going to have to get used to it. They are going to have to be happy enjoying the tax benefits of home ownership and if they achieve something higher than what they paid for their property they should c ount themselves fortunate.
Agents who agree to list properties above the market price will be akin to Professional golfers who can't putt or dogs that chase cars, they will be short-lived. Those agents that engage in this practice have been contributors to the housing crisis we have been in. If these properties were removed from the market, our market would be a more normalized market with an absorption rate of approximately 5 months which is doable.
For those sellers who sell for less than they could have sold for in previous markets, the reward is that they can move up at a discounted price as well. Ask your Buyer's Agent to go over procong for you dso that you can understand the process better.
Our company has been a leader in the real estate business for 30 years and we have built our reputation on service. Now, each of our agents are QSC (Quality Service Certified) trained and certified. this is something that our office does and is not normal in the market we are in. We put down in writing what you can expect from us and ask that you provide a candid report card on our service at the conclusion of the transaction. Every agent and company should aspire to such a goals and hopefully more will in the future.
So what's the Bottom Line of this musing? Price your property correctly and it will sell. How do you know what price that is? Engage one of our agents to prepare a Broker Price Opinion and let them explain the process. A lot of people think that all we do is put a sign in the yard and make a million dollars. Oh, if that were so! Reality is that if your house isn't priced correctly, it will be a long, long time before the house will have any interest at all. And, time is money. If you need to sell, price it right. Let our trained professionals walk you through the process. you'll be glad you did.
Real Estate is cyclical in nature and prices will rebound and recover. When? you ask. We are beginning to see more buyers shopping. that is a good sign. Most people looking for housing are still interested in location and value. If your property is priced more attractive than the competition and offers value, the chances are it will sell before the others.
This is true for all properties, not just those owned by Relocation companies. This is a different market than 12 months ago and a different market than 24 months ago. Housing purchases are for the long haul and significant consideration should be given for being a place to live in and not just an investment. Long term trends prove that real estate has been and will continue to be a great investment, but not necessarily so for the buyer who expects to "flip" the property in a year or less.
The "Gotta Have" price that sellers want, that's above market, will take a long, long time to be realized. Those days have gone the same road as $1 a gallon gasoline. And while people may not like it, they are going to have to get used to it. They are going to have to be happy enjoying the tax benefits of home ownership and if they achieve something higher than what they paid for their property they should c ount themselves fortunate.
Agents who agree to list properties above the market price will be akin to Professional golfers who can't putt or dogs that chase cars, they will be short-lived. Those agents that engage in this practice have been contributors to the housing crisis we have been in. If these properties were removed from the market, our market would be a more normalized market with an absorption rate of approximately 5 months which is doable.
For those sellers who sell for less than they could have sold for in previous markets, the reward is that they can move up at a discounted price as well. Ask your Buyer's Agent to go over procong for you dso that you can understand the process better.
Our company has been a leader in the real estate business for 30 years and we have built our reputation on service. Now, each of our agents are QSC (Quality Service Certified) trained and certified. this is something that our office does and is not normal in the market we are in. We put down in writing what you can expect from us and ask that you provide a candid report card on our service at the conclusion of the transaction. Every agent and company should aspire to such a goals and hopefully more will in the future.
So what's the Bottom Line of this musing? Price your property correctly and it will sell. How do you know what price that is? Engage one of our agents to prepare a Broker Price Opinion and let them explain the process. A lot of people think that all we do is put a sign in the yard and make a million dollars. Oh, if that were so! Reality is that if your house isn't priced correctly, it will be a long, long time before the house will have any interest at all. And, time is money. If you need to sell, price it right. Let our trained professionals walk you through the process. you'll be glad you did.
Tuesday, March 4, 2008
ABC’s EXTREME MAKEOVER: HOME EDITION is searching for heroic families!
Do you know someone whose home deserves an Extreme Makeover? If so, the
producers of ABC’s Extreme Makeover: Home Edition want to hear from you! Ty
Pennington and his crew have been all across the map and they are ready to drive
that famous bus into your neighborhood.
What does it take to be picked for an Extreme Makeover?
We are in search of real Heroes - people that have amazing strength and who have
put their own needs aside to help someone else. In addition to Heroics, the
producers are looking for families whose homes are in dire need of help. We don’t
want to tear down a nice looking house. We want to see houses that look like they
might fall down on their own!
To be eligible:
A family must own their own single family home and be able to
show producers how a makeover will make a huge difference in their lives.
Interested families should: e-mail a short description of their family story to –
castingnorthcarolina@gmail.com
Nominations must include:
1. The names and ages of each member of the household
2. A description of the major challenges within the home.
3. Explanation of why this family is deserving, Heroic, or a positive role model in
their community.
4. Photos of the family and a photo of the home
5. Don’t forget to include a contact phone number.
The deadline:
for nominations is March 17th, 2008. Don’t Delay!
PLEASE SEND STORY SUBMISSIONS AS SOON AS POSSIBLE!
For more information on how to apply please visit our website at:
http://abc.go.com/primetime/xtremehome/index?pn=apply
producers of ABC’s Extreme Makeover: Home Edition want to hear from you! Ty
Pennington and his crew have been all across the map and they are ready to drive
that famous bus into your neighborhood.
What does it take to be picked for an Extreme Makeover?
We are in search of real Heroes - people that have amazing strength and who have
put their own needs aside to help someone else. In addition to Heroics, the
producers are looking for families whose homes are in dire need of help. We don’t
want to tear down a nice looking house. We want to see houses that look like they
might fall down on their own!
To be eligible:
A family must own their own single family home and be able to
show producers how a makeover will make a huge difference in their lives.
Interested families should: e-mail a short description of their family story to –
castingnorthcarolina@gmail.com
Nominations must include:
1. The names and ages of each member of the household
2. A description of the major challenges within the home.
3. Explanation of why this family is deserving, Heroic, or a positive role model in
their community.
4. Photos of the family and a photo of the home
5. Don’t forget to include a contact phone number.
The deadline:
for nominations is March 17th, 2008. Don’t Delay!
PLEASE SEND STORY SUBMISSIONS AS SOON AS POSSIBLE!
For more information on how to apply please visit our website at:
http://abc.go.com/primetime/xtremehome/index?pn=apply
Monday, March 3, 2008
2008 REALTOR EXPO
This year we're back – and bigger and better than ever! Great guest speakers are lined up to offer a variety of educational sessions throughout the day. Attend any or all of the informative seminars, and peruse the trade-show floor where hundreds of vendors will be on hand to offer information about their products and services.
The trade show will open at 9 a.m. Members will be treated to a continental breakfast sponsored by Lennar and Precision Inspections. Stop by our "Wireless Cyber Café," sponsored by Bank of America Mortgage and GS Carolina, to check your e-mail, relax, refresh and even get a massage! Educational sessions begin at 10 a.m. and will continue throughout the day according to the schedule below.
Lunch, sponsored by CP Morgan and DR Horton, will be available on the trade-show floor, 11:45 a.m.-12:45 p.m. Next, head upstairs to the main ballroom to attend the keynote session with Alison Levine. Levine will speak at 1 p.m., and those who attend are in for an amazing treat! We are thrilled to welcome Levine to Charlotte to share her stories and leave us with great insight on how to ride out life's storms. You must register separately for this session (see below). For more information on Alison Levine, click here.
A closing reception, sponsored by The Palisades and The Coves, will begin at 3 p.m. Don't miss out. Register today for this free member event!
The trade show will open at 9 a.m. Members will be treated to a continental breakfast sponsored by Lennar and Precision Inspections. Stop by our "Wireless Cyber Café," sponsored by Bank of America Mortgage and GS Carolina, to check your e-mail, relax, refresh and even get a massage! Educational sessions begin at 10 a.m. and will continue throughout the day according to the schedule below.
Lunch, sponsored by CP Morgan and DR Horton, will be available on the trade-show floor, 11:45 a.m.-12:45 p.m. Next, head upstairs to the main ballroom to attend the keynote session with Alison Levine. Levine will speak at 1 p.m., and those who attend are in for an amazing treat! We are thrilled to welcome Levine to Charlotte to share her stories and leave us with great insight on how to ride out life's storms. You must register separately for this session (see below). For more information on Alison Levine, click here.
A closing reception, sponsored by The Palisades and The Coves, will begin at 3 p.m. Don't miss out. Register today for this free member event!
Saturday, January 12, 2008
Bank of America to buy Country Wide
CHARLOTTE, N.C. --
Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.
The acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer.
Bank of America said it initially plans to operate Countrywide separately under the Countrywide brand, with integration occurring no sooner than 2009.
The transaction represents a 7.5 percent discount to where Countrywide shares ended Thursday after they soared on news that a rescue plan was in the works. It also effectively leaves Bank of America with a big loss on its $2 billion August investment in Countrywide Financial Corp. during the height of the summer's global credit crisis.
An aggressive dealmaker who has already snapped up behemoths FleetBoston Financial and MBNA, Bank of America chief executive Ken Lewis this time isn't buying a financial winner. Delinquencies and loans in pending foreclosure are rising in Countrywide's loan portfolio, and Lewis said Friday "there are near-term challenges" in the nation's housing market.
But Countrywide's troubles have allowed Lewis to sweep in and add a major business line to his supermarket of financial products on the cheap.
"Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation's premier lender to consumers," Lewis said in a statement.
It also places Lewis in the position of a market savior. By buying Countrywide, he's keeping the industry and regulators from the messy task of figuring out who would take on the responsibility of collecting payments for the 9 million U.S. home loans serviced by the Calabasas, Calif.-based lender. Lewis said Friday there was no government support for Countrywide's loan portfolio.
"There's still plenty of risk involved," said Bart Narter, senior analyst at Celent, a Boston-based financial research and consulting firm. "He's brave to do it. But I think that it's very likely down the road to be profitable, maybe not immediately, but long-term."
There was no immediate work on job cuts, but analysts said they expect some among the ranks of Countrywide's 15,000 employees. Lewis said he would like Countrywide chairman and chief executive Angelo R. Mozilo to stay with the combined companies until the deal is done.
"Angelo has told me that he will do anything that we want him to do," Lewis said. "I would guess that he'll want to go have some fun. I will talk with him next week about his personal desires. Many of the senior people will have big operating roles in this company."
Shareholders of Countrywide will receive 0.1822 of a share of Bank of America stock in exchange for each share of Countrywide. The deal is expected to close in the third quarter and to be neutral to Bank of America earnings per share in 2008 and lift earnings per share in 2009, excluding buyout and restructuring costs.
Bank of America expects $670 million in after-tax cost savings in the transaction, or 11 percent of the expense base of the two companies' mortgage operations.
The agreement has been approved by both companies' boards and is subject to regulatory and Countrywide's shareholders approval.
Shares in Countrywide hit record lows in recent days on persistent rumors that a bankruptcy was imminent, a condition brought on by the widespread spike in mortgage defaults and foreclosures, especially in subprime loans - those made to borrowers with weak credit.
Countrywide shares plummeted more than 13 percent, or $1.04, to $6.71 at the open of trading Friday. Bank of America shares fell 19 cents to $39.11.
Countrywide shares have fallen 57 percent since Bank of America made its $2 billion deal in August at $18 per share. That purchase of preferred stock was convertible into a common shares of Countrywide at $18 per share, for roughly a 16 percent stake in the company.
Along with the $2 billion investment from Bank of America, Countrywide was forced to draw on an $11.5 billion line of credit to steady itself in August. It also tightened its credit guidelines and stopped selling some types of adjustable rate loans. But analysts said it wasn't enough, with one noting this week that Countrywide needed an infusion of $4 billion in capital within the next two weeks to save itself.
Lewis' bank holds $1.5 trillion in assets and is the nation's largest bank by market capitalization
"Their balance sheet can take a shock much better than Countrywide," said CreditSights senior analyst David Hendler. "When you take the shocks at Countrywide, they have a big, busting consequence that's negative."
While Lewis downplayed the prospect of a major deal last month, it fits with an established pattern of building Bank of America through acquisition. In the past few years, Lewis has expanded the bank's retail operation with multibillion purchases of FleetBoston Financial Corp., bolted on a credit card business by adding MBNA Corp., and grabbed a wealth-management business in U.S. Trust Co.
The result of all the dealmaking is a widely diversified financial services company that does business with nearly one out of every two American households.
In the past year, Bank of America has boosted its market share of prime mortgages, or those offered to borrowers with a solid credit history, and was the top retail mortgage originator in the U.S. during the first nine months of 2007.
"We are aware of the issues within the housing and mortgage industries," Lewis said. "The transaction reflects those challenges. Mortgages will continue to be an important relationship product, and we now will have an opportunity to better serve our customers and to enhance future profitability."
In Countrywide, Lewis gets the "best, total mortgage-banking company in the U.S. by far," Hendler said. Countrywide's sophisticated back office is a valuable asset that makes Bank of America a much bigger competitor with Wells Fargo & Co., Washington Mutual Inc. and others, he said. In 2007, Countrywide had $408 billion in mortgage originations and has a servicing portfolio of about $1.5 trillion with 9 million loans.
"The technology platform, the people who run it, the hedging, the facilities, the mortgage servicing rights, the origination platform, you know, they are all state of the art," Hendler said.
While there are some regulator hurdles to close the deal, they are hardly insurmountable. The buyout would require approval from the Federal Reserve, and possibly other agencies, but analysts believe regulators are more concerned about a Countrywide collapse than industry consolidation.
A Countrywide failure would be a huge blow to government-sponsored mortgage finance companies Fannie Mae and Freddie Mac, which are major buyers of Countrywide's loans.
Federal law also bars banks from acquisitions that would increase market share above 10 percent of U.S. deposits, a limit that Bank of America is nearing. Bank of America chief financial officer Joe Price said because Countrywide Bank us a federally regulated thrift, it "doesn't play into the deposit cap."
In addition, banking industry experts say Bank of America could easily lower the total amount of money held in deposits by decreasing interest rates and shedding deposits.
Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.
The acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer.
Bank of America said it initially plans to operate Countrywide separately under the Countrywide brand, with integration occurring no sooner than 2009.
The transaction represents a 7.5 percent discount to where Countrywide shares ended Thursday after they soared on news that a rescue plan was in the works. It also effectively leaves Bank of America with a big loss on its $2 billion August investment in Countrywide Financial Corp. during the height of the summer's global credit crisis.
An aggressive dealmaker who has already snapped up behemoths FleetBoston Financial and MBNA, Bank of America chief executive Ken Lewis this time isn't buying a financial winner. Delinquencies and loans in pending foreclosure are rising in Countrywide's loan portfolio, and Lewis said Friday "there are near-term challenges" in the nation's housing market.
But Countrywide's troubles have allowed Lewis to sweep in and add a major business line to his supermarket of financial products on the cheap.
"Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation's premier lender to consumers," Lewis said in a statement.
It also places Lewis in the position of a market savior. By buying Countrywide, he's keeping the industry and regulators from the messy task of figuring out who would take on the responsibility of collecting payments for the 9 million U.S. home loans serviced by the Calabasas, Calif.-based lender. Lewis said Friday there was no government support for Countrywide's loan portfolio.
"There's still plenty of risk involved," said Bart Narter, senior analyst at Celent, a Boston-based financial research and consulting firm. "He's brave to do it. But I think that it's very likely down the road to be profitable, maybe not immediately, but long-term."
There was no immediate work on job cuts, but analysts said they expect some among the ranks of Countrywide's 15,000 employees. Lewis said he would like Countrywide chairman and chief executive Angelo R. Mozilo to stay with the combined companies until the deal is done.
"Angelo has told me that he will do anything that we want him to do," Lewis said. "I would guess that he'll want to go have some fun. I will talk with him next week about his personal desires. Many of the senior people will have big operating roles in this company."
Shareholders of Countrywide will receive 0.1822 of a share of Bank of America stock in exchange for each share of Countrywide. The deal is expected to close in the third quarter and to be neutral to Bank of America earnings per share in 2008 and lift earnings per share in 2009, excluding buyout and restructuring costs.
Bank of America expects $670 million in after-tax cost savings in the transaction, or 11 percent of the expense base of the two companies' mortgage operations.
The agreement has been approved by both companies' boards and is subject to regulatory and Countrywide's shareholders approval.
Shares in Countrywide hit record lows in recent days on persistent rumors that a bankruptcy was imminent, a condition brought on by the widespread spike in mortgage defaults and foreclosures, especially in subprime loans - those made to borrowers with weak credit.
Countrywide shares plummeted more than 13 percent, or $1.04, to $6.71 at the open of trading Friday. Bank of America shares fell 19 cents to $39.11.
Countrywide shares have fallen 57 percent since Bank of America made its $2 billion deal in August at $18 per share. That purchase of preferred stock was convertible into a common shares of Countrywide at $18 per share, for roughly a 16 percent stake in the company.
Along with the $2 billion investment from Bank of America, Countrywide was forced to draw on an $11.5 billion line of credit to steady itself in August. It also tightened its credit guidelines and stopped selling some types of adjustable rate loans. But analysts said it wasn't enough, with one noting this week that Countrywide needed an infusion of $4 billion in capital within the next two weeks to save itself.
Lewis' bank holds $1.5 trillion in assets and is the nation's largest bank by market capitalization
"Their balance sheet can take a shock much better than Countrywide," said CreditSights senior analyst David Hendler. "When you take the shocks at Countrywide, they have a big, busting consequence that's negative."
While Lewis downplayed the prospect of a major deal last month, it fits with an established pattern of building Bank of America through acquisition. In the past few years, Lewis has expanded the bank's retail operation with multibillion purchases of FleetBoston Financial Corp., bolted on a credit card business by adding MBNA Corp., and grabbed a wealth-management business in U.S. Trust Co.
The result of all the dealmaking is a widely diversified financial services company that does business with nearly one out of every two American households.
In the past year, Bank of America has boosted its market share of prime mortgages, or those offered to borrowers with a solid credit history, and was the top retail mortgage originator in the U.S. during the first nine months of 2007.
"We are aware of the issues within the housing and mortgage industries," Lewis said. "The transaction reflects those challenges. Mortgages will continue to be an important relationship product, and we now will have an opportunity to better serve our customers and to enhance future profitability."
In Countrywide, Lewis gets the "best, total mortgage-banking company in the U.S. by far," Hendler said. Countrywide's sophisticated back office is a valuable asset that makes Bank of America a much bigger competitor with Wells Fargo & Co., Washington Mutual Inc. and others, he said. In 2007, Countrywide had $408 billion in mortgage originations and has a servicing portfolio of about $1.5 trillion with 9 million loans.
"The technology platform, the people who run it, the hedging, the facilities, the mortgage servicing rights, the origination platform, you know, they are all state of the art," Hendler said.
While there are some regulator hurdles to close the deal, they are hardly insurmountable. The buyout would require approval from the Federal Reserve, and possibly other agencies, but analysts believe regulators are more concerned about a Countrywide collapse than industry consolidation.
A Countrywide failure would be a huge blow to government-sponsored mortgage finance companies Fannie Mae and Freddie Mac, which are major buyers of Countrywide's loans.
Federal law also bars banks from acquisitions that would increase market share above 10 percent of U.S. deposits, a limit that Bank of America is nearing. Bank of America chief financial officer Joe Price said because Countrywide Bank us a federally regulated thrift, it "doesn't play into the deposit cap."
In addition, banking industry experts say Bank of America could easily lower the total amount of money held in deposits by decreasing interest rates and shedding deposits.
Friday, January 11, 2008
Mortgages rates drop to low last seen in 2005
The benchmark 30-year fixed-rate mortgage plunged 26 basis points, to 5.88 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.35 discount and origination points. One year ago, the mortgage index was 6.24 percent; four weeks ago, it was 6.17 percent.
The benchmark 15-year fixed-rate mortgage fell 31 basis points, to 5.45 percent. The benchmark 5/1 adjustable-rate mortgage fell 33 basis points, to 5.81 percent. The benchmark 30-year, fixed-rate jumbo mortgage, for home loans greater than $417,000, fell 17 basis points, to 7.03 percent.
The 30-year fixed hasn't been this low since Sept. 21, 2005, when it was 5.88 percent. You have to go all the way back to June of 2000 to find the last time the rate on the 30-year fixed tumbled more in one week. In the second week of that month, the 30-year fixed fell from 8.56 percent to 8.28 percent in one week.
This week's drop in rates can be traced to the release Friday of the employment report for December. According to the Labor Department, the economy produced a net new 18,000 jobs in December. That was a lot worse than expected. Local, state and federal governments added 31,000 jobs, meaning that private employment actually shrank during the height of holiday shopping season.
The unemployment rate climbed to 5 percent from the previous month's 4.7 percent. At 5 percent, the unemployment rate was higher than the average rate in the last 10 years (4.9 percent). Over that 10-year period, the unemployment rate was below 4.7 percent half the time. Five percent isn't horrible, but it's not benign, either.
Rates lower, hoops to qualify higher
The prospect of a slowing economy sent mortgage rates lower. Normally, you would think that the lowest mortgage rates since September 2005 would goad people into mortgage offices to refinance their loans. Some of that is happening, but not in big numbers. The Mortgage Bankers Association says applications were up slightly last week, but it's difficult to make comparisons this time of year because of shortened holiday weeks.
Anecdotally, loan officers and brokers say business is down not only because of slow home sales, but because borrowers aren't paying attention to rates, or they don't think they'll qualify.
"Sixty percent of people who got mortgages last year can't get them this year," says Bob Moulton, president of Americana Mortgage Group of Melville, N.Y.
Moulton cites the example of a potential borrower who walked into his office early this week. She owed $700,000 on a house in Cape Coral, Fla., that had been appraised recently at $500,000. She couldn't afford to sell it, couldn't afford to refinance it, and couldn't afford the payments after a rate adjustment. Moulton says he recommended that she talk to a lawyer about negotiating a short sale, in which she would sell the house for less than the loan balance and the lender would forgive the shortfall.
Tread carefully
Loan officers and mortgage brokers say they're plagued by lenders that change the rules after a mortgage has been approved but before it has been funded. Some borrowers are getting all the way to the closing table before they find out that the loan approval has been withdrawn, or they have more paperwork to submit or more financial hoops to jump through.
"Even if they go through contract, they might not be able to get financing," Moulton says. Now he tells customers: "Make sure you have your house sold before you buy this house. Make sure it's priced right. You've got to be really conservative right now. You don't want to be caught with two houses" and two mortgage payments.
As the mortgage industry imploded last year, thousands of loan officers and brokers lost their jobs. They're not around to tell their customers that rates have dropped so low.
The benchmark 15-year fixed-rate mortgage fell 31 basis points, to 5.45 percent. The benchmark 5/1 adjustable-rate mortgage fell 33 basis points, to 5.81 percent. The benchmark 30-year, fixed-rate jumbo mortgage, for home loans greater than $417,000, fell 17 basis points, to 7.03 percent.
The 30-year fixed hasn't been this low since Sept. 21, 2005, when it was 5.88 percent. You have to go all the way back to June of 2000 to find the last time the rate on the 30-year fixed tumbled more in one week. In the second week of that month, the 30-year fixed fell from 8.56 percent to 8.28 percent in one week.
This week's drop in rates can be traced to the release Friday of the employment report for December. According to the Labor Department, the economy produced a net new 18,000 jobs in December. That was a lot worse than expected. Local, state and federal governments added 31,000 jobs, meaning that private employment actually shrank during the height of holiday shopping season.
The unemployment rate climbed to 5 percent from the previous month's 4.7 percent. At 5 percent, the unemployment rate was higher than the average rate in the last 10 years (4.9 percent). Over that 10-year period, the unemployment rate was below 4.7 percent half the time. Five percent isn't horrible, but it's not benign, either.
Rates lower, hoops to qualify higher
The prospect of a slowing economy sent mortgage rates lower. Normally, you would think that the lowest mortgage rates since September 2005 would goad people into mortgage offices to refinance their loans. Some of that is happening, but not in big numbers. The Mortgage Bankers Association says applications were up slightly last week, but it's difficult to make comparisons this time of year because of shortened holiday weeks.
Anecdotally, loan officers and brokers say business is down not only because of slow home sales, but because borrowers aren't paying attention to rates, or they don't think they'll qualify.
"Sixty percent of people who got mortgages last year can't get them this year," says Bob Moulton, president of Americana Mortgage Group of Melville, N.Y.
Moulton cites the example of a potential borrower who walked into his office early this week. She owed $700,000 on a house in Cape Coral, Fla., that had been appraised recently at $500,000. She couldn't afford to sell it, couldn't afford to refinance it, and couldn't afford the payments after a rate adjustment. Moulton says he recommended that she talk to a lawyer about negotiating a short sale, in which she would sell the house for less than the loan balance and the lender would forgive the shortfall.
Tread carefully
Loan officers and mortgage brokers say they're plagued by lenders that change the rules after a mortgage has been approved but before it has been funded. Some borrowers are getting all the way to the closing table before they find out that the loan approval has been withdrawn, or they have more paperwork to submit or more financial hoops to jump through.
"Even if they go through contract, they might not be able to get financing," Moulton says. Now he tells customers: "Make sure you have your house sold before you buy this house. Make sure it's priced right. You've got to be really conservative right now. You don't want to be caught with two houses" and two mortgage payments.
As the mortgage industry imploded last year, thousands of loan officers and brokers lost their jobs. They're not around to tell their customers that rates have dropped so low.
Thursday, January 10, 2008
Wednesday, January 2, 2008
Historical Home Price ROLLER COASTER!
US Home Prices, adjusted for inflation, from 1890 to Present, represented as a roller coaster!
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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