Friday, November 02, 2007

New BLOG|CharlotteCommunitiesOnline.com

Hey everyone,

I (Terry McDonald) am posting over at my new HQ, new digs at

CharlotteCommunitesOnline

its not perfect yet, but full of posts and well under way!!!

check out this new feature, new home community reports, a new home Top Ten List:


Antiquity in Cornelius
Brookhaven in Weddington
The Palisades In Southwest Charlotte



See you there! Terry

Saturday, October 13, 2007

Antiquity in Cornelius


Antiquity is the largest mixed-use community of homes, offices and retail since Birkdale, and promises to change both Cornelius and Davidson over the next decade. The covered bridge on the right is it's northern entry from Davidson, and the Cornelius entry will be at the Town Center in revitalized Cornelius. This community will be a major real estate addition for the north Charlotte suburbs.

Antiquity is just getting started, roads are in and the models just opened and the first homeowners are moving in October, 2007. Two very well thought of builders, Cunnane and Meeting Street Homes, are building detailed period style town homes from the high 170's, and single families in the 300's. I'll have more in future posts, but if you have some vision, their early prices are attractive. I think you'll like their style and if you've visited other communities by Cunnane , you know they are also know for their appreciation! The photos below are from the Cunnane side, Meeting Street pictures will be up next week.



It is a front porch community in walking distance to downtown Cornelius or downtown Davidson, a new community connecting the older Cornelius with the eclectic college town of Davidson.

Monday, October 08, 2007

Charlotte 2 Year Price Increase 2nd in the Nation

Everyone likes to have their work validated, even indirectly. A new website for the investment industry uses my market reporting methodology-- the change in Sold Average Square Foot Price-- as their means to compare price appreciation in local housing markets. Charlotte ranks 2nd in growth nationally according to Radar Logic,11.3%, growth in the Sold Average Cost per square foot. (cps)Radar Logic is a tech company serving the investment banking industry.

For some time I've had issues with the Carolina MLS's regular reporting and the Charlotte Observer's regular coverage of the monthly median price index. It offers little in statistical meaning because it doesn't adjust for changes in average square foot of homes sold, so if one month people buy homes that average 50 sf larger than the year before, there is no meaningful comparison of price. That's why our market reports vary from theirs; our numbers here and for our clients are always based on the average cost per square foot of the sold property. SOLD COST PER SQUARE FOOT! And it isn't hard to figure, it's a mathematical process called division.

Here is the Radar Logic view, "The price per square foot metric provides a powerful tool to analyze housing markets because it significantly reduces the influence of property sizes on overall housing prices that can skew results."

Couldn't say it any better.

Sunday, October 07, 2007

Sunday Night Steals and Deals- Myers Park- Charlotte

Back from a trip out east (more on that tomorrow) it is Sunday night and I've been thinking about Myers Park. I grew up in Washington DC and the area there most like Myers Park? Chevy Chase or upper Northwest. Well Myers Park is just 5-10 minutes to Uptown and has housed Charlotte's elites since the earliest days. Wide boulevards and 100 year old oak trees are common, as is original construction dating to the 1930' and 40's, with some a bit older still. These pictures should offer some flavor... so my Sunday Night question is how far would $1M go in Myers Park, a close in suburb of Charlotte, NC?
If you are going large, (over 3500 sf) you'll be getting houses on large roads, Runnymede, Providence and Sharon, with only one exception, a contemporary that don't sell well here. So I went after smaller restored home and found a beauty on the less crowded end of a popular street, Selwyn Avenue. Since this one has a website, I can show you this (non-mls) graphic

3300 heated square feet, plus 1900 sf unheated, with 4 br and 3 baths. This tastefully restored home has a great in town location, curb appeal for $709,000... any one like to try 675K and see where it takes us?

Friday, October 05, 2007

Top Ten Reasons To Vote For Mecklenburg County School Bonds


So lets lay it out here--our schools are heavily overcrowded, and the older schools need repair, these facts are not really in dispute, most of the dispute centers on "who" should get "what" plus a few folks who would like to defund the public schools for a variety of reasons including something that happened way back in 1957. In truth we need about 1.4B in new schools to meet enrollment needs in the next five -seven years. This 516B is just the first installment. So I'd like you to see the whole picture, and get behind the larger 1.4B number.

Do you know that temporary trailers house more than 25,000 students? did you know that 20% of the "temporary classrooms" are more than 30 years old?

Each of us will have our own most important reason, but I think one or more will appeal to you. The reasons divide on two broad fronts: economics and staying true to our American ideals.
See what you think. Not registered? You must register by October 12 to vote.
Oh, and you better grab a cup of coffee, it's a long post.

Top Ten Reasons to VOTE YES NOV 6 for the School Bond


1. It is a compromise, but a fair one.
It is only the first installment towards resolving all the building needs of this large school system. Many very real needs won't be met with this bond-- so some citizens must look beyond their immediate needs, and trust that we will do the next two installments, so that those needs are met and everyone benefits. It is a new day, we have the votes, don't let them divide us.

2.Today's children are tomorrows leaders, citizens or criminals.
It is much cheaper to educate than imprison-- average annual CMS cost per student per year, $5800, Average College Tuition $10,000, average prison inmate cost $24,000 per year. It's the economics!

3. The #1 Reason business give for relocating here-a highly skilled and trained workforce.
Did you know that by 2014, 80% of all factory jobs will require post-secondary education, factory jobs! We want more business in Charlotte, we need more quality schools, note the business council and Chamber of Commerce are 100% behind these bonds. Or we could be like those Northern cities where when kids graduate there are no jobs so they move elsewhere.
It's the economics!

4. Test scores rose 13% in Superintendent Gorman's first year.
Scores rose 13% for students performing at grade level, and he recognizes it's only a start, there is still a long way to go. And there is. Still, a good Return On Investment for one year.

5. It's an investment in the city of Charlotte's future.
The most successful government program ever? The GI Bill that made college education affordable to the Greatest Generation-- Investments in Education are PROVEN, they WORK, we just need to remember our own history. Like to make the state of North Carolina great? Provide great educations for the children- that simple.

6. Pay me now or pay, me later said the old television commercial.
I said this before but it bears repeating: 1/2 of all prison inmates are high school drop outs.

7. Doesn't your child deserve the best you and (we) your community can offer?
Isn't that what parenting is about? Can you imagine any parent feels that different about their kids? Then why is it so difficult to see that everyone in this county (and country) deserves the same? Because it is expensive? Because it is hard? While buildings aren't sufficient for a great education, they are a very necessary part of the education matrix. I don't think its to much to ask, roofs that don't leak, facilities that are safe, science labs in all high schools, music and arts funding and a football stadium. No, Americans can and have overcome harder more expensive things in the past. Every child deserves a quality education, taught by good teachers. That is not too much to demand.

8.It is who we are, a nation committed to all of its citizens. Ben Franklin and Thomas Jefferson knew that to run a democratic republic, the public must be educated, and public education was born. This is no time to turn our back on their wise council.

9.Our children are part of the future of our nation-- and if you believe that this country is great, you have to put your money where your mouth is... and that goes to the federal level as well- a month's spending in Iraq would pay for half the new schools needed across the whole country.

10. Some say the schools are run so poorly that it's throwing good money after bad. This is just wrong- go into the schools and see for yourself. Or, "My child's graduated, or goes to private school, why do should I pay?" Because this country has been dedicated to providing public education since its inception 230 years ago. No, these arguments are selfishness disguised by thin excuses, the real attitude? "I've got mine, who cares about everybody else?" These are not the values that have made this country great, and thankfully they are not close to a majority view here either, just a loud minority.

Only those who think this city's best days are behind her, don't want to invest in Charlotte's future. I believe Charlotte and North Carolina's best days are in the future. And by all means lets keep them accountable, keep them looking for ways to cut costs and be more efficient. Keep the pressure on, but these are capital investments and require the cheapest financing available- give them the funds and tools to do the job. As for me, I'll happily stand with Franklin and Jefferson in the commitment to public education- it is absolute necessity to a functioning democracy.

And as we teach our children the ideals of our founders, we find ourselves recommitting to those same principles ... something else of value.

Let's defeat this BIG Time, 2 or 3 to 1.

VOTE FOR CHARLOTTE'S FUTURE. Vote For The School Bond November 6. Vote FOR the land acquisition. Vote AGAINST transit repeal.

Video of The US National WhiteWater Center

Here's a you tube clip I found... enjoy




I've been several times, always had a good time, even swimming once or twice. Hear someone knock it? Ask if they've been there. The knuckle draggers haven't made it out somehow...

Thursday, October 04, 2007

Another Bad MLS Stat- % Sale to %List

Recently I wrote about how our DOM is basically a bogus stat, one that is dangerously missing key information. Another stat we Realtors like to bandy about is the % Sales To %List Price Ratio... you know the one, here in Charlotte it is typically cited as 97-98.5%.

Often Sellers ask what your rate is, trying to compare you to this mythical average, (I'll prove the mythical part in a minute) when they are comparing Agents seeking Listings.

In fact our local MLS board proudly reported in September that the % Sale to List price was essentially unchanged from a year ago, therefore our market was perfectly healthy.

I feel better already. All I can say is we have a very wise group of sellers and even smarter Realtors who must price every property almost perfectly, don't you think? I can see the skeptical look on your face ...

Of course the title gives this away, but yes, the %Sale to % List stat is bogus too, for almost exactly the same reason as the DOM stat doesn't work for consumers-- it only reflects the last List price, not the first, exactly as the DOM stat only is taken from the last Listing date, not the first.

To make this easy lets say I list your home for $1,000,000. According to the MLS you can expect to get say 97% or $970,000 which you think is great because the house is only worth 500K. So lets agree the %Sale to % List is not a very accurate predictor of sales price, OK?

But then after a month, after we've received no showings and several anonymous notes asking if we always drink or smoke something before Listing, we lower the price to $500,000- the real market value and showings begin and your home is wonderful and we soon get a sale for full price, $500,000, which is also fair market value.

I just sold your home for 100% of List... 500,ooo Sales Price is 1005 of List price, the last List price anyway. Are you beginning to see the problem here? It is related to DOM this way, the MLS only reports your last List price, making there be no penalty for people starting high... other states, the original number always appears on the MLS sheet, so buyers, and their Agents know at a glance the Original price, and current price.

Yes, my agent readers will tell me we can look it up and provide that information to our Buyer client, and that is true. Just like looking up the actual DOM, I'll get a history of the Listing price at the same location-- but again why do we post our information this way?

Once again they report the price this way to protect the Seller and the Listing Agent-- by not putting the original Listing Price in, there is no penalty for pricing a Listing ridiculously high, to the seller or Agent.

What's going on? They are still hoping for the stupid buyer... you know the mythical "just fell off the turnip truck Beverly Hillbilly type" Well guys in the age of the Internet and Buyers Agency those days are gone.

I insist all of my Buyer Agents report the actual Days on Market, and the Original Price, on every property a client has significant interest in... it is just made harder by a delibarately opaque MLS.

And you've just got to love the liability switch-- by reporting DOM only on the Agent copy, the MLS never tells a client DOM, or original List price, only the Buyer Agent does, giving the MLS their "Get Out Of Jail Free" card if the buyer Agent neglects to provide this information- it dumps liability on the Agent if its ever a problem. Gotta love that!

Not.