Lake Norman Real Estate and NC Homes for Sale

I remember when Mooresville's Legacy Village  was just some large renderings under a tent on Williamson Road for Realtors to preview.  Today I took the photo above of Phase 1.  As you can see, one row of town homes is complete and construction is well underway on the next block.

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LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

Friday, July 25, 2008 

My bi-monthly Lake Norman Friday Hot Sheet is here! 

It is great to see that quite a number of people are enjoying these new bi-monthly reports so I will continue to do them!  As I stated two weeks ago, despite all of our technology, one part of our real estate practice has consistently been an important part of our routine...pulling the daily, or in this case, bi-monthly Hot Sheet which gives us a snapshot update for all residential real estate activity in Lake Norman for the past two weeks. 

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Not two days after one of my out-of-state buyers asked me about how the housing slowdown has effected Lake Norman builders, the lead article in The Charlotte Observer's Business Section was:  "Housing slump slams Mecklenburg builders.  In a signal of the market's steep decline, building permits are off 40% from 2007."  The article went on to say:

• Permits fell 30% below the lowest level in the last decade
• Permits for the 8-county Charlotte area fell 49% in the first half of 2008 and 52% for the second quarter compared to the same periods last year according to Market Opportunity Research Enterprises.
• Nationally, construction permits are at a 17-year low!

Lake Norman permit statistics aren't available yet so I thought I would go to the MLS and do a quick analysis of new construction versus re-sale listings and sales.  Here is what I found:

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View a new "Earth Friendly" green home today, July 19th and tomorrow July 20th in Lake Norman!  Pippin Home Designs has opened their "Live Green Project" home in partnership with Habitat for Humanity to raise money for Women's Build, a program to build adequate homes for mothers and children.  The "Live Green Project" home is located at 7390 Gabriel Street in Sherrills Ford on the northeast side of Lake Norman.  Tickets are $11 and they are open 10am - 6pm.

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Effective July 1, 2008, there have been numerous small and more significant changes/additions/deletions to the standard North Carolina real estate forms jointly approved by the North Carolina Association of Realtors AND the North Carolina Bar Association.

As a home buyer or seller in the Lake Norman area, there are several things you should do or know if you are currently thinking about or in the process of buying or listing a home:

• Always make sure that the forms you are provided by your Realtor are the most current form available.  Our four most commonly used forms, the Offer to Purchase and Contract (Form 2-T),  The Additional Provisions Addendum (Form 2A11-T), The Exclusive Right to Sell Listing Agreement (form 101), The Exclusive Right to Represent Buyer Agreement (Form 201) as well as many others were revised on July 1, 2008.  At the very bottom of each form you will find the Standard Form number and the date adopted.  Check to make sure it says:  Adopted 7/2008.
• Have your REALTOR explain the changes in the forms, especially if you have used the old forms recently.
• There is a 60-day grace period to transition to new forms.

Here is a very brief summary of the most notable changes to these 4 forms.  *This is general information only.  Please note, I am NOT an attorney.  If you have any questions regarding these changes please consult a real estate attorney.  I would be happy to provide you with names and phone numbers for several in the Mooresville Lake Norman area!

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