Real Estate Information

Yesterday marked the third anniversary of the miracle splashdown of the US Airways flight 1549 captained by Chelsea "Sully" Sullenberger.  Fifty-two thankful passengers from the flight celebrated the occasion by taking their exact seats on board the plane now on display at the Carolina Aviation Museum.

The passengers from that day were joined by Patrick Harten, the calm, cool and collected air traffic controller who tried to get the plane with no engines to the nearest airport before going in the frigid river.  Harten was given a special seat above the salvaged aircraft yesterday-Captain Sully's.

Those passengers that attended the event yesterday said it was both "cathartic and a little eerie."  Many snapped pictures while enjoying being with each other in a much less stressful and scary situation.  One row 9 survivor, Glenn Carson even brought a celebratory bottle of scotch to share with his fellow survivors.  He made sure to serve those first class passengers last.

The plane is on public display at the Carolina Aviation Museum www.carolinasaviation.org including video footage and now the original headsets of both Captain Sully and Air Traffic Controller Patrick Harten.

PGA organizers announced Wednesday a new location for the Chiquita Classic.  September 24th through the 30th, The Club at Longview in Weddington will be the new host for the PGA Tour Nationwide Series.

Jack Nicklaus designed the 7,065-yard course which opened in 2003.  The Golf Channel will televise all four rounds where the tournament purse if $500,000.  We will let you know when tickets go on sale.

www.chiquitaclassic.com

CNN Money rated 100 markets across the nation for the "best places to live and launch" a business and our lovely city of Charlotte has been ranked No. 8.  Following major cities like Portland (No. 6) and Denver (No. 7) it is a big accomplishment, Charlotteans should be proud of how the city has evolved from cotton fields to skyscrapers housing the financial big names making it the second largest banking city in the country.

Charlotte made the list because of our steady influx of young educated adults streaming in from the area's 19 college's and universities.  The employment opportunities not only helps retains these college grads but brings others in from around the state.  The developing bio-tech industry in the city and various small business organizations make Charlotte a desirable and affordable place to launch your dreams and start a business.

For those of you who now call Charlotte home and who have been trying to lure your friends and family to join you, direct them to this article so they can see just some of the reasons the Queen City is in the spotlight!  Don't forget to tell them about the sports scene and art and theater opportunities.  For the outdoor lovers you must mention the Great Smokey Mountains and the beaches all within a short drive.

http://money.cnn.com/galleries/2008/fsb/0803/gallery.best_places_to_launch.fsb/8.html

Charlotte could soon be hosting another PGA tournament in addition to hosting the top level PGA Tour with the Wells Fargo Championship at Quail Hollow.  The Chiquita Classic, a two year old Nationwide Tour event could be moving to the Queen City in 2012.

In November, Chiquita announced plans to relocate its headquarters to Charlotte from Cincinnati.  On Wednesday, the PGA Tour will hold a press conference at The Club at Longview in Weddington with an "important announcement about professional golf in Charlotte."

The tournament will be held in late September.  We will be eagerly awaiting the announcement on Wednesday.  Stay tuned to the official website for location announcement www.chiquitaclassic.com.

Wow, just when we think the rates cannot get any lower...they do!  This week the average rate on a 30 year fixed mortgage has fallen to a new low.  Freddie Mac reported rates of 3.91 percent.

That's down from 3.95 percent the week prior and brings it to the lowest mark since Freddie Mac has been keeping track.  Fifteen-year fixed rate mortgages have dipped to 3.23 percent down from 3.24 percent last week. 

The National Association of Realtors reports that November's pending sales of existing homes rose 7.3 percent, the strongest since April 2010.  What's the news for us in the Queen City?  Homes in the Charlotte area rose 13 percent in November from the same period the year before.

Forecast calls for rain on Saturday so stay out of it and take the kids to Disney in Concert at Belk theater Saturday, January 7th.  They will have two performances, 2:30 and 8:00 pm.  Experience your favorite Disney music in a new way while listening to the best selections from The Lion King, The Little Mermaid, Beauty and the Beast and more!

Click to get tickets: http://www.carolinatix.org/default.asp?tix=59&objId=2803

Ya gotta love short sales! Been working on one for over a year that was scheduled to close last week (we represent the SELLER). The BUYER, learned the day before closing that he was at risk of losing his job so he asked to delay closing for one more week so that he could learn his fate before making this commitment. Our client's bank, who needed to approve the short sale, said "no" to the request to delay closing.  This is somewhat understandable as they obviously cannot leave a transaction open ended. The buyer neglected to close on the scheduled closing date which also happened to be the last day for which the short sale approval letter was acceptable.  This effectively terminated the deal.

What happened next is where I just don't understand the mentality of the people who work at banks that need to approve short sales.....  The VERY NEXT DAY, the buyer changed his mind and said that he would go ahead and close regardless of his job situation. The SELLER'S short sale attorney immediately called the short sale negotiator (at the bank) but he simply said, "Too late! We will now be foreclosing on the seller.  You should have closed  yesterday."  The buyer is ready to purchase the house, the funds are actually in the closing attorney's bank account, and everyone is ready to close EXCEPT the bank that has to approve the short sale. Instead, they'd rather clog up their own system, add yet another foreclosure to the HUGE inventory of foreclosures already on the market, and continue to negatively affect the neighborhood where this home currently sits empty. Makes no sense to me whatsoever!

Mortgage rates ended the year 2011 below 4 percent.  Now, with the start of 2012 you won't hear "that's so last year" because rates are still below 4 percent making it a great incentive for home buyers and home owners looking to refinance.  Banks are even rolling out incentives to get the business.

Those jumbo loans are also at great deals so don't count it out because your mortgage is more than $400,000.  Jumbo loans have hit new lows averaging 4.61 percent.  These rates can result in significant savings monthly and over the year.

The incentives banks are offering to entice home owners to refinance include deep discounts on closing fees.  Average closing costs on a refinance run about 2 percent of the total loan amount.  Some banks are offering flat fees, for example a fee of $499 for closing costs on a loan up to 1 million dollars.  That could save a person with an $800,000 mortgage about $15,500.

While there are some hurdles to jump to qualify for an ultra low rate, it is worth it to refinance if you haven't already.  Be sure to shop around to find a lender offering some major bang for your buck.  In our business, we work with lenders often through our clients home purchases so if you need some questions answered or want to see if you'll qualify, call The Geoff Brown Team with New American Mortgage www.mycarolinaloan.com.

We hope you had a wonderful holiday season and we wish you health and happiness in the new year. From all of us at The Mahool Nance Team, Happy New Year!

The Mahool Nance Team would like to wish you and your families a wonderful holiday season.  It’s time to put down the wrapping paper and tape and enjoy the true reason for the season.  We hope you are able to spend time with family and friends, reflect on the year and be reminded of all the good things in our lives.

Whatever holiday you celebrate we hope it is a joyous one.  From all of us at The Mahool Nance Team, happy holidays!