Donna Johnston

Maybe it’s a sign of the times or maybe just a very shrewd move by Fourth Ward Square Associates ~ either way if you are a first time buyer** and want to own in Uptown Charlotte you maybe want to make your way down to Fourth Ward Square today. After all as the ShamWow guy says… “I can’t do this all day!”

OK, sorry for the dramatics but if you are in the market for a condo in Uptown Charlotte then this is something you may want to check out. First read the Charlotte Observer Doug Smith’s excellent as always take on the apartment to condo conversion that has everyone buzzing. In part…

“Word travels fast when condos are selling for $99,900 in uptown Charlotte.

Buyers have snapped up 58 since news of 154-unit Fourth Ward Square’s conversion to condos from apartments filtered out a few days before Easter. One- and two-bedroom condos, between 560 and 1,212 square feet, are listed from $99,900 to $120,900.

The Fourth Ward Square exterior will get a new roof, new paint and other improvements, but the biggest emphasis will be on contemporary interiors. Condo features include new carpet and flooring, full-size washers and dryers, refrigerators, built-in microwaves and dishwashers and plumbing fixtures. The pool will be converted to saltwater. The refurbished club will have a fitness center, business center, conference room and catering kitchen.”

Give the TalkCharlotte team a call and we’ll be happy to help but hey “we can’t do this all day”…just kidding!

“Desperate affairs require desperate measures”, Horatio Nelson put it well. Right now many sellers are desperate to move on to a bigger and better or smaller and saner home. Either way many of us feel like we’re stuck. Here’s an idea that’s so crazy it just might work.

Lew Sichelman, Chicago Tribune tells us about builders who are putting idle craftsman to work…fixing up homes of would be buyers so they can sell quicker so they can close on the builders home! Now that’s thinking out of the box! Read the full story here.

“Mulcrone called on builders to visit their would-be buyers’ “departure” houses to determine what can be done to make them more saleable. If a house needs a coat of paint, send a painter, she advised. If it needs some sprucing up outside, send over a landscaper.”Their old house is going to be someone else’s new house,” she explained, “so help it look new again.”

courtesy of www.somersethistoricalcenter.org

A real estate short sale is not to be confused with a short salesperson! >

I’ll say up front this post about real estate short sales is not going to be the most exciting or particularly uplifting Talk Charlotte topic! Nonetheless if you are in this situation as (a Charlotte home seller) or you’re looking to purchase a short sale property hopefully this short (haha good one) explanation will help.

So just what the heck is a short sale and why is it different than a foreclosure ~ well Wikipedia gives a very straightforward explanation ~ the transaction itself can be much more complicated (do not attempt this on your own)… from Wikipedia on Short Sales

“In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower’s financial situation.

A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. read more

There is nothing wrong with buying a short sale property - in fact a short sale is usually a little less foreboding than a full on Foreclosure sale and in both cases you can get a pretty good deal. Please consider this though just because its says short sale, auction, foreclosure ~ the three oldest rules still apply

1. You get what you pay for
2. Buyer beware
3. Remember and repeat to yourself often rule #1 & #2

The other thing about short sales is they are most often anything but short — when you have distressed homeowners, mortgage companies and banks involved…well lets just say these thing take time and remember too your offer is a binding contract until it is accepted or rejected which means you may be in “buyer limbo” possibly waiting for months yes with an “s”! My friend and Tuscon Realtor Kelley Koehler (aka @housechick for you Twitterers) does a nice job discussing foreclosures and short sales on her blog post Buying Short Sales and Foreclosed Homes in Tucson

So bottom we are seeing a lot of short sale activity - Right now Rhonda has a beautiful short sale property in Foxcroft listed. The entire TalkCharlotte team went through rigorous Certified Distressed Property Expert (CDPE) training and Donna has earned her CDPE designation (more on that in a subsequent post). So we are ready and trained to help you in this new area of Charlotte real estate.

I will leave with this thought though…remember that the real estate market is very efficient and there are just as many fairly-priced “normal” properties for sale in Charlotte , ready to move into without all the hassles of foreclosure or short sale uncertainties ~ ask us and whether it’s a short sale or plain old home for sale (Betsy has a beauty in The Palisades) the TalkCharlotte team can help find the best home for you!

Each year we await Charlotte magazine’s BOB (Best of the Best of Charlotte) Awards edition! Please check out all the winners in twelve categories or better yet pick up a copy at magazine outlets all over Charlotte ~ help support a great local publication / business!

Let’s take a look at a few of the winners in the Home category (courtesy of the Charlotte magazine website)!

We know and love these guys — say hello to Dixon for me and prepare to spend an hour plus browsing oddities, collectible & memory lane!

Furniture for a Steal
There’s no better place to shop on a shoestring than the cavernous Sleepy Poet Stuff warehouse. Among the zebra-print rugs, vintage mannequins, and eclectic bird cages are cheap high-end furnishings. A shabby-chic ivory cabinet by High Point that retails at $2,400 recently sold for $1,500. And a mint-condition mahogany chest of drawers from the 1950s went for $250. Fix-it types can find wingback chairs, colonial-inspired love seats, and dining room chairs that need either some refinishing or new upholstery, both of which cost less than buying brand new.
121 Freeland Ln., 704-529-6369

Modern home store
We couldn’t be happier that California-based chain west elm (pictured) has found a home in the Queen City. The store’s clean, sculptural furniture (like the room-divider bookcase, $599), brightly printed duvet covers, and transitional throw pillows and chunky blankets add graphic punch to any room. Earthy accessories, like a bone table lamp ($169) and raw wood vase ($39) soften the modern silhouette. Plus, the inexpensive yet sophisticated glassware — Champagne flutes, stemless wine glasses, and water glasses — allow you to buy for your home without feeling buyer’s guilt.
1100 Metropolitan Ave., 704-333-0642

Lighting
Abode owner Mary Tobias Miller has twenty-seven years of experience as an interior designer, so she’ll understand your quest for the perfect sconces, lanterns, or standing lamps. Let her lead you to a brightly colored Robert Abbey lamp ($215 and up) from abode’s showroom or a handcrafted chandelier from Louisiana-based artisan Julie Neill. Abode specializes in sconces, of which the store offers an extensive selection. This is what really sets the South End store apart from other lighting purveyors. The shop also boasts a collection of unique lamps made from architectural remnants, like salvaged wrought-iron gates.
201 W. Worthington Ave., 704-332-3731

We lost two team members in IKEA one day - be prepared to shop and you’ll know why they a great fully loaded restaurant!

Kid Stuff
Swedish home purveyor IKEA caters to the kiddie set. Nearly 8,000 square feet are devoted to brightly colored bedding, toys, and artwork for kids. And pint-size furnishings are smartly designed, too: a blue Hermelin crib, $129, can be converted into a traditional bed as your child grows and MATA tableware ($2.95 for a set of four) is super functional — suction rings keep dinner on the table, not splayed all over the floor.
8300 Ikea Blvd., 704-549-4532

Home Accessories
This decidedly unpretentious shop pairs classic home wares, like blue-and-white colonial pottery, with the hottest trends of the season. Tennille & Co. merchandise is affordable, too-browse throw pillows in feral prints (snakeskin, giraffe, cheetah) starting at $10 or snap up delicate safari-inspired votive holders for $5. Need a last-minute hostess gift? Tennille carries monogrammed wine stoppers for just $15.
2823 Selwyn Rd., 704-369-0062

So there’s a start — remember even in these tough times whether you are sprucing up your Charlotte home for sale or recently purchased a home you’ll want to shop smart and get the best design and value for you money ~ hope these ideas help!

A Realtor telling you you’re probably not going to get rich** ~ depending upon your view that’s either killing the sale or refreshing. For those of you out to make a killing ~ you might check here, here or invent one of these.

Are they gone yet? OK good, for the rest of you…here’s some refreshing news on Charlotte Real Estate. The Charlotte market is sound — it has not collapsed nor is it (or was it ever) as apparently RED HOT as Naples, Florida (see above). Most of the people in Charlotte are working and living comfortably, happily in their homes. Are things tough? Sure they are and we’re not immune to the economic woes.

But here’s the thing about homes in Charlotte we have not had a citywide boom (OK maybe in 1848) nor have we had a bust! We’ve have some incredibly hot areas like Union County, Ballantyne and Myers Park / Dilworth but overall our market is steady. ** I should clarify my “not going to get rich” comment. Don’t get me wrong there are many many many people who have and continue to get rich from Charlotte real estate. But most of our clients just want a great home, in a nice neighborhood with some better than average price appreciation. For you the following Charlotte market statistics are encouraging.

According to and courtesy of Zillow take a look at the following one and ten year Charlotte home price trend charts ~ I know steady appreciation boring…..but in 2009 Charlotte residential real estate Boring is the new Black!

Charlotte Home Price Appreciation (One and ten year)

Ten year (2000-2009)

One Year (2008-2009)

I apologize if you were looking for a more exciting Charlotte real estate story ~ but if you’re like us right about now we could use a little less excitement thank you very much! If you like what you’re read, you’ll love working with our team please give us a call 888-297-6100 we’d be happy to help you with a rational, sane and smart approach to finding a home to live in here in Charlotte North Carolina!