Lake Norman Vertical Bridge Clearances

The Catawba River Channel that winds through Lake Norman is spanned by five major bridges. One of which is a picturesque railroad bridge that passes over the river near the town of Catawba, NC. Sixteen additional bridges cross creeks or connect exclusive island properties to the mainland. Listed below are the approximate vertical bridge clearances when the lake is at full pond (760 feet above sea level). Wave height must be factored in when boat clearances are tight. The bridge clearances shown have been gathered from lake observations and information provided by the Lake Norman Marine Commission.
• I-40 Bridge - Catawba River - over 10′ 0″
• Highway 70 Bridge - Catawba River - over 10′ 0″
• Railroad Bridge - Catawba River - over 10′ 0″
• Railroad Bridge - Buffalo Creek - 3′ 0″
• Buffalo Shoals Rd. Bridge - Catawba River - over 10′ 0″
• State Rd. 1832 - Balls Creek - 5′ 6″
• Windermere Island Bridge - Catawba River - over 10′ 0″
• Mollys Backbone Rd. Bridge - Terrapin Creek - 2′ 0″
• State Park Rd. Bridge - Hicks Creek - 3′ 0″
• Perth Rd. Bridge - Rocky Creek - 3′ 0″
• Perth Rd. Bridge - Cornelius Creek - 5 ‘3″
• Cornelius Rd. Bridge -Cornelius Creek - 4 ‘0″
• Highway 150 Bridge - Catawba River - 8′ 5″ & 11′ 1″
• Highway 150 Bridge - Mountain Creek - 5′ 9″
• Highway 150 Bridge - Reed Creek (LKN Marina) - 5′ 9″
• Mount Pleasant Rd. Bridge - Mountain Creek - 5′ 5″
• Railroad Bridge - Mountain Creek - 6′ 3″
• Slanting Bridge Rd. - Mountain Creek - over 10′ 0″
• Governors Island Rd. Bridge - East of Burton Creek - 7′ 10″
• Williamson Rd. Bridge - Reeds Creek - 6′ 0″
• I - 77 Bridge - Reeds Creek - 10′ 3″

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Realtors Care Day-A huge success

I want to start with a huge thank you to all area Realtors who participated in working on 31 houses in the Mecklenburg and Iredell counties. A special thank you to my team at our Troutman house location! Janice Bradsher, Adam Wood, Bob Warchol, Dawn Judge, Debi Hepfer, JD Whitmire, Kelly Berry, Sheena Sutton, Michelle Nantz, Rosemary Durham, Deborah Hernandez, Dave Edwards, Jean Cable, Lyn Briggs, Rick Odem and our Project Manager Darrell Long. Ms. Julia was very happy with the work done on her behalf be these people who gave freely of their time to help someone in need. We had a very hard day of work starting out in the rain and with a delay in getting materials. In the end we took off a crumbling deck and replaced it completely, painted the entire house, added new gutter, added a crawl space door where a piece of plywood had stood for years, added shutters and replaced attic vents on both sides. It was a tired crew at the end of the day but we had a lot of fun in the process.

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A new Real Estate tax tied to health care reform

Yes, there is a provision in the thousands of lines and pages of the health care reform detailing a tax on Real Estate to help fund the cost of this sweeping health care reform. I’m not going to get into the debate here whether or not this health care reform is good or bad for our country in general but you have to be living under a rock to think there will be no new taxes to pay for it. The problem I see is there are very very few Americans that have any idea how this will be paid for or how it will affect their health care needs. I don’t think our government representatives did a very good job explaining all of this to us before passing it into law. Now I will step off my soap box and tell you what I know to be the truth about the new Real Estate tax.

First, despite some press to the contrary, it does not affect all Americans that sale a home. It only affects those who make more than the capital gain limits for exemption under the current primary residence statue of $250,000 single and $500,000 married.

Second, it does not take effect until 2012. For additional information you can review the snopes explanation.

Todd Long
Coldwell Banker United Realtors

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Realtors Care Day

Last year several hundred area Realtors pitched in with a handful of area Contractors to work on house in need of repair. This year the Realtors Care Day is Friday April 23rd. There will be 31 sites, 700 Volunteers, 32 major sponsors and 30+ General Contractors. I am the site captain for a house on Talley St. in Troutman. I’m honored to say my father, a contractor of 35 years in Concord, will be our site Project Manager. We are painting an entire house, tearing off and replacing a deck, building a crawl space door and doing a few other minor repairs. It will be a lot of work in one day but we have about 18 ready willing and able Realtors who are excited to be helping someone in need. I have already met the very nice older lady who lives in the home and she is already very appreciative of our help. Our site will be one of the two media launch sites. You may see us on tv that evening! I’m sure this year will be a huge success and we will have a lot of fun in the process.

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Real Estate Bar Camp Charlotte #REBCClt

Coming up June 11th is a free Real Estate conference focused on technology used in Real Estate. It is called a Real Estate Bar Camp. The first event last year had about 200 agents from across North and South Carolina in attendance. This year’s event will be held at the Superior School of Real Estate facility. You will find a website with lot of details at the end of this post.

If you have never attended a Bar Camp here is a brief description. Typically, as is with this Bar Camp, the event is free to participants. A Bar Camp is an Un-Conference, meaning there is no set agenda of topics before everyone arrives at the site. At the beginning of the event anyone in attendance can stand up and “pitch” an idea such as leading a discussion on the use of Twitter for Real Estate, a discussion on hot mobile applications or using Facebook for Real Estate. Whatever the hot topics are at the time typically get pitched. As each pitch is announced and briefly explained the idea is written on a large post-it note and posted on the wall at the front of the room. If I remember correctly from last year, there were about 15 potential ideas for break-out sessions posted on the wall when all pitches had been concluded. After all pitches are finished, the participates at the event will make a mark with a magic marker on each break out post-it note they find of interest. The top ideas are assigned to the 3 break out rooms, for the next 3 hours, 1 hour for each session, and off we go for the day. The person who pitched the idea doesn’t necessarily have to be the leader of the discussion but often they are. An important note: these break-out sessions should be discussions not presentations. The same process happens after lunch.

As a participates I think you will REALLY like this format because you set the agenda based on what you want to learn not what someone else determines you need to learn. Be prepared for an open discussion format where you participate in the discussion sharing your thoughts on the topic.

RSVP ASAP at http://rebarcamp.com/charlotte/ .
Also a HUGE thank you to our sponsors so far. This event can not be free to agents with out the support of our sponsors. Superior School of Real Estate, CURE, MRIS, and Davis Farrell IDX.

Location:

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Cell phone numbers being released to telemarketers

REMINDER - all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls. YOU WILL BE CHARGED FOR THESE CALLS. To prevent this, call the following number from your cell phone: 888-382-1222. It is the National DO NOT CALL list. It will only take a minute of your time. It blocks your number for five (5) years.
You must call from the cell phone number you want to have blocked.

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The NEW IMPROVED Home Buyer’s Tax Credit

On November 6th the President signed a bill passed by the US Senate and House of Representatives extending the current First Time Home Buyers Tax Credit AND creating a tax credit for 2nd time and subsequent primary residence purchasers. The First Time Home Buyer credit has not changed except to be extended through the end of April 2010. Any home buyer qualified under this program and is under contract to buy a home by the end of April; closing by the end of June will be able to receive an $8,000 credit from the government.

The First Time Home Buyer Tax Credit in particular has really help stabilize our area home prices which fall into the typical First Time Home Buyer segment. For example, before the tax credit had been set at an $8,000 credit vs. the previous $7,500 government loan we had been seeing nearly a years worth of inventory in our market in the $100,000-$250,000 price range. That means that if the same number of buyers kept purchasing homes it would have take a year to sale every home in that market segment. That is assume no more homes came on the market, of course. At the end of October 2009 we see that segment at about 7 months of inventory which is very close to having a balanced market.

The NEW tax credit is for 2nd time and subsequent purchases available to individuals and couples who are buying a primary residence to replace the one they currently own. If you have lived in your current primary residence for 5 of the last 8 years and you meet the income limits you would be qualified to receive a $6,500 credit for a couple or $3,500 for an individual. The signing date of November 6th 2009 is significant because any qualified purchase after that date can file for the credit.

One interesting note is that the bill doesn’t seem to say you can’t rent your current home and then buy the new primary residence thereby waiting for a little better time to sale that home. There would be some tax consideration for doing or not doing this but it may be something to consider if you think you may want to be an investment property owner for a little while.

Also of interest, this is truly a CREDIT not a tax deduction. For example if you are due $1,000 back on your taxes at the end of the year and you qualified for the $6,500 credit, you would then receive a check for $7,500.

There are Income limits and home purchase limits with both of these credits. Both are fairly generous. You can not make over $125,000 Single, and $225,000 as a Married couple. The home purchase can not be over $800,000.

For additional information on this credit we have created a side by side comparison for you. Please do not hesitate to contact me if you have additional questions.

Todd Long
Broker-In-Charge
Coldwell Banker United Realtors
todd.long @ cbunited.com

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Ray and Margaret share their home and pets with Currents Magazine

Ray and Margaret, agents in my office, had the opportunity to share their home and lives with their pets, Harley and Davidson, in a recent issue of Lake Norman Currents Magazine. I think it is a very fun spread, well written and beautiful photography. This home is on the market for sale as well if you are interested.

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Coldwell Banker President and CEO on TV Today talking about the housing market.

Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC, will appear live today at 4:45 p.m. CNBC’s Closing Bell with Maria Bartiromo. Jim will discuss the state of the housing market. He will also appear tomorrow on Fox Business News live at 11:15 AM EST to discuss the housing market and the Coldwell Banker College Home Price Comparison Index.

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Timing the market

The most recent Case-Shiller price index shows home prices up in 17 of the 20 markets it tracks. This is a good sign but what does this really tell us about the Real Estate market? The Case-Shiller price index that came out October 27th is actually based on numbers from August. The good news is we should continue to see positive signs from this widely monitored index for at least a few more months. From the indicators I watch September and October have been steady as well. What indicators do I watch that the big economist do not? A less scientific approach for sure. I follow Real Estate Professionals in major markets on Twitter and Real Estate Blogs. I realize true economist can’t rely on a less scientific approach like twitter and individual bloggers, but I can. These ground level Real Estate combatants may not give me a hard fast number to nail down as to price gains in a market or number of sales for the month but it does give me a feel for how the national market is moving, RIGHT NOW. As an example @PhxREguy (Jay Thompson) recently tweeted this blog post that he wrote. He talks about the resurgence of new home construction around his neighborhood in Phoenix. The national media is just now reporting that new home construction was up 9.4% for the month of September. That’s great news from a month ago but the Phoenix Real Estate Guy tells us in his post that new home construction is still gaining ground in Phoenix as of October 31st.

Some people may look at this and say so what, September/October, what is the difference? It may only make a difference to me, and the agents I manage, as we try to guide our clients as to the best course of action in their Real Estate endeavors. I feel like it is my job to know what has happened locally and nationally in the historical past of Real Estate, what the media is reporting with a little market lag time, what is actually happening right now and what the future indicators are forecasting. On a personal note, I really enjoy being knowledgeable about a subject, real estate, that is of interest to a wide variety of people. Real Estate makes for fun social conversations.

I think we are going to see the extension of the first time home buyer $8000 tax credit extended as well as expanding this to move up buyers for $6500 who want to sale a primary residence and buy a new one. We have seen the first time home buyer credit bring our inventory back to a manageable number of homes on the market in the sub $250,000 price points. The expansion of this credit to move up buyers should have a similar effect on price points above $250,000. This credit will most likely end with contracts written in April which is probably an appropriate time because we usually see a small upswing in purchase activity in the summer anyway. We still need to get unemployment under control. I firmly believe the 9-10% unemployment number is estimated low. I think it is closer to 17% nationally and maybe a little higher around Mooresville. No matter what I feel like we are seeing a bottom form in house prices in this area. There is no way to predict the absolute bottom to any market. If you are thinking a home purchase is a good decision for you don’t try to time the market. You will be missing a great opportunity at historic low prices and historic low interest rates if you do not act by the spring of 2010. That is my bit of advice.

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Vacant Home Freeze Warning

With the cold over night temperatures this week it is important to make sure any vacant home in your charge has the heat turned on to a low setting to prevent freezing pipes.  Pipes that freeze often crack.  When they thaw the water begins to flow and then you’ve really got a mess!  Typically setting the thermostat to the lowest temperature, around 50 degrees, should be sufficient. You can also winterize the home by shutting off the water and draining all the water lines. Some pros also force water out with compressed air but I have found that opening the faucet at the lowest point in the home works as well. That is often the outside water faucet for washing your car. You will aslo want to shut off power or the gas to the water heater and drain it as well. Then put a little RV anti freeze down each drain.  That’s the basics but it is always a good idea to consult a professional plumber.

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Get Motivated

I have a few extra FREE tickets for the Get Motivated Seminar in Charlotte Thursday October 29th. If you are interested in a ticket let me know. I can meet you at the gate or you can stop by the Coldwell Banker United, Realtors office in Mooresville.

Todd Long
todd.long @ cbunited.com

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Charlotte barcamp 2009

I attended a technology conference this past weekend in the NODA area of Charlotte. I attended the same conference last year. This year was great as usual, and Free! If you have never attend a bar camp before here is a description from Charlotte Real Estate bar camp I helped organize earlier this year.

Below is a video from one of the presentations I found interesting at Bar Camp Charlotte this past weekend.

Internet Marketing Training - SEO Google from Robert E on Vimeo.

Todd Long
Coldwell Banker United, Realtors
Broker-In-Charge
Coldwell Banker Mooresville

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Mobile detailing tomorrow, in our parking lot. Coldwell Banker United, Realtors, Mooresville

We have had a lady named Michelle here a few times to wash, wax, clean interior and tires. She and her partner do an absolutely great job! I brought a rather large camper/van here one day that took them hours and hours, 5 hours total, to clean. I had to nearly force them to take more than their standard $35 charge. You will be very happy with their care and service. Stop by in the morning and see Michelle or call her at 704-658-4158.

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Lease Option

We are experience a few “out of the box” home selling techniques in this market.  A lease option is one example.  This may be a good option for a buyer and a seller under certain circumstances.  For example: if the seller doesn’t need to cancel the debt on his/her current home in order to purchase another home.  Or, the buyer doesn’t qualify for a loan because they are self employed for less than 2 years.

I’m going to outline one way a lease option may be structured but I highly suggest you and your Real Estate agent enlist the help of a qualified Real Estate attorney if you are going to enter into a Lease with Option to buy or Lease Purchase agreement. 

There are a few details that need to be thought through before structuring your Lease Option.   1) How long of a lease term, 2) how much of the monthly payment will be applied to the option money (down payment), 3) how much will be paid up front to secure the contract, 4) how will repairs be handled 5) at the end or the lease option what will be the purchase price?  So lets cover a few of these.  How long of a lease term many times this will depend on why you are considering a lease option in the first place.  The buyer may just need 6 months to qualify for his loan as in the example above.  Other time the buyer may be trying to place 20% into the option money pool which will then be their down payment for the loan. 

That leads me to number 2 from above.  The amount of the monthly payment will vary depending on many factors: the amount the seller needs coming in each month to cover expenses, the amount the buyer can afford each month, or the amount negotiated towards option and rent.  Normally there is an amount of each payment that applies toward the option amount that is being paid from buyer to the seller to apply to the purchase price if the buyer decides to exercise the option at the end of the term.  For example if the monthly payment is $1000 then $500 of that could be going towards the option and $500 could be rent.  No matter what, that $1000 is paid to the seller each month and is not refundable.  If the buyer exercises the option at the end of say 2 years they would have $12,000 as down payment they have already made to the seller towards the $100,000 purchase price.  Usually the final purchase price is established at the outset of the Lease Option contract.  This can be a little trick to predict what the future value of the property will be in 2yr, 3yr, or 5yrs.

Often the upfront money from buyer/lessee to seller/lessor is considerably higher than a standard security deposit of 1 1/2 times the monthly rent.  The upfront money to secure the contract may be 5%-10% of the purchase price.  But this money does typically apply to the purchase price if the buyer exercises the option.  From the seller’s point of view this upfront money needs to cover any cost that are incurred such as moving expenses and real estate commissions.  Speaking of real estate commissions the NC Exclusive Right to Sell Listing Agreement paragraph 8 details the total fee to be paid from the seller to the agency.  ”Such fee shall be deemed earned under any of the following circumstances:” 8b “If the ……. Seller agrees to sell, exchange, convey or transfer the Property at any price and upon any terms whatsoever, during the Term of this Agreement or any renewal hereof”.  So a fee is due.  My opinion is something could be worked out where the seller pays a portion of the fee at the initiation of the lease option and the rest a closing of the transaction.  However, that is not the wording in the listing agreement and would need to be worked out on a case by case basis.

Repairs can be handled many diffrent ways but I have had a good experience having the buyer/lessee cover all repairs up to $100 and any single repair over $100 is split 50/50 with the seller/lessor.  You will need to work out how estimates are acquired and so on. 

As you have read above, many of the terms and conditions of the lease option are negotiable and can be handled in many diffrent ways.  As I mentioned before I highly suggest you enlist the help of qualified professionals if a lease option seems like it might be a solution to your real estate needs.

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