Lake Norman Homes

Posted By admin on June 30, 2009

I’ve been doing a little reading about the Democrat sponsored Cap and Trade bill, and it is frightening on several levels.  For those who don’t get the meaning of “cap and trade,” the bill is really an effort to impose energy efficiency standards and restrictions for industry at an alarming rate, with the projected benefit being reduction in greenhouse gases.  The cap and trade phrase comes from the idea that some industries will be able to better meet the federal standards for emissions than others, and so will “build up” carbon credits, which they can then sell to other industries having a more difficult time meeting the requirements.

On an economic level, a lot of analysts are predicting massive tax increases for business, which will be borne by the consumer, as they always are. But there is another aspect of the bill, known as the Waxman-Markey Act, that seeks to impose a national building energy efficiency code (Section 201).  Currently, not all states have building codes of their own. If this bill passes the House and Senate, and is signed into law, the federal government will move to usurp more power traditionally belonging to the states, and impose building codes on a national level. In states where codes exist, the national code will take precedence in areas of environmental impact.

The reason this is not healthy for the real estate market is that to impose energy-saving mandates on new construction will drive up costs, which will eliminate some people from the buying pool. In addition, if the new codes are imposed on existing homes and they have to meet those standards before they can be resold, some people will not be able to afford the changes and will not be able to sell their home. In the case of homes that do get the upfits, prices will rise effectively shrinking the buyer pool again.

Let me encourage you to read up on Cap and Trade, and if you don’t think it’s a good idea, then call or email your senators and let them know how you feel. I can’t say for sure how much good it will do, because the Senate is controlled by liberal Democrats, and they are used to deciding what you should think and therefore will probably disregard your voice. In any event, it is our responsibility to remind our elected officials that we live in a representative republic, and expect them to listen to what we have to say.

There is a lot more to the Waxman-Markey Act. It would be good to review this proposal, since if it passes, it will have impact on our economy for 50 years. In the meantime, China, the world’s largest producer of greenhouse gasses, and India, fast joining them, will continue to make up for whatever quantity we are able to tax out of existence.

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Posted By admin on June 8, 2009

I haven’t blogged in a while. I have been busy for the last eight weeks dealing with real estate transactions in which I or my wife were the buyers/sellers. First there was the sale of my late father in law’s home in Florida, which required us to spend a little over a week in Apopka running an estate sale, cleaning out what was left, and tending to the closing of the sale.  Then, while we were in Florida, we got a contract on our home in North Carolina, which had been on the market for about three months.

The timing was tight, with the buyers asking to close in three weeks. This required us to push our builder to complete our new home so we could move just one time.  The reason we needed to close so fast? The buyers of our home wanted to move in on the 28th of May because the buyer of their home had to be out of their home on the 28th to accommodate the buyer of that property. 

I told my buyers that it would be a minor miracle if this all went off without a hitch. The closings were scheduled for 9:00. 10:00, 1:00, and 3:00.  Each closing depended on the prior one going smoothly, and recording so funds could be released. There was, of course, no miracle.  What went wrong? The first closing, the one driving everyone else to be out by the 28th, was delayed a day by the lender.

Naturally, this crreated a stressload for all parties. My wife and I were in a hotel, our belongings all on a truck, we knew not where, and since we were up against a weekend, we faced the possibilty of not closing until the following Monday.  Fortunately, we got all the closings done on Friday, and we were in before the weekend.  A little over a week later, we are getting used to our new home, and unpacking boxes as we go.

The point of this post? One of the ways I try to separate myself from other Realtors is by committing to making your real estate transaction as stress-free as I can.  One way I do that is by helping my clients set realistic expectations for the sale or purchase of their home. It has been my experience in the current market that sellers can usually accommodate a quick close, but buyers cannot. The buyer is the one that is at the mercy of the lender, and today that means a longer process from beginning to end.  If you are entering into a real estate transaction, do yourself a favor, and set your expectations based on today’s market, make sure both parties understand the process, and have a fall-back plan to handle delays in the process.

Your real estate agent can help you manage the closing process.  I don’t recommend doing it unrepresented. There are too many dates in the contract where “Time is of the essence.”  Underswtanding what might go wrong in the process and having a contingency plan can help keep the stress level down.

The next time you see me write that I understand  how the sales process feels for the buyers & sellers, believe me. I have walked in their shoes. Let what I have learned help you avoid the stress. (more…)

Category: It Could Only Happen To Me | 1 Comment »
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Posted By admin on May 19, 2009

It was unbelievable! We were so concerned that Sunday after the two-day sale we would be left with a lot of furniture and household goods that we would have to dispose of. Were we ever surprised.

The newspaper ad ran Wednesday and Thursday before the Friday-Saturday sale, but people came to the door Thursday afternoon, wanting to get a jump. Friday the first customer came at 7:00 AM. The ad said the sale began at 9:00.

We sold every piece of furniture in that place, and almost every thing else that wasn’t glued down. People were buying everything from used paint to the mop we planned to use to clean the house. Half-filled bottles of garden spray, laundry detergent, a whisk broom, I mean everything!  Those Floridians really get into garage sales.

When the dust settleed, we hauled one load to Goodwill, and a few bags of trash to the curb, and we were outa there.

Never seen anything like it!

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Posted By admin on May 17, 2009

I recently put my personal home under contract, and will be moving into a new home at the end of May. My home sold in 90 days, which is further proof  that the market is picking up.

The buyer, who is a building contractor by trade, decided he would do his own inspection, and came with a few subcontractors and his wife. My wife and I were not at home while they did the inspection. While away, I got a call from the buyer’s wife apologizing for what she did. This can’t be good.

It seems that she decided to test the Jacuzzi tub in the master bath, and started to fill it, but left the room to do something else. Then she forgot to come back, and the tub overflowed, soaking the carpet in the bathroom and leaking through the ceiling in the dining room.

Now the ceiling is all water stained, and the carpet is still wet. Unbelievable! I told the buyers, “Hey. you’re buying the place. It’s your problem to deal with.”  This deal better close.

Moving is stressful.

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Posted By admin on April 30, 2009

Hey, I can’t believe I’m sitting here in Apopka, Florida helping my wife prepare the final estate sale (yard sale, garage sale, call it what you want), and can’t imagine all the stuff here is going to sell in a weekend. However, what I learned is when you run the sale ad in the local papers, some adventurous types come a day before the sale starts and ask if they can get a sneak peek.

As I sit here, there is a woman who is here for the second time today, and her husband and neighbors have been here twice. They have already spent hundreds of dollars, and the sale doesn’t begin until tomorrow morning.

On the one hand, it’s kind of sad to see a lifetime of accumulated belongings being picked over and go out the door for a pittance, but on the other hand, if someone can use the stuff, and we can get the house emptied, it’s a win-win. This home has been sold (a minor miracle in Florida these days) and we need to have it empty in the next few days. So a lot of folks will be rewarded for their efforts if they come this weekend, and whatever is left on Sunday will be given to whoever we can find to take it.

If you’re in Apopka, come early. Bring cash.

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Posted By admin on April 13, 2009

If you or someone you know is looking for a four bedroom home in the Huntersville area, I have a new listing in a subdivision named Melbourne that might be of interest. It features two and a half baths, an office on the main floor, four bedrooms upstairs, and a deck that looks out over a natural treed field. Priced at $217,000, this home is the best deal in Melbourne.

Melbourne Four Bedroom

This home is ready for homebuyers to visit right now. If you would like to schedule a showing, call me at 704-578-4778, or email me to set up an appointment.

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Posted By admin on April 11, 2009

Someone once said, and it has oft been repeated, “The only two things for sure in this world are death and taxes.” I don’t have anything to add on the death part of that, but I would add that while you can be sure that there will be taxes, you can’t be sure you’ll be taxed correctly. Do not assume that when your property taxes go up that the cause was only inevitablity. Case in point:

I got a call from a woman that wanted to list her home for sale, and after she gave me the address, I began pulling data from the public records to help me in doing a market analysis of her property. I knew the neighborhood well where she lived, and when I saw her tax bill I know something had to be wrong. Investigating further, I discovered that the county assessor’s office had her living area listed as over 4400 square feet. There isn’t a house in her community over 2500 square feet, so I new someone had made an input error. That error practically doubled her tax bill!

When I brought the issue to the owner’s attention, she told me that she had gotten a call from her mortgage lender last November informing her that she needed to send them $600 to close an escrow shortfall, and that her monthly payment was increasing $200 a month. She didn’t understand why, other than her taxes had increased.

A little bit of online work and some measuring of her home provided a strong case for requesting a review of her taxes. I was able to help her compile all the records she needed, of her home and several comparable homes in her neighborhood. I provided her the official form for requesting a review, and made all her copies, and even gave her an addressed envelope to mail the paperwork to the county.

Now, remember that we’re dealing with the government here, so we haven’t heard back yet on the issue. But I know that as soon as they review the file they will recognize the mistake and make the necessary correction. If we don’t hear in 3-4 weeks, I will be making another phone call.

The moral of the story? Do not assume that because the government says something it is indisputable and infallable. Question authority. Do your due diligence when you get a new assessment, or you are informed that your mortgage payment is increasing due to a tax hike. The county is staffed by people just like us, and that means they are not perfect. But if we don’t take the time to look, a mistake can cost us dearly.

If you have any questions about how to pursue a request for review of your taxes, I would be glad to help. You can reach me at 704-578-4778 or you can email me. Just remember, I am not a tax accountant, appraiser, or CPA. But I can get the ball rolling for you.

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Posted By admin on April 10, 2009

Here’s a satellite view of where the proposed marina/hotel/conventioncenter resort is supposed to be developed. I am following this project, and as soon as I get the results of the Town Board’s meeting on the zoning variance, I will bring you up to date.

Now, I know that doesn’t tell you much if you’re not familiar with Lake Norman, but it will give you an idea of the scope of the plan. I’ll be watching.

Category: Lake Living, Lake Norman Area Communities, Promenade on the Lake | No Comments »
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Posted By admin on April 7, 2009

I saw a recent article in the Observer that looked at key economic indicators for January 2009, as compared to January 2008. I a lot of the indicators have been all over the news, and are causing concern about the Queen City’s economy, but I did see a few indications that some things could portend a rebound in real estate. Remember, I said “a few.”

First, the average home price in January was 12% lower than a year ago. Now that may not sound like good news, but it is if you consider the big picture. From the standpoint of people desiring to relocate here, that may have taken a beating on their home in the northeast, there is comfort in knowing they may be able to make some of it up when they get here. While we who live in Mecklenburg County bemoan the “high” property taxes we endure, these folks coming from New York or New Jersey think they have died and gone to heaven when they see their tax bills. The lower prices also work in favor of locals, who may be looking for more space for a growing family. Consider this:

If you bought a home for $150,000, and its value hit $200,000 at it’s peak, but now has lost 12%, you may think you lost $24,000. But when you find the home with the space you need, and it was valued at $250,000, it is now valued at $220,000, a savings to you of $30,000! Not so bad.

The other piece of news I saw as positive is the number of foreclosures in January 2009. down 21% from 2008. That means to me that if the trend continues, there may not be as many foreclosed homes in your neighborrhood pulling down home prices further. I think what we will see instead is a rise in the number of short sales instead of foreclosures. I will be writing a piece soon on haw a short sale works. Stay tuned.

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Posted By admin on April 5, 2009

It looks like the planned development on Lake Norman west of Queen’s Landing might just be getting under way soon. According to a story in the Charlotte Observer today an old existing marina west of Mooresville on Highway 150 could be soon getting refurbished. But first the plan will need the blessing of the Mooresville Board of Commissioners, who meet tomorrow night at 6:00 PM.

Long range development plans include a hotel/convention center and retail space, but first on the table is the marina. I personally would like to see a marina with all the amenities like a bait shop, restaurant, gas pump, etc. The way Mooresville is growing, this plan could be a nice addition to the north end of the lake.

Watch for future updates on the Promenade. I will try and stay on top of the progress.

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