Lake Norman
Cowans Ford Dam created the largest manmade body of fresh water in North Carolina when it dammed the Catawba River in 1963. The total length of the facility is 7,387 feet, including more than a mile of earthen dam. The concrete portion of the dam is 1,279 feet long and 130 feet high.
Lake Norman is an "inland sea" with 520 miles of shoreline and a surface area of more than 32,475 acres. Named after former Duke Power president Norman Cocke, Lake Norman is nearly as large as the other ten lakes on the Catawba combined.
Full pond elevation at Lake Norman is 760 feet. The water of Lake Norman is used in two ways to provide electricity to the Piedmont Carolinas. It is used to power the generators at Cowans Ford Hydroelectric Station and by Marshall Steam Station and McGuire Nuclear Station to cool the steam that drives the turbines. This steam is condensed back to water so it can be pumped back through the plants and used again.
The lake provides a dependable supply of water to Lincoln County, Davidson, Mooresville, Charlotte-Mecklenburg and Huntersville, North Carolina.
Duke Energy partnered with the state in the establishment of the Lake Norman State Park. In addition, Duke Energy has built two bank fishing areas and eight public boating access areas along the shoreline. One site is leased to Mecklenburg County and one to Iredell County.
Public Access Areas
Upper Section
Lower Section
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by Kenneth R. Harney
Second liens and "piggyback" loans have been big impediments to successful mortgage modifications for thousands of financially-stressed home owners. Now the Obama administration has a new program to deal with the problem.
Under a plan outlined last week, the Treasury department will soon begin offering cash incentives and subsidies to lenders who lower troubled home owners' monthly payments on second mortgages and credit lines, or simply write them off their books.
The second lien problem is huge because piggyback mortgage combinations were wildly popular in many markets during the boom years. Piggyback plans allowed buyers who couldn't afford downpayments and closing costs to buy houses by using a second lien to fill the gap.
But many of those same buyers now are underwater. Their houses have declined in value, they can't afford the monthly payments on either of their loans. Many are now looking to the federal government to help persuade their lenders to sharply lower their payment terms or forgive a portion of what they owe.
The Obama second lien modification program is itself a modification of the $50 billion program outlined in February to alter the payment terms of an estimated three to four million distressed mortgages heading for foreclosure.
The original program didn't attempt to deal with second liens, but instead provided incentives and federal funds to lenders to lower borrowers' monthly payments to 31 percent of household income. Home owners with large, high-cost second mortgages on the property still had to make full payments on them - or risk foreclosure.
Now the Treasury will enter into agreements with second lien holders to reduce interest rates to just one percent on fully-amortizing seconds and to two percent for interest-only seconds, for the next five years.
The Treasury will pay cooperating lenders $500 for each second lien they modify, plus $250 a year for each year the home owners stay current on payments. Alternatively, lenders may be offered a lump-sum cash payment from the government to cancel the second-lien debt altogether.
Under the plan, whenever first mortgage holders cut a borrower's principal balances by a percentage of the loan amount, second lien holders will be required to reduce balances owed by a similar percentage.
Home owners who are interested in participating in the new program need to talk to their second loan servicer as soon as possible, though Treasury officials said the first modifications may not start until the end of the month or June.
Published: May 4, 2009
Most sellers know of some repairs that need to be made to their home, and a lot of sellers have many items on that list, but not all repairs are equal or, rather, not all home improvements rank high in the buyer's mind.
Finding out which repairs will help you sell your home helps you create a good, solid fix-it list to work on. A study produced by HomeGain aimed to take the guess-work out of where to spend your repair dollars. According to the study, the top four areas to focus on are: clean and de-clutter (see last week's article: Clutter-Free Helps Sell Homes), lighten and brighten, stage the home for sale, and landscape the front/back yards.
The Return on Investment (ROI) depends on the repair and, in some cases, which part of the country you live in. "In some areas of the country things cost more and some people don't care about some things as much as others do in other areas," says Jessica Gopalakrishnan, Sr. Marketing Manager for HomeGain.
Here's how HomeGain breaks down the ROI for the top four repairs. Cleaning and decluttering can create a 578 percent ROI (the highest return was 837 percent in the West). The ROI for staging a home was 340 percent (this category ranked second in the South and Mid-West). Landscaping the front and back yards, brought in a 415 percent ROI. According to the survey, each of these repairs range in cost from a few to several hundred dollars but can return thousands in profit.
Rounding out the study's top-ten list of repairs are: Repair electrical or plumbing problems, replace or shampoo carpeting, paint interior walls, paint exterior walls, repair damaged flooring, update kitchen and bathrooms. Gopalakrishnan says routine maintenance can help too.
"Not washing the windows is something so simple but a big mistake that homesellers make," says Gopalakrishnan. Another top mistake is covering up or neglecting care of the floors. "If they leave a dirty carpet on the floor that would be a mistake," says Gopalakrishnan. She adds that a key strategy for staging a home is to, "lift up the carpets and show off those nice floors - give them a quick shine and clean them up first."
When you make the above repairs costing approximately $5,000 - $8,000, HomeGain, says that prices, for example, on a three bedroom, two bathroom home can result in price increases: in the West, as high as $22,762; in the East, as high as $23,532; in the South, $21,470; in the Mid-West, $20,279.
"With homes sitting on the market longer, homeowners should do everything they can to sell it quickly and at a price they expect," says, Louis Cammarosano, General Manager at HomeGain.
The survey collected information from 2,000 real estate agents across the U.S. To learn more about home improvements visit, homegain.com
The online resource also has a "What If" tool that allows users to hypothetically add a room, bathroom, or even square footage to a home to calculate value estimates on residential properties.
courtesy of: Phoebe Chongchua
Need Tips On Selling Your Home?
Melissa Polce
www.ExclusiveHomesofCharlotte.com www.MyRelocation2Charlotte.com
704-450-4335
The Truth About The First "30"
Most of us glance occasionally at the hoards of real estate listings of homes for sale in the newspaper. We do it out of a curiosity for what's happening in the real estate market and as a guide to what our own property might be worth. For many of us, searching the real estate listings is a relaxing form of entertainment.
Then suddenly, our level of interest rises when the time comes to buy or sell our own property. Scouring real estate listings becomes almost an obsession. Those real estate flyers that fill our mail box get read. We search the internet for real estate websites. And, we carefully scan the hundreds of real estate listings in the newspapers.
We do it, because knowledge is power! We want to know what's available, in what area and at what price. The longer we look, the more knowledgeable we become. We get to know which homes for sale represent good value and which ones don't. We get to know which homes stay on the market whilst those around them get sold.
Yes, it's a proven fact; checking out the latest MLS of homes for sale is an essential and valuable tool when buying or selling real estate.By regularly searching the real estate listings we get to know which properties are over priced. They are the ones that stay on the market for months, giving the impression that the seller is not really be interested in selling. And, when we find a home that's over priced, we usually just cross it off our list and move on. The agents do the same. After all, there are plenty of other real estate listings worth following up.
However, over pricing a home for sale is not always the sellers' fault. Deciding the true value of a home isn't an exact science. That's why many sellers make the mistake of setting their asking price too high.
And to be fair, most of us believe that our homes are really "worth more" than the one down the block that was just sold. Besides, if we are wrong, we can always drop the price later, can't we?
Well, yes that's true, but by then several potential buyers might have been lost. The seller may also have driven off interested Realtors (Realtors are a prime source of buyers).
So, it is important to get the listing price right from day one. Because, when listing a property for sale, the first 30 days are the most critical. Statistics show; that's the time when most buyers (and Realtors) will see the real estate listings.
The first month on the market is the key. BUT... when a property is over priced, or stays on the market too long, interest wanes. Potential buyers (and Realtors) will be suspicious, ignore the listing, or they will simply move on to another property that is more realistically priced. So, that's why the initial 30 day period is critical when listing a property for sale.
Some sellers, however, believe that if someone is really interested they will counter-offer. Yes, that may or may not happen. But, there is the risk that well-qualified buyers may just walk away, never to return. 
"Lake to Land, I've Got it Covered" Estates & Homes...Serving All of Charlotte, Ballantyne, & Lake Norman Areas. Shortsales, trades, REO's, Foreclosures & HUD properties.
www.ExclusiveHomesofCharlotte.com
"Knowledge, Experience, & Professionalism. Those things count and my clients get 110% of that from contract to close."
Melissa Polce
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We have a team of RE professionals that can help homeowners list and sell their home and also accept referrals from agents that do not want to deal with the hassel of these transactions. Call us today for details! We can help avoid foreclosure!
Whether you are buying or selling Melissa Polce has the expertise and savvy to find the right property in the right location to fit your long term or short term needs!
A North Carolina Real Estate Agent since 2000, Melissa left Lake Norman & Charlotte, N.C. in 2002 to expand in her Real Estate endeavors. She studied new home and re-model architecture construction trends in the Los Angeles areas. (While she was out there...she also managed to pick up her SAG & Aftra cards as well...)When she returned to Charlotte in 2006, she became a Broker and joined the Keller Williams Family. She uses that knowledge, dedication and prior experience to give her clients that extra edge on new West Coast style trends that have recently started hitting the Charlotte areas.
While Lake Luxury Homes & Golf Community Estates are her focus, she also spends her time helping 1st time home buyers achieve their dreams as "Homeowners"...No matter the price, she is helpful , knowledgeable & professional...she will treat you like Family.
Talk about Real Estate(imagine the home inspection on this one)...Melissa's old neighbor in Laurel Canyon, Los Angeles...The Famous "Tree House", originally owned by Western Movie star Tom Mix, it became a haven for rockers getting into the business back in the 60's owned also by Frank Zappa, this very house was where Alice Cooper convinced Zappa to give he and his band their first record deal. Owned privately today, the "Tree House" which still has 2 Laurel Trees growing inside the home and coming through the roof, a dungeon, a 2 story waterfall and wine cellar; can be seen from the winding roads of Lookout Mountain and Laurel Canyon, it sits across from Houdini's old Mansion in the Hollywood Hills.
www.MyRelocation2Charlotte.com
"Melissa is a fierce negotiator who found me a great house at a wonderful price. She is definately someone you want working for you" Robert C. Cornelius, NC
"Her knowledge and helpfulness won us over..she had great ideas and input, we will never buy another home without her." Scott & Jon Guy Dilworth, NC
"Melissa walked me through the whole process by educating me on all of the important aspects of buying a home. She truly made me feel comfortable about my first home purchase by listening to my concerns and teaching me throughout the whole transaction. Thank you again Melissa!" John V Mooresville, NC
As a 1st time Homebuyer I had 100+ questions, she took the time to answer every one, no matter what, most other agents would not have taken that time, I mean I had a ton of questions! She was great! "Stephanie W., Concord"
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