Archive for June, 2008
Should you buy now? Absolutely!
June 30th, 2008 categories: Buyers
There seems to be a tiny bit of buyer hesitation because some buyers don’t think the bottom’s here yet. If you’re a ready and willing and able buyer, but aren’t quite sure when to make your move, here are some important things to consider:
1. The cost of waiting. Interest rates are now beginning to creep up again. To show you how expensive even a 1-point interest rate can be, on a $200,000 loan, and increase from 6 to 7 percent costs an additional $131 per month and $47,340 over the life of the loan. On a $400,000 loan, the same increase costs buyers and additional $263 per month and $94,680 over the life of the loan.
2. There are bargains out there!  The inventory is wonderful for buyers right now, and prices have come down considerably. If you were looking at a 2,000 square foot home before, it’s very likely you now could go into a 2,500 sq ft home for the same price range. Or, the opportunity may be there to get in a particular neighborhood that was unobtainable before.
3. Everyone can be creative! If there’s a problem going forward to buy the home you love, think creatively. For example: I had some buyers that were stuck in a lease for six more months. When I explained to the sellers agent the situation, she proposed (with the sellers permission) that the sellers buy out the lease. That was the magic that made it happen! The sellers got a full-price offer minus about $12,000 to cover the lease buyout, which shaved about 4 percent from the seller’ list price. Everyone was happy and everyone was able to move on. This is just one example sellers and buyers can help each other. Don’t be afraid to think outside of the box!
4. Market conditions can change quickly. In the Asheville area, the market slow down began about 2 years ago. This is a window of opportunity to buyers, and usually this kind of opportunity won’t last very long in this area. There can be a huge swing in interest rates at any point and even the smallest increase in rates can shut out many buyers. If you’re looking for a deal, and don’t think the bottom’s here yet, you just might miss the mark. I have always explained to my clients that real estate is like the stock market – when other people are sitting out, that’s the time the deals are happening, that’s the time to buy. Have you ever tried to time the stock market? It can’t be done.
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What makes Village Park so special?
June 23rd, 2008 categories: Neighborhoods
 
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Saturday, I had the opportunity to hold open a townhome in a really neat neighborhood in SouthEast Asheville named Village Park. Not really knowing what to expect, I was pleasantly surprised  the moment I arrived at the entrance with a lovely stone sign that said The Meadows at Village Park. Since I was looking for the townhomes, I meandered around the main street until I found a small sign pointing to the townhomes.  A couple of turns from that point and I was in the middle of The Meadows of Village Park townhomes. The townhomes are tucked in what seems like the middle of this neighborhood with some nice, near-range mountain views. What I liked about these properties right away was the very esthetically pleasing stone facing and architecural style. The townhomes are a minimum of 2,210 square feet and start in the high $400’s.
Once inside the model home, I immediately felt a sense of openess with the high vaulted ceilings and open floor plan. The flooring was a wider plank oak, granite in the kitchen, fireplace in the living area with sliders that lead you to the outdoor screened porch area. This model has three bedrooms with the Master on the ground level, two bedrooms upstairs. Everywhere I looked I could see quality construction and attention to detail. Everything was very nicely done.
So what makes Village Park so special? It’s very conveniently located (approx 10 min) to downtown Asheville, schools, medical facilities and shopping. It isn’t a mega-neighborhood, only having 38 single family home sites and 24 townhomes. They’re doing a great job with the landscaping and natural forested habitat. You’re only 5 minutes from Oakley Elementary and 3 minutes to Reynolds Middle and High Schools. The Blue Ridge Parkway and I-40 are within 5 minutes. Asheville Mall – 10 minutes, Asheville-Hendersonville Airport, within 20 minutes. I could go on and on, but the best way to appreciate this neighborhood, is to visit it for yourselves. If you would like more information, email or call me for a packet.
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Why the Stoney Knob Cafe is my favorite.
June 19th, 2008 categories: Restaurant Reviews
 
   
The Stoney Knob Cafe may be in Weaverville, but when I eat there I am anywhere but in Weaverville! This fabulous place is exotic, American, Greek, and European, all in one! I’ve dined there many times with my family and friends and have NEVER been disappointed.Â
Being of French and German descent, seeking out exceptional food is always fun, especially with my daughter, a pastry chef in her own right and graduate of the New England Culinary Institute. We are a family that likes to share different tastes and textures when we happen on to a good restaurant, always making sure we get different meals so that we can sample.  I’ve done a good bit of traveling from Europe to Australia and to several Caribbean Islands, sampling as much of their food offerings as possible. Through this experience, my opinion is that the Stoney Knob Cafe seems to have embodied a world-wide class cuisine that rivals any famous restaurant I’ve been to, and with enough variety that anyone could enjoy themselves. Â
This is the restaurant we always go to for special occasions, and this time was for Father’s Day lunch. I called in advance to see if there was availability, and pleasantly surprised that it was first come-first served, and yes there were tables available. We were placed in a front booth, perfect placement to watch all the comings & goings on. I’m especially fond of the booths, each one has a unique mini-chandelier that adds a special touch. Â
 As long as they had tomatos, Gary (my hubby) ordered the Black Angus burger and fries. Just the other day he was in the drive-up line at Burger King to grab a quick meal, since they weren’t putting tomatos on the burger(salmonella scare), he left the line saying “I’m not paying for a burger without tomato”! Okee Dokee, so Stoney Knob Cafe made the grade in that catagory . . . I opted for the lamb gyro and greek marinated cucumbers. My meal was delicious in every way! The lamb was tender, the pita bread was warm and buttery, the cucumbers were crisp with a light dressing. Cold drinks are served in an aluminum type glass, which seems to keep drinks colder longer, and it reminds me of my childhood when we used similiar, indestructable aluminum glasses. I also want to mention how good the coffee is here. It’s a very rich, Costa Rican-Sumatran blend, freshly ground. You always want more than one cup!
Gary’s angus burger was nice and thick, crusty on the outside and medium on the inside, served on a kaiser roll and nice amount of fries, he gave it a thumbs up!
Although this was just a lunch review, the dinners here are all very special and one should never be rushed in order to savor what’s plated before you. For the exceptional quality of food you’ll find the pricing is very reasonable. For lunch, the price range is $6.50 to $10.50 for any of their wraps, burgers, entrees or panini’s. Dinner entrees range $12 to $28. They also offer a Sunday Brunch. Click on the link above to visit their website and menus.
Located at 337 Merrimon Ave, Weaverville. This Restaurant is gourmet heaven for me!
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Great Asheville Economy news!
June 17th, 2008 categories: Asheville Economy
Asheville Metro Economy Update
June 2008
Brought to you by the Asheville Metro Business Research Center. A service of the Asheville Area Chamber of Commerce.
http://ashevillechamber.org/
Asheville Exports Near $665 millionExports from the Asheville metro area rose to $664,934,000 in 2006, up 12 percent or $72.8 million over 2005. Information released by the U.S. Department of Commerce shows machinery made up the largest product group of exports from the metro, comprising 35 percent of the total. Other major export groups include paper, electrical equipment, transportation equipment, and textiles.Regions and trade agreements representing the top destinations of goods exported from Asheville were the 21-nation Asia-Pacific Cooperation (APEC), followed closely by the 34-nation Free Trade Area of the Americas (FTAA), and the 3-nation North American Free Trade Agreement.
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Asheville Home Appreciation Rate 12th in Nation
Home Appreciation Rate Tops State and Nation Annual home appreciation rates in the Asheville metro equaled 4.5 percent through the first quarter of 2008. The rate surpasses the state’s pace of 4.0 percent and the nation’s overall decline of 0.3 percent. The figures, released by the Office of Federal Housing Enterprise Oversight (OFHEO), ranks Asheville 40 for one-year appreciation among all 273 metro areas listed by the agency. Asheville has the fifth highest annual appreciation rate among the state’s 14 metro areas. Asheville is ranked third in the state for its five-year appreciation rate of 51.5 percent, which also tops the state and nation, with rates of 31.9 and 38.9 percent respectively.Â
Job Growth HoldsDespite the slow pace of job growth through the first four months of 2008 in both the nation and state, employment is up by an average of 3 percent in the Asheville metro. The rate represents slightly more than 5,000 net new jobs over last year. By contrast the state is up 1.5 percent and the nation 0.5 percent. Asheville’s current pace is well above it’s annual average growth rate of 1.4 percent over the last decade.
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Asheville’s Moose Cafe Restaurant Review
June 10th, 2008 categories: Restaurant Reviews
 
As promised, I’m continuing my tour of Asheville’s restaurants and as it turns out the Moose Cafe at 570 Brevard Rd in Asheville is one of my first reviews. My husband, Gary and I decided to have a late lunch there after doing errands in that part of town.  We got there just in the nick of time, heading off being on the edge of getting grumpy from being hungry! We got there around 1:30 and there wasn’t a line waiting to get in. We’ve been there in past months and it can get very busy, so  we were pleased that we could walk right in. We were pleasantly greeted and since we requested a booth, there was about a 5 minute wait. Their waiting area has a little gift shop with moose themed t-shirt, ball caps, niteshirts etc., cute things to remember the restaurant by or send to family or friends. Be warned that if you browse around too long, you’ll be bringing something home with you, hard to resist!
 We were seated in a booth by a large window in the back dining room. Our server Lauren was at our table almost immediately (good service). She took our drink order and came back in just a few minutes with two Ginormous biscuits and homemade apple butter. This immediately put us in a verrrrry good mood. Folks, let me fill you in on this place, almost everything they have will put you in a good mood!! The Moose Cafe is a southern comfort-food restaurant extrordinaire! Check out their menu in the link I’ve provided above and you’ll see what I mean.Â
In the waiting area they have a blackboard with the daily specials written on it, I saw Chicken N’ Dumplings listed and that was it for me! I haven’t had Chicken N’ Dumplings for YEARS . . .  So I ordered the chicken and it comes with two sides, I chose green beans and macaroni & cheese. I know, I know, I was putting myself in carb euphoria, but I just couldn’t pass up the mac & cheese. Gary ordered the Chicken Tenders with (what else) Mac & Cheese & mashed potatoes.  With the ordering out of the way, we dove into the huge biscuits and applebutter. Wow! they’re good. As we were enjoying our biscuits and tea served in Mason jars, our meals showed up! Â
 So, on to the entrees: They give a huge serving, my eyes are usually bigger than my stomach, but I knew I wasn’t going to be able to finish all of my food when I saw my plate. The chicken & dumplings are served in a large bowl with corn bread (more bread!) and each side is served in it’s own smaller bowl. I tried the chicken first, mmmmm . . . the dumplings were so soft and creamy, the chicken was tender and the sauce it was all in wasn’t too thick or thin. I know for a fact that I couldn’t make it better. The green beans were of the Italian variety and were also good. The mac & cheese was also good, but this was one area I thought my Mac N’ Cheese was better.  Gary’s chicken tenders were pretty large pieces, I think he had four tenders. He generously gave me a bite, for review purposes only! (he doesn’t like to share-I’m kidding(no I’m not). Anyway, the tenders were good, but the coating they used reminded me of the type used in a fish fry vs. a flour coating.  I asked Gary if he would order this meal again, he said no, that he would try something else. BUT, he liked the mashed potatoes & mac & cheese. Let me preface my husbands eating habits, he’s very picky! So, my opinion, is that his opinion is of no detriment to the Moose Cafe!
 I WOULD order my meal again. The only slight negative I had on my entire meal was the cornbread, it was a bit bland and dry. Dessert? No way! We were so full I wasn’t sure we could even eat supper later in the day.Â
So, the servers were pleasant and efficient, the food plentiful and good, OH, and the prices were great! I like the Moose Cafe, I can see myself visiting there again in the future. I think it’s a great restaurant to bring friends and family from out of the area to sample southern cooking. They’re located right next door to the Farmer’s Market which goes hand-in-hand with them offering the freshest produce.  The Moose Cafe has earned many great reviews by several magazines including Southern Living who loved their biscuits. Give it a shot!
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Why I’m giving FHA financing a Thumbs Up!
June 4th, 2008 categories: Financing Programs
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Yesterday I attended our monthly office meeting at the downtown Beverly-Hanks office. Lots of good information is always shared, but our friendly and extremely knowledgeable Beverly-Hanks Mortgage man – Cameron Lewis had some new FHA financing information that was pretty exciting. I want to share with all of you the highlights and details of the program. I encourage you to give me a call if you need any of this info clarified or how we can get it to work in your present situation:
- Up to 97.75% Financing. 3/1, 5/1 ARMS and 30 year fixed.
- Buncombe county Loan Limit:Â $303,750
- Seller Concession: up to 6% of Purchase price
- Borrower required to put 3% of their own funds into transaction – Can be gift funds from a relative or can be the down payment gift from Seller.
Advantage to Borrower
- Purchases:Â 100% Financing with seller assisted down payment
- Refinances:Â Cash-out up to 95% LTV (loan to value), 97% LTV when consolidating 1st and 2nd mortgages.
- No credit is OK – Non Traditional Credit: leases, utility bills may be used as a substitute for credit.
- Non-Occupant Co-Borrowers accepted: Borrower does not need to “reasonably qualify” on their own.
- Can approve with lower credit scores: typically as low as the 550 range – typically collections are not required to be paid to qualify.
- Great rates and low morgage insurance. No rate bumps for credit scores under 720.
- Doublewides/Manufactured/Condos/Multi-Family up to 4 units.
- Not necessary to be a US Citizen or be a Resident Alien: work permit is acceptable.
Just when getting a home loan was looking a bit bleak the FHA comes to the rescue! If you’ve gotten bad news in the past on getting a home loan, this may be the perfect avenue for you to get in a home. One last bit of info on FHA, they do not discriminate based on credit score!! The market couldn’t be better for buyers – What are you waiting for?
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Don’t miss out on this Biltmore Lake home!
June 2nd, 2008 categories: Buyers
 
During my weekly trek in previewing new listings, I came upon this lovely home. It has a wonderful location, in a GREAT, historic Biltmore Lake neighborhood of Asheville.  It has abundant character and I loved the brick exterior and high lot overlooking the lake. Inside I think will be a renovator’s dream. For example: Right outside the upstairs Master is a flat roof just begging to be turned into a patio that looks onto the lake, it’s the white area on the right of the house. It’s definitely livable in it’s present condition, but the kitchen and baths look like it’s been many years since they were updated. The Seller has owned this property for 40 years. The thought that came to my mind was that this was a diamond in the rough waiting to be discovered.Â
 
    
Built in 1929, it has approximately 2,312 heated square feet, 4 bedrooms, 2 baths and a detached 2-car garage. It is priced at $499,000 which is $76,000 below appraisal (per listing agent). Located off Sand Hill Road in Biltmore Lake. If you would like to see additional photo’s, need more info or simply want to go see it in person, call me and you can see all the details first-hand.
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