Real Estate Information

The saga continues.  Bruton Smith vs Concord NC.  If only we were in Vegas, this would be a match for the ages!  (And just imagine what it would bring in on pay-per-view).

The latest twist is that Concord is proposing an ego-stroking manuever to save the Speedway and keep it here in Concord.  They want to rename Speedway Boulevard, Bruton Smith Boulevard.  It's a lovely gesture, and we all know that Bruton does indeed think highly of himself (heck, who wouldn't?  a self-made multi-billionaire? go after it, Mr Smith!)

I have a better idea!

The mayor of Concord, Scott Padgett, has found himself here lately with hat in hand, trying to find a way to salvage this situation.  Mr Padgett's friends are dwindling.  Rightfully so, the entire county is mad at him for allowing this situation to occur, for putting our economic livelihoods at risk.

The road at the new Embassy Suites/Concord Convention Center, is named Scott Padgett Boulevard.  I propose that we rename THAT road, Bruton Smith Boulevard.  This way, Bruton wins a battle which indeed is as much personal as it is business at this juncture.

What say you?

This is an amazing house.  A lovely custom-built ranch/basement on over 9 acres of land!  You read that correctly, 9.45 gorgeous acres of land in one of the fastest growing and appreciating areas in and around Charlotte NC.  China Grove NC, just inside Rowan County (about 40 minutes north of Charlotte NC).

There's also a detached 2-car garage with space for your motorhome or RV. Perfect for the car enthusiast or workshop lover or just someone who needs extra space and storage!

The home features 4 bedrooms and 3 full baths, over 3000 heated square feet!  The basement is finished and makes a great mother-in-law suite or teenager suite.

$530,000

For additional information or to schedule your private showing, please visit our website or call Leigh Brown at 704.688.5005.  We're glad to help!

I'm just fuming right now, watching CNN (Fox News is not available in my hotel room so I'm stuck with the liberal drivel of CNN).  They're doing a 'debate' about what to do for folks who are facing foreclosure.  The moderator is of course favoring the guy who declares that we MUST amend the sub-prime loans to stop foreclosures.  He declares that you can't go case-by-case, you must amend all of the existing sub-prime loans to stop them from going into foreclosure.  Freeze their rates and payments and such.  Basically go in and interfere with the contracts that they signed in the loan market.

The other gentleman is trying so hard to make his point that people have been using their homes as ATMs and that the foreclosure problem is deeper than just home values and ARMs adjusting-it's a screwed up mindset that has encouraged folks to take out loans for more than their home values and now they want the government to make it all better!  He also notes that there was a movement in the time of the Great Depression to do the same thing-and it backfired, making the Depression worse.

You can NOT sweep this under the rug, folks.  If the government decides to force amendment of the sub-prime loans, it's only delaying the problem.  And what does this tell the hard-working Americans who have busted their tails to save downpayments and keep excellent credit to get good mortgages?  That they worked hard for nothing, so the government would swoop in and 'save' the lazier among us?

(a real call received by my team this week)

"I'm an agent in LaLaLand, California and I'm seeking an agent to help my investor clients." 

  (sure, we're glad to help folks who want to invest in Charlotte NC real estate, and we love paying referral fees!)

"Great.  They require an 8% annual rate of return.  They will not spend more than $150,000.  There must be a rental guarantee in place stating that there will never be a vacancy."

  (seriously, anything ELSE you require?)

As much as I hate to turn down a referral, we had to tell this guy to move on.  Now, you've all read the national news media (even though I implore you on a regular basis to ignore the drivel they put forth).  You know that Charlotte NC is one of the top 10 value markets nationally.  You know that our fundamentals are sound for continued growth.

But even so, I can not guarantee what you're asking!  Do you really think that I'd still be working if I knew enough to make guarantees on the wide real estate market?  Nope. I'd be on an island somewhere soaking up the sun...

You should RUN from any agent who promises you anything that sounds too good to be true.  No matter how many statistics we run and what you hear on the news, there are NO GUARANTEES where real estate is concerned.

What I CAN guarantee is this. 

• I can find you a solid community with the likelihood of appreciation.  How much?  no way to know.  I'm glad to share past history with you, and what's going on in the vicinity so we can make an educated guess.
• I can find you a house that fits your price range.  Whether or not it will have positive cash flow is a different set of circumstances.  Here, we have to weigh the pros and cons of an area and determine if your goals are focused on cash today or equity tomorrow.
• I can guarantee that you will have a vacancy factor to consider.  Whether that's now or in three years-expect some vacancy.  You will find that any reputable financial expert is taking into account a vacancy factor. 
• I can guarantee that if you're in this for the long haul, you're going to see an increase in your equity. A rising tide raises all boats, and they're not making any more land.
• I can guarantee that you'll have a real estate expert (can I suggest Leigh Brown?) by your side, helping you to evaluate the pros and cons of each option so that you can make an educated decision.

(note that I'm not even going to mention the fact that there's some hoohah agent out in California making promises about other markets....ai yi yi)

Well, not in THAT way.  I love them in a round-about way.....because today I benefited from the stupidity and ignorance of a classic racist!

So anyhoo, my husband and I put in an offer on a house for investment a couple of weeks ago.  It was priced right and in good condition-so of course it went into multiple offers (yes, people, multiple offers still happens-quit watching the national news!). 

We lost.  I don't overbid my gut (note to investors and investor wanna-bes:  do not overbid your gut.).  Oh well, on to the next house!

I should note that this house is in my town.  About one and a half miles from my personal residence and within three miles of three other investment properties that we own.  And I love my town.  Harrisburg NC-just north of Charlotte NC and a hop and a skip over the Cabarrus County line.  Come visit sometime.  But I digress...

So the listing agent called me today.  It seems that the first offer fell through and the seller was curious if we were still interested (you betcha!).  Of course, being my typical nosy self, I inquired as to the reason for the fall-through...financing fell apart?  Inspection issues?

Nope.

As it turns out, the buyers drove through the neighborhood and decided that it was too dark for them.  They didn't care for the skin color of the neighbors.

Seriously?  In this day and age, people think like this (I know they do, I am still incredulous about it!), and ADMIT IT?   Dang. 

The business side of me is absolutely DELIGHTED that these people live and breathe and attempt to buy real estate.  Because I'll get the house now.  And I'll take care of it and make those neighbors happy and we'll all watch our lovely property values increase TOGETHER.  I'm pretty confident that the folks who already live there wouldn't have wanted racists as neighbors anyway.  (the emotional side of me is so saddened yet disgusted that these attitudes exist in 2007)

Of online prospects, that is!  I wonder exactly how many agents actually talk to the folks they're working with, on a regular basis.

You see, some time ago I implemented a change on the information form that buyers and sellers fill out on my website based on a suggestion by Sam Miller (he made this suggestion on a panel at the 2007 StarPower conference in Phoenix).   I added a dropdown box that has as its three choices: 

• I want to work with Leigh Brown
• Undecided but I will consider working with Leigh Brown
• I already have an agent

I'd say that about 20% of the online inquiries I get indicate that they already have an agent.  Now, we all know that consumers are savvy-in particular the online consumers.  And perhaps they said that they have an agent to throw me off the scent.  But a lot of these folks are seriously requesting information-and get upset with me when I explain that I can not help them as long as they have an existing relationship with another licensed Realtor.

For the life of me, I can not fathom why agents complain about a slow market...when there are active buyers and sellers out there who are seeking information.  Obviously these folks need more than you're feeding them, or else they wouldn't be coming to me looking for the in-depth opinions and information I provide to my clients when they're considering anything in the greater Charlotte NC market.

One of the reasons I enjoy real estate so much is that it allows me to make a living while helping people...but I can only help my own clients.  I'm certainly glad that Sam shared this fabulous idea-it has saved a lot of man-hours culling through leads.  Please go feed your herd of leads-my barn is saving the best of the best for my clients!

Seriously, don't mess with Bruton Smith.  I know that he's being a bit ridiculous and over the top and is behaving like a very pouty kid who's ready to take his marbles and go home...but that's irrelevant.

If you're not a NASCAR fan, you may have missed the brouhaha.  Bruton Smith (who is big time in NASCAR, owns several tracks, etc) was getting started on building a drag strip for NHRA-sanctioned events.  Concord decided to fix him, but good, by changing the zoning to disallow drag strips.

So Bruton, in great dramatic fashion, announced that he wants to un-annex the Lowe's Motor Speedway properties from Concord and he'll go find another location in Charlotte on which to build a speedway.  It will only cost him $350 million (truly, that's pocket change to Bruton).

Um, Concord, get real.  If Bruton wants to pull our two NASCAR races and kill the track, HE CAN.  He owns them, not you.  I know that your pride is hurt and your zoning board is mad, and you have residential neighborhoods fighting this drag strip.

Heck, I won't even argue that he hasn't handled the drag strip planning well-he certainly should be providing information to homeowners about the number of expected events at the drag strip and the noise expectations.  But again, that's irrelevant.

We, as a community, can NOT afford to mess around with racing.  It's our lifeblood.  It's 70% of our tourism dollars.  It's jobs. It's homes.  It's considerably more difficult to consider replacing NASCAR events than to replace the corporate campus of Philip Morris.

Suck it up.  Swallow that pride.  And do WHATEVER you have to do to make Bruton happy.  The homeowners in Ridge Crossing and Riverwalk would surely agree that noise twice a year is better than a black hole in our local economy.

So let's ponder for a moment what's going on in the real estate market.  Residential, that is.  In fact, let's narrow our focus down to Charlotte NC's market.  After all, there is NO national real estate market-rather, there are local real estate pockets that are as different as night and day.

IF a house is properly priced around these parts, it gets on average 97% of what the sellers are asking. (I'm not talking 97% of where they STARTED their price, but rather where the price was when it was right enough to generate an offer!)  And it takes, on average 80 days to find that buyer.  (You can always reference my latest market update if you want more stats.)

BUT if a house is underpriced, it's going to get more than 97% of the list price.  And it's going to sell faster.  And you might wind up in a multiple offer situation.  What does a multiple offer situation mean to you, the buyer?  Means you're going to pay more than you want to pay, if you want that house.  You lose the opportunity to lowball that seller and see what they'll take because you're now bidding!

I've said it before and I'll say it again-Charlotte NC is NOT REPRESENTATIVE of what's being portrayed in the national news media!  We have lots of buyers in our market and lots of sellers-we're BALANCED. You can not hang back and see what happens if you want to buy a great house in a great area-someone else will get to it first.

I have a buyer client, lovely first time buyer, who is ready to make a purchase.  We saw the house he likes best and wrote up an offer...of course, on the low side since that's what he wanted to try.  When I called the agent to get information for submitting that offer, he giggled with delight and told me that he had another offer coming in as well.  So I chatted with my buyer and we revised our offer.  Not as much as I advised, but he said that he would be okay if the house got away.  Later that day (still haven't heard anything from the other side), he called and was worried that perhaps he'd gone in TOO HIGH.  After all, there aren't any buyers out there right now, right?  Um, wrong.   I had to inform him that it's highly unlikely we're even in the running-much less being too high.

See, you just can't steal properties around here if their condition and location and price are strong!  It just doesn't happen except in rare instances.  Get over yourselves and just buy it if you like it!!

eat former model home by CP Morgan Homes, available NOW in popular Brandon Ridge!  This great home for sale in Concord NC  has been nicely upgraded by the current owners.   The home is on a level lot, has been lovingly painted fresh colors inside, has three spacious bedrooms upstairs, and is a great value for the money. 

Brandon Ridge is conveniently located just minutes north of Charlotte NC and is in Cabarrus County (you know, home of lower property taxes and very successful public schools!).

For more information on this great house or to schedule a private showing, please visit our website or call Leigh Brown directly at 866.440.7136.  We're glad to help!

Hot off the presses....we now have mandatory water restrictions in Harrisburg NC as a response to the current drought situation.

Yes, we had a thunderstorm last night (first rain in what, 6 weeks?), but it wasn't enough.  And too many people aren't conscious of their water usage.  So here we go:

*Watering and irrigation of lawns, ornamental plants, and gardens shall occur only between 8:00 PM and 8:00 AM on Wednesday and Saturday. Businesses whose stock in trade is live plants, including nurseries and retail garden centers are exempt from this provision.

*Planting of new ornamental plants or seeding of lawns shall be deferred until the water emergency no longer exists.

*Use of water for washdown of outside areas, including but not limited to driveways, sidewalks, parking lots and public buildings is prohibited, except in the case of a public health emergency, such as a vehicle wreck or spill.

*Residential washing of cars and other vehicles is prohibited. Commercial washing facilities, including those providing handheld washing nozzles may continue normal operation. However, the facility owner/operator shall insure that water is not wasted. (Go to Auto Bell, my favorite, they recycle their water)

*Commercial, industrial, and construction operations shall eliminate all possible waste of water.

*Newly constructed or drained pools shall be filled by permit only. Fill permits shall be issued by the Director of Water Resources, his or her designee, or the Backflow Administrator and issuance of the permits may be curtailed depending on the severity of the situation.

*Faucets should not be left running while shaving, brushing teeth, or washing dishes.

*The use of clothes washers and dishwashers should be limited if possible and these units should be operated with full loads when used. (If you're shopping for a new one, the front loaders pay for themselves pretty quickly in reduced water usage)

*The use of flow restrictions and other water saving devices is encouraged.

*Showers should be used for bathing and limited to four (4) minutes or less.

*In addition, those using well-water for irrigation are strongly urged to water only between 8 PM and 8 AM.

Please report all violations to the Harrisburg Town Hall at 704.455.5614.

And be smart, people.  There's enough for everyone if we're not wasteful.