October Real Estate Report

Listed below is the residential real estate market summary for the Charlotte area for the period October 6, 2009 through November 5, 2009:

Sold: 2,210; avg. LP $218,050; avg. SP $196,204; %LP/SP 90.02%

New Listings: 4,863; avg. price $259,794

Under Contract: 2,400; avg. price $217,013

Withdrawn: 1,899; avg. price $341,375

Expired Listings: 1,610; avg. price $343,767

Active Listings: 23,850; avg. price $312,647

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The number of homes sold during the month of October increased 13.4% compared to September and 19.6% above the level of home sales for October a year ago. The average selling price for the month decreased 0.3% from prior month, but was down 9.5% from a year ago. The first time homebuyer tax credit has been effective in stimulating local home sales and the market prices seems to have leveled off for now.

Taylor Glenn, Popular Indian Trail Location

Taylor Glenn, located in popular Indian Trail, offers a family-oriented environment with lighted streets and sidewalks on both sides of the streets. The neighborhood amenities include two playgrounds, lighted tennis courts, a soccer field, a kiddie pool, and an Olympic size pool with a lifeguard.

The Taylor Glenn Community has nearly 400 homes which includes a small section of townhomes. The single family detached homes are mostly 2 story with a few ranches and 1/5 story, and range in size from 1800 to 3500 square feet with three to five bedroom floor plans. Pricing ranges from the high $100,000’s to the high $200,000’s and would fit the budget of the first time home buyer or the those wishing to move up in price or location from an existing home.

Homebuyer Tax Credit Set to be Extended and Expanded!

Earlier this week, the U.S. Senate unanimously passed an extension and expansion of the homebuyer tax credit. This morning, the House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President’s signature, which could be as early as tomorrow!

Below is a summary of the new modifications in the extension and expansion of the tax credit:

1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.

2) A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

3) Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.

4) Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

The time could not be better to buy your first home now that prices and interest rates are still down. Consult your Realtor for more details on how to take advantage of this golden opportunity.

Chuck Webb, Wilkinson & Associates, www.ChuckWebb.net

Charming West Charlotte Ranch – $124,900

Here is a beautiful 3 bedroom, 2 bath ranch in a growing area of Charlotte. The Fairways at Pawtuckett neighborhood is close to I-485, the awesome Northlake Mall area, as well as U.S. National Whitewater Center. Also nearby, you have schools, churches, and more.

This wonderful home features an open floor plan, and has recently been remodeled with new HVAC, new appliances, and hardwood floors. The house is situated on a large cul-de-sac lot with a level, fenced backyard with optional dog kennel and plenty of room for the kids to romp around. The exterior is maintenance free vinyl siding and trim, so no more painting!. It has a 2 car garage with opener and remote. A washer and dryer are also included in the sale. Agent/owner

Elementary School: Pawtuckett
Middle School: Coulwood
High School: West Mecklenburg

Click here for more information about this home including inside photos and locator map.

Chuck Webb, Wilkinson & Associates, www.ChuckWebb.net.

South Charlotte’s Edinburgh Community

Edinburgh is a community of 137 single-family homes located in the southernmost corner of Charlotte on Providence Road West between Johnston Road (Hwy 521) and Lancaster Highway – just 2 miles from I-485 and a 20 minute drive to Uptown Charlotte.

Edinburgh is only minutes from great shopping: Ballantyne Commons, Carolina Place Mall, Stonecrest, and Blakeney are only a short drive away.

Cardinal Woods in Historic Pineville

Just a few miles south of the Charlotte city line in Mecklenburg County you’ll find the charming suburban town of Pineville. Pineville is best known as the birthplace of James Knox Polk, the 11th president of the United States. It also has a significant place in the history of the area and of the local Indians who dwelled here.

Known for its laid back small town lifestyle and being Charlotte’s closest neighbor, Pineville also offers a mild year-round climate, gorgeous landscape, low crime rate and a flourishing economy. Pineville has a small town feel with a quaint Main Street all its own, and antique and specialty shops with something for everyone.

Madison Park Offers Value and Location

If you’re searching for a great home value surrounded by a host of shopping, schools, and churches, look no further than Madison Park. This subdivision, actually a large suburb, is situated between South Boulevard on the west and Park Road on the east, and Woodlawn Road on the north and Tyvola Road on the south in South Charlotte. Madison Park is convenient to Uptown Charlotte, as well as, the new Light Rail Line along South Blvd.

Homes in Madison Park date back to the ’50’s and ’60’s when craftsmen built homes with bricks and sticks. The homes here are predominately traditional in style and include ranches, split levels, and 2 story homes. Most of the homes are 3 bedroom, 2 bath brick and strongly resemble more expensive bungalows in other parts of Charlotte. The shade trees and winding streets gives the neighborhood a relaxed, serene feel and the character of an established small town neighborhood.

The Inspection and The Warranty: A Case Study

Home warranties have become so commonplace in real estate transactions that we sometimes take them for granted. They are a fact of life in just about every contract that is written these days. For example, I advise all of my buyers to write it into their Offer to Purchase regardless of the age of the home. That is because all homes come with the obvious potential of failures and breakdowns that may come into play in the future. Even new homes are prone to have defects which are sometimes overlooked by the builder, as well as, the building inspector.

A recent home sale in which I was involved brings into focus the great importance of having a home warranty for both the buyers and sellers of any home. This particular sale involved a beautiful full brick home built in 1990 in a popular neighborhood in South Charlotte. The home also had the original HVAC system. However, the home was covered by an existing home warranty that the sellers have had in place for some time.

Withrow Downs, Wonderful N. Charlotte Neighborhood

Escape to country living without leaving Charlotte! Enjoy the peacefulness of this exclusive community with large, wooded home sites and gentle rolling hills, without having to sacrifice the conveniences of Charlotte living. Just minutes from both I-85 and I-485, Withrow Downs allows perfect access to both shopping and major employment. Concord Mills shopping, restaurants, entertainment and Charlotte Motor Speedway are all less than 10 minutes away.

Take a stroll along the street lit sidewalks and experience a variety of homes are offered in Withrow Downs such as ranch, ranch with bonus room, two story and two story with owner’s suite on the first floor. Choose from features like brick & stone exteriors, sunrooms, bonus rooms and gourmet kitchens.

September Real Estate Report

Here are the market statistics for the Charlotte area for single family residential home sales for the period September 6, 2009 through October 5, 2009:

Sold: 1,945; avg. LP $219,925; avg. SP $196,760; %LP/SP 89.47%

New Listings: 4,701; avg. price $264,713

Under Contract: 2,199; avg. price $207,338

Withdrawn: 1,536; avg. price $338,373

Expired Listings: 1,629; avg. price $332,057

Active Listings: 27,576; avg. price $307,006

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The number of homes sold during the month of September fell 12.4% compared to August and 13.1% below the level of home sales for September a year ago. Average listing price for sold units were down 6.2% from prior month and the average sold price decreased 6.0% below that of August figures. Home sales typically taper off in September reflecting a seasonal slowdown in buyer activity.

Hamilton Lakes, Great SW Charlotte Location

This wonderful KB Home community is one of Charlotte’s hottest communities! It features a pool and cabana, lots of common open space, and a beautiful lake on property. In fact, you’re only a short drive to Lake Wylie with all the boating, fishing, and water recreation that it has to offer.

The homes range in size from a 1,400 square foot ranch to a 3,000 square foot 4 bedroom two story home with 2 car attached garage. Pricing ranges from the $150,000’s to the $230,000’s.

Homeowner’s Insurance Primer

Provided courtesy of
Seth Horner, Seth G. Horner Insurance
Charlotte, NC

One of the sometimes confusing and, however, essential aspects of home ownership is your homeowner’s insurance policy. Here is an overview of general information and terminology for first time homeowner, and for anyone who has a question about how coverage is detemined by your insurance company.

Coverage A – Dwelling:

Provides protection for the dwelling on an all risks basis up to the policy limits. The policy limit is set by the policyowner at the time the insurance is purchased. You can choose to insure your home and belongings for either replacement cost or actual cash value. The home should be insured for replacement cost. Replacement cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation. Depreciation is the decrease in home or property value from the time it was first built or purchased because of age or wear. Actual cash value is the amount it would take to repair or replace damage to your home after depreciation. Most insurers require homeowners to insure their homes for at least 80 percent of the replacement cost. If you insure for less than 80 percent of the replacement cost of your home, any loss payment from your insurance company will be subject to a coinsurance penalty. You may wish to insure at 100 percent of replacement cost so you will have sufficient coverage in the event of total loss.

Bonterra Village, Indian Trail

Bonterra Village is a blend of old world charm and new conveniences, located close to I-485 and HWY 74 in Union County. This wonderful community hosts green pastures, horse stables, athletic fields, swimming pools and tennis courts. Bonterra Village offers unique features including lofty porches to visit with your neighbors, open sidewalks and boulevards for evening strolls, and walking and riding trails that wind through natural settings on this beautiful rolling land. With many different styles of homes to choose from; such as Craftsman, Charleston,

The flexibility of lifestyle makes the Village Series at Bonterra Village a great place to call home. These ranch style plans give you the convenience of maintenance free lots in an amenity rich community. Plans also offer second level bedrooms, lofts and storage space, with an attention to detail. Hard surface counter tops, 42″ cabinets, extensive trim details, and hardwood floors make these homes distinctive.

Lake Shore on Lake Wylie

The design of Lake Shore on Lake Wylie in Tega Cay, South Carolina, takes into account lifestyle and amenities. Located on a peninsula on 12,000-acre Lake Wylie, not far from uptown Charlotte and Charlotte/Douglas International Airport, the community is a welcoming residential, recreational destination for homeowners. The name “Tega Cay” is a derivation of a Polynesian phrase that means “Beautiful Peninsula”, and it is truly a magnificent location for the community of Lake Shore.

Residents of this community’s 1,200 single-family homes enjoy the many recreational opportunities on the lake, plus a beach club, parks, hiking trails, tennis and golf. Homes in Lake Shore range from in price from $200,000 to more than $700,000.

August Real Estate Report

Here are the market statistics for entire Carolina MLS area for single family residential sales covering the period August 6, 2009 through September 5, 2009:

Closings: 2,221; avg. LP $234,504; avg. SP $209,245; %LP/SP 89.23%

New Listings: 4,953; avg. price $257,254

Under Contract: 2,434; avg. price $214,675

Withdrawn: 1,701; avg. price $329,083

Expired Listings: 1,493; avg. price $353,550

Active Listings: 27,878; avg. price $312,179

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Closed transactions for the month of August remained relatively unchanged from July with a dip of 1.7% in average listing price and average sales price, respectively. The resulting percent of listing price to sales price remained unchanged, as well. This month’s sales are down 10%, compared to August a year ago. Whereas July was 18% below 2008 figures, August sales figures show continued improvement from a year ago.