April is drawing near. April in Charlotte NC means many things. It means that all of our fantastic trees that line our streets began to bloom, Freedom Park is full of people enjoying the outdoors and Charlotte Knights baseball is getting cranked-up to name a few. In the medical community, it means that the new doctors are moving to Charlotte and will be entering the Carolinas Medical Center (CMC) residency program. With the matching process having begun and matching results being given on March 15^th it’s an exciting time for doctors entering the next level of their professional careers.  I personally look forward to this time of year as I help incoming medical residents locate housing. Whether they are looking for a 1 bedroom rental within walking distance to CMC or a 4 bedroom 3 bath 2 story in the Southpark area, I’ve always prided myself withan ability to help incoming medical residents to find the perfect place to live. With so many properties available in Dilworth, Myers Park, South End, residents will fine many housing options to choose from nearby should the choose.

As an approved Realtor for Carolinas Medical Center, I’ve been helping incoming residents locate suitable housing here in Charlotte for 13 years. Some of the neighborhoods my clients have chosen in the past are Dilworth, Myers Park, Southpark, Cotswold, Cameron Wood, Madison Park, Montclaire, Selwyn Farms, Beverly Woods and Seidgefield. I always recommend to my medical resident clients that the location where they live is hugely important to consider in their search for housing. I know this for 2 reasons. 1. I’ve helped many medical residents find homes through the years. 2. My wife was a medical resident at CMC and I know first hand how important proximity and commute time is to doctors entering the medical resident program at Carolinas Medical Center. For those new doctors looking to purchase a home or condo, it’s very important that the seek financing for their purchase from an institution that offers a doctors loan program. An approved doctor’s loan will enable the resident to procure the best rate possible as well as reduce the amount of down payment or eliminate the need for down payment all together. The doctors loan program that I recommend is 100% financing with no mortgage insurance.  As many  changes have taken place in the mortgage industry, not all banks offer the true doctor loan programs. There are a few mortgage professionals that I recommend locally as they have successfully helped my medical resident clients in the past and continue to have my none resident doctor clients on an ongoing basis.

 Here are a few client testimonials.

  "Residency is an exciting time in our lives. It is filled with excitement and uncertainty. It is the time most of us buy our first home, which may be the biggest decision we have made up to this point in our lives. My wife and I had very little knowledge about real estate. Buying and selling homes was foreign soil for us. However, we were fortunate to find Scott Pridemore. He listened to our needs and wants, and he compiled a list of properties that we might want to see. He did not pressure us to see homes that did not fit our description. He pointed out flaws that certain properties had and reasons certain homes might be better than others. He was informativeyet not overbearing. He introduced us to the city of Charlotte: places to eat, activities to do, and events to attend. When we found the home that we wanted, he really worked to get the price and conditions that we desired. He was a pleasure to work with, pleasant to spend time withand a friend from the first moment that we met him. Buying a home was a pleasant and rewarding experience with him and I would recommend him highly to anyone looking to buy a home."

Sincerely, Lisa & Eric Marsh MD
(Southpark)

" It is with great pleasure that I write this letter about how Scott Pridemore made finding, negotiating/bidding, and purchasing my first home such a pleasurable and care free experience.

I received many letters from various real estate brokers in Charlotte, but choosing Scott was no contest. His wife, Laura, had recently been through the Pediatric Residency Program at CMC, which meant that not only was Scott familiar with the different areas in which other residents were living, but he was also well aware of the insane hours that we have to face.

When I initially called Scott, I requested the impossible - a new, 2 bedroom, 2 bathroom condo in Myers Park which would be affordable on a resident's salary. Instead of politely telling me I was crazy, a couple of days later, Scott had compiled a list of condos and took me around to show me what was available in my price range. Some of the places we saw came close to meeting most of my requirements, but one was absolutely perfect.

Considering I was completely new to purchasing real estate, having rented my whole life, Scott took the time to answer my questions, explain the details, and made the entire process simple and enjoyable. He was always very responsive, willing to go the extra steps and constantly showed his dedication to me as a client. For example, the day the bids for the condos were to be opened and the new owner's names announced, not only did Scott make sure we were the first people there, but he stayed with me throughout the whole 6+ hour day, until the final announcement was made and I indeed had gotten the condo I wanted.

Even after that, he continued to go to bat for me, from scheduling the walk-troughs’ to working around my crazy hours as a resident, to providing valuable information on the hot spots in the area, Scott never failed to add the additional personal touches. I would definitely and strongly recommend him and his real estate services to anyone moving to the Charlotte area."

Sincerely, Jennifer Michalec MD
(Myers Park)

Dear Scott,

     Thank you so much for all of your time and effort in helping us find the perfect home here in Charlotte. We couldn't have asked for a more outstanding person to introduce us to the city and the (many) neighborhoods we explored. We're also very grateful for all of the advice, contacts, excellent restaurant recommendations (and very generous gift card) you've given to us. Looking forward to meeting the rest of your family and seeing you at all of the upcoming CMC parties!

Sincerely,

 Kate and Mark

(South Charlotte)

"Scott was excellent at keeping us informed at every stage of the process, no matter the issue. He also went to bat for us during the inspection negotiations more so than any previous agent.

This was our 4th home purchase, and Scott was by far the best at all levels. He was the 1st agent we had that we felt truly represented our interest first and foremost. His communication at all stages was excellent, as was his availability. We highly recommend him."

Dave & Tammy Priest, Southpark

It is an anomaly that everyone assumes the tax credit is only for purchasing bigger and better.  Many people, especially those whose children have grown and left the nest, want to downsize.  After-all, who doesn’t want to enjoy Charlotte to the fullest and make life simpler these days?

If you have been considering selling your home in Cotswold, Myers Park or any of the amazing Charlotte neighborhoods and moving into a smaller space, consider doing so before the tax credit expires.  Place your new Charlotte home under contract by April 30th and close by June 30th and you could have a few extra dollars in your pocket in 2010.

Those early fluctuating economic conditions and conflicting developer visions created the most eclectic of Charlotte's local historic districts. Designated a historic district in 1992, Midwood blends traditional and modern with new home construction replicating the past. Large craftsman bungalows lining The Plaza, a tree-lined boulevard that divides this neighborhood north to south from Central Avenue to its intersection with Parkwood Avenue, were built before quaint cottages were developed after the war.

South End, with its restored mill buildings and warehouses, is a model of urban redevelopment, with contemporary housing, shops, entertainment, and art galleries. Established around the thriving textile industries in the 1890s, this community – immediately south of Uptown – sprouted up along the tracks running through its center South End flourished for many years. As families moved to the outer suburbs from Charlotte’s Center City, the neighborhood experienced a decline in ‘70s. The neighborhood and homes in the South End underwent a dramatic revitalization in the 1990s and reemerged as one of the city's fastest growing neighborhoods in the Charlotte, NC real estate market today.

Top 10 Cities Where It's Smarter to Buy than to Rent.

For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.

To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.

Here are the top 10 cities the magazine chose as the best places to buy right now.

1. Boston-Cambridge-Quincy, Mass.
2. Charlotte-Gastonia-Concord, N.C
3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
4. Cincinnati-Middletown, Ohio-Ky.-Ind.
5. Denver-Aurora-Broomfield, Colo
6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
8. Portland-Vancouver-Beaverton, Ore.-Wash.
9. San Francisco-Oakland-Fremont, Calif.
10. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Source: Forbes, Francesca Levy (01/21/2010)

Follow this link to read the full article Forbes.com. Click Here

Scott A. Pridemore, Realtor

704-562-0792

A breathtaking area – having the wide, tree-lined winding Cherokee Road serving as the centerpiece – the homes in Eastover offer a broad range of styles and beautiful setting with its gently curving thoroughfare. Built in the early part of the 20th century, the Eastover neighborhood architecture is Georgian primarily with some Tudor Revival as well. Many of these homes have been restored to their original grandeur with renovations. Ranging in price from $300,000 for 1,300 square-foot bungalows up to over $4 million for a 7,000-plus square-foot home, the Eastover neighborhood is in high demand.

Any exterior renovations to homes in these Charlotte neighborhoods now need to be approved by the commission. In this way it guarantees renovation and development maintains a consistency with the neighborhood’s character. The importance of the character and history of the city’s older neighborhoods is significant when considering property values of homes in these communities. As an experienced real estate agent, Scott Pridemore can help you find a new home or sell your existing home in the Charlotte real estate market.

Featuring new homes and older, traditional homes, the home tour demonstrates a broad spectrum of home styles. Elegantly preserved historic homes show it is possible to combine modern interior adaptations and renovations to traditional homes. The historic architecture does not necessarily indicate the need to sacrifice features or contemporary styles. Furthermore, with the state tax credit of 30% for qualifying rehabilitations of homes in Dilworth those of which are non-income-producing historic structures, including owner-occupied personal residences. See a list of the places on the tour for the 38th annual Dilworth Home Tour or purchase 2010 tickets.

Commonly referred to as NoDa, short for North Davidson Street, there are a plethora of locally owned and operated restaurants. People repeatedly return to visit these fantastic establishments like Boudreaux’s Bayou Cuisine, Cabo Fish Taco, and the Smelly Cat coffeehouse. An additional attraction with wide-ranging musical styles and talent from across the country is the Neighborhood Theatre. Check out this neighborhood in Charlotte with a distinctive flair where Arts District homes range from $125,000 for a loft to $550,000 for a renovated home.

It is an anomaly that everyone assumes the tax credit is only for purchasing bigger and better.  Many people, especially those whose children have grown and left the nest, want to downsize.  After-all, who doesn’t want to enjoy Charlotte to the fullest and make life simpler these days?

If you have been considering selling your home in Cotswold, Myers Park or any of the amazing Charlotte neighborhoods and moving into a smaller space, consider doing so before the tax credit expires April 30th (for contract) and (June 30th for closing).  Place your new Charlotte home under contract by April 30th and close by June 30th and you could have a few extra dollars in your pocket in 2010.

Built around textile mills, homes in the Arts District originally were a village of little mill houses – often constructed by the mill workers themselves – built in the early 1900s. Most of these homes had baths on the back porches because there was not indoor plumbing. This area has made a come back, particularly because of its proximity to the Charlotte city center, after having been in a state of disrepair and a bit run down in the past. It is a wonderful location to explore in the Charlotte, North Carolina real estate market.

Barclay Downs is a very popular Charlotte, NC neighborhood conveniently located adjacent to South Park Mall, one of the premier malls in the United States. The area is well-liked by families as parents have great schools, activities and convenience to so much. A regional library (Morrison Public Library) is walking distance from Barclay Downs plus there is specialty retail shopping and the Barclay Downs Swim and Racquet Club offers memberships to residents.

With most homes in Barclay Downs being built in the 1950s and '60s, many have been beautifully renovated with deliberate and fabulous remodeling. This desired neighborhood has an excellent location with homes ranging in price from $300,000 to $1,000,000 in the Charlotte real estate market. These great homes will continue with  the strong Barclay Downs Homeowners Association, which has a stated mission to "promote good fellowship among neighbors and to protect and improve the neighborhood".

Whether one is in favor of this modern growth or prefer the quaint, tree-lined 1920s style homes in these Charlotte, NC neighborhoods, the Myers Park High School, a renowned International Baccalaureate school, remains one of the highest-ranking in the nation and helps to make this whole area very desirable. Additionally, with two of the best hospitals serving homes near Freedom Park and the neighborhoods of Myers Park, Dilworth and more, Presbyterian Hospital or Carolina's Medical Center provide a much sought-after benefit of the community.

With excellent schools, beautiful homes in Myers Park, Dilworth and Eastover, homes near Freedom Park have a fabulous location. Location, location, location remains a strong mantra in real estate for people looking for value. Additionally, there are many events and activities held at Freedom Park throughout the year that create even more of a neighborhood feel and make it a fun area to live too.

An example is “Beach Party,” which was held at the band shell beside the lake in Freedom Park, by the Mecklenburg County Park and Recreation in June 2009. There were many fun activities for all the families and it is a FREE event to the public. Another is the Festival in the Park, established in 1964, which is an event designed to promote and stimulate interest in the arts. Over 100,000 visitors typically attend this festival each year and 72% of those participants live within Charlotte's city limits. The 46th Festival in the Park from September 23-26, 2010 will bring together those living in these surrounding Charlotte, NC neighborhoods.

Foreclosures will continue to rise with unemployment, keeping real estate prices from rising in harder hit areas, and home values as a whole are expected to remain flat for some time.

Interest rates are not expected to continue dropping and will most likely head in the opposite direction, expected to hold steady around 5.2%. According to the Wall Street Journal, Federal Reserve chairman Ben Bernanke himself recently locked in a refinance on his residence, a clear indication that rates just might be as good as they’re going to get.

For now, the data shows that real estate sales are on the rise and will continue to improve as long as the mortgage rates stay low and the tax credit remains in place -- all boding well for Charlotte, NC real estate. What happens during the latter half of 2010 is up in the air, but for now the good news is far better than the news of a year ago.

While the Fourth Ward boasts many of the oldest residences with Victorian homes, it also has newly constructed high-rise condominiums to make this an upscale, cosmopolitan neighborhood. Located in an old home, Alexander Michael's is one of the best local restaurants along with other great dining and entertainment options of the fourth ward.
The positive effect for surrounding neighborhoods to and homes in Uptown Charlotte is the resulting higher appreciation rates. Depending on the home price one seeks, Uptown has a wide range of options that I can help identify when looking for an Uptown condo, home or townhome to buy.

Interest rates have been hovering at 5% or lower for the better part of the past year, a trend that cannot be expected to continue.  As the market stabilizes more and the economy gets better, interest rates will rise.  While home prices still may drop in many areas of the country, they will not drop much more.  Areas that are less affected by foreclosures, short sales and REO properties are likely to level out faster than other areas due to the lack of distressed sales in their inventories.  A rise in interest rates may bring real estate prices down to sell but the days of 20% and 30% decreases appear to be unlikely.

In a nutshell now is a great time to buy if you have been waiting for the right time to plunge into the market whether you are considering homes for sale in Myers Park, Foxcroft, Cotswold, Dilworth or any of the wonderful neighborhoods of Charlotte. Take advantage of low interest rates while they are here and the extended home buyer tax credit while it's still available.  It is a buyer’s market now, it won’t be forever.

An interesting analysis of the real estate conditions and a forecast of 2010 by CNN Money are available.

Across the nation and here in the Charlotte, NC, people are taking advantage of the move-up/repeat home buyers tax credit. A tax credit of up to $6,500 can be claimed by qualified existing home owners. Whether it is a home in Cotswold, a home in Myers Park, South Park or other great communities in Charlotte, there are certain requirements to be met to take advantage of the tax credit available to homeowners.

The key information on the tax credit is the timing for the purchase of a principal residence. It must occur after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). With the mix of incredably low interest rates and the extended home buyer tax credit, Charlotte home buyers are taking advantage for sure. As an expert in the local Charlotte real estate market, I like to help people with their real estate needs in the community, whether one is looking for information on homes for sale in Dilworth or simply trying to learn more about neighborhoods or new developments.