Charlotte Urban Life

Home values on the rise??

noreply@blogger.com (Charlotte Urban Life) — Mon, 15 Sep 2008 17:10:00 +0000

Where U.S. home prices are likely to rise

Remember a time when the value of your house always went up? There are some bright spots across the country where sellers may soon begin to feel some relief.

By Matt Woolsey, Forbes

More from Forbes.com

§ In pictures: America's most overpriced ZIP codes

§ In pictures: America's most distressed housing markets

§ In pictures: U.S. cities with the most home equity

Believe it or not, in the future, people will be buying and selling homes. Some of them will even make a profit.

It's not so crazy an idea. Consider Albuquerque, N.M. The midsized Southwestern city has experienced housing price declines since a peak in the third quarter of 2007; job growth has been flat; and housing starts are expected to fade by 45% through the end of 2008. Nevertheless, it's a city that home builders and economists are bullish about for 2010 and beyond.

According to analysts at Moody's Economy.com, Albuquerque's job growth through 2012 is projected at an average annual rate of 1.6%, fueled in large part by its low costs and local business expansion. Housing starts in the city are expected to reverse course in 2009, growing by 26.6%, according to the National Association of Home Builders. This means builders have high hopes for 2010 and 2011, when those homes will be completed and on the market.

It's the same story in several other cities: more tough times to come in the short term, but potential for a recovery and a rise in prices in the long term.

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Behind the numbers

To determine where house prices are expected to rise next, Forbes.com looked at projections for housing starts from the NAHB and job-growth figures from Moody's Economy.com for the 100 largest metro areas in the United States. The estimates are based on the cost structures of business in the respective cities and the composition of the local economies.

Housing-start projections from the NAHB may seem like wishful thinking. Trade-association economists often view their own industry through rose-colored lenses. The National Association of Realtors, for example, has developed a reputation for its positive outlooks despite negative numbers.

But the NAHB data are filled with laggards, signifying some realistic thinking. Housing starts in Las Vegas are expected to drop by 32% in 2008 and actually get worse in 2009, falling by a further 43%. In overbuilt, highly leveraged Phoenix, starts are predicted to fall 50% this year and 11% more in 2009.

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Because houses take six months to two years to build, that means home builders aren't expecting profits in the Vegas or Phoenix market until past 2011.

"These are some of the most overbuilt markets," says Robert Denk, an economist at the NAHB. "There are some markets that got really out of hand and they're going to be in trouble for a couple years still." He cites Cape Coral, Fla., as the poster child of overbuilding exuberance. "They built 10 years of housing in two years."

The prognosis isn't as bad elsewhere.

Texas on the rise?

Centex, one of Texas' largest homebuilders, has been stung by overextension into Michigan and Colorado, as well as big bets on the vacation-home market in Texas. In July, the builder reported losses of $150 million. There's a bright spot, however.

San Antonio and Austin, Texas, have largely avoided the real-estate crash, with price increases of 2.5% and 4.1% in year-over-year terms, respectively, according to the NAR. This is driven in part by the fact that the two markets are expecting building slowdowns of 24.7% and 28.2%, respectively, through the end of the year, as home builders are bearish about the remainder of 2008 and 2009 in the sales market or cannot find financing. Builders as a whole are binding their wounds and cutting back production, adopting a wait-and-see approach to home prices in the coming year.

But for the start of 2010 and into 2011, builders expect a more vibrant market for sellers. For homes built in 2009, which would come off the conveyor belt in 2010 and 2011, the NAHB forecasts a 9.6% increase in Austin and a 20.9% increase in San Antonio above 2008 levels. Much of that has to do with expected job growth in all nonfarm sectors.

Recovery in obvious places

At this point, it's clear the subprime contagion won't be contained in the next year, based on the acceleration of home price drops and foreclosures nationwide. But when the bad vintages of loans finally come off the books, the cities where prices are expected to rebound are largely those with vibrant economies.

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"The logic is pretty straightforward," says Mark Zandi, chief economist at Moody's Economy.com. "People will spend as much on housing as their income will allow them. House prices are very closely tied to household income over the long run when you look at business cycles."

This means that recovery is likely in the cards for even the hardest-hit spots. Cities such as Atlanta and Colorado Springs, Colo., may be reeling from high defaults and foreclosures, but from 2007 through 2012 their economies are expected to experience 2% and 1.6% average annual job growth. That means more in-migration and more money in the economy, factors that help businesses grow and profit -- and put more money in residents' pockets.

As local economies grow bigger and more dynamic, land values increase because the value of what can be produced on that land increases. When land prices go up, home values go up.

Home prices moving up; it sort of makes one nostalgic.

The top 5 American cities where home prices are likely to rise

1.Albuquerque, N.M.

2.Charlotte, N.C.

3.San Antonio

4.Portland, Ore.

5.Austin, Texas

Charlotte named best place to live

noreply@blogger.com (Charlotte Urban Life) — Sun, 01 Jun 2008 14:51:00 +0000

CHICAGO (MarketWatch) -- Apparently, there's just something about North Carolina. For the second year in a row, America's best city in which to live lies within its borders, according to Relocate-America.com's annual list.

This year, Charlotte, N.C., is in the top spot, the site announced this week. Last year's winner was Asheville, N.C., which slipped to No. 7 on this year's list.

"North Carolina is very active on our radar," said Steve Nickerson, president and CEO of HomeRoute. "It continues to get a flood of interest from all over."

HomeRoute is the real estate firm that operates Relocate-America.com, a source of community information and real-estate resources for those who are relocating. Each year, the site ranks the top 100 places to live in the country.

Areas need to be nominated on the site in order to be eligible for the list; more than 2,000 were nominated this year, Nickerson said. Special efforts are made to prevent spamming campaigns from influencing the results, he added.

But the site's editorial team also takes into account an area's growth, its educational and employment opportunities, crime rates and housing options before granting it a spot in the top 100. Environmental highlights also play a role, with a city gaining points for good air and water quality or the strength of its recycling efforts, Nickerson said.

Home-price appreciation does get some consideration, however it's only one piece of the analysis, Nickerson said -- explaining why some struggling real estate markets in California and Florida, for example, still made the top 100. Areas that offer a comfortable climate and economic opportunity tend to be the most sought-after communities on the site, he said.

Charlotte's diversity of housing options and home affordability were two of the reasons users nominated the city, Nickerson said. The city's strong economy, boosted largely by the banking industry, was another selling point.

Second on this year's list was San Antonio, Texas, which people praised for its cost of living, recreational opportunities and diversity, he said. Chattanooga, Tenn., came in third place, noted for its vibrant downtown and affordable home prices in the nominations.

Below are the top 10 cities in Relocate-America.com's 2008 list:

Charlotte, N.C.
San Antonio, Texas
Chattanooga, Tenn.
Greenville, S.C.
Tulsa, Okla.
Stevens Point, Wis.
Asheville, N.C.
Albuquerque, N.M.
Huntsville, Ala.
Seattle, Wash.

Read the full list at Relocate-America.com.

The firm also plans on releasing a coffee table book on the top 100 in the near future, Nickerson said. Proceeds will benefit American Red Cross and Habitat for Humanity, he added.

The view from the top

Certainly, being ranked as the top city to live in has its benefits, mainly as a marketing tool for the area to use, said Tony Crumbley, vice president of research for the Charlotte Chamber of Commerce. An email blast sent news of this list to thousands of residents, and the chamber actively keeps track of where Charlotte falls in many of the lists that are published.

"They are important," Crumbley said of the good rankings the city receives. But he also knows that these rankings come and go and that they're somewhat subjective; the city's appeal can change from one day to the next, depending on who is writing the list.

There weren't any significant changes in Charlotte during the past year that would account for boosting the city to the top of this particular list, he said. But the city definitely gets recognized a lot more today than it did 25 years ago, he added.

Bank of America and Wachovia have their headquarters in Charlotte, and it's also a hub for US Airways -- all of which seem to have increased the visibility of the city outside its boundaries, Crumbley said. The addition of professional sports teams since the 1980s has also helped.

In recent years, Charlotte has been successful in attracting young, educated workers to relocate there, he said. Asheville, on the other hand, has become a popular choice with retirees, he added.

But cities can easily make it to the top of one list and rank poorly on another, he said. Case in point: One recent Forbes.com list ranked Charlotte as one of the country's most miserable cities, a ranking, not surprisingly, that Crumbley and others disagree with. Forbes also ranked it as one of the best places to invest in foreclosures, in part because the real estate market there is relatively stable.

"If they're good, you use them. If they're bad, I won't tell you you should ignore them -- you look at them," he said of the lists on which Charlotte appears. But negative rankings aren't likely to end up getting used as a marketing piece for the city.

Good news for Charlotte real estate

noreply@blogger.com (Charlotte Urban Life) — Sun, 01 Jun 2008 14:46:00 +0000

Thursday, May 22, 2008 - 2:45 PM EDT

Charlotte-area home prices up 6.2% for year

Charlotte Business Journal

Housing prices in the Charlotte-Gastonia-Concord market rose 6.16 percent in the 12 months that ended March 31, according to federal data.

The figure comes from the Office of Federal Housing Enterprise Oversight, the group that oversees the government-backed mortgage buyers Fannie Mae and Freddie Mac. Across the country, OFHEO says, prices were flat in the 12-month period.

Charlotte-Gastonia-Concord ranked No. 14 among metropolitan areas with the highest rates of appreciation. Hickory-Lenoir-Morganton ranked 10th, with a 6.41 increase.

But the increases come at a time when sales are dropping.

The number of houses sold in the Charlotte area fell 32.1 percent last month from April 2007, and the average closing price declined 1.9 percent, according to the Charlotte Regional Realtor Association.

The number of closings dropped to 2,400 last month from 3,534 in April 2007. The average sales price dipped to $221,497 from $225,748 a year earlier.

Houses that sold last month were on the market for an average of 133 days.

The Realtor association statistics cover a mix of new and existing homes in Mecklenburg, Union, Iredell, Lincoln, Cabarrus, Gaston and Stanly counties.

OFHEO's figures reflect mortgages that qualify to get bought by Fannie Mae or Freddie Mac. That excludes most subprime mortgages to borrowers with poor credit -- by far the worst part of the market. OFHEO's numbers also include refinancings and home appraisals.

First quarter real estate values

noreply@blogger.com (Charlotte Urban Life) — Sun, 01 Jun 2008 14:37:00 +0000

Charlotte the sole metro area to see 1Q home-price gains

Charlotte was the only U.S. metropolitan area to record a first-quarter gain in housing prices among the 20 markets tracked by Standard & Poor's and Case-Shiller.

The year-over-year price of existing single-family homes in the Queen City grew 0.8 percent in the latest quarter, according to the S&P/Case-Shiller Home Price Index.

Nationally, first-quarter prices declined 14.1 percent from a year earlier in the cities the index tracks.

Las Vegas and Miami were the weakest markets. Las Vegas posted a 25.9 percent decline in prices, and Miami recorded a 24.6 percent drop.

http://www.bizjournals.com/charlotte/stories/2008/05/26/daily5.html?jst=b_ln_hl

Mercury Noda

noreply@blogger.com (Charlotte Urban Life) — Thu, 17 Apr 2008 16:55:00 +0000

Rumors have been circulating about a possible new condominium development in the area of The Neighborhod Theatre ( http://www.neighborhoodtheatre.com/) in Noda and they are indeed true. Coming soon: Mercury Noda!
Encompassing the entire block at the corner of 36th & North Davidson, Mercury Noda will deliver an exciting mix of commercial, retail, entertainment and residential. In addition, this project will package state-of-the-art style and design in an Environmentally Friendly, LEED Certified forum. Square footages will range from 500 square feet to over 1,000 square feet and include Studio, 1 bedroom and 2 bedroom units ranging from the $120's to the $290's. Slated to break ground in 2008, with projected completion in Summer of 2009, Mercury Noda will be one of the first LEED-certified, multi-family residential buildings in Charlotte. Visit the US Green Building Council at http://www.usgbc.org/ for more information on the LEED certification process.
For more information on this and other local Real Estate matters, contact one of us:

Lana Laws: (704)779-9005 or llaws@helenadamsrealty.com

Patrick Deely: (704)604-9303 or patrick@CharlotteUrbanLife.com

Midwood Central Phase II

noreply@blogger.com (Charlotte Urban Life) — Thu, 17 Apr 2008 16:47:00 +0000

Amidst all of the recent commercial development changing the street scape along the Central Avenue corridor, The Drakeford Company continues to change the face of the Urban residential sector. Having successfully completed Midwood Central Phase I and with Plaza Vu ( http://www.plaza-vu.com/ ) in full swing, The Drakeford Company is at it again; this time, Midwood Central Phase II.MC II will consist of 14 single family "city"homes, offering 2035 sq. ft. Priced from $419,900, they will offer Hardwood floors on the living level along with granite, stainless steel appliances, fireplaces and ceramic tile baths. For more on this, call or email one of us:Lana Laws (704)779-9005 or llaws@helenadamsrealty.comPatrick Deely (704)604-9303 or patrick@CharlotteUrbanLife.com
Posted by Charlotte Urban Life at 8:49 AM 0 comments
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Plaza Vu .... breaking ground

noreply@blogger.com (Charlotte Urban Life) — Wed, 30 Jan 2008 02:53:00 +0000

Plaza Vu, the most recent addition to The Drakeford Company's portfolio, has recently shown signs of activity. Located just steps away from (actually directly behind) the Harris Teeter on Central Avenue, Plaza Vu will bring some hip urbanism to a site that, until recently, lavishly displayed the unwanted remains of vinyl clad abandonment. When delivered, Plaza Vu will present 24 one- and two-bedroom condos ranging from 823 to 1048 square feet, complete with hardwoods, granite, stainless appliances, ceramic baths and floor-to-ceiling "store front" windows. The future home to a crowd as eclectic as the neighborhood surrounding it, Plaza Vu's greatest ammenity is the convenience of its supreme location. Just 2.5 miles from the heart of Uptown Charlotte, the site presents residents with the unique opportunity to stroll to some of Plaza Midwoods favorite eateries including Thomas Street Tavern, The Penguin, The Dish, Zada Janes, Common Market, LuLu and more. In addition, Veterans Park, soon to be surrounded by the $500 million urban redevelopment project, currently tagged "Morningside Village," is literally right down the street. To learn more about the project, check out the website at www.plaza-vu.com, or call the sales team, Patrick Deely (704.604.9303) or Lana Laws (704.779-9005).

Zada Jane's...A Responsible Alternative to Dining Out

noreply@blogger.com (Charlotte Urban Life) — Thu, 04 Oct 2007 20:47:00 +0000

FINALLY…someone decided to bring a healthy food option to the Central Avenue corridor. Don’t get me wrong, I love a greasy Penguin Big Block as much as the next classy gal. But when you eat out as often as we do, chili fries at Thomas Street and squash casserole at Dish take a toll on the ole hourglass. So a hearty ‘THANK YOU’ goes out to Roger Raymer (local T-Street bartender and co-owner of Zada Jane’s) and Bob Whitman (owner of Thomas Street and co-owner of Zada Jane’s), for bringing us a venue that was long overdue.

Zada Jane’s Corner Cafe, named after Roger’s grandmothers, is located—in case you haven’t noticed the bright green building next to the bright yellow building—at the corner of Central and Thomas Avenues. They will have indoor and outdoor seating, with shuffleboards out front. And here’s the best part: it’s no smoking inside. So you can pull up a bar stool or cozy into a bright orange booth and breathe clean air, because the color of the building is no coincidence.

Zada Jane’s is answering the call for an environmentally-responsible approach to healthy, affordable beverages and cuisine. But they don’t stop at the food. Noticing a need for more to-go options in our area, the owners and chefs have planned a to-go menu and 100% biodegradable packaging for those to-go items. They’ll also be cleaning their 2 grills (one for meat and one for veggies) with eco-friendly cleansers. What a team.

As for the menu, the main event is breakfast, which will be served in some capacity all day. And they’ll have a light lunch menu with soups, salads, sandwiches, and such. No dinner just yet, but the plan is to phase in a Wednesday-Saturday dinner after the first phase is up and running. The menu will consist of healthy, meat-friendly and vegetarian options, with as many organic foods as possible. But the owners and chefs aren’t interested in making everything organic and selling it for a mint. The goal is to buy as much locally-grown, free-range, gluten-free, hormone-free, antibiotic-free, and worry-free foods as possible, and provide them to us at an affordable price.

So gear-up to get a sneak preview of some of their food at our neighborhood Art Crawl on October 6th. And when they open, which should be by mid- to late-October, you’ll be chomping at the bit to hang out in the bright orange booths, surrounded by green-stained concrete and chicken-yellow walls. Go Zada Jane’s!!

Hours of Operation (at least for now): 6am-4pm
http://www.zadajanes.com/

Coming Soon to Center City's Northern Corridor: North End Square at Greenville

noreply@blogger.com (Charlotte Urban Life) — Fri, 14 Sep 2007 17:03:00 +0000

The Drakeford Company and The Providence Group of the Carolinas propose to develop the seven-acre tract located at the intersection of Statesville Ave and Oaklawn Ave into the mixed-use North End Gateway.

The Providence Group will develop the retail and The Drakeford Company (TDC) will develop the residential component.

Construction of the first phase is scheduled to begin in the 1st quarter of 2008. The initial phase of residential and the commercial building are slated for completion by the 4th quarter of 2008.

Residential townhome reservations, requiring a $1,000 refundable deposit, will be taken starting this month. The project will be formally announced in January, and contracts will be accepted at that time. Prices will range from $175K-low/mid-$200s for 1100-1900 square-feet homes.*

*details subject to change

Only One 2-Bedroom Left on the 3rd Floor at Plaza-Vu

noreply@blogger.com (Charlotte Urban Life) — Tue, 14 Aug 2007 17:55:00 +0000

Donate your car to charity and walk or bike to everything from these cool, urban flats coming soon near the corner of The Plaza and McClintock. With only 24 units, owners at this residential complex will enjoy an exclusive location tucked between the original brick homes of the neighborhood, and all the activity that the Central and Thomas Ave shops have to offer.

But don't wait too long to come in and see us at the on-site sales center. We're there on Mondays 12-3, Wednesdays 3-5, and Sundays 1-4 (or you can make an appointment). Come in soon to make the last 2-bedroom on the top floor your own. With an already exclusive location, 2-bedroom owners on the 3rd floor will have bragging rights to vaulted 14-16-foot ceilings.

Call us to schedule an appointment to visit the sales center and get the whole story: 704.604.9303

Coming Soon...4 Renovated Condos in Elizabeth

noreply@blogger.com (Charlotte Urban Life) — Tue, 14 Aug 2007 17:01:00 +0000

For such a desireable area, there sure aren't a lot of residential options for folks in the $300K and under price range in the Elizabeth neighborhood. This fourplex, built in 1940, is undergoing a major upfit to include refinished original hardwoods throughout each of the four units, maple cabinets, granite countertops, stainless appliances, ceramic tile baths, and tons of storage. Each of these 2-bedroom units have three exterior walls, which means tons of natural light. And the residents will enjoy the charm and quality of old construction, with all the perks of a renovated space.

Scheduled for completion within the next month, all 4 units are priced at $232,500. Contract documents are available now, but the condos have not yet been released to the public. Call Patrick Deely for more info: 704.604.9303 (more photos to come)

Morningside Village Update

noreply@blogger.com (Charlotte Urban Life) — Wed, 18 Jul 2007 02:06:00 +0000

Pre-Construction Update

Morningside Village

Demolition of the old Morningside Apartments has begun. Starting with the brick buildings along McClintock, windows and doors are being removed to prepare for large-scale demolition, sheduled to take place over the next month or two.

Once demo is complete, grading for the site will begin. Remediation and naturalization of the stream and walking trail will begin later in the grading stage. Graham Development, Inc. intends to save as many trees as possible during this process.

Central Avenue Goes Green

noreply@blogger.com (Charlotte Urban Life) — Wed, 20 Jun 2007 15:29:00 +0000

If you're up on Urban Charlotte's latest new construction projects, or you read Doug Smith's Next Big Thing in The Charlotte Observer, you may have already heard the buzz surrounding the Briar Creek and Central Avenue corridor. In May, Citiline Resortline Development and Construction announced pre-construction sales for their new eco-friendly product to be constructed on the northwest corner of Central and Briar Creek. Shortly after, Tuscan Development unveiled their complimentary plans for a slightly higher price point going in directly across Central from the Citiline build; also an eco-friendly concept.

The Vyne, Citiline Resortline's energy efficient condo complex of 99 units (eventually), will be sold in 2 phases. The first phase of 66 units has already been released, and the Helen Adams Realty sales team is taking contracts for 1- and 2-bedroom units ranging in price from the $120s to the $180s. Like all pre-construction projects, exact build dates are uncertain. But for now, completion dates for Phase 1 are scheduled to begin in October of 2008. Here is a chance to get in at today's price-per-foot and take advantage of at least 17 months of appreciation.

Duo at CBC is appropriately named for its 58 duplex homes, designed to preserve the existing trees and natural appeal of the site. The site consists of 8.5 acres of wooded land within minutes of the center city, in the heart of one of Charlotte's most diverse and happening urban spots. Wedged between Plaza Midwood, Commonwealth-Morningside, and NoDa residents of both duo and the vyne will be the first of many to come to enjoy the luxuries of new construction in an already-discovered urban hub. Brace yourselves, the transformation has begun.