Crescent and Levine both planning apartment-hotel combos, a first for Charlotte

Two development firms are planning a mix of uses that would be a first in Charlotte: combining hotel rooms with apartment units in a single building. Yesterday, at the Charlotte Business Journal's CREQ Live event, Brian Leary, president of commercial and mixed-use at Crescent Communities, said the Charlotte development firm is looking at building 75 to 100 rental units on top of a planned 300- to 400-room hotel at its proposed Tryon Place development on South Tryon Street. "We'd also like to have…
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SkyHouse developers purchase site for second apartment tower in uptown Charlotte

A second SkyHouse apartment tower is on the way for uptown Charlotte. The developers of the SkyHouse Uptown apartment tower have purchased the City Center Inn property — bordered by North Tryon, Ninth and North Church streets — for $8.6 million and have secured a $44.9 million construction loan from Compass Bank, according to real estate records. Novare says the hotel will be demolished before the end of the year, and construction of the second tower will likely start in 2015. "We are pleased…
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Zapata to add 35 jobs over two years as it partners with Ohio firm

Architectural and engineering firm Zapata plans to add 35 jobs over the next two years as it pursues new commercial work as well as state and municipal transportation contracts. Zapata has formed a partnership with LJB Inc., a Dayton, Ohio-based engineering design firm, to pursue transportation contracts in North Carolina. Zapata and LJB have worked together on federal contracts for about four years and recently formed a new company, Zapata-LJB, to pursue the transportation work. Zapata has long…
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Levine Properties to start construction on Plaza-Midwood apartment complex

Levine Properties plans to start construction early next month on a 105-unit apartment complex in the Plaza-Midwood neighborhood, a development that is part of a growing multifamily portfolio for the Charlotte real estate firm, which recently purchased a 473-unit complex in south Charlotte for $50.5 million. The Plaza-Midwood project will be on a 1.2-acre site at the corner of Commonwealth Avenue and St. Julien Street, within walking distance of the neighborhood's restaurants and bars, and is expected…
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Share of First-Time Buyers Falls to Lowest Point in 27 Years

Despite an improving job market and low interest rates, the share of first-time buyers fell to its lowest point in nearly three decades and is preventing a healthier housing market from reaching its full potential, according to an annual survey released recently by the National Association of REALTORS®. The survey additionally found that an overwhelming […]

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Share of First-Time Buyers Falls to Lowest Point in 27 Years

Despite an improving job market and low interest rates, the share of first-time buyers fell to its lowest point in nearly three decades and is preventing a healthier housing market from reaching its full potential, according to an annual survey released recently by the National Association of REALTORS®. The survey additionally found that an overwhelming […]

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Share of First-Time Buyers Falls to Lowest Point in 27 Years

Despite an improving job market and low interest rates, the share of first-time buyers fell to its lowest point in nearly three decades and is preventing a healthier housing market from reaching its full potential, according to an annual survey released recently by the National Association of REALTORS®. The survey additionally found that an overwhelming […]
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For Your Clients: What Is Good Advice on a Home Appraisal Worth to You?

home_appraisal_conceptOne of the required services when buying or selling a home involves hiring an appraiser. So I was excited to receive the latest news from the Appraisal Foundation, the nation’s foremost authority on the valuation profession, has additional resources for consumers.

According to the foundation, effective January 2014, rules adopted by the Consumer Financial Protection Bureau (CFPB) allow borrowers to receive copies of all valuation products ordered with their loan (even if the lender did not rely on them) three days prior to closing.

Consumers should know that various valuation products (appraisals, AVMs, BPOs) may produce different values and cause confusion for borrowers.

The foundation believes borrowers should understand the differences between the valuation products they may receive before closing on a home loan and the relative reliability and applicability of each product. When reviewing valuation products, keep in mind that:

• An Appraisal is an opinion of value performed by a professional state-licensed or -certified appraiser. It complies with the Uniform Standards of Professional Appraisal Practice (USPAP), which requires appraisers to be independent, objective, and impartial. An appraiser must remain unbiased and produce an opinion of value that is credible, or worthy of belief. An appraisal by a competent professional appraiser is the most reliable of all valuation products.

• An Automated Valuation Model (AVM) is a computer-generated estimate of a property’s value that a lender might use in some circumstances to assist in evaluating the collateral for a mortgage. The output of an AVM is heavily dependent on the quantity and quality of the data input. With proper use, an AVM can help support the findings of an appraisal, but when used alone its output may not be credible.

• A Broker Price Opinion (BPO) is typically prepared by a real estate broker and is another tool a lender might use to evaluate the collateral for a loan. A BPO, as originally intended, does not comply with USPAP, and real estate brokers are not obligated to comply with USPAP and its corresponding appraiser independence requirements. BPOs were designed for brokers to assist home buyers and sellers in arriving at a list or purchase price.

• A Comparative Market Analysis (CMA) is similar to a BPO and is commonly prepared by a real estate agent to help decide on an asking or offering price. Like a BPO, a CMA does not comply with USPAP and real estate agents are not required to comply with USPAP.

For more information, or to review or download the foundation’s free “Guide to Understanding a Residential Appraisal,” just visit www.appraisalfoundation.org.

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Report Names Top 10 Markets for First-Time Home Buyers for 2014 Home Buying Season

Realtor.com®, a leader in online real estate operated by Move, Inc., has released the Top 10 Markets for First-Time Home Buyers for the upcoming home buying season. Markets that made the 2014 list by rank include: Pittsburgh, PA; Tampa-St. Petersburg-Clearwater, FL; Philadelphia, PA; Fort Worth-Arlington, TX; Orlando, FL; Jacksonville, FL; Dallas, TX; Raleigh-Durham-Chapel Hill, NC […]

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Report Names Top 10 Markets for First-Time Home Buyers for 2014 Home Buying Season

Realtor.com®, a leader in online real estate operated by Move, Inc., has released the Top 10 Markets for First-Time Home Buyers for the upcoming home buying season. Markets that made the 2014 list by rank include: Pittsburgh, PA; Tampa-St. Petersburg-Clearwater, FL; Philadelphia, PA; Fort Worth-Arlington, TX; Orlando, FL; Jacksonville, FL; Dallas, TX; Raleigh-Durham-Chapel Hill, NC […]

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