Charlotte View

A couple of interesting notes in this Spring ’08 Charlotte real estate market…. a number of positive articles are now appearing in local print media. From The Business Journal to the Charlotte Observer, stories have been featured about how our real estate market is still doing well compared to others, and that the sub-prime mess of last year’s fourth quarter has not had much impact here.

It’s about time! It seemed we were bombarded with negative real estate press endless for the last half of last year, most of which had little to do with our local market place. Some have called our area the “Teflon market” because prices and appreciation percentages here stayed within reason while other areas flew to 10% or better annually. Those markets today suffer with lack of buyers.

The Allen Tate Company, a large area real estate firm has begun a series of extremely costly print and TV ads about how this is a great time to buy. Prices and inventory are in great shape, and lending rates are the best in several years. With the help of the media that helped make our slightly soft market softer, we may see the totals from our local MLS rise again this quarter.

As March closed, it brought some new and unexpected changes to out marketplace.  Certainly we are seeing more listings this quarter than buyers, a real change from just 18 months ago.  When buyers buy however, we are experiencing some unwelcome and uncommon news.  In my 5 plus years of listing and selling real estate, only once did a property under contract not appraise and even then it missed it by a thin hair.   That is approximately 200 transactions.

In the past 6 weeks, I have had two separate buyer clients using large national mortgage lenders to hold up the transaction because the home purchased did not appraise.  Remember, the lender hires the independent appraisers from their appraisal pool.  Because the appraiser is privy via a copy of the contract, they know how much the buyer is borrowing, and what they have contracted to pay for the property.  It appears suddenly that the more a buyer borrows in percentage (100% loan, 95% loan, etc.) the more we as agents can worry about the property appraising.  What truly concerns me is that in the case of one appraisal, the appraiser used two story homes to compare to the ranch style subject home when more area ranches were available.  The same appraiser also used a 2 story home on the same street as the subject home which had yet to close, which is unheard of.  Despite protests, the lender refused to request a review or reappraisal.   Do I see this as a sign of more hurdles to come?  Will let you know as Spring sales close…..

It's not often that I have the unique opportunity to list and market a one owner home.  I believe this is my second such home in six years.  They are indeed special.  I am very excited about my listing this week near Providence Day School and Sherwood Forest/Cotswold where the home is in a great in town neighborhood Stonehaven.  The owner has resided there for 35 years and the love of the outdoors is apparent and everywhere in this home. 

A majority of the backyard is natural with the hardwood trees providing beauty, serenity and privacy.  Huge picture windows in the den and kitchen let the outdoors in, and the screened-in porch takes advantage of this landscaping.  Often I have out of town buyers who want exactly this - trees, seperation from the neighbor's yard, and the beauty these natural areas enhance.  Add in a small rock walled fountain as a focal point and you have something truly special.  Of course there are loads of extras in this home, including hardwood floors upstairs and downstairs that are equally hard to find in today's market.  Take a peak at http://www.600kingedward.com.

Like SouthPark, Dilworth, Myers Park or the University area, Ballantyne generally rolls off the lips of visitors or relocation clients early in conversation.  What is it, where is it and here's what they already know.

Ballantyne is an area, or small region within our community.  Residing in the southern most part of Mecklenburg County and advancing up to the South Carolina state line, it comprises of 2000 acres of master planned residential, retail, office and recreational use.  This sought after area's location is high on many lists because of it's new feel and it's easy access to both interstate and state highways.  Realtors often refer to this area's demographics as the "expendable income" avenue.

A visit to the 535 acre corporate park includes 6 and 10 story office buildings under construction even today along side the Ballantyne Resort's 18 hole golf course.  The park is headquarters to several household name companies like ESPN, Lending Tree, SPX, BOA, Scottish Re and The Equitable to name a few.  The Bulls sculptures are one of the unique Ballantyne landmarks.  Weighing in at 2000 lbs. each and up to 8 feet tall and 12 feet long, they are the centerpiece for visitors to the park to enjoy.  Find out more about what's happening in Ballantyne at www.Ballantynevillage.com.

Just as one of the east coast's largest RV shows leaves town today, two more events open.  The Central Intercollegiate Athletic Association (CIAA) Tournament begins this mroning and takes over Center City and the surrounding Uptown area for the third staight year.  Charlotte welcomes with open arms both the men's and women's tourneys which are in action all week, as are the parties, celebs, and festivities.  Dozens of parties are listed in the Charlotte Observer, and CeCe Winans and Stever Harvey are expected.  Next up, the ACC men's basketball tournament hits town and Bobcats Arena March 13 through 16.

The Southern Spring Home & Garden Show opens Wednesday the 27th at the Charlotte Merchandise Mart.  This year's theme, "being green" of course.  This show, more like nine shows in one, spands interiors and kitchen & baths renovations to garden ideas, plant choices and much more such as speakers daily at the Garden and Discovery stages as shown in the image. See their website for a list of vendors and events www.southernshows.com/sss.  If you have never been, treat yourself.