Highest level of traffic index since tax credit, but waiting for buyerinterest in new homes:  Another month of improved traffic – the third straight month now, and the highest level for the traffic index since April 2010, the last month of the homebuyer tax credit. The improved economy and stronger consumer confidence has translated into an increase in homebuyer traffic. However, buyers remain focused on bargains. This creates trouble for new homes, as homebuilders have not reduced prices by as much as existing home prices have fallen. As a result, it appears that the better homebuyer traffic is largely bypassing the new home communities when it comes to signing a contract.

■
Attractive prices, pent-up demand, and higher mortgage rates cause increase in traffic, but much concentrated in warm weather locations:
Buyers were led out of hibernation by the attractive prices (most pronounced on foreclosures and short sales) along with pent-up demand that is being released by the increased confidence in the outlook for the economy. In addition, the sense of urgency created by the rising mortgage rates continued, as buyers attempted to act at a time when affordability remains extremely favorable. 

If you're in the market to buy a home please gives us a call today...we'd love to help!

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

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

It's A Good Life,
Buddy   

Now for your Morning Coffee!

Terry Keeney, president of Stargate Worldwide Corp., said the project could create 4,000 jobs for Cabarrus County, which has struggled with high unemployment especially since Philip Morris shut down last year. Keeney also hopes to make use of a soon-to-expire tax benefit from last year's federal stimulus package.

But skeptics say that such a huge undertaking is always risky, and even more so in a recession.

"It's really tempting when the economy's struggling and you have this huge piece of property that's just sitting there and reminding you of what the county used to be, (to go along) when somebody says, 'Hey, I've got this great plan,'" said Joe Coletti, a fiscal policy expert at the conservative Raleigh-based John Locke Foundation. "...But in this case you are pledging part of the county's reputation on this, and that's where the county needs to be taking a look and saying, 'Does this really make sense?'"

Keeney said he understands that it's difficult for outsiders to envision what the Carolina USA Performance Park would be.

"I think once they come and start putting in applications and seeing the final drawings, they'll just be thrilled," he said in an interview. "We designed this with the community in mind."

Keeney said his company is under a confidentiality agreement with Philip Morris and can't talk about details of the financing, including the lenders, until after the deal closes. He described his plan as a $750 million project, including the property. He hopes Stargate can secure $100 million in what would essentially be a lower-interest loan made possible by the federal stimulus bill. Cabarrus County would play an administrative role in securing the $100 million in bonds, but county, state and federal officials say that the bonds' private investors - not the government - would be on the hook if the project fails.

County officials and commissioners said they don't know much about Stargate, but they plan to learn more. Because county money isn't directly involved in the bonds, they said, they haven't examined the company as closely as they would if it were asking for direct incentives.

"I've looked at their website, I've heard the guy (Keeney) talk, I don't know a whole lot more than that," said John Day, the Cabarrus County manager. But, "we're treating it a little differently than we would if they were" asking for incentives.

John Cox, president of Cabarrus Economic Development, said he is "cautiously optimistic" about the project.

Keeney said he has commitments for tenants for about 70 percent of the existing Philip Morris buildings. The massive site includes 2.4 million square feet of manufacturing space. Eventually, he said, the Carolina USA Performance Park would include auto-parts manufacturers, an electric-car manufacturer, a candy manufacturer, restaurants, and movie and production studios, including a 3,500-seat broadcast theater.

"Our whole purpose," Keeney said, "is to get people working." The diversity of the park's businesses will enable it to withstand any economic cycle, he said.

But Coletti, of the John Locke Foundation, said he's not sure the combinations make sense.

"If you have a down cycle of the economy, people are going to cut back on electric vehicles, they're going to cut back on travel to water parks, they're going to cut back on movies," he said. "I'm not sure where the diversification comes from."

Coletti said that other projects have started with a bang and then failed to meet expectations. Roanoke Rapids, for example, had to sell the Roanoke Rapids Theatre just a couple of years after it was built. Dell Computers received millions in state and local incentives for building a computer-assembly plant in Forsyth County six years ago, then announced last year that it was shutting down.

From The Charlotte Observer
11-5-2010

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 

http://www.youtube.com/watch?v=X5QaG60QgUU

For assistance in Buying or Selling a home please fell free to contact us at:

               www.buddyfrey.com   or Toll Free 800-553-5311

One change in the past 10 days though, agents and buyers are now checking very carefully with the listing agents to make sure the potential sellers are liquid.  They mostly want to make sure a close can take place by the June deadline.  Many are opting to bypass the "Short Sale" right now as response time from banks has been too unpredictable.  Banks should take heed!!!

There still are good values out there...low interest rates and the tax incentive though will keep our market tight in the $200,000 and under price point at least, for the next 50 days.  If you're looking to buy or sell, please call us today...we can help.

Interestingly enough, the 1st paragraph this year happens to relate to both.  Please read below this information from my accountant Brenda Story...

...This has been a busy year with the passing of the American Recovery and Reinvestment Act and the Worker, Homeownership, and Business Act.

Unemployment tax benefits, the homeowner tax credit and the net operattion loss carry back rules are extended into 2010.  The first-time homeowner tax credit of $8,000 is extended to 4/30/10 (Close by 6/30/10 with a written binding contract entered into by 4/30/10).  A new credit to qualifying existing homeowners of $6,500 is added when a new primary residence is purchased if the old residence has been used as a principle residence for any five consecutive years out of eight years prior to the purchase....A new Form 5405 is required to be used for all 2009 returns that claim the credit and for all qualifying home purchases after 11/6/2009.

Time will be running out on this great incentive as we will have just 4 short months after the new year to take advanage of the credit.

I hope this information helps, and as always...if you know of anyone that is interested in buying or selling a home, please pass their name and contact info on and I will be sure to take grate care of them!

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2% to 97.6 from a reading of 94.6 in June, and is 12.0% higher than July 2008 when it was 87.1.The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said. “Other buyers are taking advantage of low home values before prices turn higher. 

1st Time Home Buyers Act NOW:  Please remember that in order to take advatage of the government's $8,000 rebate you must CLOSE on your new home before November 30th.  That means offer to purchases should be complted and loans should be applied for before October 15th.  

MTG rates have been stable but home prices have already begun to firm and the good homes go quick.  Don't let 2009 be the year "I should, woulda, could have".  Call us today and take advantage of what some are calling the best real estate opportunity in 25 years.  704.409.4900

Buddy

When you are ready to buy a home in Charlotte, give me a chance to help you find your dream home... I won't let you down!

Start Your Charlotte Home Search Today!

What is a Short Sale?

A short sale is usually the last step taken by the bank to recover losses from a defaulted mortgagor. When lenders agree to a short sale, it means the lender agrees to accept less than the total amount due. They are willing to forgive a certain amount of debt or deficiency. However, not all lenders will accept a short sale or discounted payoffs, especially if it would make more financial sense to foreclose.

The full process of a short sale will include a contract, an Authorization to Release Information and the addendum. A warranty deed is a tool used in the process. Let's examine the process now, starting with the contract.

Finding Short Sale Properties

As a home buyer, finding these distressed properties can save you alot of money when it comes time to buy your first or next home. In Charlotte, sales of distressed property is on the rise, as it is across the Country.

When you sign up to receive notifications in our Charlotte Foreclosed Listings Search, you will always stay in tune with the best deals to be found in the forclosure market.

There are no obligations and you can unsubscribe at any time - but who would want to?

Sign Up to Receive Foreclosure Listings Today!

Hi All,
A lot of negative coverage has been devoted to today's housing market.  However, there are many reasons why the current real estate market may be beneficial to you...right NOW.

For example, the large selection of homes and low prices make it a great buyer's market.  In addition, interest rates on home loans are historically low, making now a great time to lock in long-term mortgage rates.

Ultimately, though, these favorable conditions will go away.  As inflation rises, so do interest rates. Click on the link below to learn more so you too can take advantage of current market conditions.

                                 For More Click Here

If you are looking to become a homeowner or looking to step up from your current home...you need to strike while the iron is hot!  Please feel free to call us at: 704-409-4900 or on our toll free number:  888-553-5311

Buddy

Sign Up to Receive Foreclosure Alerts Now

Foreclosure No Longer Means its an Ugly Home!

Foreclosures are properties that have been taken over by the bank because the owners were unable to continue making payments on the property. In the past, foreclosed homes were often owned by those in financial distress and likely to have been empty for some time before being sold. In the current housing market, that trend is reversing and distressed homes are usually in as good of condition as any other home on the market!

As a buyer, you gain all the benefits of buying a distressed property, without the hassle of having to reinvest large amounts of money to move in!