Cosmic Charlotte- Real Estate Blog

You mean under that sea of green are 1.5 million people?  That was the reaction of the passenger next to me on a flight from Texas last month.  Charlotte has always been proud of it’s canopy of trees, and with good reason.  It is one of the details that make living in this progressive Southern city such a pleasure.  Charlotte, NC is so serious about keeping their trees that there is even a Tree Ordinance backed up with fines for cutting these grand oaks and maples. 

It makes a difference.  These giant Oaks along Queens Road West and other areas of town provide shade in the August heat and a canopy of brilliant colors in October.  Their beauty is not wasted in the other 10 month of the year either, something not lost on visitors from all over the country.  My new friend from Texas for example, where the giant oaks towering over Charlotte neighborhoods are all but non-existent in his native Dallas.

Next time you find yourself in this great Southern city, take the time to drive, bike, walk, or run these tree lined streets.  I recommend the route from Central YMCA down Morehead to Queens Road, Selwyn, and Queens Road West.  Make sure you stop at the water fountains on Selwyn (provided by Queens College)and Queens Road west; they’re there to help you enjoy those giant oaks as well.

John Roberts

Museum of the Waxhaws (Andrew Jackson Memorial)

Museum of The Waxhaws is a  regional history museum, the which covers the area named after the Waxhaw Indian Tribe who once roamed the region. It serves also as a memorial to the 7th US President, Andrew Jackson, who was born nearby.  The museum has numerous artifacts as well as a film that details the area’s history.  Subjects include the first European explorers, early settlers, particularly the Scots-Irish, and the boyhood of Andrew Jackson, which was spent in the Waxhaw region. Our permanent exhibits also focus on the American Revolution, Jackson’s Presidency, the Civil War, and life in the Waxhaws around 1900. In addition there is a gift shop and a small picnic area on the grounds. Special events are scheduled throughout the year.

Portions of this post were adapted from The Museum of The Waxhaws website.

Beautiful Waxhaw, NC.  For more Waxhaw, NC information.

Among the towering trees of Charlotte, NC is the first subdivision ever in this part of the Carolinas.  Just moments from the skyscrapers of Downtown Charlotte are winding tree lined streets with bungalow and craftsman style homes.  Parks and churches dot the landscape with good frequency helping to make this unique and historic area the special place that it is.  Homes range from the quaint 1100 sf bungalows to the sizable 6-7000 sf grand homes dating back to the turn of the 19th century. 

East Boulevard runs through the middle of Dilworth providing a mix of eclectic shops, restaurants, and offices.  A car is optional equipment for many in this stylish neighborhood; imagine work, play, entertainment, and worship all moments away.  The Dowd YMCA stands at the headwaters of The Dilworth neighborhoodand may well be the social and fitness center of central Charlotte.  For a walking or running tour of this beautiful area try departing from The Dowd Y down Morehead right on Kings Drive, Right on East Boulevard and wind back to The Dowd by way of Euclid and Lexington Avenues.

For more information on Dilworth and other areas of Charlotte, NC. 

Charlotte’s not quite Seattle when it comes to coffee shops, but hey we don’t have to come in out of the rain as    often as they do either.  We are however experiencing some of the humble coffee bean’s best efforts.  For        you coffee lovers living here or moving to this highly caffeinated southern city here is a partial list of small          coffee  shops and chains dotted between the national giants.  Feel free to send your favorites as well!                        

The Original Dilworth Coffeehouse Kenilworth Commons Shopping Ctr.                                                          
( Beside the Harris Teeter)     Several locations around town.  Great source fresh brew                                     
1235-B East Blvd                                                                                                                                     
Charlotte NC 28203                                                                                                                                   
PH 704.358.8003                                                                                                                                     

Smelly Cat Coffehouse  http://www.smellycatcoffee.com/  Quirky/artsy NODA district.  Ask about the gallery crawl.
514 E. 36th Street
Charlotte, NC 28205

Nova’s Bakeryon Central Ave  Known for their fresh pastries baked right on site.  Great atmosphere in trendy Plaza Midwood.

UNCC’s campus, Ritazza’s  An international chain located on The UNCC campus.  Hummm caffeine and College, good combo.

Summit Coffee in Davidson http://www.summitcoffee.com/BaseCamp.htm   A must see for this charming college town. 

It’s a Grind Coffeehouse in Ballantyne Village.  The Red Hot Center of Ballantyne!

heck yeah  On Camden-A quirky little shop with hours that can vary with the mood of the barista.  Serves Counter Culture brand coffee.

CoffeeWorks in the Arboretum.  South Charlotte location at the intersection of Providence Road and Highway 51.

Java Passage, near South and East Blvd.  Several locations, and worth the trip.

Moving to Charlotte?

White Oak subdivision is ideally placed off of Elm Lane and Endhaven Road in SE Charlotte, NC.  Predominately all brick homes from 2000 sf and up.  These classic styled homes start in the upper 200’s and more.  Ballantyne Area schools are a big draw as is ease of transportation (I-485, Rea Rd, Johnston Road), and Stonecrest and Ballantyne shopping/entertainment districts.  Whether you are new to Charlotte, or a native, White Oak is a must see for it’s beauty, convienience, and charm.

Want to know more about White Oak?

Berwick is a small community of predominately all Brick homes walking distance to Endhaven Elementary School.  It’s quiet streets and well kept lawns have long been the signature of this charming neighborhood moments away from the bustling Ballantyne Area of Charlotte, NC.  Residents find themselves within a mile of Ballantyne entertainment, great restaurants, shopping such as Earthfare Natural Food Market and Stonecrest Shopping Center, and transportation routes such as I-485, Johnston , and Rea Roads.  Homes start around $300,000 and in to the $400’s.

Want to learn more?

The cost per square foot of resale homes may be a decent place to start looking for value, but it is not what is best for our clients.    When I get a call to list someone’s home, often their largest financial asset, the first steps I perform are a tax search and comparative market analysis based on price per square foot.  I would not dream of recommending a sale price based on that alone, yet more and more I get agents justifying or arguing value based solely on price per square foot. 

What is price/square foot and why is it a terrible way to price a resale?  Price/square foot is simply an average.  How many homes out there are equal to the average?  We need to value placement in the neighborhood (cul-de-sac or busy street), exterior composition (brick, vinyl, wood, etc), counter-tops (granite, laminate, Silestone), flooring (carpet, wood, tile,…), landscaping, drainage patterns, state of repair, etc…..  We seem to innately understand that state of repair.  Most agents will get an estimate of repair costs and deduct that from the price, but much value in resale homes goes unnoticed. 

This is not a blanket indictment.  There are many thoroughly professional Realtors who understand how to put together an accurate CMA, and I have found some great value for buyers when agents have failed to properly value home improvements.  My point is, ALL sellers expect and deserve a Realtor that is trained in finding and marketing all the value in their home.  We as professionals should demand that of ourselves.

In my CMA classes when asked how to determine values for improvements, my answers are all too short.  Invite appraisers to coffee or lunch; pick their brain.  I can not tell you how much most of them want to be involved in helping discover value.  In the process, appraisers are also honing their skills as we discuss what buyers are looking for and value.

A second way is while we are showing new home communities, ask the agent on duty for their upgrades list.  You will want to collect these in a variety of price ranges as a 1/2 bath in a $150,000 home costs less than a 1/2 bath in a $600,000 home, however the upgrade cost can be a great guide for valuing differences in comparable properties.

Finally, next time you are in Lowe’s or Home Depot, check the prices of some of the more popular upgrades from flooring to plumbing to appliances.  This will give you a great idea of the value of amenities in homes you are looking to list.  This technique also allows you to cross reference the different values from 3 sources and come up with the most likely value for improvements in your subject properties. 

Skyecroft is a charming European designed community in Union County just outside of Charlotte, NC.  Several of Charlotte’s best custom builders have designed and built their signature homes in this one of a kind gated community.  Ammenities include a beautifully landscaped, gated entrance followed by a lush greenway leading to an impressive clubhouse, Junior Olympic-sized swimming pool, lighted tennis courts and adjoining lake, lantern-lit streets, paved walking trails and many amazing water features.

Featured listings:

1	Save or Make Notes View Agent Report	308  Ivy Springs CT		$1,099,000
		City/St: Waxhaw, NC	Bedrooms: 4	MLS#: 711617
		County: Union	Bathrooms: 3/1	Total Fin HLA: 5324
		Subd: Skyecroft	Parking: 3 Car Garage, Side Load	Approx Acres: 0.61
		Type: 2 Story	Ext Const: Brick Veneer Full, Cedar Shake, Stone	Year Built: 2006
2	Save or Make Notes View Agent Report	7920  Skye Lochs DR		$1,139,000
		City/St: Waxhaw, NC	Bedrooms: 5	MLS#: 702674
		County: Union	Bathrooms: 4/1	Total Fin HLA: 4765
		Subd: Skyecroft	Parking: 3 Car Garage	Approx Acres: 0.51
		Type: 2 Story	Ext Const: Hard Stucco, Stone	Year Built: 2008
3	Save or Make Notes View Agent Report	8003  Skye Knoll DR		$1,350,000
		City/St: Waxhaw, NC	Bedrooms: 4	MLS#: 701745
		County: Union	Bathrooms: 4/1	Total Fin HLA: 5318
		Subd: Skyecroft	Parking: 3 Car Garage	Approx Acres: 0.801
		Type: 2 Story	Ext Const: Stone	Year Built: 2006
4	Save or Make Notes View Agent Report	8102  Skye Knoll DR		$1,799,900
		City/St: Waxhaw, NC	Bedrooms: 5	MLS#: 701692
		County: Union	Bathrooms: 5/1	Total Fin HLA: 8287
		Subd: Skyecroft	Parking: 3 Car Garage, Side Load	Approx Acres: 0.629
		Type: 2 Story	Ext Const: Hard Stucco, Stone, Wood	Year Built: 2007
5	Save or Make Notes View Agent Report	8405  Skyelochs DR		$1,050,000
		City/St: Waxhaw, NC	Bedrooms: 5	MLS#: 701657
		County: Union	Bathrooms: 4/1	Total Fin HLA: 5438
		Subd: Skyecroft	Parking: 3 Car Garage	Approx Acres: 0.534
		Type: 2 Story	Ext Const: Cedar Shake, Hard Stucco, Stone	Year Built: 2006
6	Save or Make Notes View Agent Report	8203  Skye Lochs DR		$1,599,900
		City/St: Waxhaw, NC	Bedrooms: 4	MLS#: 701615
		County: Union	Bathrooms: 3/1	Total Fin HLA: 5873
		Subd: Skyecroft	Parking: 3 Car Garage	Approx Acres: 0.524
		Type: 2 Story	Ext Const: Hard Stucco, Shingle, Stone	Year Built: 2007
7	Save or Make Notes View Agent Report	8400  Skye Lochs DR		$1,399,000
		City/St: Waxhaw, NC	Bedrooms: 5	MLS#: 701455
		County: Union	Bathrooms: 5/1	Total Fin HLA: 5937
		Subd: Skyecroft	Parking: 3 Car Garage	Approx Acres: 0.702
		Type: 2 Story	Ext Const: Cedar Shake, Hard Stucco, Stone	Year Built: 2007
8	Save or Make Notes View Agent Report	8103  Skyelochs DR		$1,349,900
		City/St: Waxhaw, NC	Bedrooms: 6	MLS#: 701307
		County: Union	Bathrooms: 6/1	Total Fin HLA: 6586
		Subd: Skyecroft	Parking: 3 Car Garage, Attached, Garage Door Opener, Side Load	Approx Acres: 0.524
		Type: 3 Story	Ext Const: Brick Veneer Partial, Hard Stucco, Stone	Year Built: 2007
9	Save or Make Notes View Agent Report	7917  Skye Knoll DR		$1,399,900
		City/St: Waxhaw, NC	Bedrooms: 5	MLS#: 701180
		County: Union	Bathrooms: 3/2	Total Fin HLA: 5457
		Subd: Skyecroft	Parking: 3+ Car Garage, Attached, Garage Door Opener	Approx Acres: 1.066
		Type: 2 Story	Ext Const: Brick Veneer Partial, Hard Stucco, Stone	Year Built: 2006
10	Save or Make Notes View Agent Report	7919  Skye Lochs DR		$2,198,000
		City/St: Waxhaw, NC	Bedrooms: 5	MLS#: 698899
		County: Union	Bathrooms: 7/2	Total Fin HLA: 9395
		Subd: Skyecroft	Parking: 3+ Car Garage	Approx Acres: 0.655
		Type: 2 Story / Basement	Ext Const: Brick Veneer Partial, Hard Stucco, Stone	Year Built: 2007

Listings by various members of the CMLS.

As the dog days of summer are upon us, I have had several clients ask if swimming pools add value to a home on resale.  The answer is a resounding………….. maybe.  For this purpose, let’s consider in ground pools only and leave above ground pools for another day.

The first consideration is “what is the norm for the area?”  If you are in an area like Las Vegas, a pool may be a necessity and not having one could cost you value and cause delays in selling (extra mortgage payments-uggh).  For the rest of the country with milder climates the answer is a bit cloudier.  According to The Wall Street Journal’s Real Estate Journal ” They (pools) do tend to add value to a home — about 7.7%, according to National Association of Realtors statistics. Regionally, in-ground pools will add about 5% to the value of a home in the Northeast part of the country, about 6% in the Midwest and 7.5% in the Southeast and West. In the Southwest, a swimming pool will add nearly 11% to the home’s value.” 

With pool construction cost approaching $25,000 or more, don’t expect to recoup the entire expense of a pool on resale.  After all most pools are added for the social and family enjoyment they bring and less for value.  One recent client told me having the pool for the last 3 years had kept him in the best shape of his life and saved him a fitness club membership.  He had received more enjoyment from his pool than any up fit he had made.  To him the enjoyment and family time was worth far more than the money it had cost him to install the new pool. 

A homes value also comes in to play when considering buying a new pool.  Homes in neighborhoods that resale from the mid to low hundred thousand range are not likely to gain any value from the addition because of the added expense associated with pool maintenance and supplies.  You just might be the most popular house on the block however on those hot summer days while the kids are out of school.

Finally, consult with pool contractors in your area.  Find out what style and quality of pool similar neighborhoods are installing.  Deviating too far below might have a negative effect on the value of your home if buyers looking for pools perceive your pool to be less than what they can get else where in the price range.

So, should you make the plunge and buy that new pool, do so with the knowledge that the hot summer days will be a lot more bearable and your home will rarely be with out friends.  That may be the greatest value to your home after all!

I quit reading the press about what a lousy real estate market we’re in.  It was too confusing.  I see properties sell everyday, AND I see buyers missing out because they thought they could get a property for a steal.  Sure, the volume is not what is was last year, but properties are selling.

 What do most of these properties have in common, and what can we learn from them? 

Great properties sell in any environment, and buyers who don’t consider value miss the boat as others step up to claim their real estate dream at a fair market price.  You see, there are two kinds of property and only two kinds of property right now.  Those properties that are priced and prepared properly and those that are not.  Imagine a graph.  On the horizontal is the condition and vertical is price within market.  A property properly prepared and ready for move in is valued higher than a comparably sized and equipped home that is in need of some repair other things being equal.  A buyer would look at the two homes and 10 times out of ten would choose the home ready to move in. 

If a seller prices a home out of the market (or a listing agent accepts an over priced property) the seller is put in a competitive disadvantage.  The internet and MLS system has made the real estate market an extremely efficient vehicle.  Buyers can with the click of a button compare dozens of similar properties and choose to buy based on market information unencumbered by a seller’s emotional attachment or unrealistic view of his own property’s value.  In other words, over pricing a property means that a seller is the highest bidder on their own property. 

Savvy buyers will buy when presented with a properly prepared home at a price in line with the market.  We have an abundance of properties in many markets as sellers have been slower to adjust to new pricing and preparation standards than the market.  20-30% appreciation in some markets could not continue when other nearly as desirable markets were appreciating at more reasonable 5-10%rates.  Take for example the sky high appreciation of Orlando Florida home prices.  At some point the home pricing (and insurance) for a 3 bedroom 2 bath 1500sf home becomes so out of reach that numbers of buyers begin looking at Charlotte, NC to see the same home at a 12% discount to Florida, and a job market that is equal or better.  Apply this on a national scale, and you have the correction we are experiencing now.  The answer is to recognize we live in a society with infinite information at its finger tips, and the inclination and ability to act on that information.  No one market can operate too terribly independently from other similar markets and not reap the pain when conditions correct.

John Roberts

Keller Williams Realty

http://www.johnrobertsproperties.com/