Road to Real Estate

If you are considering buying or selling real estate in the Charlotte or Lake Norman area of North Carolina, there are a few things that you should know before speaking with an agent, so you know where they stand with relaying information to you. (Note that Agent in the following definitions is really the real estate firm, not a specific person)

• Seller’s Agent - Works solely for and is loyal to the seller and anything that a potential buyer discloses to the Seller’s Agent will also be disclosed to the seller.  All agents are Seller’s Agents until a Buyers Agency Agreement is verbally committed to or signed (recommended)
• Buyer’s Agent - Works soley for and is loyal to the buyer.  Anything that the buyer discloses to the Buyer’s Agent will not be discussed with seller or their agent
• Subagent - Used if a Buyer’s Agency Agreement is not agreed to or signed, but buyer would like to make an offer on a property.  Agent is a subagent to the Seller’s Agent (Not valid with CENTURY 21 Hecht Realty transactions)
• Dual Agent - Works with both the buyer and seller in the same transaction.  Must treat both parties fairly and equally. 
• Designated Agent - One person from the firm represents the seller’s as a Seller’s Agent and another person from the same firm is a Buyer’s Agent, without disclosing information about their party to each other (CENTURY 21 Hecht Realty permits Designated Agency)

This is just a short explaination of the 4 forms of agency available to you in North Carolina.  For a full description, please read Working With Real Estate Agents, published by the North Carolina Real Estate Commission. 

Relocating to Charlotte, NC from the north? Even north of the border, eh? You probably want to play hockey. Believe it or not, there are ice hockey (and figure skating) rinks and roller hockey rinks around the Charlotte area. Relocating from Pittsburgh, PA several years ago, I needed to keep getting my fix of hockey, so I immediately scouted out the local rinks. The ice hockey facilities around the Charlotte area are the new Extreme Ice Center and Ice House Rinks. The roller hockey rink is located in the enormous Charlotte Sports Center (which also features indoor flag football, soccer, basketball, a Peak Fitness, snack bar and Sport Court for hockey and volleyball).

Other activities in the Charlotte area include a outdoor soccer facility called “Strikers Soccer Center”, the Huntersville Family Fitness Aquatic Center, various YMCA’s and many other programs and facilities.

A few months ago, we learned from the media that Donald Trump and company had halted plans to construct the tallest structure in the city of Charlotte.  But now, with the Wachovia Championship being played in Charlotte, there is an advertisement in the Wachovia Championship’s program for Charlotte’s Trump Tower and it’s website.  So, what’s the deal?  Is it a go or no go?

I’m gathering that nothing has changed in the status of this project that promises to offer live, work, shop and play.  The reason is that the deadline for submitting ads to the WC’s program happened before Trump decided to backoff the project.  So at the time, it was still a go.  Another reason to not get too excited is that Trump’s contract on the parcel of land at the corners of Stonewall and Tryon has expired.

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I will keep you up to date on the latest Uptown Charlotte and Lake Norman news.  If you like what you read, please subscribe to Road To Real Estate: A Charlotte and Lake Norman Real Estate Blog’s RSS feed to receive these updates automatically.

Continuing on with thoughts on mixed-use communities, such as the proposed Village at Lake Norman, I often wonder why do they seldom include grocery stores?  With the original idea of the mixed-use areas to include shops where residents had daily living necessities within walking distance, why wouldn’t developers include a super market/grocery store in the plans?  I foresee the American soon to become less dependent on the automobile (or it just maybe me not wanting to drive anymore with the current gas prices), creating a community where all daily necessities are within walking distance would be a great selling point for the community.  Include the availability of public transportation, and you have the beginnings of a great, enviromentally friendly community.  It is almost like a mini-uptown (downtown).

Does your town have any mixed use communities?  Does it include a grocery store?  If not, would you use one if it was there? 

There are 2 events going on in Charlotte this weekend that might be a little under the national radar screen, but to those following the events, it’s big news!

Charlotte is hosting the 2008 Olympic Team Trials for Whitewater Slalom, the 2008 Canadian Olympic Team Trials, and the 2008 Pan American Slalom Championships and Olympic Qualifier. ,  at the U.S. National Whitewater Center.  This event runs Friday April 24th through Sunday April 26th.  Tickets are just $10 plus $5 to park.   Races run from 11am-4pm each day.  I’m going to try and make it down there on Saturday, so let me know if you’ll be there too.

Another event that is happening this weekend in Charlotte, is the Wal-Mart FLW Tour on Lake Norman.  This event runs from today until Sunday April 27th.  You can catch all the action at Blythe Landing (just west of I-77’s Exit 25) or from anywhere on the lake.

In a historic vote (that took 3 days to finally get to), the Cornelius Town Board has approved rezoning of 105 +/- acres for the Village at Lake Norman. It was a close 3-2 vote. Approvals are still needed from the county and state, which gives 2010 as the earliest start date of this project. Developers Cornelius Bormont are anticipating at least a 6 year build out for the project.

Map Courtesy of Charlotte.com

If you are a long time reader of Road to Real Estate: A Charlotte and Lake Norman Real Estate Blog, you know that I am a big fan of the public transportation opportunities that the city of Charlotte is offering (or will be soon).  The Light Rail (Lynx Blue Line), the North Corridor Commuter Line (Lynx Purple Line) and the Northeast Corridor (Blue Line Extension), street cars, trolleys, and a slew of other items are currently in use or will be available in the near future for Charlotte area residents and visitors.

There are a several reasons why a city needs public transportation like light rails and street cars available if it wants to grow and prosper in the future, a few of which I mention here.  One being the cost of fuel.  That’s a no brainer.  I just had to take out a 30 year loan just to fill up my car with gas.  More and more residents are taking public transportation to and from work, events, and shopping trips.    In a recent press release by the Charlotte Area Transit System (CATS), ridership is up over 9% for the 2008 fiscal year compared to this time last year.

Another reason is the city is becoming more of a residential and pedestrian friendly area instead of just a business district that closes at 5pm.  (I recently read the results from a study, I wish I could remember where, that said people born after 1980 are more likely to live in urban areas than suburban or rural areas.)  To assist those city residents that choose not to own an automobile, public transportation is the only way for those residents to get around, besides their own 2 feet.  (Side note: With the value of Uptown property, the residents can most likely afford a car if they desire to)  If a city does not provide options for public transportation, there will be few residents.  Charlotte’s Blue Line allows center city residents to travel to Dilworth, South End and even South Park.

Lastly, and probably best of all, areas with immediate access to public transportation have seen property values increase (even in our current market).  From a recent story (4/21/08) on National Public Radio (NPR),

Jonathan Hill, vice president of Metropolitan Regional Information Systems, which tracks home sales, sat in his office recently, clicking through page after page of price data sorted by ZIP code. There were a lot of negative numbers, but not in places that are close in or near public transit.

Keep these items in mind when you’re thinking of purchasing your new home or a parcel of land.  Although they might not be important to you, they might be important when you try and sell the property.

Just a reminder for all my local readers that the Cornelius Town Board is scheduled to vote on whether or not to approve the 105 acre Village at Lake Norman. Plan on showing up early as the place will be standing room only.

I just finished compiling statistics for the 1st quarter of 2008 and found something that I should pass along to those of you that are trying to find a real estate company to represent you.

The CMLS (Carolina Multiple Listing Service) experienced a 25% drop in closings for the month of March (07 vs 08), whereas CENTURY 21 Hecht Realty experienced a 3.6% drop in closings during the same time period.

For the 1st quarter of 2007 vs 2008, the CMLS experienced a 30% drop in closings, whereas CENTURY 21 Hecht Realty experienced only a 2.97% percent decrease in closings.

Considering the market, these stats show that CENTURY 21 Hecht Realty agents know how to price a seller’s home right to get it to sell and also have master negotiating skills to get the best price for our buyers.

If you are a serious seller or buyer or are just kicking the tire about real estate here in the Charlotte and Lake Norman area, please fill out my contact me form or feel free to call me at 704.996.4823.

According to the Charlotte Regional Realtors Association, the Charlotte area experienced a 25% decrease in the number of houses sold from one year ago for the month of March.  During that same time period, average home prices that sold went from $228,665 in 2007 to $220,620, a 3.5% decrease.

Is this bad news?  Not necessarily.  Of course, the 25% decrease in home sales is a little too steep for an economy that is trying to turn itself around.  If it wasn’t for the media, that number would probably be half that.  (Can you tell I’m not a fan of the media?)  For the average home prices that sold, doesn’t mean that prices are going down in the Charlotte area, but just means that homes in the lower price ranges are moving a little more than the higher end homes.  A good example of why this could be is that a growing family cannot wait for the economy to correct itself before purchasing a new home.

But why wait?  With the current conditions favoring a buyers market, and historically low interest rates, now is the perfect time to buy in the Charlotte and Lake Norman area.  For those of you that are waiting for prices to continue to drop, don’t expect prices to go down too much further because our area did not experience the price increases that other regions (California, Florida) experienced.  If you would like to receive a sampling of properties that are available in the Charlotte and Lake Norman area, please contact me, Chad Huck, with your criteria and I will create a website that will display listings based on your criteria.  The website is automatically updated every morning with new listings.

As you might have heard, the Cornelius Town Board is scheduled to vote on the rezoning of 100+ acres on the southwest quadrant of Hwy 21 (Statesville Rd) and Westmoreland Rd.  The meeting is scheduled for April 21st at 7pm in the Cornelius Town Hall.

This is in reference to the anticipated Village at Lake Norman.  I live right around the corner of this property and, like many nearby residents, am in favor of this project.  Of course it will bring traffic to the area, but it will also bring much needed road improvements, such as the widening of I-77 from Exits 23 (Huntersville / Gilead Rd) to Exit 28 (Cornelius / Catawaba Ave).  In my opinion, the pros outweigh the cons.

If this project gets approved, the major thoroughfares in Cornelius will be expanded to carry the expected amount of traffic (Catawba Ave is already in the process of being expanded).  This is a first in the Charlotte area… to plan ahead (or at least keep up with) the amount of traffic that is to be expected.

You are able to… but not in Charlotte… yet. Trulia and Google partnered up to bring you Google’s Streetview on Trulia listings. This service is offered only in cities that have Streetview capabilities, which leaves Charlotte out for the time being. Anyone know how to contact Sergei or Larry and tell them to drive their little Hybrid cars down this way?

If you have never checked out Streetview, you need to. You’ll find yourself hooked. If its not available in your city, check out the Golden Gate Bridge in San Francisco, Times Square in New York City, or South Beach in Miami.

This is Lombard Street (better known as the World’s Crookedest Street) in San Francisco…

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The reason I bring this up to you, is that expect this to be live in Charlotte soon. And you bet it’s going to be a feature on CENTURY 21 Hecht Realty’s site.  The benefit to the public is they will be able to see the power lines that are adjacent to the property, the main street in the back yard, the neighbors mess next door, etc.

This post is really a question for the readers of this blog.  As the Century 21 Hecht Realty Internet Marketing Manager, I have a question about real estate on the Internet.

With all the websites and products out there for finding a home or information about real estate, what products (websites, virtual tours, etc) do you utilize the most and why?  Is there something missing that you would like to see developed?

If you answer this question for me, I will provide you with an AHS Home Warranty when you list your home or purchase a home from Century 21 Hecht Realty.  If you are not from the Charlotte or Lake Norman area, and let me find you an experienced real estate agent in your area, I will extend a similar offer to you as well.

Please contact Chad Huck with Century 21 Hecht Realty with your answer to the question that I posed to you and if you have any questions about the Charlotte and Lake Norman area.  I’d love to help.

People interested in purchasing real estate often ask about demographics of different areas. So I thought that I would save some people some time by posting it here. I will be posting other Charlotte and Lake Norman area cities demographic information once the information is compiled (probably once a day). If you have a request for area demographic information, please contact Chad Huck with CENTURY 21 Hecht Realty.

Cornelius compared to North Carolina state average:

• Median household income above state average.
• Median house value above state average.
• Unemployed percentage below state average.
• Black race population percentage above state average.
• Hispanic race population percentage significantly below state average.
• Foreign-born population percentage below state average.
• Renting percentage below state average.
• House age significantly below state average.
• Percentage of population with a bachelor’s degree or higher above state average.

Population (year 2000): 11,969

Males: 6,069	(50.7%)
Females: 5,900	(49.3%)

Median resident age:	37.4 years
North Carolina median age:	35.3 years

Estimated median household income in 2005: $70,700 (it was $71,259 in 2000)

Cornelius	$70,700
North Carolina:	$40,729

Estimated median house/condo value in 2005: $277,700 (it was $236,500 in 2000)

Cornelius	$277,700
North Carolina:	$127,600

Races in Cornelius:

• White Non-Hispanic (89.7%)
• Black (5.6%)
• Hispanic (2.8%)
• Two or more races (0.7%)
• Other race (0.5%)

Charlotte  and Lake Norman Real Estate Single Family Home Market Statistics for 2/20/08-2/26/08 pulled from the Carolina Multiple Listing Service

Charlotte

• New Listings:  470 for an average of $304,020 with an average of 2,203 sq ft
• Price Changes:  381 from an average of $281,835 to $274,116 (-2.7%) 
• Under Contracts:  286 for an average of $289,131
• Solds:  164 for an average of $243,340 with an average of 2,076 sq ft 

Lake Norman

• New Listings:  58 for an average of $747,852 with an average of 3,369 sq ft 
• Price Changes:  63 from an average of $604,026 to $584,673 (-3.2%) 
• Under Contracts: 30 for an average of $468,256
• Solds: 13 for an average of $415,087 with an average of 2,646 sq ft 

Charlotte  and Lake Norman Real Estate Single Family Home Market Statistics for 2/6/08-2/12/08 pulled from the Carolina Multiple Listing Service

Charlotte

• New Listings: 461 for an average of $319,569 with an average of 2,219 sq ft
• Price Changes:  384 from an average of $275,271 to $268,349 (-2.5%) 
• Under Contracts:  285 for an average of $265,850
• Solds:  141 for an average of $238,560 with an average of 2,143 sq ft 

Lake Norman

• New Listings:  87 for an average of $589,514 with an average of 3,182 sq ft 
• Price Changes:  82 from an average of $636,544 to $620,882 (-2.5%) 
• Under Contracts: 23 for an average of $512,740
• Solds: 13 for an average of $504,693 with an average of 2,455 sq ft 

Test sirens will sound near the nuclear power plant in Iredell County this afternoon.Duke Energy has upgraded emergency sirens for the McGuire Nuclear Plant, and officials want to test them, a company spokeswoman said. The test will happen around 3 p.m. and should last for three minutes, the spokeswoman said.

The upgrades include new software for operating the sirens that is supposed to prevent interference from other systems and from atmospheric conditions, the spokeswoman said.

-Charlotte.com

The office of Housing and Urban Development (HUD) has just released the guidelines and home loan limits for FHA, Fannie Mae and Freddie Mac. 

Visit HUD’s website to find the limit for the Charlotte (Mecklenburg County), Lake Norman area (Mecklenburg, Iredell, Lincoln, or Catawba Counties) or your own area.  Just select your state and county, then click Send. 

If you have any questions regarding this or mortgages, please contact Rob Scott with Century 21 Mortgage at (704) 576-7073.

One of the perks working for Century 21 Hecht Realty, is the Century 21 brand name.  And to be honest with you, it’s the reason I chose this company.  With the Century 21 brand being internationally recognized, Charlotte and Lake Norman buyers and sellers from all over trust us to work with them in finding their new home or selling their current home.

With that being said, it’s no wonder that our 3 office locations (Denver, Cornelius, and Mooresville) constantly have buyers and sellers either calling us, walking through the door, or contacting us online so we can represent them in their next real estate transaction.

If you are looking to list your property (home, land, condo/townhome), contact us online or call 704.996.4823 to schedule a listing presentation where a Century 21 Hecht Realty agent will show you the benefits of listing your property with us.  You’ll be glad you did!

Today, as I was doing my daily browsing on the Internet, I came across a headline that read, “Housing: Best Time to Buy in Four Years.” After wiping off my glasses, having a cup of coffee, and having others look at my computer to confirm the headline, I was not hallucinating. CNN.com posted an article with that headline. Finally!  This is what I have been telling everyone that asks me about the current Charlotte and Lake Norman area real estate market.

Now the article isn’t all good news, but the majority of it is positive news for the real estate industry. A National City Chief Economist is quoted as saying “Housing valuations are almost back to long-term norms.” This is great news for everyone so that we can continue appreciating at normal levels instead of the high-low game that some parts of the nation have been playing.

With this being said, and you are looking to buy or sell real estate in the Charlotte or Lake Norman area of North Carolina or anywhere in the world, please contact Chad Huck with CENTURY 21 Hecht Realty at 704.996.4823 or email him at chad /at/ chadhuck /dot/ com.