Articles for Charlotte Observer: Posted Oct. 6

1. Another stretch of I-485 close to completion
2. Countrywide settles suit, offers direct loan relief
3. Council may force developer to sell land
4. Real estate agents give mixed report
5. Rooms, retail almost ready
6. Prices of Charlotte homes drop 9%
7. News leaves Charlotte breathing a little easier
8. Wells Fargo wins Wachovia
9. County offers to buy flood damaged homes
10. Eastland Mall street work delayed
11. Charlotte companies still generating jobs
12. Trinity Partners ‘solidly optimistic'
13. Cracks in home invitation to bugs
14. Credit effect of deed-in-lieu uncertain
15. Region's options: Sprawl or expand transit
16. A galloping success
17. When jobs get tough, the tough start schmoozing
18. Work on high school is ongoing, though delayed
19. Tracing the logic of I-485's journey
20. Community's gathering place
21. Red Dirt Alert Nichole Monroe Bell
22. Amicus asks for density change
23. Town's road plans stir anger
24. Huntersville delays Glenwood Development decision
25. Troutman plans many annexations
26. Fort Mill really is progressive, friendly

Posted on Monday, Oct. 06, 2008

1. Another stretch of I-485 close to completion
Crews are working seven days a week on the newest segment of Interstate 485, in northwest Mecklenburg, in hopes of opening it by the end of October, said the road's contractor. Virginia Beach, Va.-based Skanska said it has almost finished pouring all of the concrete and is now striping the highway, seeding the medians with grass and installing signs.
Skanska said it will know by Oct. 17 whether it will make an end-of-the-month deadline. This portion of 485 was originally supposed to open in spring 2007.
When finished, the 5.5-mile segment will connect N.C. 16 and I-77 and N.C. 115.
http://www.charlotteobserver.com/local/story/235612.html
Posted on Monday, Oct. 06, 2008

2. Countrywide settles suit, offers direct loan relief
By Gretchen Morgenson
Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in North Carolina and 10 other states, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.
Countrywide, the nation's largest lender and loan servicer, recently acquired by Bank of America, had been sued by the states over what they said were predatory lending practices. To settle the suits, it will provide $8.4 billion in direct loan relief, affecting an estimated 400,000 borrowers nationwide, while waiving certain fees and setting aside additional funds to help people in foreclosure.
“Countrywide's greed turned the American dream into a nightmare for thousands of Californians who now face foreclosure,” said Jerry Brown, the attorney general of California. He led the negotiations for the states with Lisa Madigan, the Illinois attorney general. “Our goal here is to help as many people stay in their homes as possible and get some compensation for those who have already been pushed out of their homes,” he said.
http://www.charlotteobserver.com/business/story/235990.html
Posted on Tuesday, Oct. 07, 2008

3. Council may force developer to sell land
By Fred Clasen-Kelly
A developer who failed to put affordable housing on land he bought from the city could be ordered to sell it back, an official said Monday.
The Charlotte City Council sold developer Robert Drakeford seven acres near the Interstate 277 loop two years ago with plans for him to build homes priced from $110,000 to $145,000.
City administrators will review whether to scuttle the deal in which Drakeford is pre-selling condos and townhouses for up to $235,000, said Tom Flynn, director of the city's economic development office.
http://www.charlotteobserver.com/100/story/237376.html
Posted on Tuesday, Oct. 07, 2008

4. Real estate agents give mixed report
By Nancy Stancill
Mary Davenport, a real estate agent in Kitty Hawk, said Monday a falling stock market has brought a wave of second-home clients to her business.
In the last 30 days, the Re/Max Realtor said between sessions at the N.C. Association of Realtors convention in Charlotte, she's closed two sales, put three homes under contract and listed five new ones.
The reason: Clients discouraged with the stock market are shifting assets into second homes, and sellers are seeing opportunities, she said.
http://www.charlotteobserver.com/business/story/237171.html
Posted on Tuesday, Oct. 07, 2008

5. Rooms, retail almost ready
By DOUG SMITH
Metropolitan, conceived more than eight years ago, is on its way to becoming a Next Big Thing for uptown dwellers and residents of neighborhoods that ring Interstate 277.
The urban marketplace – that's how the developers describe it – is preparing for a flurry of shops, services and restaurants as workers put the final touches on construction. The first 35 residents have moved into condos in the project's 60-unit MetLofts building, and 18 will begin closing on condos in 41-unit MetTerraces in about three weeks. The $225 million project – watched by thousands of Interstate 277 motorists – is on acreage formerly occupied by Midtown Square shopping mall near uptown. Specialty grocer Trader Joe's opens there Friday, joining anchors Target, Best Buy, Staples, Marshalls and Home Depot Design Center.
Close on its heels are west elm, a Williams-Sonoma concept similar to Swedish furniture giant IKEA, scheduled to open Oct. 15, and Modern Salon & Spa, which expects to open in the second week of November. Vivace, an Italian restaurant plans an April debut.
http://www.charlotteobserver.com/dougsmith/story/239159.html
Posted on Thursday, Oct. 09, 2008

6. Prices of Charlotte homes drop 9%
By Stella M. Hopkins
The average price of Charlotte-area homes sold last month tumbled nearly 9 percent compared with September 2007. That was almost double the previous month's loss and was the largest drop in nearly a year of declines.
Based on figures released Wednesday, the average price of $214,927 is the lowest since March 2006 for sales through the Carolina Multiple Listing Services.
Sales also skidded lower, marking the 16th consecutive month of double-digit declines as the region shares the pain of the nation's historic housing downturn.
http://www.charlotteobserver.com/408/story/241564.html
Posted on Friday, Oct. 10, 2008

7. News leaves Charlotte breathing a little easier
By Jefferson George
With the banking battle for Wachovia over, Charlotte's focus turns to the bank's roughly 20,000 local jobs.
The news Thursday evening that Wells Fargo is proceeding with its purchase of Wachovia brought relief for employees and area leaders. Yet it raised new questions and concerns in a city where banks historically have gobbled up competitors, not faced collapse or been targeted by rivals.
While bids for Wachovia by Wells and Citigroup indicated where certain divisions could end up in a takeover, neither deal provided specifics on jobs, and it was unclear which would preserve more positions in Charlotte.
http://www.charlotteobserver.com/banking/story/243386.html
Posted on Friday, Oct. 10, 2008

8. Wells Fargo wins Wachovia
By Rick Rothacker
In a dramatic showdown over the future of Wachovia, Wells Fargo prevailed Thursday evening, saying it will move forward with its purchase of the Charlotte bank after Citigroup stepped aside.
Dueling bidders Citi and Wells had been negotiating a compromise that included possibly carving up Wachovia among the two companies. But talks broke off Thursday afternoon, and Citi said it would not try to stop a Wells-Wachovia deal, although it will try to extract damages through its lawsuit against the banks.
“We are delighted to stride ahead with Wells Fargo in creating a coast-to-coast financial institution – one of the strongest financial firms in the world,” Wachovia CEO Bob Steel said in a statement.
http://www.charlotteobserver.com/business/story/243886.html
Posted on Friday, Oct. 10, 2008

9. County offers to buy flood damaged homes
Meck briefs
Charlotte
Mecklenburg County officials said they expect to make offers to buy at least 40 homes that were damaged by floods in recent months. The properties are in the Briar Creek Watershed and most are located in the Country Club Heights and Shannonhouse neighborhoods.
http://www.charlotteobserver.com/breaking/story/243692.html
Posted on Friday, Oct. 10, 2008

10. Eastland Mall street work delayed
By Julia Oliver
Charlotte has indefinitely postponed a $4 million streetscape project near Eastland Mall because of uncertainty over the shopping center's future.
The sidewalk, curb and landscaping work was scheduled to begin next year along Central Avenue, near the intersection with Albemarle Road. Officials said they do not want to put money toward work that could be torn up later, if a developer redesigns the Eastland property.
“We just didn't want to go ahead with a road project when we don't know what's going on with the mall,” said Keith Carpenter, the project manager supervising the streetscape work.
http://www.charlotteobserver.com/local/story/243788.html
Posted on Friday, Oct. 10, 2008

11. Charlotte companies still generating jobs
By Doug Smith
The Charlotte Chamber says local companies continue to generate jobs despite the nation's economic woes.
Through the third quarter, 926 firms announced plans to create 9,552 jobs, according to the local business organization's survey of new and expanding businesses.
The survey was conducted before Wachovia's turmoil and before the $700 billion financial bailout bill passed.
http://www.charlotteobserver.com/business/story/243524.html
Posted on Friday, Oct. 10, 2008

12. Trinity Partners ‘solidly optimistic'
In the 10 years since three real estate veterans founded Trinity Partners, the Charlotte office market has nearly doubled, to 43.4 million square feet from 23.6 million square feet.
And the city's growth has helped fuel the firm's growth.
Trinity started with four people – the partners and an office manager. Today it has 35 employees in three offices and six operating groups serving clients nationwide.
http://www.charlotteobserver.com/dougsmith/story/243519.html
Posted on Saturday, Oct. 11, 2008

13. Cracks in home invitation to bugs
By Alan J. Heavens
Just when you thought it was safe to put away the bug spray and open the windows, a new home invader has appeared to infest your autumn nest: the overwintering pest.
The culprits: According to the experts at Terminix, the two most common perpetrators are the stinkbug and the box-elder bug.
More than 200 species of stinkbugs live in the United States and Canada.
http://www.charlotteobserver.com/home/story/242993.html
Posted on Saturday, Oct. 11, 2008

14. Credit effect of deed-in-lieu uncertain
Q. I have a real estate investment property that is a single-family home in a country club community. I bought it about two years ago at a below-market price and have done some significant rehab. I finally got it rented, but the rent doesn't cover the mortgage. The house has been on the market for more than four months without any offers. I'm considering doing a deed-in-lieu of foreclosure to the bank, but I'm trying to minimize or eliminate any effect on my credit score, which is about a 750. What else can I do to get rid of the property?
No one can answer your question specifically. A piece of negative information affects each person's credit history differently because of all the other pieces of information in it.
There isn't a set 100-point or 150-point drop for a bankruptcy or deed-in-lieu of foreclosure. You don't necessarily get hit with a 50-point drop every time you're late paying a bill. Some of these negatives are cumulative, meaning that the point drops get steeper every time you do it, and some of them are based on length. For example, you'd get a sharper drop if you're 90 days late on a payment than if you're 60 days late.
http://www.charlotteobserver.com/home/story/242484.html
Posted on Saturday, Oct. 11, 2008

15. Region's options: Sprawl or expand transit
By Alex Marshall
The Charlotte region has a big choice.
Should the region keep sprawling outward, adding endless asphalt, subdivisions, malls and big boxes – and gruesome Atlanta-style traffic congestion?
Or should it invest in train and bus lines connecting a constellation of walkable, friendly neighborhoods along with a variety of business districts? This scenario puts high value on preserving the region's “green lungs” – farms, forests, pathways, environmental breathing space. Growth efforts focus on Charlotte's existing neighborhoods and town centers and the historic ring cities such as Rock Hill, Salisbury and Monroe. Commuter rail is used for longer connections; buses and light rail are used for shorter ones.
http://www.charlotteobserver.com/opinion/story/248151.html
Posted on Saturday, Oct. 11, 2008

16. A galloping success
By Cliff Harrington
If you're into horses, forget the economy. Business doesn't look all that bad around here – especially if you're talking about southern Mecklenburg, York and Union counties.
Now, we're not talking about operations with a pony and a couple bales of hay. We're talking jumpers, dressage, competition, breeding, pedigrees, stud service and boarding stables.
The new Palisades Equestrian Center opened last week in southern Mecklenburg. Joe Guthrie of the Clemson-York (S.C.) Extension Agency says four new horse facilities are going up in York County. And an N.C. Rural Center study ranks Union the No. 2 county in the state for the horse industry.
http://www.charlotteobserver.com/281/story/245299.html
Posted on Sunday, Oct. 12, 2008

17. When jobs get tough, the tough start schmoozing
By Cindy Krischer Goodman
Samantha Fitzgerald, a Fort Lauderdale, Fla., tax attorney and mother of two, wants to make the right networking connections. But two-hour business lunches consume too much of her day, and evening programs cut into family time.
Fitzgerald says she has become selective in choosing groups to join. “I give an organization a certain amount of time and if doesn't work, I move on.”
With job cuts expected to continue, more workers are ramping up their networking efforts, trying to build relationships in these bleak times.
http://www.charlotteobserver.com/business/story/246336.html
Posted on Sunday, Oct. 12, 2008

18. Work on high school is ongoing, though delayed
By Karen Sullivan
Construction at the new Countryside Community High School is progressing according to plan, if not according to schedule.
Delays mean about 80 middle and high school students will have to finish this year at Countryside Montessori, the elementary feeder school on Mallard Creek Road.
Middle and high school students should be able to start fall classes in the new building, under construction on Johnston Oehler Road.
http://www.charlotteobserver.com/279/story/244912.html
Posted on Sunday, Oct. 12, 2008

19. Tracing the logic of I-485's journey
Today we're talking highways – big highways: Interstates 77 and 85, and also the I-485 outerbelt.
Reader Tim Felton sent in two excellent questions.
No. 1: Why did the initial construction of I-485 start on the southeastern side of Mecklenburg County?
http://www.charlotteobserver.com/279/story/244742.html
Posted on Sunday, Oct. 12, 2008

20. Community's gathering place
By Karen Sullivan
Many things are growing at Aleatha Kieffer's rented garden plot at Reedy Creek Park in University City.
Some are vegetables.
She also tends to friendships there. Sunday mornings are a special time for her and maybe a dozen others who rent plots at the 4-year-old garden.
http://www.charlotteobserver.com/279/story/244916.html
Posted on Sunday, Oct. 12, 2008

21. Red Dirt Alert Nichole Monroe Bell
By Nichole Bell
A number of rezoning petitions have been filed recently for the City Council's consideration in the coming months, including requests by the Charlotte-Mecklenburg Planning Commission to rezone properties at Remount Road and South Boulevard as well as Tryon Street and Remount Road.
The 3.5 acres at 145 Remount Road would be rezoned from business and industrial to allow for mixed-use, transit-oriented development. The site is currently owned by the McLeod Addictive Disease Center.
The half-acre at South Tryon and Remount Road would also be rezoned from industrial for transit-oriented, mixed-use development. The site is intended for use as an office/design space for a lighting design company.
http://www.charlotteobserver.com/277/story/84449.html
Posted on Sunday, Oct. 12, 2008

22. Amicus asks for density change
By Melinda Johnston
Amicus Engineering is asking commissioners to add a section to the town ordinance that would allow construction of a “low impact transitional district” on the edge of downtown Mint Hill.
In areas downtown, the code currently allows residential development at six units per acre. Outside the downtown area, the maximum density is two units per acre.
This new district would allow four units per acre but with very strict requirements regarding the preservation of the natural features, such as trees and minimal grading of the site. It also would require energy-efficient construction.
http://www.charlotteobserver.com/276/story/245078.html
Posted on Sunday, Oct. 12, 2008

23. Town's road plans stir anger
By Joe Marusak
Mooresville has agreed to condemn two private parcels along Langtree Road to allow major road improvements near the new Interstate 77 Exit 32.
But the landowners said Friday that the town never notified them of its intentions and that they're receiving significantly less money than their properties are worth.
“We feel like we were totally duped,” said Kelley Dittrich, owner of Village Real Estate Group, which represents landowner Scott Hemming of ASH-BN Properties of Mooresville, one of the property owners. Dittrich and the owner of the other parcel said they were unaware of the decision to condemn the land until contacted by an Observer reporter last week.
http://www.charlotteobserver.com/275/story/245873.html
Posted on Sunday, Oct. 12, 2008

24. Huntersville delays Glenwood Development decision
By Kevin Cary
Town board members delayed a vote last week on a controversial new development but said any decision they make won't be swayed by campaign contributions from a member of the development team.
Davidson resident Jane McWilliams raised the issue at Monday's meeting, asking board members if any of them had received contributions from Mike Schutrum, a member of the Glenwood Development team, and whether that could influence their votes. Commissioner Charles Jeter and Brian Sisson acknowledged that they had received contributions.
“If you receive (total) contributions under $3,000 you don't have to report it,” Jeter said in front of an overflow crowd. “But I received a $400 contribution from Mike and his wife. But, as many others can attest, I don't always vote the way my contributors want. ”
http://www.charlotteobserver.com/275/story/245881.html
Posted on Sunday, Oct. 12, 2008

25. Troutman plans many annexations
By Dave Vieser
The town board of once-rural Troutman expects to annex a total of 836 acres between now and the end of the year.
The properties being incorporated into the town's domain include a 367-acre portion of Crescent Resources' Falls Cove Development and a 106-acre parcel in the southeast corner of the town owned by the Iredell-Statesville School System.
Mayor Elbert Richardson said annexing the property now makes sense for everyone.
http://www.charlotteobserver.com/275/story/245967.html
Posted on Sunday, Oct. 12, 2008

26. Fort Mill really is progressive, friendly
As you drive into the town limits of Fort Mill on S.C. 160 near Leroy Springs Recreation Complex, a wooden sign welcomes you. Along with the seals of local service organizations such as the Lions Club and the Woman's Club, the sign has two additional words: Progressive and Friendly.
Progressive
Visitors might drive around our town and appreciate the slower pace and green spaces. They might also be fooled into thinking that Fort Mill is a little behind their big city neighbor in education, housing and the like. Over the past year that I have written this column, I have been fortunate to see firsthand that this is not the case and we are, in fact, progressing quite nicely.
http://www.charlotteobserver.com/281/story/244961.html