Greensboro, NC – One of America’s 50 Best Cities!

Greensboro, NC - One of America's 50 Best Cities!

This post was blatantly stolen from an article in Bloomberg Businessweek, dated September 20, 2011.

I live in Greensboro and I’m proud of it! Greensboro ranked 31 out of 50 top cities; Charlotte, NC ranked 20; and our very own Raleigh, NC ranked number 1! I love North Carolina!

Greensboro, N.C.

America’s Best Places Rank: 31st
Population: 245,776
Mayor: William H. Knight

Why it’s ranked: For a relatively small city, Greensboro has a large number of restaurants, bars, and museums. The city also has a high number of acres of parks per person. This pretty city would have scored higher were it not for above-average unemployment and high levels of both violent and property crime.

How it ranked:

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Christmas Trees – a North Carolina Tradition

Christmas Tree Farm

It’s that Holiday time of year! Did you know:

North Carolina ranks second in the nation in Christmas tree harvesting. Every year, 2500 growers send about 6 million trees to market. The state cash receipts for these trees totals approximately $100 million.

You can pick and cut your own tree at about 400 North Carolina Christmas Tree farms. In fact, about 300,000 people use this method to purchase their trees each year.

Christmas tree production generates about $100 million in revenue for our state each year.

North Carolina Fraser firs are the most popular choice for the White House Christmas tree. From 1971 to 2008, a North Carolina Fraser fir decorated the blue room eleven times!

The average price of a Christmas tree in 2010 was $36.

I love North Carlina.

From our state to yours, Happy Holidays!

Greensboro, NC Statistics

Greensboro

Greensboro, NC is my home and I love it.  It’s located in Guilford County, a beautiful, friendly, family oriented environment and I think everyone should live here!

Statistics from the US Census bureau, for Guilford County and for North Carolina:

Population, 2009 estimate                             480,362                                   9,380,884
Housing units, 2009                                        216,162                                     4,258,625
Median household income, 2008                  $47,836                                    $46,574

At the end of April, our inventory of homes on the market was 8,705. At the current sales pace, it will take 14 months to sell off the existing inventory. The number of existing homes offered for sale was down 7.3% below what it was at the end of April 2010.

According to Dixon Hughes, the average quality-adjusted price of an existing home in the Triad was $158,478. This April average was down 8.4% from the average recorded 12 months ago.

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Flipping Properties

flip house

What makes a property a “flip”?  According to RealtyTrac, a property that is bought and then sold again within 180 days is considered a “flip”.

Apparently, we’re doing our share of flipping here in North Carolina.  RealtyTrac put out a list of the top 10 areas in the country for flips and Guilford County, North Carolina (my home) ranked number 5 on their list.  I’m happy to report that we and our coaching students helped significantly with that ranking!

RealtyTrac also reports that, in 2010, 15.6% of the foreclosed properties purchased in Guilford County resold within 6 months.  No wonder house prices have dropped so dramatically and buyers want to purchase, even retail properties, at such unbelievable discounts.

Are you a “flipper”?

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North Carolina’s most Affordable Housing Markets

Housing

According to one report, Greensboro and Winston Salem are North Carolina’s most affordable housing markets. This makes me very happy because Greensboro is where I live and invest! I’ve told investors from all over the country that this is the place to be.

I found the following home price averages interesting and helpful.  I hope you do!

Of 296 metro area in the US, Greensboro ranked at No. 90 with an average home price of $204,383. Winston-Salem ranked at No. 92 with an average home price of $207,874.

The most expensive market was Raleigh, where the average home price was $280,502.  The Triangle ranks as the 167th most affordable community in the U.S.

Elsewhere in North Carolina:

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Urgent – Political Call to Action re. Lease Options!

Guest Post

Please read!  CALL TO ACTION

Last year, our N.C. Coalition worked very hard with all real estate industry stakeholders to reach a compromise on a bill introduced to regulate foreclosure rescue purchases, lease/options, and contracts for deed.  We negotiated in good faith, and a compromise bill was agreed upon, recommended by a committee with blessing from all stakeholders, and passed in the N.C. Senate. This year, a new “proposed committee substitute” version of that bill, Senate Bill 1015 regulating lease/option, contract for deed and foreclosure rescue, is being introduced in the North Carolina House. This new version is COMPLETELY different and absolutely goes against everything negotiated last year. Here are just a few highlights:

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North Carolina Property Value Predictions

Biggest Price Drop Predictions

Following are the 2010 North Carolina Property Value Predictions according to Money Magazine:

Asheville -2.7%
Winston Salem -1.8%
Greenville -1.75
Jacksonville -1.5%
Hickory -1.5%
Durham -1.5%
Greensboro -1.4%
Fayetteville -1.2%
Raleigh -1.1%
Burlington -0.9%
Goldsboro -0.9%
Charlotte -0.9%
Rocky Mount -0.4%
Wilmington -0.4%

Check out the Nation’s 25 areas for biggest price drops and 25 areas for biggest price gains at Money Magazine. Amazing statistical map.

Greensboro Home Sales Skyrocket in March!

Good news Greensboro!  We’re on an up-swing!

We all know that Greensboro never had the housing bubble so we, fortunately, never had the bust.  Even so, our sales were way up for March!

According to the Triad Biz Journal and the Greensboro News and Record, sales of existing homes in Greensboro rose 25 percent.  447 homes were sold in March, up from 357  in March 2009.

Home prices fell slightly, however. The average price of a home was $144,471 in March, (which I think is still fabulous!) down 2 percent from $147,878 a year earlier.  This information is from data prepared by Triad MLS Inc. for the Greensboro Regional Realtors Association.

A lot of our increase is, no doubt, due to the home buyer tax credit that expires the end of this month.  Those in the real estate business are expecting a dip in home sales in May and June when the credit is no longer available.  May and June are historically good sales months, but a lot of us believe that the tax credit has encouraged people who would have bought during those months to buy sooner.

The continued good news is that interest rates remain low and housing prices are still down.  It is still a fantastic time to buy and our triad population continues to grow so values should hold and even increase over the next 5 years.  North Carolina was number 3 for population growth last year.

Why doesn’t everyone want to live in the Triad?  I’m so glad I live (and invest) here.

North Carolina – Number 3 for US Population Growth last Year

North Carolina

The Census Bureau develops state population estimates by measuring population change since the most recent census. It uses births, deaths, administrative records and survey data to develop estimates of population.

Here are the final set of state estimates that will be available before the official 2010 Census population counts are released next December:

Texas gained more people than any other state between July 1, 2008, and July 1, 2009 (478,000). Next came California (381,000), North Carolina (134,000), Georgia (131,000) and Florida (114,000).

California remains the most populous state with a July 1, 2009, population of 37 million. Following were Texas (24.8 million), New York (19.5 million), Florida (18.5 million) and Illinois (12.9 million).

The only three states to lose population over the period were Michigan (-0.33 percent), Maine (-0.11 percent) and Rhode Island (-0.03 percent).

The nation’s population as of July 1, 2009, was 307 million, an increase of 0.86 percent since July 1, 2008.

North Carolina continues to be a great place for investing in real estate.  I love North Carolina!

Carbon Monoxide Detectors – required after 1/1/10

North Carolina map

Because we have rental properties, this applies directly to us and our business.  Because so many of you also have rental properties, I’m posting this information I received from the City of Greensboro.

If you live or own outside of North Carolina, please be sure you keep track of the ordinances in your area.  Real estate related laws are changing at lightening speed!

CITY OF GREENSBORO

FOR IMMEDIATE RELEASE

New State Law Requires Carbon Monoxide Detectors in Rental Properties, Homes

GREENSBORO, NC (December 18, 2009) – Carbon monoxide is a silent killer. It’s odorless, colorless and tasteless, and according to the Centers for Disease Control and Prevention, more than 400 people in the US die from carbon monoxide poisoning each year.

Because of the dangers of this toxic gas, beginning January 1, 2010, a new state law will require carbon monoxide detectors to be installed in all existing rental units with fossil fuel appliances or fossil fuel fired heating systems.

Specifically, the law requires that:

  • Owners of existing rental units shall provide at least one carbon monoxide detector on each level of each unit.
  • The detectors can be electrically hardwired or battery-operated.
  • All detectors must be approved by a nationally recognized testing laboratory.

Also, beginning January 1, 2011, all new homes being constructed must have a carbon monoxide detector installed outside of each separate sleeping area in the immediate vicinity of the bedroom(s).

For more information about this new law, call the City of Greensboro’s Engineering & Inspections Department at 336-373-2155.