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Home Warranty..........It Can Be a Good Thing, Just Read the Fine Print!!

Home warranties don't always provide peace of mind

Herb Weisbaum TODAY

June 17, 2013 at 10:12 AM ET

Image Source / Getty Images

When you buy a house, you know things are going to break. Is it worth paying hundreds of dollars a year to repair or replace your furnace, washing machine, refrigerator or other major appliance when it breaks? Only you can decide.

Major home appliances are costly to repair and expensive to replace. That’s why some homeowners spend hundreds of dollars a year to buy a home warranty, sometimes called a service contract.

Home warranties are supposed to provide peace of mind. But in many cases, people who try to use them when something breaks down experience disappointment and frustration.

Online bulletin boards are filled with complaints:

·        “I'm highly disappointed and angry!” – Kathy of Cordova, Tenn.

·        “They don't do anything they said. All they want is your money.” – Mary of Lancaster, Texas

·        “They made me wait a week, only to tell me my broken washer is not covered under my plan!!! So far, this is the second item they claim is not fixable under my plan!!! Save your money, and get your own repairs done!!!” – Rozelia of Oakland, Calif.

Home warranty companies have been the worst-graded category on Angie’s List for eight years in a row. Nearly half of the member ratings were unfavorable.

Cheryl Reed, the website’s director of communications, told me some of the complaints deal with poor service, but most result from unrealistic expectations about how a service contract works.

“People were disappointed because they just assumed the home warranty covered everything in their house in the way they wanted it covered,” Reed said. “They never really took the time to read the warranty and understand what the process was.”

For instance, you may think you need a new water heater, but the warranty company may decide it only needs to be repaired. Under the terms of the contract it’s their choice – not yours. Even worse, they may say the repair isn’t covered at all.

Angie’s List member Steve Donahue, who lives near Houston, complained after his home’s air conditioning system broke. The service technician diagnosed a number of problems, but the warranty company denied the claim. They said the humidifier hadn’t been properly maintained.

Donahue told me his system didn’t have a humidifier. You don’t need one in that part of the country. He called the warranty company to complain, but could never speak to anyone in charge.

“I paid a lot of money and I never did get much of a return out of it,” he said.

Stephen McDaniel, assistant executive director of the Service Contract Industry Council, told me he is concerned to hear about the complaints, but he doesn’t feel the industry has a problem. If people would read their contracts before they need service, he said, they would know what to expect.

McDaniel believes most people are happy they bought their home warranty. The ability to call for help 24/7, and have someone show up at your house within a set period of time – even after hours and on weekends if it’s an emergency – “is a valuable service” that’s worth the price, he said.

A perk for homebuyers

When you put your home on the market, you want a competitive edge. An increasing number of sellers believe a home warranty can do that – a little something extra for the potential buyer.

Nearly 80 percent of the homes in California are being sold with a warranty right now, according to real estate expert Ilyce Glink, who runs the website ThinkGlink.

“Buyers view them as a sort of insurance policy should something go wrong,” Glink said. “Buyers may assume everything is covered, but typically it only includes appliances that are working properly on the closing date.”

So, an ongoing leak would probably not be covered. A swimming pool or sprinkler system typically requires separate coverage.

(Note: In most states, a home warranty is not insurance, even though it may be backed by an insurance policy.)

Service contracts that come with the home are typically for one year. Then you get inundated with offers to extend the coverage.

Glink’s advice: Don’t do it.

She believes they are overpriced for the value they deliver. The problem may not be covered. The company may decide to repair rather than replace. Plus, you have to pay $50 to $100 every time the service technician comes to your house.

“Remember, their goal is to do everything they can to avoid paying for that repair or replacement,” Glink said.

The Service Contract Industry Council points out that anyone who has second thoughts about buying a home warranty can cancel at any time with a pro-rated refund.

Is this for you?

When you buy a house, you know things are going to break. Is it worth paying hundreds of dollars a year to repair or replace your furnace, washing machine, refrigerator or other major appliance when it breaks? Only you can decide.

The editors at Consumer Reports say the peace of mind isn’t worth the price. “For most people, it makes more sense to put money in a home-maintenance fund,” they write.

One more important factor to consider: The warranty company decides which repair company comes to your house. You don’t have any say in that. If you have a trusted plumber, electrician or appliance service, a home warranty may not be for you.

The Service Contract Industry Council strongly believes in the value of a home warranty and says it has the happy customers to prove it. The trade group promises to help anyone who has a problem with a member company.

My advice: If you didn’t get what you paid for, file complaints with the state agency that regulates these services and the Better Business Bureau. If you think you’re right, don’t back down.

Mortgage Rates are Slowly Creeping UP!

Mortgage rates are highest in a year

By Les Christie @CNNMoney May 30, 2013: 11:54 AM ETEmail

Mortgage interest rates have risen half of a percentage point from record lows.

NEW YORK (CNNMoney)

Mortgage rates have hit their highest level in more than a year, making homes more expensive for buyers who finance their purchases.

The rate on a 30-year fixed-rate mortgage jumped 0.22 percentage point to 3.81% this week, according to Freddie Mac. That's up 15% from the record low of 3.31% set the week of November 21, 2012 and the highest rate since it hit 3.83% the week of May 10, 2012. The 30-year rate was as low as 3.35% in early May.

The 15-year fixed-rate mortgage also spiked, up 0.21 percentage point to 2.98%.

Home buyers can blame it on Bernanke, according to Keith Gumbinger, vice president of HSH.com, a mortgage information company.

Related: Best deals on real estate

"Comments he made ... left the impression that the Fed's [stimulus] policy might start to be pulled back soon, perhaps as early as September," said Gumbinger. "That fostered a spike in interest rates as investors scrambled to adjust their positions."

The stimulus program, in which the Fed buys up as much as $85 billion a month in mortgage backed securities, has kept interest rates low by providing a willing buyer for loans. If the Fed pulls back on purchases, ordinary buyers will probably demand higher yields to take up the slack, pushing rates up.

Bond yields, which track mortgage rates, have climbed even faster than mortgage rates. The 10-year Treasury closed at 2.12% on Wednesday, 0.45 percentage points above its late April level. That implies mortgage rates will have some catching up to do.

Related: 5 best markets to buy a home

As rates go up, the number of loan refinancings has declined, since they'll save less for homeowners. Refi applications fell 12% week over week, according to the Mortgage Bankers Association, the largest single-week drop this year.

But rates will probably have to rise much more to have much impact on buyers.

The rate increases over the past month have only added about $20 to monthly mortgage payments for every $100,000 borrowed, an increase most buyers will absorb. Eventually, though, the higher rates will limit how much buyers will bid on homes and dampen home price increases.

Charlotte a STRONG contender to host the X Games!!

Jun 4, 2013, 8:26pm EDT Updated: Jun 5, 2013, 9:26am EDT

X Games exec says Charlotte bid a strong contender

Erik Spanberg

Senior Staff Writer- Charlotte Business Journal

A group of ESPN executives arrived in Charlotte on Tuesday to scout Charlotte Motor Speedway and get a closer look at the region’s bid to host the summer X Games for the next three years.

Scott Guglielmino, senior vice president of programming and X Games at ESPN, will fly here Wednesday morning as the site visit continues. On Tuesday afternoon, he spoke to me about the selection process from his Connecticut office at ESPN headquarters.

Charlotte is one of four finalists to host the four-day competition in extreme sports such as skateboarding, BMX racing and motocross. In 1995, ESPN created the games, which air on the Disney-owned cable sports empire’s various networks.

Other cities vying to host the games in 2014, 2015 and 2016 are Chicago, Detroit and Austin, Texas. ESPN is choosing one of the four cities to host the next three X Games. Los Angeles became the host city in 2003 and will stage the games again in August. No date has been set for the 2014 summer X Games.

ESPN will name the next host city by the end of this month. Last week, ESPN toured Detroit and Chicago. X Games representatives are now scouting Charlotte and Austin. A study of the summer X Games in Los Angeles several years ago determined ESPN’s made-for-TV competition generated $50 million in economic benefits for the host region.

An internal decision on where the games go next could be made as early as next week, Guglielmino told me. No public announcement is expected until later this month. ESPN is toying with the idea of revealing the next summer U.S. site during its coverage of the upcoming international X Games in Munich, slated for June 27-30.

Plans for a New Mixed-Use Building in the Dilworth Area of Charlotte!

Seven-story apartment complex planned for Dilworth

By Eric Frazier

By Eric Frazier The Charlotte Observer

Posted: Wednesday, May. 29, 2013

Modified: Wednesday, May. 29, 2013

Crescent Communities on Wednesday announced plans for a seven-story luxury apartment building and street-level retail beside the Little Sugar Creek Greenway in Dilworth.

Officials with Charlotte-based Crescent said the project will include about 300 apartments on a 2.3-acre site they bought at East Morehead Street and Harding Place, across from Carolinas Medical Center.

Construction on the project, named Crescent Dilworth, is expected to begin this fall and finish in spring 2015.

“Dilworth’s features, adjacency to CMC and proximity to uptown Charlotte make it well-suited for a mixed-use community,” said Ben Collins, a vice president with Crescent Communities’ Multifamily Group.

Dilworth community leaders welcomed the project.

“It’s a wonderful location for multifamily, and especially high-end multifamily,” said Cynthia Schwartz, co-chairwoman of the Dilworth Community Development Association’s land-use committee.

The announcement comes six months after the Charlotte City Council rejected developer Lincoln Harris’ rezoning request for a Walgreens drugstore and office building just up Morehead from the Crescent property.

The Walgreens rezoning was for two acres at East Morehead Street and Kenilworth Avenue. Residents protested that the project would strain the neighborhood’s streets and infrastructure.

But Schwartz said developers of the Crescent Dilworth apartments had briefed the association on their plans, which won’t require rezoning.

She said the association expressed a few concerns about traffic flow, but she said the project’s height and scale seem appropriate considering the nearby medical buildings.

 

 

 

“There doesn’t seem to be any need for such a fight,” she said, referring to the battle over the Walgreens project.

She said the association viewed the parcel as a good location for future development near Little Sugar Creek Greenway.

Five buildings are on the site now, according to a representative for the developers. Schwartz said several are residentially zoned, but have been committed to office uses.

The $50 million project, a short walk from the Metropolitan development, will have street-level retail, two levels of parking and five levels of luxury apartments.

Collins said the facade will incorporate design elements from the greenway, such as the Tennessee fieldstone used in many of the greenway’s structures, as well as brick and cedar trellis elements common in Dilworth.

Studio, one- and two-bedroom units will be among the offerings. Walk-up units with a residential look will be situated along Morehead Street, developers said, while several deluxe 2,600-square-foot units will offer large private terraces.

Southern Apartment Group, originally responsible for consolidating the parcels for the site, will remain a partner in the project, officials said.

 

 

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NOW is the Time to Buy or Sell

 

 

 

 

 

 

 

Most Expensive House EVER!

Most expensive house ever hits market at $190M

Erika Riggs Zillow

May 21, 2013 at 1:37 PM ET

The Greenwich, Conn. estate costs more than any home that's ever been listed -- $190 million.

There's Versace's former home, priced at $100 million, Steven Cohen's $115 million apartment and a Manhattan penthouse listed at $125 million. But none of them hold a candle to an estate that spans 50 acres of waterfront in Greenwich, Conn. that recently hit the market at $190 million, becoming the most expensive residential listing in the U.S.

While the house is impressive — public records measure it at 13,519 square feet with 12 bedrooms and 9 baths — it's the spectacular land that pushes the price tag. The home sits on 4,000 feet of coveted waterfront property on Long Island Sound, and that doesn't include access to two private islands in the Sound. The two parcels, one at 30 acres and one at 20, contain a grass tennis court, formal gardens, carriage house, apple orchard, two greenhouses and a 75-foot-long heated pool. Considering that a 75-acre Greenwich property nowhere near the water is listed at $32.5 million, the $190 million ask is a little more understandable.

Heavy on Old-World charm, the house has 12-foot ceilings throughout the main rooms, a solarium with a coffered ceiling, and sleeping porches. Most of the buildings throughout the estate – known as Copper Beech Farm -- hold details from the home's original build date of 1898: The carriage house still has a clock tower, and the garage includes milking stalls.

The home was built by the Lauder Greenway family — George Lauder was a partner in Carnegie Steel. It was sold 31 years ago to its current owner, timber tycoon John Rudey. Rudey and his wife Laurie Rudey also put their Manhattan apartment on the market for $16.5 million.

It's hard to say whether the home will go for its asking price. Candy Spelling originally listed her home at $150 million but ended up selling it for $85 million to British heiress Petra Ecclestone. One of the most expensive sales recorded in the U.S. — the $100 million Silicon Valley estate bought by Yuri Milner — is still significantly under the Greenwich estate ask.

Thinking about financing a place like this? According to Zillow's mortgage calculator and assuming a 20 percent down payment (which would be $38 million) on a 30-year fixed-rate mortgage, a monthly payment would be $687,734.

1 1/2 Story For Sale in Clairemont

Gorgeous Ranch Home

• 2,470 sq. ft., 2 bath, 4 bdrm 1 1/2 story - MLS $175,000 - NEW Listing!

Clairemont, Fort Mill (Lancaster County)  -  Beautiful ranch home with 2nd floor bonus room! Clean open floor plan with large kitchen and living room featuring a gas fireplace great for entertaining! Master bedroom as new neutral paint and bath features dual sinks and garden tub! You'll love the screened in porch overlooking wooded fully fenced backyard! Great community with pool and amenities! Low taxes, great schools. A must see!

Property information

Nationally, Appraisers are Putting Higher Values on Homes!

Home appraisals no longer derailing sales

NEW YORK (CNNMoney)

By Les Christie @CNNMoney May 15, 2013: 9:14 AM ET

Consider this one more sign that the housing market is heating up: Appraisers are putting higher values on homes again, allowing for more deals to go through.

During the housing bust, sales were often derailed by low-ball appraisals that fell far shy of a home's selling price.

For example, if a home cost $500,000 and required a 20% down payment of $100,000, the buyer would need to finance $400,000. But if the appraiser valued the home at $450,000, the buyer would only be eligible for a $360,000 loan -- making the home too costly for some buyers.

But now, as home prices climb and housing inventories shrink, appraisers are valuing homes at or above their selling prices, according to Lawrence Yun, chief economist for the National Association of Realtors.

Between 2008 and 2010, appraisals for more than a third of Seattle-based real estate agent Michael Ackerman's sales came in below the selling price. So he had to get creative.

"I started pulling out the key boxes at the homes so the appraisers couldn't get in," said Ackerman. "They had to call me to let them see the home. I would bring a packet of comparables along and explain what I used to price the home."

But now, with home prices posting such strong gains, those strategies may not be necessary anymore.

"I've closed 15 homes so far this year and none of the appraisals have come in below the selling price," said Ackerman.

He was certain a recent deal in Wallingford, Wash. was going to fall through when the buyer agreed to pay $755,000 -- well above the average $690,000 other homes in the area had sold for. When the appraisal came in at the full selling price "everybody's jaws dropped," he said.

And in some of the hottest markets, appraisals are coming in well above the selling price.

Agent Eric Tan said one appraiser did a "drive-by" of a West Covina, Calif., home he was selling in April.

"He didn't ask for any comps, to see the inside of the house, or even schedule a time to meet with me. He wrote up the appraisal right at the purchase price," he said. "I was able to sell the client's home for about $40,000 more than I thought the appraiser would value it."

In Jacksonville Beach, Fla., where prices have soared 15% over the past 12 months, agent Cara Ameer was "holding her breath" when it came time to get an appraisal on a two-bedroom townhouse she sold for $5,000 more than its $189,000 asking price.

"It was FHA financing and [the FHA is] typically much more strict," she said. That appraisal too ended up coming in above the selling price.

The Charlotte Area Market Continues to Improve

2 reports show Charlotte-area housing market picking up

By Deon Roberts
deroberts@charlotteobserver.comBy Deon Roberts The Charlotte Observer

Modified: Tuesday, May. 07, 2013

Two reports released Tuesday show a Charlotte-area housing market that continues to strengthen in favor of sellers after buyers had the upper hand during the economic downturn.

CoreLogic, an Irvine, Calif.-based company that provides monthly reports on housing prices, said they rose 7 percent in the Charlotte-Gastonia-Rock Hill area in March from the same month a year ago. The figure includes sales of distressed homes. Nationwide, home prices, including distressed sales, rose 10.5 percent in March from a year ago.

Also Tuesday, the Charlotte Regional Realtor Association reported that Charlotte-area home prices increased by 1.1 percent on average in April from the same month last year, as inventory continues to dwindle. The April statistics on existing, not newly built, homes in the Charlotte region point to an ongoing shift in favor of sellers – and a market in which buyers continue to have fewer homes from which to choose.

According to the preliminary data from the association, the average sales price in April rose to $217,166 from $214,739 in April 2012. The number of sales increased 34 percent year over year, to 2,915 from 2,168.

Another statistic released Tuesday by the Realtor association doesn’t bode well for buyers: The inventory of homes for sale in April dropped 30.1 percent from a year ago to a 4.9-month supply.

Many in the real estate industry consider a seller’s market to be one in which the number of homes for sale is below a 6-month supply. The monthly supply measurement is an estimate of the time it should take for homes to sell.

As inventory keeps falling in the Charlotte region, it could result in more cases of multiple bids being made on homes and prospective buyers offering more than the initial asking price – both scenarios that some local brokers have reported this year.

The Realtor association’s April report also shows sellers are raising prices. The average list price last month was $275,150, up 4.5 percent from $263,391 a year ago.

On the bright side for buyers, more homes were put on the market in April versus the same month last year, according to the association. Last month, there were 5,115 new listings, up 11.7 percent from April 2012, giving buyers weary from too-few options more to pick from.

As the market strengthens for sellers, homes are selling faster than they were a year ago. The average number of days from when a home was listed until it sold fell to 142 in April, 13 fewer days than the same month last year, the association said.

The association also said Tuesday that foreclosures and short sales fell in April, accounting for 8.4 percent of new listings and 12.2 percent of sales.

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Find Your Dream Home

Before Relocating for a Job, Consider These 9 Things

9 Things to Consider Before Relocating for a Job

By Aaron Guerrero | U.S.News & World Report LP – 2 hrs 10 mins ago

Mired in years of either double-digit or high single-digit unemployment, your home state has hardly been flourishing with job opportunities.

Determined to steer your career in a new direction, you applied to jobs outside the state. And though landing a job elsewhere initially seemed like a long shot, an employer has bit on your résumé and offered you a position.

Before packing up your bags and settling into new digs, here are some questions to address.

1. How will this affect my relationship? If you're single, in your 20s, and enjoy a traveling lifestyle, you may be open to taking a job halfway across the country, notes Alexandra Levit, writer at the career advice blog The Fast Track and author of "Blind Spots: 10 Business Myths You Can't Afford to Believe on Your New Path to Success."

Being married, however, changes the calculus, particularly if your spouse has achieved great career success in the area where you currently reside. "If [your spouse has] a great situation going now and the relocation would force them to give up that situation, sometimes that's not a good idea," Levit says.

[See: 25 Career Mistakes to Banish for 2013.]

2. What about the kids? Moving your children from one place to another could have a negative effect, especially if schools and security in the area are a notch below where you currently live, Levit notes.

Moreover, with family members close by, you and your spouse have never had to worry about who would watch the kids after school. Setting up shop elsewhere could make child care problematic. "If there are grandparents nearby, [that's] a huge benefit," Levit says. "Moving away from them, you could find that your life becomes a lot more unpleasant."

3. What kind of financial shape is the company in? The job's duties read like a wish list of everything you've wanted professionally. But if the company is just getting off the ground or has struggled financially in the past, it should give you pause.

Still, Brenda Harrington, president of Adaptive Leadership Strategies, an organization that specializes in work relocation, says moving is worth the risk if it aligns with your long-term career goals. "If you feel that the opportunity is in your long-term plans, then it's probably worthwhile," she says. "And that's regardless of the company's financial position or anything like that."

4. Will the company cover your moving expenses? Hauling your belongings thousands of miles away can be pricey. A single person moving from a one-bedroom, Los Angeles apartment to one in Chicago could spend approximately $2,240 for professional movers to load and unload a single mobile storage container, according to a cost estimate from the national moving company Atlas Van Lines.

If the company you work for won't cover the moving expenses, Harrington suggests performing a cost-benefit analysis, weighing both professional opportunity and possible financial sacrifice. However, "Companies will typically provide some benefit for new employees to move to a new location," she says, adding that assistance can come in either the form of a lump sum or a more defined benefit package.

A recently released Atlas Van Lines survey shows that 9 out of 10 companies reimburse or pay some relocation costs for transferees or new hires. Approximately 65 percent of companies fully reimburse transferees for moving expenses, while 57 percent do the same for new hires.

[See: The 10 Priciest Cities for U.S. Workers.]

5. Will my cost of living go up? Your new position may offer higher pay, leaving little to no reason to fret about the cost of living in your new area. Then again, your salary could be lower. Couple a decreased paycheck with a more expensive city, and the life you're accustomed to could be dramatically altered.

According to PayScale.com, a website that provides salary data for employee and employers, if you ended up working in New York City, where the cost of living is significantly higher than the national average, you could pay 48 percent more in groceries compared to the national average. You will also pay significantly more for housing (352 percent), utilities (28 percent), transportation (31 percent) and health care (25 percent).

6. How have others handled the transition? Find out from those who went before you. Contact someone from the company who transferred to the new place you'll be working and living in, Levit suggests. Hoping to lure you to the job, a company hand may give you a more sanitized version of events.

To balance out the advice you get, and for a possibly less-filtered description, Levit recommends that you also "get the 411 from somebody who's in a similar position to you that relocated who's not in the company."

Moreover, Levit says a Google search that combines the words "relocation" and the name of the area could also help fill in the blanks to your questions. Visiting travel message boards might also help. "See what people are buzzing about online in terms of whether it was a good move or not a good move and for what reasons," she says.

7. What will the day-to-day be like? Spending winters in sunny Southern California is lot different from spending them in ice-cold Chicago. "A city that one person could love, another could hate," Levit says.

Weather is only one daily attribute to consider. Take into account how commute times and other daily rituals unique to the location may affect not only your work routine, but your personal one. "You want to make sure that the overall location is a good fit for your life because you're only working a certain percentage of the day," Levit adds.

[Read: Does This Job Pass The Sniff Test? 4 Questions to Ask.]

8. Can you visit or stay beforehand? Reading about where you'll live via a pamphlet or website is no substitute for actually being there. If possible, travel to the place for a brief visit before saying yes to the employer. "It's really important not only to visit but to almost embed yourself in the local area and the culture and really try to develop the perspective that you would have if you were living there," Harrington says.

9. Have you done your homework? Relocating can have a major impact, both in the long and short term, on your personal and professional life. Be sure you've sufficiently analyzed the move from every angle. "The more information you can find out, the more educated a decision you can make," Harrington says.

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Charlotte Home Sales Rise Again!!!!

Charlotte home sales up 24.9% from March 2012

By Deon Roberts
deroberts@charlotteobserver.com

By Deon Roberts The Charlotte Observer

Posted: Tuesday, Apr. 09, 2013

Modified: Tuesday, Apr. 09, 2013

Sales of existing homes in the Charlotte region jumped 24.9 percent in March from the same month a year ago, while the average sales price rose 10.3 percent, the Charlotte Regional Realtor Association said Tuesday.

Sales of existing homes in the Charlotte region jumped 24.9 percent in March from the same month a year ago, while the average sales price rose 10.3 percent over the period, the Charlotte Regional Realtor Association said Tuesday.

It was the 21st consecutive month of year-over-year increases in sales and the 14th consecutive month of year-over-year increases in average prices for the 17-county area tracked by the CRRA.

For the month, there were 2,621 sales in the region, compared with 2,098 in March 2012. The average selling price rose to $216,445 from $196,214.

In Mecklenburg County, increases in sales and prices surpassed those for the metro area. There were 1,227 sales in the county in March – up 29.3 percent from 949 in the same month last year. The county’s average sales price rose 10.8 percent to $236,184 from $213,234.

Homes continue to sell quicker in the Charlotte region. Days on the market – a measure of the time it takes a home to sell – fell to 112 in March from 120 the same month last year.

The CRRA tracks existing homes, not newly built ones.

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Check out the price trends for the Cornelius area.  Click the link below to view your own zip code trends!

Price Trends for Your Area

Spring Into Buying Your Dream Home....The Time is Now!

Spring Home Buying Season Off To Early Start

Realtor.com’s February 2013 national housing data indicates that listing inventories increased 1.15 percent month-over-month; median age of inventory was at 98 days, a 9.26 percent decrease month-over-month; and median list prices were slightly higher month-over-month at $189,900. These numbers show that home buyers are getting an early start on the spring season despite the fact that inventories recently hit record lows.

The median age of inventory was down by 9.26 percent month over month and total listings are up 1.15 percent month over month, suggesting that many reluctant home sellers are starting to take an early advantage of the recent improvements in housing prices. Annual inventory decreases of -15.97 percent are consistent with a gradual, yet persistent downward trend that has been occurring over the last two years. From January 2013 to February 2013, the median age of inventory decreased in 145 of the 146 markets tracked by realtor.com. The national median list price also reversed its downward trend, rising by 1.55 percent over the month of February and 1.01 percent on an annual basis. In addition, the number of markets experiencing a decline in home prices is shrinking, implying more good news for the housing market and U.S. economy at large.

There continue to be pronounced regional differences in the strength of the housing market. Several areas in California are experiencing the highest increases in list prices coupled with the largest inventory declines. Phoenix, Seattle and Denver are also among the top performers across the U.S. However, many smaller industrialized markets in the Midwest and the Northeast registered year-over-year price declines, as did Philadelphia, Chicago and New York City. While the number of markets experiencing year-over-year list price declines had been increasing, this pattern appears to be turning around as home list prices increased in 78 markets last month on a year-over-year basis and declined in 39.

National Data

• In February, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. (1,494,218) increased by 1.15 percent month-over-month. On an annual basis, however, inventory was down by 15.97 percent.
• The national median list price for single-family homes, condos, townhomes and co-ops ($189,900) increased by 1.01 percent year-over-year and 1.55 percent month-over-month in February.
• The median age of inventory of for sale listings fell to 98 days in February, down 9.26 percent from January and 11.71 percent below the median age one year ago (February 2012).

It's Official!! Sea Life Aquarium at Concord Mills will begin construction this July and Open in Spring 2014. It will feature a walk through underwater tunnel!!

Concord Sea Life aquarium scheduled to open in spring 2014

Construction set to start in July

Sea Life Aquarium

Sea Life operates more than 30 aquarium attractions around the world.

Posted: Wednesday, March 13, 2013 1:31 pm

CONCORD, N.C. -- Global visitor attraction operator, Merlin Entertainments (Merlin), has confirmed that it has reached an agreement with the City of Concord, Cabarrus County and The Mills, a Simon Company, to develop plans for a $10 million SEA LIFE aquarium to open in spring 2014 at Concord Mills, the largest outlet and value retail shopping destination in North Carolina.

“North America is a very important development market for Merlin, and we are delighted to be able to move forward with this exciting project in North Carolina,” commented Glenn Earlam, Managing Director of Merlin Entertainments’ Midway Attractions group. “We have already worked very successfully on two other projects with The Mills in Dallas and Phoenix; and in recent months we have also developed excellent working relationships with the Cabarrus Convention and Visitors Bureau, the City of Concord and Cabarrus County. These were key factors in our decision to come here. This support, together with our proven success in other key Simon Malls, underlined our belief that Concord, and particularly Concord Mills, is a perfect location for a quality family-based leisure facility.”

SEA LIFE is the world’s biggest aquarium brand with more than 15 million visitors a year and 50 superb attractions in Europe, USA and Asia Pacific. This will be Merlin’s sixth SEA LIFE Center attraction to open in the USA, and SEA LIFE at Concord Mills will highlight all of the qualities which have gained the brand the support and endorsement of marine experts worldwide. Initial plans call for more than 30 spectacular displays of diverse marine life for visitors to enjoy - everything from shrimp and starfish to seahorses, sharks and rays. In keeping with other SEA LIFE attractions, there will also be a unique element reflecting the Carolinas’ location based around the marine creatures most associated with the region. Finally, the stunning centerpiece will be a huge tropical ocean tank with a walk-through underwater tunnel.

The SEA LIFE focus is on quality of experience rather than scale, taking visitors on a seamless journey under the sea, which entertains, inspires and teaches both young and old. The attractions offer everything from viewing windows, giving a glimpse into the ocean itself, to enlightening talks, feeding demonstrations and many other ways to interact directly with some of the creatures. Conservation is also at the heart of the business and visitors will see strong evidence of SEA LIFE’s exciting Breed, Rescue and Protect activities around the world, including new projects developed locally. Merlin calls the SEA LIFE experience “fun learning.”

Set to begin construction during July 2013, SEA LIFE at Concord Mills will be the aquarium of the Carolinas. It will add a new dimension to the existing family-oriented shopping and leisure activities in Cabarrus County. Located close to interstate highways and the airport, as well as the world famous Charlotte Motor Speedway, which welcomes tens of thousands of visitors every year, Concord Mills is already acknowledged as being one of the region’s most important and exciting shopping destinations. It successfully combines quality, big name value retail stores, with some of the best family dining and entertainment venues like SEA LIFE.

“The SEA LIFE aquarium will be a welcome addition to Concord Mills’ successful mix of retail, dining and entertainment concepts,” said Gregg Goodman, president of The Mills. “We look forward to this next exciting venture with Merlin Entertainments and are confident that the millions of visitors who are already drawn to Concord Mills will be attracted to the unique SEA LIFE concept.”

John Cox, president and CEO of the Cabarrus Economic Development Corporation and Cabarrus Regional Chamber of Commerce said, “We are delighted that a global leisure company as dynamic and successful as Merlin is coming to our County, and bringing such a great attraction. It will not only bring jobs to Cabarrus County, but also be a showpiece for the Carolinas. We hope it is just the start of a long and mutually beneficial relationship with Merlin.”

Merlin also operates SEA LIFE aquariums in the USA at LEGOLAND, Calif.; the Mall of America in Minneapolis, Arizona Mills in Tempe, Ariz.; Grapevine Mills, Dallas/Fort Worth, Texas; and Crown Center Kansas City, Mo.

Merlin currently also has 12 other attractions in North America. These include the LEGOLAND Florida theme park resort and Water Park; LEGOLAND California theme park with its exciting Water Park, SEA LIFE aquarium, and hotel due to open in April this year; Madame Tussauds celebrity wax attractions in New York, Washington DC, Las Vegas and Hollywood; and LEGOLAND Discovery Centers in Chicago; Dallas/Fort Worth; Kansas City Missouri; and Atlanta, Georgia; with two more due to open in the Spring in Westchester, N.Y. and Toronto, Canada.

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Construction Has started for the Charlotte Knights Baseball Stadium!

View the progress at Charlotte Knights

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Four Great Reasons to Get Your Home Inspected BEFORE You Try to Sell It!

Get an Inspection Before Selling Your Home

According to the U.S. General Accounting Office, more than 85 percent of homebuyers who applied for a mortgage also requested an inspection -- not too surprising, since home inspections can reveal hidden flaws and potentially pricey repairs. But even though an inspection can make or break the deal, most sellers wait for the buyer to take the initiative (and chew their nails while awaiting the results). Here are a few reasons why you might benefit from getting your home inspected before you put it on the market.

Reason #1: Reassure prospective buyers.

Even after a walk-through or two, buyers rarely know exactly what to expect from a home inspection -- there's always the possibility of termites gnawing on that rustic log cabin or faulty wiring lurking behind those faux-finished walls. Providing a pre-inspection assures the buyer that no major surprises are in store; while they might not waive their own follow-up inspection, they'll at least feel more comfortable about placing a bid.

Reason #2: Buy time and save dough.

Even in a relatively new or completely renovated home, chances are a home inspector can find a red flag or two. After all, that's their job. When a fault is found during a typical home inspection, you may only have a few days to decide whether to make the repair or adjust the sale price appropriately -- and you'll need to find a solution that satisfies you and the buyer. A pre-inspection gives you more time to compare prices and treatment options from a variety of contractors. You may also avoid conceding a huge chunk of change for unpredictable repair costs like mold remediation or structural work.

Reason #3: Know where you stand.

Generally, your final selling price is determined long before the inspector ever sets foot inside your door. That leaves a huge question mark lingering over your negotiations -- are you going to be forced to drop your final figure again if a major problem is uncovered? By getting an inspection early, you'll know what concessions a buyer might request. That allows you to set your asking price accordingly and find out whether or not you're in a position to play hardball.

Reason #4: Prevent repeat repairs.

No matter how handy you are, there's always a risk of misdiagnosing a problem. But getting your home pre-inspected could help you avoid wasting money on unnecessary repairs. Say your toilet hasn't been flushing quite right, so you pay a plumber to replace it -- only to learn upon inspection that the problem was in your septic system. A pre-inspection helps you avoid doing double-duty, since the inspector can pinpoint the problem and recommend the right repair.

While the average home inspection costs a few hundred dollars, it can save time and money in the long run. To find a home inspector in your area, visit the American Society of Home Inspectors at www.ashi.org.

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2024 Olympics Coming to Charlotte??

U.S. Olympic Committee asks Charlotte to consider bid for 2024 Summer Games

Charlotte is among 35 cities that have been asked by the U.S. Olympic Committee to consider hosting the 2024 Summer Games. Pictured here is the Olympic cauldron during the opening ceremony for last year’s games in London. 

photo BLOOMBERG

Susan Stabley

Staff Writer- Charlotte Business Journal

The United States Olympic Committee has asked 35 cities across the country — including Charlotte — to consider hosting the 2024 Summer Games, according to a report from The New York Times.

Letters have been sent to those mayors "to gauge their interest in making a bid," the Times reports.

The Times reports:

The cities that received the letter were Phoenix; San Jose, Calif.; Los Angeles; Sacramento; San Diego; San Francisco; Denver; Washington; Jacksonville, Fla.; Orlando, Fla.; Miami; Atlanta; Chicago; Indianapolis; Baltimore; Detroit; Minneapolis; St. Louis; Las Vegas; New York; Boston; Rochester; Charlotte, N.C.; Columbus, Ohio; Tulsa, Okla.; Portland, Ore.; Philadelphia; Pittsburgh; Memphis; Nashville and Davidson County; Austin, Tex.; Dallas; Houston; San Antonio; and Seattle.

Salt Lake City was the last city in the country to host an Olympics, in 2002 for the Winter Games. Past host cities for Summer Games have been Atlanta, St. Louis and Los Angeles, which hosted twice.

Such a bid might be a dream come true for starry-eyed local leaders who, since playing host to the 2012 Democratic National Convention, have their sights set on more high-profile events for the Queen City, such as the Super Bowl or the Olympics.

Charlotte is already in the running with about 20 other locales hoping to host the ESPN X Games