November 18, 2008

November 18, 2008

November 18, 2008

November 18, 2008 ]]> http://www.chadhuck.com/2008/11/18/items-of-interest-for-november-18-2008/feed/ http://www.chadhuck.com/2008/11/18/langtree-at-the-lake-update/ http://www.chadhuck.com/2008/11/18/langtree-at-the-lake-update/#comments Tue, 18 Nov 2008 19:40:40 +0000 Chad http://www.chadhuck.com/?p=206

It’s been a while since I have heard anything about the Langtree at the Lake project, which is to be located at the new Exit 32 on I-77.  On the Langtree at the Lake website, a news article published August 15th, 2007 states:

Once the site gradings are approved, construction on Phase 1 is expected to begin in the first quarter of 2008.

Well, here we are in the 4th quarter of 2008, and still waiting any construction.  The last update on the website was posted on August 27, 2007, so I decided to give them a call and was connected with Laurie Scott.  Laurie told me that “We are on go…” and will start construction after the first of the year.  They are currently selling units in the first building, 8 out of 24 still remain.  Those units start at $625k and go up to $2 million.  ”Loft” units are available above the retail stores and those start in the high $200’s up to the $400s.  These units are all one floor, so they aren’t your typical loft style, and start at 800-900 sq ft up to 1600-1700 sq ft.

Wordcamp took me back to San Francisco, where I first learned the benefits and ins and outs of blogging… and it was rather refreshing.  I had the impression that myself and a few of the staff and agents at CENTURY 21 Hecht Realty that blog were the only people in the Charlotte area that were familiar with blogging as a tool for business.  I don’t think I was the only one that thought they were alone as the organizers of Wordcamp admittedly hoped for 30-40 attendees.  They got what they bargained for and then some.  120 people were in attendance.

Why do I bring this up in a real estate blog?  Because I never know who might be reading this post… they might be a blogger looking to move to the Charlotte and Lake Norman area.

If you are a blogger or have any questions about blogging, feel free to contact me with any questions or comments.  I would be happy to see what I can do to help you.

I have to give a shoutout to Kevin Lock (pictured left).  He sat in front of me and during a break, decided to run to his car to get something.  On his way back to the room, he got stuck in the elevator… for over an hour!  He was a celebrity for the day… known as Elevator Guy.

See the press release below and/or visit the Augustalee website for more information.

‘Augustalee’: A Historic New Name For The Former Village At Lake Norman ‘Augustalee,’ a name with deep roots in the history of the property and the family that lived and farmed there, has been chosen as the new name for the former Village At Lake Norman project site, the $500-million-plus, master planned, mixed use development in Cornelius, N.C. “We had intended all along to develop a refined, distinctive name for the project, with the hope of honoring the vibrant history of the Cooke family, who owned most of the 104-acre site and farmed it for over 100 years, since before the town of Cornelius existed,” said Josh Rector, Senior Vice President of Cornelius Bromont, LLC, the developers and now owners of the land. “But we wanted to wait until we had the rezoning approved and the basic feel of the project planned before undertaking the branding process. As you can imagine, when working on a plan of this detail and refinement, we had to prioritize tasks, and now the name is being addressed with the level of care we have been dedicating to in every other element of the project.” “The name Augustalee was created after a lengthy process of researching the rich history of the property, which has been wonderfully preserved in words and pictures by the current generation which owned the land,” Rector explained. “Our goal was to develop a name that would be complementary to the Town of Cornelius, fitting with the culture of the region, appropriate for retail, office, residential and hospitality, and exemplary of the quality of the project we are creating. After considering a number of options, the name Augustalee emerged as the one with the greatest strength and potential. “Augustalee is made of the first and middle names of Augusta Lee Chester Cooke, the grandmother of the generation of Cookes from whom we purchased the property,” Rector explained. “She was a very warm, caring Southern lady. She lived on the farm and took care of her large family. We chose the name because it conveys the warm, gracious, Southern hospitality which this project will exude. It has a very lyrical sound when you say it out loud. We strongly believe that everyone will enjoy the continued hospitality and character of Augustalee.” The site is located between I-77 and U.S. 21 on the south side of Cornelius. A new exit 27, widening of both highways and many other roadway and transportation improvements are planned by Cornelius Bromont, who expect to open the first retail stores on the site in fall 2012. In addition the project will feature luxury residences above the quality retail, two top-tier national brand hotels on the main street, extensive Class A office space in multiple buildings, parks and walking trails, and many other amenities. Progress Continues On Many Fronts We at Cornelius Bromont have been very busy since we were last in the news with the completion of our zoning case. Since then we have accomplished several major tasks in spite of the down turn in the economy and the financial stress in the marketplace: • We have been successful in closing our own financing, allowing us to purchase the property and commence design of the first phase of the project • We have completed schematic design of the project and are in a pricing exercise currently • Our Design Team has created dramatic and realistic 3-dimensional renderings of the Augustalee development from different angles, as shown in the image at right • We have been in negotiations with several major tenants, leading name-brand hotels, and potential office users • We have leased space and moved into our new offices on South Boulevard in Charlotte • We have continued meeting with transportation authorities at regional, state and federal levels and have had nothing but positive feedback from them – our planned improvements will clearly benefit everyone involved • All this has provided us more than enough to keep us working long hours and burning the midnight oil. We could not be more pleased with all of the excellent work that has been accomplished to date on the project and the continued progress going forward. We want everyone in the community to understand how hard our entire team is working to make this project a reality, and how a project of this complexity inevitably requires a time-consuming planning and approval process before construction begins.

If you are not familiar with the Toastmasters organization, check out their website.  Toastmasters is an organization of people in all walks of life that are improving their public speaking ability.  In our local club, we have professional speakers, traveling comedians, managers and college students.  Interested in more information or attending a club meeting?  Contact me!

Here are some pictures from my trip last weekend:

Charlotte, Gastonia and Concord (grouped together) had an average of $201,300 for the median home price during the 2nd quarter of 2008 (latest results by NAR).  That is down -2.9% from the previous quarter.

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If you’re not familiar with Charlotte, I-485 is eventually going to be a circle around Charlotte.  Started over 10 years ago, it is planned to be complete around the year 2020.

To me, this is a no-brainer.  Of course I fit in with the other Generation Y folks that want greener, more walkable communities.  Can you believe that Gen Y (born between 1976 and 1982) will be 30 percent of homeowners by 2015?  Cities, towns, governments, voters need to pay attention to that to make their city Gen Y friendly!  It’s my guess that the generation after Gen Y, which I believe is called the Millenials, will be even “greener” than the previous generations.  Charlotte needs to keep this in mind as they continue to leisurely decide on the future of the Blue, Purple and Silver lines (some not to be completed until 2026 (or later)). 

My solution?  Take it to vote… again.  Propose a tax on gasoline.  How will this help?  If the resident doesn’t use public transportation, then they have to fill up the gas tank and help pay for the public transportation.  If the resident does use public transportation, they help fund it by paying the fare.

Your thoughts?

Many of my readers from the Huntersville area have probably noticed the new light between Hwy 21 (Statesville Rd) and Hwy 115 (Old Statesville Road).  The purpose of this light is to allow shoppers of the Northcross Village to safely make a left (head east) on Sam Furr Road towards Concord. 

You’re thinking that’s great… safety first, right?  I agree.  The reason my readers noticed that light is because they have sat in the traffic the light creates.  For some reason, traffic planners have not (or poorly) synchronized the lights along Sam Furr.  Is it too much to ask to do that?  I’m from Pittsburgh, PA and we had many roads like Sam Furr Road and the same amount of vehicles, but traffic moves much smoother.  Sam Furr is quickly becoming the new Highway 150 (Mooresville).  That’s not a good thing.

But… don’t worry the town says, Sam Furr Road will be widened.  Will be?  Will I be alive?

I was privaleged enough to witness the Carolina Panthers burn the Kansas City Chiefs yesterday, 34-0. With that win, the Panthers are now 4-1 and a strong contender to go far in the playoffs… dare I say SB?

Here is the average sales price graph for Single Family homes.  Not too bad considering some markets are down 20-30%.

The following is a graph with the number of Single Family Homes sold from Jan 2006 until August 2008, as reported from the Carolina Multiple Listing Service.  You can see that in 2006 and 2007, from July to August, more homes were sold, but not this year.  It looks like we are not going to see such a drastic drop in properties sold as in the previous two years between August and September.  (click on graph for a clearer image… will fix tonight)

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* Based on information from the Carolina Multiple Listing Services, Inc. for the period January 1st, 2006 through September 8, 2008 for the entire listing area of the Carolina Multiple Listing Services, Inc.

While researching the history of Denver, NC, I came across the Wikipedia page and the information just blew me away.  I did not know that Denver was formally known as “Dry Pond” because the area that is now Highway 16 and Campground Road used to be a pond that would dry up in the summer months.  Continue to read more on the Wikipedia site.

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Why?

Even is the home is in pristine cosmetic shape, you never know what the seller/builder has hidden.  For example, when I bought my home a few years ago, the home inspector found a broken truss in the attic.  Now since I had no intentions of ever going in the attic, I would have never known about it.  Upon receiving the home inspection report (provided within 24-48 hours after inspection), I called the builder (since the home is less than 10 years old) and within 2 days, I had the truss fixed, and a licensed contractor out to approve the repair. 

Home inspectors typically have the following on their checklist when inspecting a home:

• Electrical units (panels, circuit breakers, switches, lights, fans, etc)
• Systems and Components (Water heaters, air conditioners, duct work, chimney, etc)
• Plumbing (toilets, sinks, bathtubs, pipe materials)
• Roof and attic (Condition of roof materials and attic)
• Exterior Evaluation
• Structural Elements (Construction of walls, floors, ceilings, etc)
• Appliances
• Garage

In the home inspection report, the inspector will list items that are cosmetic and items “not capable of performing intended purpose”.  It’s the not capable items that a buyer should request the seller repair or replace before closing on the house.  The seller can refuse to make the repairs, and depending on the terms of your contract, you may be able to walk about from it and receive your earnest money deposit back in full.  If an item is cosmetic, you can ask the seller to repair/replace, but they do not need to, as the item is “performing the intended purpose”.  Please consult with your real estate agent for further details.

Since the product was just released, don’t expect too many Open Houses currently listed, but as time goes on, expect it to catch on, especially when Trulia launches this for other mobile platforms.

For additional information, watch this video demonstration on Trulia Mobile:

…I was wondering if you could tell me some information about the schools in the area.  What are the good schools and what schools should I avoid?  I want to live where my children will receive a great education…

The best way to obtain information about a school is to see the school in person and meet the teachers, staff and principal(s).  If you’re unable to see the school in person, refer to the school system websites (listed below) or third party sites such as NC School Report Cards (from state of NC), greatschools and School Matters. 

Links to local school information:

• Charlotte Mecklenburg Schools (Services Charlotte, Huntersville, Cornelius, Davidson, Matthews, Mint Hill, Pineville)
• Iredell Statesville Schools (Services Mooresville, Troutman, Statesville)
• Mooresville Graded School District (Services the Town of Mooresville)
• Lincoln County Schools (Services Denver, Lincolnton, Iron Station)
• Catawba County Schools (Services Catawba, Hickory, Sherrills Ford)
• Cabarrus County Schools (Services Concord, Kannapolis, Harrisburg)

I do want to point out a cool tidbit that the Mooresville Graded School District is providing every student from 4th-12th grade with a Apple Laptop to be used throughout the school year.