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Another Snow Day

by Buddy Frey

Good morning from snow/ice covered Charlotte, NC.  A very unusual 3 weeks of weather for us, as we have seen 2 major storms the first coming on Christmas day and the 2nd, yesterday. 

For those of you who are used to snow, 4" or so doesn't seem like much.  True.  I'm originally from Chicago and it took the "Great 1968 Blizzard" to shut the city down.  A little different story around here though...we just don't have the removal capacity and a couple of inches of the white stuff slows us down to a crawl.

I miss the snow and actually look forward to our infrequent winter storms.  To me it brings a sense of peace and natural quiet...kinda reminds me of home too.  So I say let it snow...another snow day never hurt anyone!

Oh, by the way...If you know of anyone who is looking to buy or sell real esate here in the Charlotte area please pass their name and number on and I will make sure to follow up and take great care of them!

Buddy Frey
bfrey@buddyfrey.com

Charlotte Parks and Recreation

by Buddy Frey

Good morning all,

Had a chance to enjoy some of Sunday's sunshine yesterday playing Disc Golf with some friends at Hornet's Nest Rec Park.  Charlotte actually has several Recreation Parks around town but I had never been to this one.  Gotta say, it's a great facility.  Besides 2 challenging disc golf courses, it has softball fields, tennis, basketball and even a bicycle cross country track plus more.  My friend actually said he was going to bring his daughter back to try the bike course!  

Anyhow, here's a link to the facility in case you wanted to check it out.  Have a great week and a safe Thanksgiving!  

http://charmeck.org/mecklenburg/county/ParkandRec/Parks/ParksByRegion/NorthRegion/Pages/Hornets.aspx   

It's A Good Life,
Buddy   

Now for your Morning Coffee!

 

 

 

 

 

 

 

Gallery Crawl

by Buddy Frey

 

Charlotte's Historic Arts District

NoDa (North Davidson) is now the home to the City's best collection of galleries and performance venues; some of the funkiest full service restaurants including authentic Cajun cooking, Southwest cuisine, a Creative pizza eatery and more.

Check out Gallery Crawl twice a month to experience NoDa's unique street scene. Every 1st & 3rd Fridays throughout the year. From 6pm to 9:30pm. Or if you cannot make it to the Gallery Crawl please visit NoDa during regular business hours. Most Businesses open 7 days a week.

There are also several investment opportunities for Charlotte Real Estate.  This area became one of the hot spots a couple of years ago and has continued to outperform much of the Charlotte Homes for Sale market.  Please let me know if you would like a list of homes for sale in the NoDa community.  You may contact me by email at:  bfrey@buddyfrey.com

For more info visit: 
www.noda.org    See ya there!

 

It's A Good Life,
Buddy
 

 

 

 

My Refi - What a Nightmare

by Buddy Frey

So back in January of this year my wife and I decided to try and refinance.  I had 2 MTG brokers watching rates and I was waiting for a 30 year, with zero points at 4.5%...mid month on a Friday morning I got a call from BB & T that the rate was there and did I want to lock.  Of course I said, LOCK IT...we were very excited!

Application made and fully documented, I checked in mid February to see how the loan was moving along.  I was told slowly but not to worry, they will get to it as soon as humanly possible and that they were just swamped and under manned.  OK

Now comes early March nearly 2 months later...I called to get an update.  I was told that the appraisal was finally ordered and that I would be contacted when that got back.  Appraisal comes back fine (better than expected) but now they tell me the guidelines have changed because I have a job related to the housing industry and they may not make the loan after all.  Loan officer tells me they want to see 2008 tax returns.  Not great since very few people I know in this industry actually made more in '08 than '07 

Scramble to get tax returns done and send those in.  Mid May now and I finally get an approval but now they won't allow an equity line behind it.  WOW...here's the dilemma:  do I do the refi and basically lose the equity line or do I sit tight with the mortgage that I have and keep the equity line in tact (prime -1/2).  Really don't use it but these days who knows?  May come in handy...

It's been a long frustrating road for us.  I feel like been dragged through the mud and the muck.  It's clear for sure that BB & T was at fault for this whole mess.  In the end though, we went through with the refi because the smart move was obtain the lower mortgage rate and increase our payment contribution towards principle.

I write about this only because many of the stories you hear out there are real (and I could go on about my ordeal in more detail) but the point is, banks just are not lending like they used to.  New and mostly stricter guidelines is making it tough if not impossible for a lot of people.  I just hope things loosen up soon for every one's sake.

Buddy 

 

Are Charlotte Area Home Vales Holding Their Value?

by Buddy Frey

A recent article in our local newspaper The Charlotte Observer, came out with some very interesting statistics about our housing prices.  While many areas have been hit with lower prices, some regional pockets have actually gone up in price.  On average though home prices only fell 4% across the area...way better than most thought.  (See 5 year zip code stats below)

                  http://www.charlotteobserver.com/661/story/501993.html

States the Observer, "No one likes a loss, especially in the value of their home. But put your panic on pause.  The average price of homes sold last year in more than three-fourths of the area was at or above prices from 2003 through 2005. That means most people who have been in their houses a few years are likely still sitting on gains.

The Observer reviewed Carolina Multiple Listing Services' sales from 2003 to 2008 and found:  Last year, 26 of 70 area ZIP codes, or more than one-third, posted their highest prices of the six-year period.  Only seven ZIP codes posted declines for the period. In Charlotte, the University area's 28262 and northwest Mecklenburg's 28216, both pocked with foreclosures, had the biggest declines.  The region's biggest gain in the six years came in 28206, which includes part of Charlotte's Arts District, or NoDa, and the fragile Lockwood neighborhood north of uptown.   And, for 2008, Lincoln County's Iron Station led with a 49 percent hike for 28080.  Last year, the top Mecklenburg ZIP code was 28204, which includes the new Metropolitan condos and the historic Elizabeth and Cherry communities."

I believe the true decline in our market began in May of 2008.  Some believe it started as early as July/August of 2007 when Countrywide got in trouble.  I didn't see it here, maybe flat at worst.  But the truth of it is, we're haven't  bottomed hard because we never really exploded to the up side.  And historically, our home inventory is low.  Less people are putting their homes on the market and builders aren't building so that has helped as well. 

Warning!!!  When we turn around here in Charlotte, it will not be gradual.  We're the 7th largest market in the US and and over the years we have actually become a destination.  I predict we will take off big time.  Don't know exactly when but buyers...get in while the getting is good.  Sellers, hang in there. At some point, the ball will be in your court and it might be sooner than you think. 

Buddy      

    

Back to Work!

by Buddy Frey

Well, the Holidays are over...the Carolina Panther laid an egg last Saturday so I guess it's time to get back to things that are really important-like work and GOLF.  Although it is a bit cold to play golf this week (18 degrees today), we often get to knock it around here in the Charlotte area during the winter months.  Temps in the mid 60's is pretty common.

Speaking of golf, if you're planning on visiting friends or family or just heading in to the area, for sure bring your clubs.  We have several championship courses to choose from and most have public access.  Many of the courses are right within their own community or subdivision.  You can actually visit the "Links" section on my web-site to get information on the different courses available.

And while you're here golfing enjoying the beautiful Carolina blue skies and inviting weather, why not check out the Charlotte NC real estate scene as well.  It's the perfect time to stop by and see what's available.  We have plenty of golf locations from Lake Norman to Ballantyne to Ft. Mill, SC and more. So give us a call...we would be happy show you around  We look forward to hearing from you! 

Displaying blog entries 1-6 of 6

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