The Federal Housing Administration is encouraging use of its little-known 203(k) loan program.
The 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent.
The program requires the use of credentialed contractors and can include cosmetic improvements as well as major renovations like replacing plumbing or electrical. Completing the application process requires patience, says Nancy Hammock, an associate with RE/MAX Properties in Western Springs, Ill.
But in this lending environment, more homebuyers are finding 203(k)s worth the hassle. In fiscal 2008, the government insured about 6,700 of the 203(k) loans. This year, more than 11,000 loans have already been insured, according to the Office of the Comptroller of the Currency.
Source: Chicago Tribune, Mary Ellen Podmolik (08/14/2009)
Friday, August 21, 2009
Friday, August 14, 2009
Uptrend Continues in Pendng Home Sales
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors(R). The Pending Home Sales Index, a forward looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upward revised reading of 91.3 in May, and is 6.7 % above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.Lawrence Yun, NAR chief economist, said in a combination of positive market factors in fueling the gains. "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines. Activity has been consistently much stronger for lower priced homes." he said. "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30th, 2009."
Wednesday, August 12, 2009
J.S. Kempf & Associates filed for Chapter 7
The matthews based homebuilder filed for Chapter 7 bankruptcy this week. The company builds homes in communities including The Palisades, a luxury home development near Lake Wylie, and The Club at Longview off Rea Road.
A Chapter 7 bankruptcy filing indicates the company is planning to liquidate its assets, as opposed to shedding debts and reorganizing, as is done in Chapter 11 bankruptcy filings. More than 30 percent of bankruptcy filings in the Charlotte area this year have involved construction-related companies.
A Chapter 7 bankruptcy filing indicates the company is planning to liquidate its assets, as opposed to shedding debts and reorganizing, as is done in Chapter 11 bankruptcy filings. More than 30 percent of bankruptcy filings in the Charlotte area this year have involved construction-related companies.
Board approves Mint Hill boundaries
After contentious debate with each other and impassioned citizens, Charlotte-Mecklenburg school board members voted 6-3 Tuesday night to approve proposed boundaries for the new high school in Mint Hill.
The vote means most students in Mint Hill will actually attend Independence High – and most students at the new school in Mint Hill will be drawn from surrounding schools.
More than 30 parents, teachers and students spoke at the school board meeting, arguing for and against the proposal.
Supporters said it was the fairest way to balance student enrollment and demographics.
Those opposed, mainly Mint Hill residents, said the new school was promised to Mint Hill in return for their support of a bond measure in 2007. They also said their children deserve to go to school in their town, and that the board doesn't have uniform standards when it draws school boundaries.
A plan Mint Hill presented would have opened a 1,650-student school, with a 32 percent poverty level.
The board's plan calls for a 1,530-student school with a poverty level of 52 percent.
The fight over Mint Hill has dragged on for five months, with 14 different boundary plans presented.
At stake were a number of issues that have persisted since Mecklenburg County revamped student assignments in 2002, such as whether suburbs should have schools that serve them and reinforce their identity, what the role of diversity in school assignments is, and whether the school board should assign students to balance differences in school poverty levels and performance. The new high school, on Truelight Church Road, is scheduled to open in August 2010.
“The board has really lost the trust and respect of many of the residents of Mint Hill,” said Julie Andrews at the meeting. “I specifically voted for that [bond] package because of it. For us to receive no benefits and for them to put us in that old high school (Independence) that is overcrowded is so unfair.”
Board members Ken Gjertsen, Kaye McGarry and Larry Gauvreau voted against the measure.
District 6 representative Gjertsen said it was an issue of living up to the board's word: “In my opinion, promises were made, and we're ignoring that.”
Gauvreau, who represents District 1, was more outspoken. “You can't call this any more than a sham,” he said.
School board chairwoman Molly Griffin said that it would have been impossible for the board to satisfy everyone. “For every four e-mails I get, I get four different points of view,” she said.
And at-large member Joe White had a message for parents who left unhappy: “Wherever your kids end up, dedicate yourself to making it the best place it can be.”
Reedy Creek neighborhood resident Adrienne Trent, whose daughter just graduated from Independence, said she supports the plan because it is the fairest way to even out the schools' demographics.
“It is the most balanced,” she said. “It was the most sensible one there.”
A strong contingent of East Mecklenburg High School supporters showed up to ask the board to delay their vote. The Mint Hill plan will slash East Meck's enrollment from just over 2,100 to about 1,400. They said they fear this will restrict class and extracurricular activities and lower standards at the school.
They said it could drive parents to pull their students to private or charter schools instead of East Meck.
The school board decided to study the possibility of moving students from Myers Park High School to East Meck to compensate for the loss of students.
And although they disagree on the issues, Trent and Andrews agree on one thing – the fight over boundaries isn't over. “By the time he's ready to go to high school, these boundaries will be redrawn,” Trent said of her 6-year-old son.
Said Andrews: “I'm confident the lines will be redrawn before my kids get to high school.”
By Ely Portillo
elyportillo@charlotteobserver.com
Posted: Wednesday, Aug. 12, 2009
The vote means most students in Mint Hill will actually attend Independence High – and most students at the new school in Mint Hill will be drawn from surrounding schools.
More than 30 parents, teachers and students spoke at the school board meeting, arguing for and against the proposal.
Supporters said it was the fairest way to balance student enrollment and demographics.
Those opposed, mainly Mint Hill residents, said the new school was promised to Mint Hill in return for their support of a bond measure in 2007. They also said their children deserve to go to school in their town, and that the board doesn't have uniform standards when it draws school boundaries.
A plan Mint Hill presented would have opened a 1,650-student school, with a 32 percent poverty level.
The board's plan calls for a 1,530-student school with a poverty level of 52 percent.
The fight over Mint Hill has dragged on for five months, with 14 different boundary plans presented.
At stake were a number of issues that have persisted since Mecklenburg County revamped student assignments in 2002, such as whether suburbs should have schools that serve them and reinforce their identity, what the role of diversity in school assignments is, and whether the school board should assign students to balance differences in school poverty levels and performance. The new high school, on Truelight Church Road, is scheduled to open in August 2010.
“The board has really lost the trust and respect of many of the residents of Mint Hill,” said Julie Andrews at the meeting. “I specifically voted for that [bond] package because of it. For us to receive no benefits and for them to put us in that old high school (Independence) that is overcrowded is so unfair.”
Board members Ken Gjertsen, Kaye McGarry and Larry Gauvreau voted against the measure.
District 6 representative Gjertsen said it was an issue of living up to the board's word: “In my opinion, promises were made, and we're ignoring that.”
Gauvreau, who represents District 1, was more outspoken. “You can't call this any more than a sham,” he said.
School board chairwoman Molly Griffin said that it would have been impossible for the board to satisfy everyone. “For every four e-mails I get, I get four different points of view,” she said.
And at-large member Joe White had a message for parents who left unhappy: “Wherever your kids end up, dedicate yourself to making it the best place it can be.”
Reedy Creek neighborhood resident Adrienne Trent, whose daughter just graduated from Independence, said she supports the plan because it is the fairest way to even out the schools' demographics.
“It is the most balanced,” she said. “It was the most sensible one there.”
A strong contingent of East Mecklenburg High School supporters showed up to ask the board to delay their vote. The Mint Hill plan will slash East Meck's enrollment from just over 2,100 to about 1,400. They said they fear this will restrict class and extracurricular activities and lower standards at the school.
They said it could drive parents to pull their students to private or charter schools instead of East Meck.
The school board decided to study the possibility of moving students from Myers Park High School to East Meck to compensate for the loss of students.
And although they disagree on the issues, Trent and Andrews agree on one thing – the fight over boundaries isn't over. “By the time he's ready to go to high school, these boundaries will be redrawn,” Trent said of her 6-year-old son.
Said Andrews: “I'm confident the lines will be redrawn before my kids get to high school.”
By Ely Portillo
elyportillo@charlotteobserver.com
Posted: Wednesday, Aug. 12, 2009
Monday, August 10, 2009
Movies in the Park
The 5th ANNUAL Movies in the Park returns to Freedom Park this summer! Can you imagine a better way to spend a summer evening than sitting under the stars, chomping on popcorn, hanging out with friends & neighbors while watching one of your favorite flicks? Neither can we. So come join us at Freedom Park this Summer and make some memories with your family!
Presented by Watershed and the Char-Meck Park & Recreation Department.
::DETAILS ::
•All movies take place on the 2nd Friday of the month
•All movies begin at SUNSET
•Located at the Freedom Park Amphitheater (bring a chair/blanket!)
•Popcorn provided FREE of charge
•Drawings for prizes (DVD players, gift certificates, and more!)
•Fun for the whole family, a date, your dog, or just you!
•TOTALLY FREE
This month's movie is August Rush.
Presented by Watershed and the Char-Meck Park & Recreation Department.
::DETAILS ::
•All movies take place on the 2nd Friday of the month
•All movies begin at SUNSET
•Located at the Freedom Park Amphitheater (bring a chair/blanket!)
•Popcorn provided FREE of charge
•Drawings for prizes (DVD players, gift certificates, and more!)
•Fun for the whole family, a date, your dog, or just you!
•TOTALLY FREE
This month's movie is August Rush.
Charlotte Irish Summer Festival
The third annual Charlotte Irish Summer Festival is scheduled for Uptown Charlotte on Friday and Saturday, Aug. 14 & 15, 2009. This year's family-friendly event will feature Irish music, dancing, drinks and food, as well as crafts, games (for adults and kids!) and more!
Saturday's Festival is Located at 3rd & Tryon St. & Starts at Noon
Courtyard Charlotte City Center
237 South Tryon St.
Charlotte, NC. 28202
Saturday's Festival is Located at 3rd & Tryon St. & Starts at Noon
Courtyard Charlotte City Center
237 South Tryon St.
Charlotte, NC. 28202
Charlotte's Urban Realty is on Facebook!
We here at Urban Realty wanted everyone to know that we have a facebook page now. Feel free to email us your inquiries about any properties you are interested in and might have a general question about. Feel free to contact us at your leisure. Just look for us as Urban Realty or on our website www.urbanrealtync.com. Have a great week!
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