- Condos & Townhomes in Mooresville North Carolina - Information You Need
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As townhome & condo communities become more & more popular with home buyers in the Mooresville/ Lake Norman North Carolina region we frequently receive questions from buyers about the style of living & the difference between single family home communities & condo complexes. This series will attempt to provide answers to all of these questions in this upcoming series.
What is a Declaration of Restrictive Covenants or Declaration of Condominiums?
Unit ownership in both types of properties -condos & townhomes- is subject to restrictive covenants, also known as deed restrictions. These are contained in a recorded legal document called a "Declaration of Condominiums" or "Declaration of Restrictive Covenants" & is recorded at the county Register of Deeds office. The declaration describes the nature of the project & establishes rules to govern the use of the units & common areas. For example, the properties may be limited to residential use, require units to be a certain minimum size & architectural style, etc.
Will the closing attorney or real estate agent provide the buyer with a copy of the restrictive covenants & bylaws of the homeowners association?
Not Necessarily. Neither has the specific duty of providing you with these documents but will do so if you request them. If the real estate agent does provide you with a copy be aware that they may not be the most current, since they remain subject to amendment by the developer or homeowners' association. We would advise you to directly consult with the closing attorney or the homeowners association to ensure that you receive the latest covenants!
- January 2010 Market Report for Home Sales in Mooresville, North Carolina
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Mooresville NC Real Estate
There was a total of 46 closed sales in Mooresville from January 1 thru January 31, 2010 compared to 28 properties for the same time period in 2009. The average sales price for January1 thru January 31, 2010 was $456,280. the average sale price figure for January was influenced & reflective of 3 homes priced priced over 1.5 million dollars! Without these homes included the average sale price was $350,323 which is definitely a more accurate picture of the market in Mooresville, North Carolina .The average number of days a house was on the market in January of 2010 was 177 as compared to the same period in 2009 when the average number of days on market was 192.
There are currently 845 homes for sale in Mooresville and home prices have stabilized over the past year. However, the ;ist price to sale price ratio is about 93% which indicates that buyers are getting great deals on larger homes with more amenities at great prices! There are still a large number of short sales and preforeclosure sales in the comps that would skew all of the numbers somewhat but the market snapshot is accurate in sales & prices. Looking for a great deal on a Mooresville Home? Call us today!
Call for info on the new extended tax credit applying to all buyers.. There has never had a better opportunity than ever to own a home: large inventory, low interest PLUS the tax credit for all buyers make a winning combination for qualified buyers! This is a great time to buy a new home! Call us for more info:
704-363-6946
- Condo & Townhouse Q&A Series for Mooresville NC Real Estate
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In years gone by, the typical homeowner purchased a single family home with a yard. Today, because of changes in lifestyles & the increase in prices in single family homes, many buyers may prefer not to own a traditional single family home. In response to the needs of these buyers, alternative forms of home ownership have evolved. Among the choices now available to home buyers are multifamily housing complexes containing townhouses & condominiums ( or condos).
This Q& A series will focus on frequently asked questions on the subject of purchasing & owning a townhome or a condo. A word of cation to my readers, though. Legal aspects of condo & townhome ownership are very complex and cannot be treated in detail in this series. So, if you are considering purchasing a condo or townhome in the Mooresville/Lake Norman area of North Carolina please be sure to get the advice of a Realtor and also to consult your attorney with any questions you may have! Now, let the discussion begin with the first topic "Purchasing a Condo or Townhome".
What is the difference between a condo and a townhouse?
Condo owners own the inside of their units while Townhouse owners own the complete unit, including the exterior surfaces and the land underneath the townhome.
Every condo or townhouse development also has "common areas" on the complex property. Common areas may be recreations areas, sidewalks, parking lots, etc.Condo owners share ownership of common areas with other owners, while common areas in townhouse developments are usually owned by the homeowners association for the benefit & use of each unit owner.
Are there any other legal differences between condos & townhouses?
The answer is YES! The creation, sale & management of condos are governed by both the Unit Ownership Act and the North Carolina Condominium Act (specific statutes). There are no specific statutes governing most townhouses. However, townhouse projects of more than 20 units and created after january 1, 1999 are covered by the Planned Community Act. So are certain developments which volunteer to be subject to all or a portion of the Act. Townhouses that fall outside the Planned Community Act are governed by the same general laws that govern single family homes. for this reason, developers are much more likely to plan and market townhouses. As a result their are far more townhouse than condominium projects in North Carolina including the Mooresville and Lake Norman areas.
Questions? Give me a call at 704-363-6946 or email me @ homes@thenaylorteam.com. I'll be sure to get right back to you!
- Mooresville North Carolina Subdivisions - Frequently Asked Questions Series By Denyse Naylor Mooresville NC Realtor
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The final topic of discussion in the Mooresville North Carolina Subdivision series will talk about the Common Areas in Subdivisions and what a homeowner needs to know about Common Areas.
Who owns the roads in a residential subdivision or a planned community?
Unless the roads have been dedicated to use by the public and formally accepted by the appropriate government agency, neither the state nor any public agency owns legal title to the land over which a street runs. In cases where the developer has retained title to the streets, in cases of lot lines bordering the edge of the street, the developer is liable under state law for erosion control and also for possible civil damages if an injury resulted from lack of maintenance. This is true even after all lots have been sold.
Will I know who is responsible for the roads before I buy a home in a Mooresville North Carolina subdivision?
Not necessarily! Since 1975 developers have been required to give the first purchaser of property in the subdivision a Subdivision Street Disclosure Statement containing important information about road ownership and maintenance responsibility. The application of this law is very limited so it is important that you ask your Mooresville NC Realtor to inquire into the status of the roads in the subdivision and to find out who is responsible for their maintenance.
How would a homeowner know which of the common areas in a subdivision are reserved for use of all of the homeowners?
The common areas will be specified in th recorded plat map of the subdivision. Even if the developer retains title to the common areas or conveys them to some other entity these areas cannot be used for any other purpose outside of the original recordation intent ( walking trails, lakes, recreation areas, etc.). All homeowners in the subdivision have the right to use the common areas for their specified purpose.
This concludes the series on Mooresville North Carolina Subdivisions! The information in the series was provided by the North Carolina Real Estate Commission. Please call me with any questions at 704-363-6946 or email me at Homes@TheNaylorTeam.com . For all of the information you need on Mooresville NC Real Estate just click on the link!
- Mooresville NC Real Estate Tips- Q&A on Lake Norman NC Subdivisions
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Wrapping up the last two frequently asked questions on the topic of Property Restrictions in North Carolina subdivisions we'll conclude this portion of the series before we move on to some other topics governed by homewoners associations in North Carolina communities.
As an owner, what can I do if the association is not performing as intended by the covenants or if another homeowner is violating the covenants?
You have the right to sue both the association or the offending homeowner in court to obtain an order complelling them to abide by the lawful covenants & bylaws. but, remember that these are private rights of action that you must pursue on your own. No agency other than the courts can determine or enforce an owner's rights.
Who pays my legal espenses if I am sued by my association?
You will be responsible for your own attorney fees & other legal expenses,
Have questions about HOA's or any other real estate matter? Just give me a call at 704-363-6946 or email me at homes@thenaylorteam.com.
For all the info you need just visit the Mooresville NC Real Estate info center!
- Q&A Series- Mooresville & lake Norman NC Subdivisions
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Continuing with our discussion on frequently asked questions about purchasing property in the Mooresville and Lake Norman area of North Carolina we'll answer a few more questions on the topic of property restrictions.
Do my constitutional rights to freedom of speech, freedom of religion and the enjoyment of my property prevail over the restrictive covenants or the powers of the Homeowners Association?
Not in all cases. If a buyer purchases a property in a subdivision subject to covenants and restrictions they agree to abide by those restrictions. Storage of personal property such as RV's or boats, displaying signs, flags or banners , keeping certain types of animals & other practices can be lawfully controlled by the restrictive covenants if they are properly created and enforced.
What if a homeowner doesn't want to follow the restrictive covenants affecting the property?
Home buyers take property subject to the restrictions and are bound to follow them even if they may not have known that the property was subject to restrictive covenants. Once restrictions have been properly imposed on a property they "run with the land" and are binding on the owner and all subsequent owners. No homeowner may use a property for any purpose that violates the covenants and restrictions of the subdivision.
For more info on purchasing a home in Mooresville NC or for any questions on Mooresville NC real estate just give me a call at 704-363-6946 or visit the Mooresville NC Real Estate resource!
- Lake Norman & Mooresville Subdivision Series- Part 5
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Understanding how the restrictive covenants of a neighborhood work is fundamental to enjoying your new home. After all, it's kind of like a marriage, you are married to one person ( your home) but have an extended family ( your subdivision) that's part of the package. And, while you may have a great marriage but can barely tolerate your in-laws on holiday get togethers, your extended family of the subdivision will be in your life every day! So, ask as many questions as you can think of before you make an offer - once your offer is accepted and agreed upon by all parties, there is no getting out of it on the subdivision issue! Call us with any questions at all at 704-363-6946 or visit the best source for Mooresville & Lake Norman Real Estate & subdivision info.The next few posts will be talking about Property Restrctions.
Can property restrictions dictate the style of my home or the colors I choose for the outside?
Definitely! As long as the restrictions were properly drawn up & filed and are being consistently enforced.
Can a developer control my choice of a real estate agent or a builder through the restrictive covenants?
A developer may lawfully refuse to sell directly to you & instead give you a choice of particular lots previously purchased by builders. As far as real estate agents are concerned, every buyer has the right to have a buyer's agent of their choice and the developer may include the commission to be paid to a buyer's agent in the purchase price of the home.
- Mooresville North Carolina Real Estate Report From Denyse Naylor Mooresville NC Realtor - October 2009
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Take a look at these numbers...things may be looking up for the Mooresville NC real estate market 
Number of Homes Sold from October 1, 2009 to October 31, 2009 in Mooresville:
86 Properties
Average Sale Price: $349,309
Average Days on Market : 163
Current Number of Mooresville Homes For Sale:
931
Mooresville NC Real Estate
There was a total of 86 closed sales in Mooresville from October 1 thru October 31, 2009 compared to 51 properties for the same time period in 2008. The average sales price for October 1 thru October 31, 2009 was $349,309 as compared to an average selling price of $294,015 for the same time period in 2008. The average number of days a house was on the market in Ocotber of 2009 was 163 as compared to the same period in 2008 when the average number of days on market was 117. Homes sold in Mooresville in October of this year ranged in price from $21, 000 to over 2 million dollars while last year's highest priced home sold in October was $786,000. In September of '09 we had a 17 month supply of homes in Mooresville but the increase in sales bundled with the number of homes that are sale pending (66) plus the inventory of active homes not increasing has shrunk the absoprtion rate to 11%. Things may be looking up for the Mooresville NC real estate market!
There are currently 931 homes for sale in Mooresville and home prices have increased when compared year to year ! But one can clearly see that buyers are getting great deals on larger homes with more amenities at great prices! There are still a large number of short sales and preforeclosure sales in the comps that would skew all of the numbers somewhat but the market snapshot is accurate in sales & prices. Looking for a great deal on a Mooresville Home? Call us today or visit the Mooresville NC Real Estate information center.
Time is running out for the first time buyer tax credit. There has never had a better opportunity than ever to own a home: large inventory, low interest PLUS the $8000 tax credit for first time buyers make a winning combination for qualified buyers! This is a great time to buy a new home! Call us for more info:
704-363-6946
- Mooresville & Lake Norman Subdivision Q & A Series - Part 4
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Continuing with our series on Mooresville and Lake Norman North Carolina subdivisions today we'll discuss the role of local governments in an HOA and the roles of the officers of the HOA .
What role does the local government play in HOA administration?
As a general rule, planned communities and residential subdivisions must be approved by the local government zoning authority. The approval will be either city or county granted depending on the location of the property. When an approval for a subdivision is required, it is illegal for the developer to offer for sale, contract to sell or convey any interest in the subdivision until the final plat of the subdivision is approved and recorded at the Register of Deeds in the county in which the property is located. Once this is completed, the local government has no further role in the HOA except to ensure compliance to local ordinances or State laws, for example, a Health Department permit for a swimming pool.
Are the HOAs and the managing officers required to be licensed?
Officers in the HOA are not required to be licensed unless they engage in acts classified as real estate brokerage (sales or rental of real estate for others). If they do, they must be licensed by the North Carolina Real Estate Commission. Normally an officer in the HOA is elected by the homeowners and is a member of the subdivision who is acting in the capacity of representing the rights and needs of all homeowners.
Fro more information on living in a Mooresville or Lake Norman North Carolina subdivision just visit the Mooresville NC Real Estate info center!
- Rent/Lease Reduced on 318 Rinehardt Rd in Mooresville
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Mooresville, Iredell County - Announcing a rent/lease reduction on 318 Rinehardt Rd, a 1,045 sq. ft., 2 bath, 2 bdrm single story. Now 
MLS® $850 USD Monthly - Great Home!.
Property information
- Mooresville & Lake Norman NC Subdvision Q&A Series Part 3 - What You Need To Know About Homeowners Associations
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What is a subdivision developer's role in a mandatory association and does the developer pay dues, charges and assessments?
In North Carolina the law states that the developer of any real estate project is the owner of all unsold lots or units in the project. The developer controls the votes & therefore the association itself as long as the developer owns the majority of the properties. That gives the developer or their successors the right to amend the covenants and restrictions as long as the changes are in accordance with the legal documents creating the association. However, the developer has the fiduciary responsibility to act in good faith, in accordance with the law, and in the best interest of the association.
North Carolina law also adopted the North Carolina Planned Community Act in 1999 and, under this act, developers cannot exempt themselves from paying their share of the common expenses. There are a few exemptions to this Act so just give me a call for more info at 704-363-6946 for complete info!
What happens if the developer or owner in the community fails to pay funds claimed by the association?
The association must use the rights granted in the covenants and restrictions to collect the funds. In any development subject to the Planned Community Act, liens and foreclosures are permitted.
Fore more information on this or any Mooresville NC Real Estate matter just visit our site for all Mooresville and Lake Norman NC Real Estate by clicking on the link!
- Mooresville & Lake Norman NC Subdivision & Planned Community Series Part 2-What You Need to Know About Homeowners Associations
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Following up with part 2 on the Q&A series on Subdivisions and Planned Communities in the Mooresville and Lake Norman North Carolina area, we pick up the discussion with 2 more frequently asked questions put forth by potential home buyers in a community governed by a Homeowners Association.
Do I have to join the association?
Membership in the homeowners association will depend on whether the association is voluntary or mandatory. If the covenants and restrictions are recorded in a property's chain of title & filed with the deed the membership is usually mandatory. some neighborhoods, such as the community of Westport in Denver, NC, have less formal voluntary associations. And less formal will generally mean less power for the HOA. If you are a member of an association, be it mandatory or voluntary you will have a voice in its operation.
Is there any limits on what an owner has to pay to the association?
If homeowner dues, assessments or charges are lawfully imposed in agreement with the procedures filed in the subdivision's covenants & restrictions, there is no limit to the fees that can be charged to homeowners in the association. Sometimes, homeowners face assessments for major projects such as road maintenance or utility services that can be costly. With that in mind, a prospective home owner should always inquire about any pending or current assessments or planned increases in HOA dues to make sure you can afford to live in that community. If you are already an owner in a community with an HOA and you believe the the association has imposed a charge not in accordance with the covenants & restrictions of the community it will take a court decision to determine whether or not it is lawful.
For answers to all of your questions on Mooresville NC Real Estate or Lake Norman NC Real Estate just visit the only site you need to have bookmarked for all of your real estate needs in the Mooresville and Lake Norman area @ http://www.TheNaylorTeam.com
- Residential Subdivisions and Planned Communities in the Mooresville and Lake Norman North Carolina-First in a Q&A Series
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Because many people moving from other areas of the country do not have the abundance of planned communities and subdivisions that we have here in the Lake Norman and Mooresville NC area we are taking the opportunity to begin a series on subdivisions so that home buyers can explore the choice or "subdivision living or not?". As this area of North Carolina becomes increasingly more urban many transplants are purchasing homes in subdivisions that are usually governed bu a Homeowners Association. The HOA is responsible for both enforcing the "restrictive covenants" of the community and for maintaining the common areas in the development. A large number of home buyers choose a property within a subdivision because they believe the covenants will help to protect property values by enforcing consistency in the neighborhood. Restrictive covenants may address everything form whether single or multi-housing is permitted in the community to the type, size and color of construction.
Question : What is a Homeowners Association?
An "HOA" is an association of owners in a community or subdivision whose properties are subject to the Covenants and Restrictions limiting their use. the association is usually responsible for the maintenance and control of the common areas in the development and the enforcement of the restrictive covenants.
Generally, the restrictions are meant to maintain certain standards in the community such as parking RVs and Boats in driveways, using an outdoor clothes line, landscaping, placement of trash containers and creating additional structures on the property. As you can easily see, it is imperative that you read the restrictions of the community PRIOR to entering into and Offer To Purchase on a property. Make sure that you agree that the restrictions will be rules that you can live with on a daily basis. Do not think "oh, I'll get around that rule once I live there." that probably Will not happen & you may either have to just abide by the rule or even sell your home if it is something that is a major issue to you.
If you have any questions regarding subdivisions in the Mooresville or Lake Norman North Carolina area just give me a call @ 704-363-6946 . Or just visit the Mooresville Lake Norman NC Real Estate information center!
- Tips For Mooresville North Carolina Homebuyers- You Can't Afford Not To buy A Home
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Thinking that you can't afford to buy a home? Unsure about becoming a new homeowner in this economy? Think Again! The truth is you can't afford NOT to buy a home in the Mooresville and lake Norman North Carolina area. There are some really great deals out there right now! A buyer has a plethora of homes to choose from including pre-foreclosure, foreclosures, short sales and homes that are just priced well by motivated sellers in the Mooresville and Lake Norman NC area. And, remember, not every foreclosed home needs a lot of work.
If you are currently renting your home, think about the following scenario,Let's say you pay $1000 per month for rent. That translates to an annual cost to you of $12,000 and if you stay in your rental home for 5 years it will cost you $60,000. A ten year stay translates to a LOSS in cash for you to be a whopping $120,000! Can you afford to just give that money to someone else to reap the benefits of acquiring equity in the property you call home? None of that $120,000 is returned to you, either through savings or tax advantages. Owning a home, on the other hand, brings you a benefit that can help you save money. Your mortgage payment, unlike monthly rent, comes back to you in tax savings. Your annual costs for a $210,000 home after deducting the tax benefits from the annual mortgage payment would be under $2000 as opposed to the $12000 you'd pay in rent with no long term benefit to you financially.
For most Americans, their home is the most important financial asset. Historically we can see that even though we are in a challenged market right now the market will come back to itself...corrected and strong! Smart buyers are taking advantage of incredibly low interest rates, a great selection of homes to choose from, and strong negotiating power. Remember, the $8000 tax credit for first time buyers is still available. check out yesterday's blog for an update on the tax credit extension push!
For information on all of Mooresville and Lake Norman North Carolina Real Estate just click on this link for the best Information Site For Mooresville NC Real Estate and either Ken or Denyse will get back to you right away!
- Will The First Time Home Buyer Tax Credit Be Extended-Mooresville NC and Lake Norman NC Buyers Will Benefit
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As reported today by Inman News, the National Association of Realtors along with the National Homebuilders Association and the Mortgage Bankers Association are making a final push for the extension of the first time home buyers tax credit due to expire on November 30th. Sen Johnny Isakson plans to tie the issue into the extension of unemployment benefits. Two hearings will be held this week to debate the issue of extending the tax credit.
The National Association of Realtors estimates that the existing tax credit helped get about 335,000 first time buyers "off the fence" and that an extension will help to move healthy renters into the home buyer pool as interest rates remain low, inventory high home prices fall. It is estimated that over 16million of these healthy renters can afford median home prices when purchasing a new home. The result would be that even if 5% of these renters were nudged by the tax credit it would mean an additional 800,000 plus homes sold in the coming year. Sen Isakson would also introduce a move to have income limits raised for both singles and couples.
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