Get in on Exclusive Elegance in Wyndmoor

Century Communities, Sinacori Homes and LiveWell Homes are bringing an exclusive offering in Marvin called Wyndmoor. With just 12 homesites on two cul-de-sac streets, a pond, and walking trails, the privacy in Wyndmoor can’t be beaten. This alcove neighborhood has stunning homes close to restaurants, shopping, parks, and coveted Marvin Ridge schools.

Homes in Wyndmoor are grand. Lots are over half of an acre and homes are large as well with at least 3,600 square feet. Exteriors are full brick with European styling. Side-load three car garages are part of each floor plan that we have seen so far.

LiveWell Homes has one home currently available. This local homebuilder has been around for 50 years bringing quality homes to the Charlotte area. This home has 6 bedrooms, 5 and ½ bathrooms and laundry rooms on both floors. A large open kitchen with giant island, butler’s pantry and wet bar anchor the first floor. A two story great room is perfect for entertaining and contains coffered ceilings and custom moldings and fireplace.

Century Homes has two floorplans to choose from, the Newport and the Holly. They have one completed home available for sale as well as opportunities to build a home from the ground up. There are numerous ways to customize these homes to make your perfect space for your family. You can add a home office, guest suite, and many options for flex space.

Their current home they have available has 5 bedrooms, 4 ½ bathrooms and 4,889 square feet of living space. Like the LiveWell Home, it has a gourmet kitchen, and great room with dramatic coffered ceiling. Upstairs it has a master suite, three additional bedrooms and flex space in the loft.

Students in Wyndmoor currently attend Sandy Ridge Elementary School, Marvin Ridge Middle School, and Marvin Ridge High School. These desirable schools rank 10 out of 10 on CarolinaSchoolHub. There are also many private, daycare, mother’s day out, and preschool options close by.

If you are interested in learning more about Wyndmoor, give us a call at (704) 525-4045. You can also view current listings on our website here.

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Spotlight: The Retreat at Rayfield

Less than six miles from Ballantyne sits The Retreat at Rayfield. This new neighborhood boasts a private setting and amazing homes. Located in desirable Indian Land, these homes have convenient access to I-485, I-77, I-85, and Uptown Charlotte. Lennar and Taylor Morrison Homes are both represented in the neighborhood and have many different options to make a house in The Retreat at Rayfield into the home of your dreams.

Lennar Homes has a model open in their Traditions collection. These homes have craftsman styling with modern floorplans. They range from ranch style to three stories with optional basements, master retreats, three car garages and outdoor living spaces.

Home prices start in the $304,900’s to the $410,600’s. Square footages range from 2,041 to 5,641. Homes have between 2 and 4 bedrooms and have 2-3.5 bathrooms.

Taylor Morrison Homes are offering slightly larger homes in The Retreat at Rayfield. Lost average over ⅓ of an acre and homes start from the $300,000’s. They have six floorplans to choose from and lots of possible ways to customize the homes to meet your needs. Floor plans are typically between 3,097 to over 6,000 square feet. These signature series homes have 10 foot ceilings on the first floor, two or three car garages, gourmet kitchens, and master suites inspired by posh boutique hotels. Many homes have sliding glass door walls to allow the outside to come in. Additional options include mother-in-law suites, basements, home gyms, and butler’s pantries.

Amenities in The Retreat at Rayfield include a clubhouse, fitness center, community kitchen, conference room, playground, and resort-style swimming pool with splash pad.

The Retreat at Rayfield is zoned for award winning Indian Land public schools. This includes Indian Land Elementary, Indian Land Middle, and Indian Land High Schools, all within three miles of the neighborhood. These coveted schools and lower South Carolina taxes make The Retreat at Rayfield a great place to call home.

If you are interested in a home in The Retreat at Rayfield, give us a call at (704) 525-4045 and we can schedule a tour. You can also view current listings on our website here.

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The Most (and Least) Valuable States in America

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Everyone knows location is the most important part of real estate. You can’t change where your house is (all things being equal). You have to consider school districts, crime rates, commute times—the list goes on and on. It can be much simpler when you’re considering buying a home to compare apples to apples so you can see how the real estate market differs according to location, so HowMuch.net created a new visualization showing land and housing prices at a glance.

most_valuable_states_infog

The blue dots represent the value of an acre of land, and the red circles indicate the median value of a home. The bigger the blue dot and the larger the red circle, the more expensive it is to become a property owner. Small circles and dots likewise indicate a very low cost of purchasing property. The home values are from the U.S. Census Bureau’s 2015 American Consumer Survey, and the numbers behind the land values come from the Bureau of Economic Analysis.

Several things stand out in the illustration. An acre of land is much more valuable in the Northeast compared to any other part of the country. This is partly because the Eastern seaboard is a very densely populated area with several large cities, most notably New York. New York and Massachusetts have some of the oldest modern structures anywhere in the U.S. In other words, Eastern cities are a lot older than Midwestern cities, so there isn’t a lot of farmland for suburban expansion anymore. In terms of geographic size, these are some of the smallest states in the country. As a matter of fact, the three states where the cost of an acre of land is greater than the median price of a house are all located on the East Coast, and they happen to be some of the smallest states in the Union (Rhode Island, Connecticut, and New Jersey).

Median home values (the red circles) are a different and more complicated story. California has the most expensive houses by far ($449,100). Oregon and Washington boast similarly high housing valuations, as well ($264,100 and $284,000, respectively). It is also expensive to buy a home on the East Coast, with six out of the top 10 states with the most expensive median home values.

There’s a noticeable dip in both housing and land prices in Southern and Midwestern states. Prices slowly rise the further you move from east to west. This highlights unique economic developments over the last several years, including the boom in oil exploration in North Dakota and the growth of Western cities, like Denver, thanks to young people. Snowbirds also tend to move to Florida and Arizona when they retire, which also pushes up housing prices in those places.

Top 5 Most Expensive States to Buy a Home

  1. California
    Value per Acre: $39,092
    Median Home Value: $449,100
  1. Massachusetts
    Value per Acre: $102,214
    Median Home Value: $352,100
  1. New Jersey
    Value per Acre: $196,410
    Median Home Value: $322,600
  1. Maryland
    Value per Acre: $75,429
    Median Home Value: $299,800
  1. New York
    Value per Acre: $41,314
    Median Home Value: $293,500

Top 5 Cheapest States to Buy a Home

  1. West Virginia
    Value per Acre: $10,537
    Median Home Value: $112,100
  1. Mississippi
    Value per Acre: $5,565
    Median Home Value: $112,700
  1. Arkansas
    Value per Acre: $6,739
    Median Home Value: $120,700
  1. Oklahoma
    Value per Acre: $7,364
    Median Home Value: $126,800
  1. Kentucky
    Value per Acre: $7,209
    Median Home Value: $130,000

All this shows that the laws of supply and demand are alive and well in the real estate market. You can easily find cheap acres of land where they are plentiful and un-useful (sorry, Nevada), but owning property is a lot more expensive in smaller places crowded with lots of people. As always: location, location, location.

A version of this article originally appeared on HowMuch.net.

For the latest real estate news and trends, bookmark RISMedia.com.

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Appraisal Disappointing? Steps to Take

Appraisal disappointing? You have options, according to the Appraisal Institute.

“Homebuyers and sellers should first understand what an appraisal is and how it’s used,” says Jim Amorin, president and acting CEO of the Appraisal Institute. “Real estate appraisals for mortgage finance applications are prepared for the bank or financial institution so they can better understand the collateral risk in making the loan. This can be confusing, because homebuyers typically pay for the appraisal and receive a copy of it.”

In some cases, the appraisal may not match the contract price—but just because an appraisal comes in below (or above) the listing or contract price doesn’t mean it’s flawed, Amorin says. The agreed-upon contract price may be above market value, for example. In those situations, the buyer and seller often renegotiate the contract at more favorable or balanced terms.

Homebuyers should ask their lender for the qualifications of the appraiser, including whether they are designated by a professional association like the Appraisal Institute, says Amorin. A qualified and competent appraiser knows how to conduct a thorough market analysis and make appropriate adjustments.

Homebuyers also can ask whether the appraiser is directly engaged by the bank or whether the bank utilizes an appraisal management company, and what their procedures are for engaging qualified appraisers.

“The best way for consumers to combat potential problems with appraisals is to ensure the appraiser hired by their lender is highly qualified and competent,” Amorin says. “Consumers have every right to demand the use of a highly qualified appraiser, someone with field experience in their market and knowledge and experience to handle the assignment properly.”

Contrary to incorrect interpretations of appraiser independence requirements, appraisers welcome information that would assist the development of credible assignment results,” says Amorin. If lender policies permit, consumers can accompany appraisers when conducting the property inspection and may provide the appraiser with any information they consider important.

Amorin suggests consumers ask their lender for permission to do so, and confirm the appointment. Consumers should also take note of whether an adequate inspection is performed. Did the appraiser spend enough time at the property to observe important features or improvements or potential problems?

Homebuyers should take advantage of their right to obtain a copy of the appraisal report,” Amorin says. Even though the appraisal is ordered to help assess lender collateral risk, buyers are entitled to a copy of the appraisal report. Federal regulations require lenders to provide property buyers with free copies of appraisal reports no later than three days before the loan closes.

Although appraisal review is best performed by qualified appraisers, consumers should examine the appraisal for potential deficiencies, says Amorin. According to “Appraising the Appraisal: The Art of Appraisal Review,” common errors in appraisals include: misuse of adjustments to comparables; disregarding special financing and concessions; or miscalculation of gross living area (GLA).

Amorin suggests consumers ask themselves:

  • Do adjacent homes add or detract from the value of the subject property?
  • Is the subject property equal to or lower in price than surrounding homes?
  • Does the floor plan have any functional problems?
  • Does the house (particularly the kitchen and bathrooms) require major remodeling to make it comparable with similar homes in the same price range?
  • Is the number of bedrooms and baths in the home comparable to similar homes in the same price range?
  • Did the appraiser perform an adequate inspection?

“Most lenders have appraisal appeal procedures, known as ‘Reconsiderations of Value,'” says Amorin. “If you’re aware of recent, comparable sales information or items that may not have been available or considered by the appraiser, provide those to the lender. If problems were found with the first appraisal, you can and should obtain a second appraisal.”

Source: Appraisal Institute

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New Projects coming to South Charlotte

South Charlotte will be getting two new projects that we are excited about. They won their rezoning petitions at the Charlotte City Council Meeting this week.

The first project we are excited about is a redevelopment of Melrose Apartments in Madison Park. The site is the current home of 54 apartments originally built in 1967. There are also four single-family homes on the redevelopment site. Those four homes and the old apartments will be demolished to make way for the new project. This redevelopment project was first proposed in 2015 and has finally won unanimous approval by City Council.

The new project will have up to 265 apartments and eight townhouse-style units on the 2.9 acre site. This upscale complex will contain four and five story buildings, a parking garage, parking for each unit, a swimming pool, and central courtyard.

There are some concerns about the project being inconsistent with the surrounding neighborhood and issues with the elevations associated with the project. However, this project near the intersection of Park and Woodlawn Roads is still exciting. Revitalizing that corner is a great opportunity to add some character and better functionality to the area.

The second project we are excited about is an expansion of Phillips Place. Phillips Place has long been a place with restaurants, specialty retail, apparel, and home furnishings. The main street has an old world feel with fountains, benches, and lush landscaping. A hotel, movie theater, residences, office space and more made Phillips Place revolutionary as it was Charlotte’s first mixed-use development.

The expansion will add about 100,000 square feet of commercial space. Currently there is about 80,000 square feet of retail space excluding the hotel and movie theater. The plan also calls for parking decks with a smaller footprint allowing denser development. The project is slated for 15.1 acres just south of Fairview Road. The expansion of the Phillips Place retail center in SouthPark was unanimously approved by City Council.

If you are interested in a home in Madison Park or in SouthPark, give us a call at (704) 525-4045. You can also view current listings on our website here.

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