Posted On: February 8, 2010 By: admin

A three month look at MBS (mortgage backed securities) tells us that prices today are at the highest point of the year thus far.  As mortgage backed securities increase, interest rates will continue to fall and may hit all-time lows in coming weeks.  Today’s question would be “What will send MBS’s prices even higher?”  The answer would be strong signs that the economic recovery is failing both at home and abroad.

Greece’s debt level is a high concern. Goldman Sachs was quick to point out that if Greece is handled incorrectly by the Euro Zone then a large portion of Europe’s GDP could be at risk.  That would be the catalyst that would encourage investors to pay higher prices for safer assets such as Treasuries and MBS and pull money from riskier assets causing rates to fall. and setting the economy back three months and erasing the hopes of a strong first quarter. 

Though the thought falling interest rates is attractive, be cautious of the banks putting their wallets away and shoring up for a rough spring.   With first-time buyer incentives ending in April, all-time low rates, and the most liberal lending environment in the last year, it may be wise to act now. 

Edward Mayor, Wyndham Capital Mortgage (704) 369-2629

Wyndham Capital Mortgage rates:

Conventional 30yr Fixed ………………..4.750%

Conventional 15yr Fixed…………………4.125%

Conventional 5/1 ARM……………………3.500%

FHA 30yr Fixed……………………………4.750%

FHA 15yr Fixed……………………………4.250%

Category: Uncategorized

Posted On: August 19, 2009 By: admin

When buying real estate in any area, it is very important to use an agent who knows the area well.  There are many different buildings in Uptown Charlotte to choose from, and you need to make sure each building is a good fit for you and your life style.

If a friend of mine wanted to buy a condo/house on Lake Norman or Lake Wylie I wouldn’t want to be his agent.  I would simply refer my friend to an agent who knows that area well.  Uptown Charlotte is very complex and I encourage you to use an Uptown agent if you are in the market to buy or sell.

 Scenario A:

I recently received a call from an agent who just helped her client purchase a foreclosed unit at XYZ.   She started asking questions and I started giving her answers.  She was unaware of the HOA dues that were going to be going to increase due to a recent lawsuit with the developer.  If she was an Uptown agent she would have known of the recent problems with the building and advised her clients before making an offer to purchase.

Scenario B:

There are a few condos in Uptown Charlotte which have high levels of Radon gas.  I’m not going to name them as I don’t want them contacting me complaining or trying to sue me.  Radon gas is the 2nd leading cause of lung cancer in the US.  Radon gas kills more people than drunk driving every year.  Radon Gas is a serious issue and its presence substantially diminishes the value of each property. 

As a buyer, would you want to know about Radon Gas being in the building before purchasing it?  Before selling their property owners must fill out a Residential Property Disclosure form.  They must fill this out honestly or face a legal action by the new owners after closing.

I have checked some of the Residential Property Disclosure forms in these buildings and they mention nothing about Radon Gas.  Frequently, the owners don’t tell the agent about the radon gas; an uninformed agent can’t disclose the information before an offer is made.  Sadly, some agents don’t reveal the problems until after an offer is made.  I recently talked to an agent who had a listing in one of these buildings and he said “It’s an easy fix, and we will worry about it while under contract.”

Obviously this agent was not well informed about how long it can take to get the unit repaired and made safe.  The seller or buyer has to gain approval of the HOA Board, pull city permits, and then have some ugly piping run throughout your unit.

In closing, be careful who you choose to represent you in buying property.  Make sure that the agent is familiar with the area in which you want to buy.

Category: Uncategorized

Posted On: June 4, 2009 By: admin

The 2009 Taste of Charlotte will in Uptown Charlotte on 6.5.2009 and will end on 6.7.2009.  Admission to Taste of Charlotte is free and guests can purchase coins at one of the many coin booths.

Many resturants will be there including Black Finn, Dixie’s Tavern, Flat Rock Grille, Bombay Cuisine, Fuel Pizza and many more!

For a map of the fesitval please Click Here

Category: Uncategorized

Posted On: April 22, 2009 By: admin

Reports have shown that one out of every five units in Uptown Charlotte is vacant.  This is happening as Condo owners aren’t willing to take losses on their Condo by selling them.  In turn, they are hoping to rent them, even at a negative cash flow, before eventually putting them back on the market in the near future to try to get fair-market value.  Let’s look at how many units have been sold in Uptown Charlotte in recent years.

As you can see the numbers are staggering.  It truly is a buyer’s market out there and Interest rates are so low, if you have a secure job and ever wanted to get a fabulous deal.  Then now is the time!

After giving you the numbers you can see why so many owners are looking to rent out their units.  To get a unit rented you can go about this in several ways.  You can post it on craigslist and do it yourself, hire a property management company or call your favorite real estate agent.

The property management company or your real estate agent will put your unit on the MLS more often than not and offer a 10% commission of 1st month’s rent to the agent who finds them a tenant.  Here lies the problem.  Not many real estate agents are going to spend their entire day showing rental properties in hopes of making 10% or on average $150 dollars.

There isn’t even a guarantee they will like any of the units you show them!  I recently had a client moving here from California.  I couldn’t meet with him on Saturday and I called 5 other agents to see if they would take care of him and they all said no.

Recently I’ve noticed a positive trend and that is as competition is increasing, agents are offering higher commissions for those agents who find them tenants.  The Catalyst Condos are offering $500 and a lot of units at Fifth and Poplar are offering $500 referrals.

If you have a rental property and the referral is being offered at 10% of 1st month’s rent then they are doing you a disservice.  At the very least they should be offering $500 dollar or half 1st month’s rent.

Now you know why your rental isn’t getting as much foot traffic as it should!

Category: Uncategorized

Posted On: April 3, 2009 By: admin

On April 1st, 2009 Rent Uptown Charlotte was launched.  Users will have the ability to search available condo / town homes rentals in Uptown Charlotte.  Most of the listings you will find won’t be found on popular sites like craiglist.com and rent.com

By using the site, you will have access to all the Uptown Charlotte Rentals and surrounding areas.  Due to recent recession, 1 out of 5 every Uptown Charlotte Condo is empty.  For more information on recent rental activity please see our blog entry titled “Uptown Charlotte Condos Turning into Rental War!”

Category: Uncategorized

Posted On: February 27, 2009 By: admin

On Monday, Charlotte City Council has approved an ordinance replacing old news racks with a more aesthetically pleasing modular news rack.  The ordinance also forces all Uptown Charlotte news racks to be at least two feet from the curb and at least for feet from fire hydrants and crosswalks. 

The new modular news racks will cost $260,000 and Charlotte Center City Partners and the Charlotte Regional Visitors Authority will flip the bill.  Tax dollars both contribute to both organizations.   The changes should come this summer

Category: Uncategorized

Posted On: January 26, 2009 By: admin

The closest hardware store to Uptown Charlotte residents is closing its doors.  On January 26th, Home Depot Design in Midtown announced they are closing their doors.   The business will officially close in by the end of April. 

Home depot announced several other specialty stores closing nationwide.  There will be approximately 7,000 national wide and 93 Charlotte job cuts.  The 128,000 Sq Ft space is owned by the Home Depot and will be looking to sell by the time they move out.

Category: Uncategorized

Posted On: December 11, 2008 By: admin

Uptown Charlotte will welcome the 2009 First Night Charlotte New Year’s Eve celebration, an event that has been discontinued for over 10 years.
 
The celebration will be held at various locations throughout Uptown Charlotte, including InaginOn and Spirit Square., starting at 3 PM on December 31, 2008 and will continue until New Year’s Day morning.
 
Admission to the alcohol-free event is $10 and will feature activities for the entire family, including arts, music and fireworks.
 
The last First Night Charlotte celebration was held in 1995 and the last New Year’s Eve celebration held in Uptown Charlotte was in 2005, where several fights and arrests occured.
 
The Center City Partners along with the local Uptown Charlotte arts community are sponsoring the event.
 
First Night International, an organization that licenses and oversees the First Night celebrations worldwide, started the first celebration in Boston in 1976. The event is catered to families as an alternative to traditional New Year’s events.

Category: Uncategorized

Posted On: November 30, 2008 By: admin

The Ark Group, development company for the NC Music Factory, has teamed up with Live Nation, a major U.S. concert promoter, to open two concert venues in the entertainment complex.
 
Live Nation, will plan to book and promote concerts for the Fillmore, a 2000-seat night club and a 5000 seat outdoor amphitheater. Live Nation, who are based in Los Angeles, also operate the Fillmore night clubs in Miami, New York and San Franscisco, where they have booked performers, such as John Legend, Staind and WIllie Nelson.
 
The NC Music Factory, slated to officially open in Fourth Ward by summer 2009, will be landlord to several business offices, restaurants, bars and clubs, including Butter, Crobar and Wet Willies. They are located in Uptown Charlotte at 1000 Seabord Street.

Category: Uncategorized

Posted On: November 20, 2008 By: admin

Parade on Thursday, November 27, 2008 at 10 AM.
 
The parade will commence in Uptown Charlotte at Tryon Street and 9th Street,  and will then proceed left onto 3rd Street and will then end between Davidson Street and McDowell Street on 3rd Street.
 
Uptown residents can take CATS buses to the parade, which will stop one block from the event or can take the LYNX Blue Line, which stops at 3rd Street. The Carolinas’ Thanksgiving Day Parade will also be televised on CBS, WBTV, Channel 3. 
  
The parade, which started in 1947, is sponsored by Carolinas’ Carrousel, Inc, a non profit organization that offers scholarships to talented Charlotte youth. Their scholarship programs, include the Queen’s Scholarship and the Band Scholarship.
 
For additional information about the parade, please visit their website.

Category: Uncategorized