Sunday, August 16, 2009

ArtParty from Green-Rice Gallery


I held an ArtParty from Carla Garrison,owner of the Green-Rice Gallery in Noda last night between 6 and 9 pm. It was the third time I have hosted these folks, and they did not disappoint either with their attendance or their artwork.

Several of the artists were in attendance, and one, Matt Hooker, spent part of his evening working on a skyline painting.

Jeff and Janet Ganoung from the Great Harvest Bread Company on Kings Drive brought some of their delicious breads for us to enjoy.

We also had a wine tasting from PRP, and Megan Magri hosted that event.

It was a lively crowd, and our party got somewhat extended past 9 pm. Look forward to more of these events in the future.

Tuesday, August 11, 2009

Trains, Trains, and Trains


There was a meeting last night at the Government Center hosted by the North Carolina Department of Transportation. The main focus was improvements to be made to rail lines as it affects the downtown area of Charlotte.

One of the main points was changing the CSX rail line that runs east and west, paralleling the Brookshire Freeway and spanning I 77 near the Johnson C. Smith Campus. This also runs past the growing North Carolina Music Factory. That line crosses over two Norfolk Southern lines as they converge behind the ADM Grain Silo's near the Northwest edge of the Fourth Ward. This CSX line will be dropped below grade by some 30 feet!

The most noticible impact this will have on us will be the reduction of noise as the trains will no longer need to blow their whistles as they pass over other tracks, and will no longer need to be staged to allow other traffic to pass.

This will also open the way for expanded and upgraded Amtrak traffic as it will approact the new to be built Amtrak Station on Trade Street near Graham.

One thing about railroads, they are sometimes slow, but they are steady and relentless. The light at the end of the tunnel is significant progress coming to Charlotte!

Friday, August 7, 2009

Buyers Tax Credit Extension Promised- What It Means For Everyone

The stimulus bill passed in February provides first-time home buyers a tax credit equal to 10 percent of the home's purchase price or up to $8,000, whichever is less, when they file their taxes. Since then, new buyers using FHA-insured loans will be allowed to treat the tax credit as additional down payment funds, or use it to pay for the closing expenses. That program < HERE> was set to expire November 30th. As it gets closer to that date some consumers trying to come up with the necessary funds may be fearful that time will run out, dashing their dreams of owning their home. With recent improvements in the housing market, declining inventory and other positive metrics, Congress should see the long term value in extending the Tax Credit.
Senate Majority Leader Harry Reid said he expects congress to extend the tax credit by the end of the year. Reid envisions maintaining the credit at the $8,000 level. He said there has been an effort to make the credit available to those other than first-time homebuyers, but acknowledged that may be a steeper climb.
Do I Hear $15,000?..... Raising The Ante
The Home Buyer Tax Credit Act of 2009, introduced by Sen. Johnny Isakson (R-Ga.), would raise the tax break from $8,000 to $15,000, or 10 percent of the home's purchase price, whichever is lower; remove income restrictions - the current credit is available only to households making $75,000 or less - and extend it to all home purchasers, not just first-timers.
Bankers say that increasing the first-time buyer program would go a long way toward stimulating home sales and, in turn, the economy. Jay Brinkmann, the chief economist at the Mortgage Bankers Association, estimates that just upping the tax credit to $15,000 would lead to an additional 400,000 home sales.
I am Not Buying, What's In It For Me?
This is not only good for first-time buyers but possibly all homeowners.
1) As first timers move into the market it takes pressure off the resale inventory. To the extent that existing homeowners who want to move up probably have to sell their existing home, this new policy can have a dramatic impact. Recently up to 40% of all home sales have involved first time buyers.
2) See all those foreclosures in your town or subdivision? They are weighing down the value of your home even if you can't see it happening. First-Timers generally buy at the low end of the market and will absorb these abandoned homes.
3) Studies have shown that first-time buyers have a significant impact on the local economy and contribute in other socially positive ways.
4) A thriving resale market helps maintain home prices as they recover from the recent downfall.

Wednesday, June 24, 2009

Inside NASCAR Hall of Fame


What a treat the City of Charlotte is in for with the May 2010 opening of the NASCAR Hall of Fame. I was fortunate enough to have a guided tour of the facility yesterday. As a "Realtor Without a Car" you might understand that cars don't impress me all that much, but as someone who can understand promotion and marketing, I was extremely impressed.


The size of the Main Hall will take your breath away! The ability to walk through a section of a speedway curve and get a feeling for the 33 degree angle of the banking will scare you. The layout, placement of changeable exhibits, amenities, restaurants and nearby hotels will make this Hall a favorite destination.


You will be proud to take your out of town friends to this place.

Wednesday, June 17, 2009

Have a VUE of the VUE

Please go to this link http://homesite.obeo.com/viewer/default.as...mp;locale=en-US for a virtual tour of one of the units available in the VUE. I had the opportunity to personally see this unit, and it is quite stunning.
One of the unique features of this is the fact that it has it's own garage! That's right, it is on the fourth floor, and when driving up through the parking garage, you will come to a section that has garage doors, and this unit has one. Two parking spaces that enter directly into the condo.
The kitchen has all the latest appliance, and the rooms are all of good size.
This will be a great addition to the Charlotte downtown market.

Saturday, June 13, 2009

This Is What Is Not Happening In Charlotte

By Tom Leonard in Flint, Michigan Published: 6:30PM BST 12 Jun 2009

House under demolition, USA: US cities may have to be bulldozed in order to survive The US government is looking at expanding a pioneering scheme in Flint, one of the poorest US cities, which involves razing entire districts and returning the land to nature Photo: GETTY The government looking at expanding a pioneering scheme in Flint, one of the poorest US cities, which involves razing entire districts and returning the land to nature.

Local politicians believe the city must contract by as much as 40 per cent, concentrating the dwindling population and local services into a more viable area. The radical experiment is the brainchild of Dan Kildee, treasurer of Genesee County, which includes Flint. Having outlined his strategy to Barack Obama during the election campaign, Mr Kildee has now been approached by the US government and a group of charities who want him to apply what he has learnt to the rest of the country. Mr Kildee said he will concentrate on 50 cities, identified in a recent study by the Brookings Institution, an influential Washington think-tank, as potentially needing to shrink substantially to cope with their declining fortunes.

Most are former industrial cities in the "rust belt" of America's Mid-West and North East. They include Detroit, Philadelphia, Pittsburgh, Baltimore and Memphis. In Detroit, shattered by the woes of the US car industry, there are already plans to split it into a collection of small urban centres separated from each other by countryside. "The real question is not whether these cities shrink – we're all shrinking – but whether we let it happen in a destructive or sustainable way," said Mr Kildee.

"Decline is a fact of life in Flint. Resisting it is like resisting gravity." Karina Pallagst, director of the Shrinking Cities in a Global Perspective programme at the University of California, Berkeley, said there was "both a cultural and political taboo" about admitting decline in America. "Places like Flint have hit rock bottom. They're at the point where it's better to start knocking a lot of buildings down," she said. Flint, sixty miles north of Detroit, was the original home of General Motors. The car giant once employed 79,000 local people but that figure has shrunk to around 8,000. Unemployment is now approaching 20 per cent and the total population has almost halved to 110,000.

The exodus – particularly of young people – coupled with the consequent collapse in property prices, has left street after street in sections of the city almost entirely abandoned. In the city centre, the once grand Durant Hotel – named after William Durant, GM's founder – is a symbol of the city's decline, said Mr Kildee. The large building has been empty since 1973, roughly when Flint's decline began. Regarded as a model city in the motor industry's boom years, Flint may once again be emulated, though for very different reasons. But Mr Kildee, who has lived there nearly all his life, said he had first to overcome a deeply ingrained American cultural mindset that "big is good" and that cities should sprawl – Flint covers 34 square miles. He said: "The obsession with growth is sadly a very American thing. Across the US, there's an assumption that all development is good, that if communities are growing they are successful. If they're shrinking, they're failing."

But some Flint dustcarts are collecting just one rubbish bag a week, roads are decaying, police are very understaffed and there were simply too few people to pay for services, he said. If the city didn't downsize it will eventually go bankrupt, he added. Flint's recovery efforts have been helped by a new state law passed a few years ago which allowed local governments to buy up empty properties very cheaply. They could then knock them down or sell them on to owners who will occupy them. The city wants to specialise in health and education services, both areas which cannot easily be relocated abroad. The local authority has restored the city's attractive but formerly deserted centre but has pulled down 1,100 abandoned homes in outlying areas. Mr Kildee estimated another 3,000 needed to be demolished, although the city boundaries will remain the same.

Already, some streets peter out into woods or meadows, no trace remaining of the homes that once stood there. Choosing which areas to knock down will be delicate but many of them were already obvious, he said. The city is buying up houses in more affluent areas to offer people in neighbourhoods it wants to demolish. Nobody will be forced to move, said Mr Kildee. "Much of the land will be given back to nature. People will enjoy living near a forest or meadow," he said. Mr Kildee acknowledged that some fellow Americans considered his solution "defeatist" but he insisted it was "no more defeatist than pruning an overgrown tree so it can bear fruit again".

Tuesday, June 9, 2009

Tax Credit can be used for Down Payment!

In his work with Congress to pass the Recovery Act, U.S. Housing and Urban Development Secretary Shaun Donovan said, the President stated that “this economic downturn began with a downturn in the housing market and a recovery in our economy has to begin with the recovery in the housing market, as well.”

Bringing the Tax Credit to the Closing Table
In a move to further stimulate home sales across the country, Donovan announced that the FHA was allowing home buyers to apply the Obama Administration’s $8,000 first-time home buyer tax credit toward the purchase of an FHA-insured home.
Under new FHA rules, state housing finance agencies and other government entities can “monetize” up to the full amount of the tax credit to enable borrowers to immediately apply the funds toward their downpayments.
Home buyers who are using FHA-approved lenders can apply the tax credit to a downpayment beyond the 3.5% minimum required on an FHA-insured mortgage — or to their closing costs.
Donovan cited estimates from NAHB that the tax credit would help to stimulate 160,000 incremental home sales — 101,000 to first-time buyers who receive the credit and another 59,000 to existing home owners who will be able to buy another home after selling their current home to a first-time buyer.
“Given FHA’s current market share, we believe that tens of thousands of families will be able to purchase a home by our actions today in allowing this tax credit to be applied toward their FHA-insured mortgage,” he said.
“I believe this policy is a real win for everyone,” Donovan said. “And today, we are, by doing this, taking another important step toward accelerating the recovery of the nation’s housing market.
“Families will now be able to apply this tax credit toward their home purchase right away. And at the same time, I want to be very clear, we are putting in place the necessary safeguards to ensure that consumers will be protected in using this.”

Sunday, May 31, 2009

What's Up with the $8,000 Tax Credit?

In order to understand the details of the housing stimulus bill or $8000 home buyer tax credit (also called as $8000 housing tax credit) as a first time home buyer you need to understand the following points:What does first time home buyer exactly mean? -The law defines "First time home buyer" as a home buyer who has not owned a principal residence for the last three years. For married tax payers, both you and your spouse must be 'first time home buyers' in order to qualify for the housing tax credit. For unmarried joint purchases, either of the qualifying partner may be a 'first time homebuyer'. In this case the $8000 housing tax credit can be allocated to any of the partners. Note the if you have bought a home 3 years ago and have rented it since then, then it does not count as principal residence and you may still be eligible for the $8000 first time home buyer stimulus. Neither rental properties or vacation homes count as principal residence. However, if the new home you are purchasing is a mobile home or condo, and it is going to be your principal residence, you still qualify for the home buyer tax credit. Even building a home on a land (as opposed to purchasing a ready-made house) qualifies for the $8000 housing tax credit. In order to qualify for the home buyer tax credit, the first time home buyer must purchase the house between January 1 2009 and December 1 2009, both dates inclusive.
How much tax credit will homebuyers get? - Although this tax credit is referred to as $8000 housing tax credit, remember that the total amount of tax credit a home buyer gets is up to 10% of the purchase price of the new house up to maximum of $8000. Thus in order to get a full tax credit of $8000 your purchased property must be above $80,000 in value.
1. Income Limits for $8000 home buyer tax credit: First time home buyers with modified gross annual income of $75,000 get full benefit of this housing tax credit. The tax credit is gradually reduced for those with income between $75,000 to $95,000 and finally a home buyer gets no tax credit if his/her modified gross annual income is more than $95,000. For married taxpayers, the home buyer tax credit is gradually reduced to zero for modified gross annual income between $150,000 to $170,000.
2. This is a Refundable Tax Credit - Remember that this is a tax credit and not a tax deduction. That is qualified first time home buyers deduct $8000 from their total tax owed to the IRS and NOT the total taxable income. Moreover a refundable tax credit means that in case the total taxes you owe to the IRS are less than $8000, you can actually get a refund for the balance amount!
This $8000 home buyer tax credit, unlike $7500 tax credit does not need to be repaid to the IRS - the earlier $7500 housing tax credit was essentially an interest free loan which the home buyers needed to repay in 15 years. However, although this $8000 home buyer tax credit may look only $500 more than the previous housing tax credit, it is all yours!

Wednesday, May 6, 2009

New Look At Charlotte's Skyline



This is a striking photo taken from the construction camera at The Garrison located near Tenth and Graham Streets. In it you can clearly see the impact that some of the new construction is having on the Charlotte Skyline.
In the background is the Duke Energy Tower. In this picture, the “Handle” is almost ready to be installed. The height of it easily dwarfs the buildings in the foreground, the Carillon Building, and TradeMark Condominiums.
In the foreground you can also see Hanover Place, a small townhouse development on North Graham Street, and Fifth and Poplar, a low rise condominium development which encompasses an entire city block. In between the two is the location for Fourth Ward Park. To the right can be seen the continued growth of The VUE, destined to be the first high-rise condominium in Charlotte to top out over 50 stories. There are about 15 more floors to go.
They are just about the level where there will be a step-back as the tower continues to rise.
The sales center, located in the Independence Building on the Square, has indicated that 65% of the units are under contract. That is a healthy amount at this stage, and as it nears completion, the activity will pick up substantially. The VUE will indeed be a noteworthy addition to Charlotte. The views will be incredible, both looking at the city as well as looking towards Kings Mountain, and the way it will “frame in” the Fourth Ward can already be felt.