The ranks of real estate investors mushroomed through the last several years until the market faced a dramatic downturn. Oversold by weekly TV shows, books, glowing news articles and infomercials, it didn’t occur to them that the good times wouldn’t last forever. Many of these people should never have become real estate investors.

Now, with more and more unwanted homes on the market, investors have few options to recoup some of their investment. Some rent the home, which at least gives them some income to cover some of the costs and may make the monthly house payment. Then, when the market changes, they can sell at that time.

Others sell the home at any price. They may lose whatever they put into the house and, if the sales price and commission are below the amount of the mortgage, they will have to either dig in out of their own pockets to pay the missing amount or negotiate a “short sale” with their lender. (more…)

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$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains

Building or remodeling with ‘green’ materials makes sense and not just for those with a tree-hugger bent. Using ecologically friendly materials pay dividends as you live in your home through decreased air pollution, the pollution that usually come from the out-gassing of new building materials. And, building with eco-friendly materials is a great selling point should you decide to move.

What’s most eco-friendly differs widely, depending on your location, your climate, your project, what’s locally available and on the expertise and customs of local craftsmen. It’s a good bet, though, that a material is green if it saves water or energy, replaces toxic chemicals with safe, healthy components, conserves natural resources, is salvaged, or uses recycled material or agricultural waste.

Click here to see a list of appropriate materials.

search for : ecologically friendly materials, out-gassing

The real estate market for 2007 saw soaring inventories of existing and new homes for sale, a record number of foreclosures, and the strongest buyers’ market in a decade. Although sellers weren’t always happy, buyers found builders who were more than willing to deal on price and upgrades. Investors who tried to unload their properties often found no takers, leading to the largest number of vacant homes on the market since the number has been tracked.

The good news for buyers is that 2008 looks to be much of the same. That means deals are out there and can be made on favorable terms but only for those that follow some simple principles of real estate buying. First, make sure your credit picture is in order. Order a credit report, examine it for inconsistencies, clean up any less that perfect hits.

Decide just how much you can spend on a home, condo or investment property. Lay out a budget, including all the expenditures you normally encounter during the year. Don’t forget to allow a monthly amount for building an “emergency” fund, equal to three times your normal monthly income. (more…)

search for : foreclosure, credit report

Increasingly, homeowners are becoming the latest victims of the tumbling housing market. Across the U.S., a number of home builders have declared bankruptcy. In the past year, at least eight home builders have filed for bankruptcy protection, according to the National Association of Home Builders, including Levitt of Fort Lauderdale and regional builders such as New Jersey’s Kara Homes; Elliot Building Group in Pennsylvania; Neumann Homes in Illinois; and Turner-Dunn Homes in Arizona.

There’s no sure-fire way for prospective buyers to ensure that they won’t get caught up in a builder’s financial woes. Buyers’ rights in this situation vary with state law and the terms of their contract. Buyers need to have an attorney look over the sales contract before they sign it. Also, buyers need to check out the builder’s financial condition as best they can before signing any contract. That may be pretty easy, if the builder is a large, publicly traded entity like Lennar. If it’s a smaller home builder, you have to do a little more homework. (more…)

search for : home builders, bankruptcy

The Charlotte NC housing market is booming as jobs continue to outstrip the supply of homes. The U.S. Department of Commerce ranks Charlotte number one in 2007 in its affordability index for cities with population between 400-thousand and 1-million. Housing permits have skyrocketed year after year. In 2006, residential building shot up 33 percent to more than 18-thousand single-family and apartment units.

The inventory of new homes on the market remains relatively lean and building moratoriums in some surrounding areas are keeping a relatively tight lid on new supply. Even though Charlotte is one of the nation’s largest financial centers, the city has largely escaped a direct hit from the housing slump and mortgage market troubles.

(more…)

search for : financial center