Saturday, May 21, 2011

The Beginning Of The First Ward Park

Dirt is being turned on the corner of West Eighth and Brevard Streets in the First Ward.  The UNCC Downtown Classroom building is nearing completion and is scheduled for a fall opening, and the accompanying parking deck and public park is about to begin.  This reshaping and redefining of this area will be a welcome change to the surface parking lots that have been there.  Go here for construction diagrams of the park's layout.

This park has been long delayed but signals a start to North Tryon activity that has the potential to reshape the First and Fourth Wards similar to the fashion that the Levine Museum Complex has reshaped the Second and Third Wards. 

The major difference between these two sections of the city is that there is a much higher concentration of residents already living in the First/Fourth Wards

The Sign Says Coming Soon!

Located on the northwest corner of West Third and Graham is a small sign that is announcing that the site is the future home of the Charlotte Knights.  While it is great to see that sign, how soon is coming soon?

I have tried to go through my usual contacts for some indication that activity is taking place, but have been unable to get any kind of update.  This much I do know.  Jerry Reese has run out of appeals on all of his various legal actions against the county, though he claims he is not finish yet. 

My belief is that the construction of the stadium will be underway by the time of the Democratic National Convention for these reasons.  A vote by the county will be coming this summer to decide whether to begin construction of the Romaine Bearden Park.  That should be an easy decision.  The Knights have a payroll of close to 70 people, they all pay taxes to South Carolina, a move to Charlotte will require taxes be paid to North Carolina.  Currently that area is not generating any tax revenue, whether property taxes or payroll taxes.

The empty space in the Third Ward between Tryon and the railroad tracks MLK Blvd and Fourth Street encompasses close to 20 acres.  By comparison sake, the Levine Arts Complex with the Duke Energy Center covers about 6 acres.  The Third Ward site needs something to kick start development, and a baseball stadium would do that.  The stadium will bring in excess of 500,000 people into the Third Ward covering over 70 events.  That kind of traffic draws development.  And finally, construction costs will never be lower.

Once this project gets underway, the level of activity will increase the desire of living in the downtown area, and since new construction is down, existing home prices will begin to stop their downward spiral and property appreciation will return.

How To Figure The Right Price For A Property

In buying or selling a property, there are some guidelines that can be helpful in determining a price.

What are the comparatives?  While similar or nearby homes have a bearing on the price they are not always the definitive or decisive reason.  That said, getting comps sets the pricing bar as far as determining the fair market value.  Keep in mind, and appraiser sent by the bank will do a more detailed comparison to deliver to the bank what price the property should be worth.
Recent sales are the key.  Going too far back and you might be viewing a different market.  If you do get into contract, these may be the same comparables which will be considered by the appraiser, so looking at them before making an offer can:

How much can you comfortably afford? This is much more critical for buyers than for sellers. Prior to finding the house of your dreams, talk to a mortgage broker to see what you can qualify for.  Keep in mind also that the mortgage market is competitive, and rates can fluctuate.  Some lenders will have underwriting restrictions that need to be considered.  Bottom line is that your payment should be something you can live with.

How many others are bidding on the property?  This is another step at which it’s critical to check in with your agent. You need to know what level of competition you’ll face.  Buyers should be aware of the competition that could exist for properties.  Even in today’s market there are properties that will command multiple offers. I can help you properly value a property, and keep your offer in front of a seller.

How badly does the seller need to sell?  Buyers: Has the property you’re interested in dropped in value?  How long has it been available on the market. Sometimes a listing or a listing agent will indicate that the seller is highly motivated.  That is usually a sign that bargaining room is available.

How badly do you want to buy, or sell, the place?  This is all about you – what is your level of motivation? It doesn't make sense to offer more than the list price just because you have become emotionally involved with it, unless you have more cash than you know what to do with. But within the range of the fair market value, it may make sense to move higher within that range if you are highly motivated to get that particular property.
Sellers: think of your list price as the most powerful marketing tool at your disposal. if you really want or need to sell, get aggressive about setting your price as low as makes sense for your your home's value and local market dynamics to attract qualified buyers and help your home stand out against all the competition