Tax Credits Boost New-Home Sales in April‎

"Sales of newly built, single-family homes surged 14.8 percent to a seasonally adjusted annual rate of 504,000 units in April as consumers rushed to beat the deadline for expiring home buyer tax credits, according to data released by the U.S. Commerce Department today. This was the strongest level of new-home buying activity since May of 2008.

“Clearly the home buyer tax credit program, which concluded at the end of April, was successful in getting the housing market moving again by helping many families achieve the dream of homeownership,” said Bob Jones, chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. “Now that the program is over, other great buying incentives continue – including exceptionally favorable mortgage rates, very attractive home prices and the steadily improving economy – so there is good reason to expect the positive momentum to continue.”

“The surge of buying activity we have seen in the final two months of the tax credit program has been very encouraging, and has helped builders work down their standing inventories to near historic lows,” said NAHB Chief Economist David Crowe. “It stands to reason that this activity will level off over the next few months, as sales that would have occurred during that time were likely pulled forward to meet the April deadline. That said, today’s favorable home buying conditions, the recovering job market and reviving consumer confidence should help take the place of tax incentives to generate buyer demand.”

Three out of four regions posted substantial gains in new-home sales in April; the Midwest registered a 31.6 percent gain, the South, a 10.8 percent gain, and the West, a 21.7 percent gain. The Northeast posted no change in sales activity from the previous month.

The nationwide inventory of new homes on the market fell 5.8 percent to 212,000 units in April, its slimmest measure since October of 1968. Meanwhile, the month’s supply at the current sales pace declined from 6.2 in March to a modest 5.0 in April, the lowest since November of 2005." ~ Source: NAHB.org

For more news on home buying in Charlotte, please contact Henderson Properties!

SouthPark Land Back in Play

An undeveloped 10.5 acres of choice SouthPark land is getting new life.

Charlotte-based developer Lincoln Harris and Atlanta-based Reynolds Capital Group have formed a joint venture to develop the land, across from Piedmont Town Center on Fairview Road.

The companies are studying what to do with the property.

Reynolds Capital Group bought the land from LNR Property Corp. in August 2008. Miami-based LNR had proposed building condo towers, apartments, stores, restaurants and hotel rooms in a pedestrian-friendly village called South Fair Plaza. The developers had hoped to start construction in summer 2007 on the project, estimated to exceed $200 million.

In December, Moody's warned that declining income from LNR's loan investments could leave the company needing cash, and in risk of defaulting on roughly $890 million in debt LNR owes its lenders. The real estate giant has a growing collection of bad real estate loans for projects across the county and has been unloading some of its debt, according to news reports.

Reynolds Capital Group bought the property using a $175 million fund that focuses on the Southeast. Lincoln Harris said it will be responsible for all planning, marketing and development.

Lincoln Harris' vice president of development, Alex Kelly, said the company is in a study mode, and will "take a step back" and look at the market conditions to determine the property's best use.

He declined to provide other details, such as when the company might develop the land, except to say that the company wanted to make people aware that the property "is in play again."

"I have had a long standing relationship with the principals of Reynolds Capital Group and all of us at Lincoln Harris are excited to be partnering with them on a project that is in keeping with the character of the SouthPark community," President and CEO Johnny Harris said in a statement.
~ Source: CharlotteObserver.com

If you are looking for homes for sale in Southpark, NC, please contact Henderson Properties!

Henderson's Community Assoication Management Program

Henderson Properties has been dedicated to providing professional Community Association Management in the Charlotte Metro area since 1990. Listed below is a summary of the services available to the Associations we serve.

Management Services

• Preparation of needed information for scheduled Board meetings.
• Notification of and attendance at annual Association meetings.
• Periodic vendor contract review to insure highest cost effectiveness of contractor services.
• Assistance in drafting of annual budget.
• Inspections and subsequent follow up to insure compliance with governing documents.
• Response to all inquiries and requests from members through our highly trained Community Services personnel.
• Coordinate community website hosting, design and technical support.
• Comprehensive training program for new Board Members.

Accounting Services

• Observance of GAAP in all accounting procedures.
• Receipt and banking of all assessment payments.
• Aggressive collection of delinquent assessments.
• Timely management of Accounts Payable.
• Preparation and disbursement of monthly financial reports.
• Coordination of legal process pertaining to the collection of assessments.
• Facilitate performance of annual audit by independent auditor chosen by the Board.

Maintenance Services

• Coordination of the maintenance and repair of Common Elements of the property.
• Solicitation of bids for maintenance not performed by Management firm.
• Supervision of maintenance and repairs of Common Elements and Capitol Reserve projects.
• Twenty-four hour emergency services available to all homeowners.
• Submit to the Board recommendations for preventative maintenance.
• Performance of scheduled inspections of the property’s Common Elements.

What to Buy... a House or Condo?

"Making the decision to buy a home is just the first of many choices first time home buyers face. Assessing your lifestyle is the next step and that leads to one big question in particular: house or condo.

“There are benefits and pitfalls to both houses and condos – especially for first time home buyers' budgets,” says Chris Wisniewski, Associate Vice President, Real Estate Secured Lending, TD Canada Trust.

Wisniewski recommends buyers weigh the pros and cons of houses and condos before making their choice. Some pros and cons include:

Houses

Pros:
• You don't have to pay fees for amenities and services you don't use.
• You can renovate more freely to personalize your home.



Cons:
• You have to maintain your home and property.
• Your expenses are not always predictable.
• Affordability often equals to a longer commute

Condos
Pros:
• Your building may feature some additional security features that you may appreciate such as a doorman or cameras and convenient amenities like a gym, a party room or a pool.
• Your monthly expenses are relatively predictable and usually cover your maintenance – from shovelling the driveway to mowing the lawn.
• Usually located in an urban environment meaning less of a commute.

Cons:
• In addition to your condo fees, you may face additional payments for expenses your condo corporation deems necessary such as roof repairs.
• You're often living in much closer proximity to neighbours which can equate to more noise." ~ NewsCanada.com

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