Archive for February, 2010

Charlotte Mortgage Rates See Little Fluctuation

Tuesday, February 23rd, 2010

According to the Charlotte Business Journal, mortgage rates in Charlotte are holding steady. Published by Freddie Mac, a 30-year, fixed-rate mortgage averaged 5.01 percent as February arrived, up from 4.98 percent during the last week of January. Both rates are down from an average of 5.25 percent from the same time last year.

Although Charlotte has seen its “third consecutive quarterly increase in single-family home closings,” cited the Charlotte Business Journal, and despite the talk around leveling and even upturning housing markets across the country, the mortgage rate remains relatively the same.

Metrostudy, a generator and provider of real estate statistics for much of North Carolina and some of South Carolina, shows that Charlotte home closings increased by more than 100 units between the third and fourth quarter. Bill Miley, Charlotte’s manager at Metrostudy, underpins progress by stating that new-home markets are still in the shadows of fear surrounding foreclosures, poor job sectors and the credit squeeze; however, several reports show that the housing market is climbing from the wreckage of a poor economy nonetheless. Steady mortgage rates reinforce this positive upturn.

This continues to be your best time to relocate to Charlotte or invest in property throughout any number of its blossoming districts. Until April, homebuyers can still take advantage of buyer assistance credits and programs, home prices are steady and mortgage rates are holding at all time lows. With increased sales and a continually improving lending / borrowing atmosphere, mortgage rates will likely see a rise in the future. But for now, it continues to be one of the most affordable times during recent history to purchase a home in the Charlotte area.

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What You Need to Know About a Neighborhood Watch

Friday, February 19th, 2010

Most homeowners feel that ensuring the safety of the community is a top priority. For this reason, neighborhood watches emerge. A neighborhood watch is typically self–managed, although police involvement is common. Whether your community has a standing neighborhood watch or you’re hoping to spearhead one in your neighborhood, here are some things to think about.

Tips for starting a successful neighborhood watch program

  • Start a Web site. Include community crime statistics, links to nearby neighborhood watch plans and local safety concerns
  • Incorporate a social aspect into your Web site so neighbors can communicate with one another about pertinent issue regarding neighborhood safety
  • Collect a small group of neighbors to serve as a planning committee. Work together to determine a timeline for the setup of the neighborhood watch and to set goals.


Tips for maintaining a successful neighborhood watch

  • Communication is key. Stay in touch with your local law enforcement agency regarding the happenings in your community.
  • Hold monthly meetings, or bi–monthly if your community’s safety concerns are more severe. Take minutes of the meetings and offer them up to residents, government officials and police departments in your area.
  • Prepare maps and emergency contact. Block leaders – homeowners willing to be the main point of contact for surrounding neighbors should an issue arise. Distribute maps, addresses, phone number and email addresses – of those willing to be listed – so neighbors can contact neighbors with ease.

Tips for self–protection

  • Utilize outdoor security lighting at night.
  • If you leave town, hold your mail and ask a trusted neighbor to pick up your papers, take out the trash, etc. You don’t’ want to advertise the fact that you’re out of town.
  • Keep you trees, shrubs and lawn neat in order to maintain clear lines of sight outside the home.
  • Maintain your home’s security systems, window locks and door locks at all times.

Most of the time, a community’s police force is enough to keep crime at bay; it never hurts to have extra sets of eyes on the scene. The more neighbors involved it the watch program, the more thorough the safety. Keep open communication a the forefront to ensure a successful watch.

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Uptown Residents are Getting New Neighbors

Monday, February 15th, 2010

Living in Uptown Charlotte offers residents the best of both worlds – the urban convenience of dining, shopping and working within walking distance combined with diverse real estate options fit for the historic home hunter, high-rise dweller and everyone in between. There is new development – Crosland Greens – slated to start settling in next to Uptown Charlotte later this year.

Located 3 miles from Uptown Charlotte, this concentrated urban community will be centered around the Scaleybark transit, is planned to sit on 36 acres of property and will be home to an array of places to work, live, shop, eat and play.

Replacing the existing Scaleybark Branch public library with a 16,500 square foot, remodeled establishment is first on the long list of building projects. Other plans include a 60,000 square foot office building, three stories high, and about 700 apartments, condos, townhouses and single-family dwellings. The tenants in approximately 50 duplexes, built in the 1950s, and 50 additional apartments, will be forced to relocate during later phases of development.

One of the main goals of Crosland Greens is the promotion of sustainability and community. The 36 acres will be closely knit with signage, streets and sidewalks to encourage walking and bike riding as opposed to driving. It will be centered around the transit because the developers and investors are striving to create a clean, cohesive look within the entire Scaleybark Transit District. Grocery stores, restaurants and other retail venues will be geared toward neighborhood growth as opposed to solely profit.

Additionally, Urban Charlotte residents will have easy access to the mixed-use development, which will encourage the merging of business, housing and entertainment markets. Since the approval of the zoning application last June, the plans for Crosland Greens have been under way. It should begin bringing growth and an eco-friendly conscience, among other things, to the Uptown Charlotte and Scaleybark Transit districts later this year.

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History vs. Housing Expansion – City Planning Gets Involved

Monday, February 8th, 2010

We are all familiar with the “McMansion Theory.” New, multi-thousand square foot homes built on lots the same size as the 1,000 square foot, 1950s bungalow next door. As you drive past them, it appears one is towering over the other, and essentially, this is the case.

In long-standing Charlotte neighborhoods such as Dilworth, Wesley Heights, Belmont and Wilmore, this fight between preserving homes’ history and charm and allowing for housing expansion and development is becoming more prevalent.

Members of the communities being affected by this imbalance are making their voices heard to the Charlotte-Mecklenburg Planning Department. As a result, officials are beginning to explore policies that would work toward historic preservation, zoning, new construction guidelines and other design regulations.

Included in their discussions are the reviews of standing zoning ordinances that would allow for updating the design standards for single-family, residential properties. This could affect home expansion in front and side yards, as well, meaning that homes could not sit too close to existing homes or the street.

Is government involvement in residential development a positive thing? Of course, some people are opposed and others supportive. In 2004, similar concerns about quality of life and zoning were brought to city planning departments. By tightening up design regulations, the intent is to preserve neighborhood character and the life of residents’ property. Yet, a smaller home sitting in between two larger homes may give the owner the option to sell for a much higher price. It is definitely a multi-faceted, multi-sided argument as to whether or not government regulation is appropriate in the neighborhood development sector.

The Charlotte-Mecklenburg Planning Department has a foreseeable, endless debate on their hands. The ultimate goal is to ensure that Charlotte’s historic communities do not decline in value, while at the same time, guaranteeing residents an equal quality of life.

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Population is Growing and Prices are Leveling Out

Wednesday, February 3rd, 2010

Despite national mobilization being down—no doubt due to the lethargic economy of the past few years—there is something about North Carolina that keeps people knocking at its doors. With a 2% population increase last year, it became the nation’s 4th fastest growing state, and it is still standing strong as the 10th largest state in the country. This is great news for Charlotte, the hub on North Carolina’s business and housing sectors.

With an influx of people, Charlotte is seeing more trade and commercial development. The housing market is also set to benefit from the state’s continuing growth.

In November of last year, home prices had fallen 5.5% from November of 2008. The most recent publication from Standard & Poor’s/Case-Shiller Home Price Index cites that Charlotte home prices slumped a meager 0.3% from October to November in 2009. This is an insignificant decline compared to the three months previous and a far cry from the 5.5% drop of the year prior.

Charlotte real estate markets are still sitting on the sides of buyers, however. Home sales are increasing and home prices are gradually catching up, but with first-time homebuyer’s tax credits, mortgage assistance, lending reform, low refinancing rates and other movements geared toward bolstering the housing market, buyers can still find excellent opportunities for purchasing residential real estate at record-setting affordable prices throughout Charlotte.

Currently, the median home price in Charlotte is approximately $155,250 and every day, you can expect to see a selection of around 133 homes listed throughout some of Charlotte’s best neighborhoods. From the old-soul Dilworth suburbs to the chic condos of Plaza Midwood and historic ranch homes of Wesley Heights, there is a niche for everyone in Charlotte. If you are looking to get moving with the rest of the population that finds this booming North Carolina city so appealing, the home prices and real estate market are ripe and waiting.

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Posted in Charlotte Real Estate, Dilworth, Plaza Midwood | No Comments »