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Archive for March, 2012

A Mooresville golf club will be getting the Donald Trump treatment soon.  Members of the club voted last night to sell the club to Trump for $3 million.  In return, “the Donald” says he’ll spend millions on improvements to the club. Club members hope that this will increase the value of their property.  If they had refused to sell to Trump, they would’ve had to buy it themselves due to the bankruptcy of the orginal developer Crescent Development.  See today’s article in the Charlotte Observer HERE.

Mooresville will have to share the glory, though.  The club will be renamed Trump National Golf Club, Charlotte.  Given that many residents of The Point work in Charlotte, I guess there’s some kind of rationale there.  Some residents are concerned that Trump will drastically change the character of the community.  I suspect others are contemplating the joys of having their local club host a PGA tour event eventually.

Ahhh, the lives of the rich and famous can be so complicated!

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The volume of sales of homes in Iredell County is picking up.  The result is shown by one measure we use- months supply of inventory. That means that at the current rate of sales, it would take 9.3 months to sell all the listings.  Clearly from the chart (click on the link below) you’ll see that we’re nowhere near the peak of the market back in 2006 and 2007 when the months supply was around 6- usually considered a balanced market (buyers’ vs sellers’ market).  At one time, we had around 17 months of supply. But as most people understand, the more inventory (and buyer choices), the lower the price.  As inventory comes down, there will eventually be upward pressure on prices.  So, if you’re a buyer, the sooner you buy, the better from a price standpoint, and of course, you’ve probably noticed mortgage rates have been very low over the past few months- below 4% in some cases.  They’re starting to see a bit of increase now.  As a seller, you need to understand the impact of all this on the possible price you may get for your home.  I don’t think we’ll see anywhere near the prices that we saw back in the most recent market peak, since much of that was driven by goofy lending practices.  Still, there’s hope that median prices will start to rise across the market in the next year or so.

 

Months Supply of Homes for Sale for 12 – Iredell County.

 

 

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Earlier this week I had a most remarkable thing happen to me.  I was at a meeting at our Realtor Association office in Charlotte.  Having been on the CMLS and CRRA boards for several years, I was quite comfortable going there without concern for security of my car and property.  When I arrived, I parked in a lot near the building, maybe 50 yards from the door and near the street. It was a warm, sunny day.  I got my tablet out to take to the meeting but left the briefcase in the floor of the back seat as I have many times before.

When I returned to the car 3 hours later, I noticed some dark glass on the pavement beside the car and thought, “I don’t remember that being there when I got out of the car.”  Then I looked up and realized the glass was my broken side window.  I looked inside, and sure enough, my bag was gone.  The door was never opened, the alarm didn’t go off.  My mind raced with ramifications of my loss.  I went back into the Association building and asked the staff to call the police who arrived in a short time to ask questions and look over the scene.  They said they’ve had a rash of similar break-ins in the area and actually had an unmarked car patrolling the area.  They said that a quick flip of a screwdriver in the window frame breaks the window, and the thief can be in and out in 10 seconds.

On the way back to Mooresville, while driving through a rainstorm with my back window broken, I was going through the should’a, could’a, would’a thing when I got a call from a Charlotte Police Detective.  He said that they’d recovered my bag with all contents and asked me to come back to Charlotte to identify it.  I was shocked and pleased, to say the least.  What an amazing outcome!  I didn’t give more than a 2% chance of their finding any of my stuff, and they got it all back before I even got home!  When I talked more at length with the detective, he said they’d come across my stuff while investigating an individual for a similar theft who was on probation.  They even came up with a way to get the thief to drive back to Charlotte to the police station in his own car! 

So, my belongings are back, my window is repaired, and I’m in awe of the Charlotte Police Department.  I sent a note to the mayor to be sure these officers and detectives get the credit they’ve earned.  I guess I’m changed to the extent that I’ve lost a bit of trust in people, but I know this kind of thing happens all the time, both in large cities and small.  What a shame that there are people who view theft as a reasonable way to make living.

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Site Selection Magazine has named the Statesville-Mooresville micropolitan area tops in the nation for new and expanded corporate facility projects in 2011.  Not bad considering that there are 576 such areas in the country and Statesville-Mooresville has won this status 8 out of the last 10 years.  This means that the corporate world finds our area a very attractive place for investing in business and jobs.  This doesn’t happen by accident.  Our towns have the benefit of many talented people working on area economic development.  This has a substantial beneficial effect on our property tax rates.  The government people tell me that commercial/industrial tax base is much more effective in generating needed property taxes than residential tax base.  It also helps to support residential property values when businesses are convenient to residential areas and economic health is strong.  Our prices may be down somewhat, but this type of development and attention has helped to keep prices from falling further.

Quite impressive when you think about it.

Check out the article HERE.

 

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