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.

North Carolina Ranked #1 for Business

North Carolina

North Carolina’s business climate ranks first in the nation according to Site Selection Magazine.

Our state received the honor for the fifth consecutive year!

“The concentration of brainpower and research and development activity in North Carolina cuts across many disciplines, territories and institutions,” says Adam Bruns, managing editor of Site Selection. “Research parks, schools, companies and communities in the state have developed a real knack for working across boundaries, and it continues to pay off.”

The business-climate ranking is based on the number of new and expanded business facilities in each state as well a poll of corporate site selectors nationwide.

Site Selection’s survey of corporate real estate executives asked which factors are most important when making a location decision.  Here were their top 10 responses:

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Online Sales Tax – Will it Stop you from Buying Online?

Online Sales Tax

New York, Rhode Island, and North Carolina have enacted laws forcing retailers to collect state sales taxes on internet purchases. These new laws are here just in time for the holidays!

States are trying to boost tax revenues which have been on a steady and often rapid decline. These so called “Amazon Laws” are having interesting, and controversial, effects.

Amazon.com, for example, has pulled out of North Carolina as it ended partnerships with scores of small business entrepreneurs in the state. Amazon maintains that the new sales tax laws are unconstitutional.

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North Carolina #5 on Forbes list of “Best Places for Business”

North Carolina

I moved my family to North Carolina in 1985 after reading Chamber of Commerce surveys on top areas in the country to live. 24 years later, Raleigh is still a top area in the country to live.

North Carolina ranks number 5 in Forbes magazine’s 11th annual ranking of the Best Places for Business and Careers.

Forbes bases its rankings on costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.

North Carolina rates high for costs (No. 3), regulatory environment (No. 4) and quality of life (No. 3). It ranks No. 15 for labor, No. 16 for economic climate and No. 33 for growth prospects.

Raleigh grabbed the top spot for a third straight year on the strength of strong job growth (both past and projected), low business costs and a highly educated workforce.

Helping fuel Raleigh’s strong economy is the Research Triangle Park, one of the oldest and largest science parks in North America. RTP is located between Raleigh and Durham and is home to 170 companies employing 42,000 people.

One of the original 13 colonies is still one of the best places to live in the United States.  Congratulations North Carolina!