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posted by Tim Burrell - Wachovia Bank is in merger talks with several financial institutions, apparently because there is concern about their portfolio of sub prime loans.  Their stock price has fallen dramatically, and they are talking with potential suitors.  I do not see anything wrong with Wachovia's financial situation, but I have seen where unfounded concerns have caused big problems for our financial institutions.  With a little help from their friends, Wachovia will stay independent.

It is better for North Carolina if Wachovia remains independent.  The firm is a large employer in North Carolina, and it is one of the highlights of the Charlotte economy.  I do not work for Wachovia, and I live in Raleigh, so neither of these affrect me directly.  I want the financial crisis to stabilize, and for our employment to increase, not decrease.  If Wachovia merges, you know Charlotte will be hurt and many North Carolina jobs will be lost or transfered elsewhere.

The people of North Carolina always help their neighbors stay out of trouble.  It looks like Wachovia is not in fact in trouble, as the financial information reveals that the bank is stong.  But, perception is critical in these times of bad financial news.  I do not want the media coverage of the merger talks, with the tag line that implies that there is a problem with their portfolio of sub prime loans, to give Wachovia the same problem that happened to Washington Mutual.  If the depositors support Wachovia, there should be no reason to merge, particularly with the imminent signing of the bail out plan that will solve some of the issues with sub prime loans.  I want us to learn from the experience of Washington Mutual.

Washington Mutual was in fact well funded, until the public got worried about them.  It is true that Washington Mutual had a "Memorandum of Understanding" with the Office of Thrift Supervision, a part of the Treasury Department, so there was something for the depositors to talk about.  There is nothing like that with Wachovia.  When the Washington Mutual depositors paniced and took billions out of the bank, it could not survive.  Remember the scene from the movie, Its a Wonderful Life, where George Bailey barely keeps the bank open by using all but two dollars of his honeymoon money during a run on the bank.  The run on the bank is what happened to Washington Mutual, only they did not have George Bailey.

Washington Mutual was taken over last Thursday by the FDIC, and sold at a fire sale price to JP Morgan Chase.  The sale price for the assets was $1.9 Billion, which is a lot of money, but it is nothing for one of the largest financial institutions in the United States. 

What did the WAMU failure do?  The people who left their money on deposit did not notice any change, as the bank opened the next day and all their money was there.  So, everyone who took their money out of Washington Mutual and participated in killing the institution, did not have any advantage from withdrawing their money.  My personal hope is that they misplaced some of their cash, so they lost something, while all of the people who left their money in Washington Mutual still have every cent.  There should be some "bad karma" from being the cause of further problems in our economy.

What eles did the death of Washington Mutual do?  All the stockholders lost everything.  The WAMU employees who had lots of WAMU stock in their retirement plans were wiped out.  So, the working people just lost a major part of what they worked for.  In the meantime, JP Morgan Chase is going to have a huge profit.  So, the rich get rich, and the working people get wiped out.   Also, the rest of us get less competition in the financial market, so there is less competition when we want to get a loan.

What do I want you to do?  Do not take any money out of Wachovia.  Those of us in North Carolina want to stand by our major institutions, and Wachovia, and the banks that are now part of Wachovia, have been a part of this state for a long time.  In fact, I want you to put money in Wachovia so North Carolina can show our neighbors that we want them to be an independent part of our community.  Most of my money is in Bank of America, and they have been gobbling up Countrywide and Merrill Lynch, so they will be fine without me.  I have some small Wachovia accounts.  Monday morning, the money comes out of Bank of America and goes into Wachovia.  I want to be like the friends in the movie Its a Wonderful Life who contribute to the success of my neighbors and the bank we need in North Carolina.  I do not want to say it is unpatriotic if you particupate in a run on the bank, but you sure are not helping your country or your neighbors if you do. 

If you know someone at Wachovia, please let them know we want them to remain independent.  If you have any money in Wachovia, it is safe so long as it is within the limits of the FDIC insurance.  So, leave it there.  Even better, take whatever you have in your mattress and put it in Wachovia.  If North Carolina shows them that we care, I hope they will show us they have the strength to remain independent. 

If you are wondering why I am doing this, financial stability is partially in my best interest.  I am a Realtor, so if banks remain strong, then my clients can get loans and buy real estate in Raleigh.  However, I sell foreclosed properties, the ones that banks have taken back, we call them REOs.  So, if there are more financial problems, I make more money because I sell more REOs.  I am not doing this for the money, I am doing this because it is good for North Carolina and the people who buy homes here. 

I will see you at Wachovia on Monday morning, putting money in the bank.

Wake Hazardous Waste sites open this fall.

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Posted by Lisabeth Tunell

How many of us have hazardous waste material stored in our basement and or garage? I know I am guilty of that. I have old paint, chemicals, oil and lawn pesticides just to mention a few in both locations of my home as I type this blog.....

Good News! Wake County has two sites that will open in October for us to drop off those items.

Wake County's Household Hazardous Waste Drop-Off Sites: North and South Wake sites will be open from 8 a.m. to 4 p.m. every Saturday in October and November. If the sites get a lot of traffic, they might remain open every Saturday and the county could add drop-off locations.

The North Wake site is at 9037 Deponie Drive.

The South Wake Landfill is located in the southwest quadrant of the intersection of Old Smithfield Road and Highway 55 Bypass.

Materials accepted include automobile fluids, batteries, fluorescent light bulbs, household chemicals, paints and pesticides.

For more information, go on-line to www.wakegov.com and go to Recycling & Waste Disposal

So get in that basement and clean out that garage, gather up all those hazardous material and dispose of it properly.

Happy Hazardous Drop Off!

Don't be square-learn to dance!

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posted by Lisabeth Tunell

There is no excuse for not knowing how to square dance when this group offers a FREE dance lesson!

Learn modern, western style square dancing with the Capital City Square Dance Club. Classes began this week and continue Tuesday. Members of the Capital City Square Dance Club enjoyed a dance at the Raleigh Moravian Church on September 5th but  the group now meets at the North Raleigh United Methodist Church located at 8501 Honeycutt Road in Raleigh. This is the location where the dance lesson will be offered free next Tuesday, September 30th. So hurry up and call for your square!

If interested in not only learning how to dance but also getting a good workout call Greg Jones at 266-0845 or Russell Keen at 848-6982 for all the details.

Happy Square Dancing! 

Posted by Lisabeth Tunell

Raleigh's ReTails Thrift Shop is offering 50% off store-wide this Sunday Only ( 12 noon to 6 pm)off everything in the store. The store is located at 1608 North Market Drive behind Red Lobster. What makes this Thrift Shop so unique is that all net profits go toward helping the lowest income pet owners spay or neuter their pets through AnimalKind's program, "the $20 fix," the store says. AnimalKind is a nonprofit organization whose mission is to help eliminate the euthanasia of adoptable animals in the Triangle and beyond. It provides low-cost pet spay/neuter assistance to low-income Triangle families. Its motto is "shop to stop animal overpopulation."

The organization is seeking new volunteers. Its next volunteer orientation tours are scheduled for Tuesday, Oct. 7th from 6:30 to 7:30 pm and Sunday, Oct. 19th from 2 to 3 pm.

Donations of gently used items are accepted Wednesday, Thursday, Friday and Saturday from 10 am to 5 pm and Sunday from 1 to 4 pm. For more information , call (919) 872-0019 or go on-line to www.animalkind.org.

 

Women's Football League-The Carolina Phoenix

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Posted by Lisabeth Tunell

Believe it cause its true. The Triangle has a Full Tackle WOMEN'S Football Team that play under the same rules as the NFL! The Carolina Phoenix is one of 43 teams from the U.S. and Canada making up the Independent Women's Football League. That is NOT a misprint, yes 43 teams of WOMEN playing NFL Football, isn't it AWESOME?

Society says that football is a man's sport.....tell that to a group of tough, feisty, not so young group of women who don helmets and pads and prove who's boss on gridirons around the country. Jacqueline Richey, 38, one of the Team's founders will take the field for its third season next spring after its predecessor the Carolina Cardinals ran out of steam. Timothy Holmes, 42, who played and coached in the minor leagues, is their coach and according to Leigh Holmes, 38, who plays linebacker, fullback and special teams says "Tim's a football fanatic."  Players represent the Triangle, Triad and Sandhills areas of the state and practices are held at Cardinal Gibbons High School on a weekly basis. The Phoenix has regularly scheduled practices and learn the fundamentals of the game in the fall. Final cuts are in February as the season kicks off in April.

Phoenix played on the Durham Athletic Park as home field but it  may not be available so they may be looking for a new place to play home games.

If you think you've got what it takes to make it in the NFL....go to www.carolinaphoenix.org and try out. You never know what football abilities and skills you may have in your older years!

See you on the football field, Girls!

Cary now a Title Town

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Posted by Lisabeth Tunell

Cary may be a town, but the NCSS selected the Raleigh suburb for its "Championship City" pilot program. The program is a long-term agreement that will bring several championships to the area over the course of several years. Cary was chosen along with Cleveland, Indianapolis, St. Louis, San Diego and San Antonio. Cary was chosen because of its combination of the facilities, track record and the partners involved. Cary has hosted several Division I soccer championships at WakeMed Soccer Park (was called SAS) and Cary's USA Baseball Complex was the sight of Division I baseball postseason games last spring. This program will likely help the RBC Center get more NCAA basketball tournament games. "There's no guarantee, but we hope it will add weight to our bids," said Scott Dupree, vice president for sports marketing at the Raleigh Convention and Visitors Bureau. The announcement brought with it five championship events over the next four years. The events include two Division I soccer championships, a Division II baseball championship, and Division II men's and women's championships in cross country and tennis. Cary already had another Division I women's soccer championship locked in and the NCAA is also including the 2009 Division I women's basketball regional at the RBC Center in Raleigh.

So don't miss out on all these exciting events coming up in the Raleigh/Cary area. Call us  at Team For YOUr Dreams (919.812.5111) and let us help you find your home so you can attend!

Posted by Lisabeth Tunell

Get Ready for a 3-Day Weekend!

SAS Championship presented by Forbes presents the "Round of Championship Play" starting today and runs through Sunday at Prestonwood Country Club in Cary, NC.

Jay Haas, Fred Funk, Tom Kite, Nick Price and Bernhard Langer are among the big time golfers playing in this tournament. Today is WakeMed Cary Hospital Health Day and begins at 8am. Saturdays 2nd round is the News & Observer Family Day and play begins off the 1st and 10th Tees at 9:00 am. The Final Round of the Championship Play which is ePrescribe Day, play begins off the 1st and 10th Tees again at 9:00 am.

You can buy daily tickets or a 3-Day pass and attend the whole event. If for some reason you cannot attend the event and see the spectacular golf course you can catch it on the Golf Channel Live on Saturday and Sunday 1:00 pm- 3:30 pm. Free admission for you and one guest on Sunday if you show your BlueCross BlueShield of North Carolina Blue Card at the main entrance, courtesy of BCBS. Children under 17 Admitted Free!

For ticket information go to saschampionship.com or call 919-531-4653.

This is a GREAT way to see some of the BEST golfers! Another reason to live in the Triangle!

Hope to see you there....

"Shred It" Event Coming to Raleigh and Cary

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Posted by Judy Burrell.  NBC17 will hold its annual "Shred It" event this Saturday September 27 at two locations in the Raleigh area.  This is the fifth annual shredding event put on by our local NBC affiliate.  You will also be able to donate things to the Goodwill at both locations.

The first location is in Bedford at Falls River off of Falls of Neuse north of the 540 in North Raleigh.   Directions:  From the 540 go north on Falls of Neuse, turn right on Dunn Rd. in Bedford at Falls River.  Go around the fountain and continue on Falls River Avenue.  After the 2nd roundabout, the event will be on your right.

The second location is in Cary at The Peninsula at Amberly off of Highway 55 and McCrimmon Parkway   The address is 105 Painted Turtle Lane, Cary, NC 27519.  From the 540 West, take the Highway 55 exit (#66A) toward Apex.  At the first stoplight, turn right on McCrimmon Parkway.  Keep going straight into Amberly.  Go straight through the rotary and turn left on Yates Store Rd.  About a mile down the road turn right on Ashdown Forest Lane.  Turn left on Painted Turtle Lane.  The Shredding Event will be on the corner of Painted Turtle and Burris Hall Circle.

So clean out your attic and bring those old personal tax forms, etc. (and old clothing too) to this great service NBC17 is providing.  Shred those papers and donate items to the Good Will Saturday September 27 from 10am to 2pm.  NBC17 will be doing some broadcasting from the events and maybe you'll be able to see your favorite local TV news personality.  And they'll even be serving food, too.  See you there.

Posted by Tim Burrell -

We had a lot of good responses to the question of why the Media covers real estate in the manner that it does.  We had some people say it is the liberal media trying to make trouble for the incumbent Republicans.  We had some others saying it was the financial medial trying to make trouble for the Democrats.  We had others saying that they try to make stories that look like watching a train wreck, as that is what gets people's attention.  But the best explanation came from a member of the media who asked not to be identified.  So, here is what that member of the media had to say:

I think the most accurate media bias offered thus far is one on negative stories.  Compelling news stories are usually those with conflict, or intense human interest.  They are not always easy to find.  They are not always the best reflection of the community.  But there's time to fill. So the news is always looking for and accentuating the conflicts. "Housing market doing well" - not a conflict.  And there's no human interest in that.  "Housing market tanks" is a conflict.

Those pumping the "liberal media" bit are listening to a lot of Rush Limbaugh.  WRAL is owned by Jim Goodman, no bleeding heart liberal, from what I've heard. WRAL was the station of Jesse Helms, for goodness sake.  WTVD is owned by Disney.  NBC-17 by Media General.  Both publicly traded companies which treat local TV stations as ATM's.  The agenda is money, not politics.  Whatever sells. Conflict, real or imagined, sells.  That's all that is.

Besides, here are some provocative growth stories the "liberal media" has not covered:  1) in heat of drought, local water rules did not make big business do anything about conservation.  Not one water mandate. Zip.  2) Paul Coble v. Rodger Koopman in County Commissioner race in 2006.  Coble funded by developers who don't want to pay anything toward public school construction.  Koopman calling for impact fees, which have been the law in California for 20 years.  Coble could pay for TV spots.  Koopman could not.  Coble creamed Koopman with developer money.  If Koopman had won, the school funding debate in Wake County would be very different.  He'd be driving the agenda with three other Democrats on the Wake County Commission, who are a puzzling very silent minority.  No media other than the Independent touched it.   3)  Your NCAR $50 mandatory assessment to raise $10M to fight future real estate transfer tax ballot measures.  Is the assessment legal?  Is it coerced funding for political action?  The complaint is now filed with the State Board of Elections -by one of your realtors. NCAR claims the coerced assessment for political purposes is tax deductible.  I wonder what the IRS thinks of this?  But the story is too remote for our TV news taste buds.

 As for realtors and media:  1)  Your PR is not good.  Every month, the Triangle realtors release the stats (usually on a Friday afternoon, which looks like they are trying to bury the news), but then don't offer up their "take" on the numbers.  The MLS officials are not available.  I can't remember when I've seen the head of the Triangle MLS quoted in the N&O.  He's never been available for me.   No one is obligated to talk, but if they don't, the media may find someone to do it, and they might be less qualified.  Same goes for Durham Realtor head. They call back 10 minutes before you go on air.  It's so transparent.  2) I may be wrong, but I think a big barometer of the housing market is the comparison of median EXISTING HOME SALES from the same month the previous year.  I see lots of big press focusing on that. WSJ, LA Times, CNBC.  But why, why in the past has the Triangle MLS included NEW homes in that figure?  That is very misleading.  New home prices are not a very good indicator to answer the question, "How is this market effecting the value of the home I own now?"  Other MLS's can extract the NEW HOME SALES.  Why not Triangle MLS?  3)  I can't tell you how many Pollyanna interviews I've gotten from realtors.  They just can't bring themselves to say, "Now might actually be a better time to rent."  Or  "Flipping real estate for the quick turn might be a little more difficult right now."  You won't get it.  I do get, "It's always a good time to buy."  I had one realtor tell me now was a good time to buy because interest rates are going up.   There are credibility issues to say the least.  4)  Realtors love to trumpet the AVERAGE HOME PRICE number if it's going up.  But that too can be problematic.  It can be misleading when lower end homes are not selling.  And right now, the lower end homes are not selling.  And in many places, it's the low-end buyer who has been hit by the sub-prime riptide.  Highest foreclosure rate in America - Merced, California - where buyers are lower income. You're right about RealtyTrac.  I've read an interesting WSJ story which explained RealtyTrac foreclosure numbers are inflated, problematic and self-serving.  At the same time, CNBC and the WSJ use them.  So what do you do?  Use the numbers from Administrative Office of the Courts?

My advice:  if you have to deal with the media, I'd seek out specific reporters you trust.  Remember the news bosses are probably looking for a negative story.  But you can use that to your advantage.  If the negative peg is legit, admit it for credibility's sake.  But then also offer up your silver-lining.  Maybe insist before hand that if you are quoted, they must include your positive advice as well.  Hey, if the market is down, it is a good time to buy if you are going to hang onto the property for a long time.  And if you are mis-quoted or misrepresented, hit them hard.  Call them.  Call their boss.  Threaten never to talk to them again.  If you are a valuable source to good reporters, they will want to treat you right.   But hey, the media is a pain in the ass.  And they are some of the least accountable in the community.  Problem is they always have the last word.  And they usually have a bigger megaphone. 

 BOTTOM LINE:  Blaming the media for the real estate mess is... a bunch of whining bull----.There, I've said it.  This downturn was soooo predictable, with all the loopy mortgages, no-doc this, liar loan.  I had one mortgage broker tell me- "You find your house, we'll find the loan to get you in it."  That guy has skipped town and moved to Texas.

( I deleted some material here as it would have allowed the reader to figure out who this member of the media is).  You don't sell the home, you don't sell the neighborhood, you sell the school district.  ... thinks public school impact fees are legit.   I am suprised you realtors have hitched your wagon to the home builders to oppose impact fees.   KB Home and all the other national builders pay school impact fees in CA.  They have for decades.  And the homes are not so much more exensive out there because of the impact fees.  People pay more because of the weather.  And they don't have school over-crowding crisis in new sub-divisions.  And realtors can HONESTLY tell home buyers where their kids will go to school next fall.

This is Tim again.  While I disagree with some of what this person says, I enjoyed looking at the situation from that point of view.  I get a lot of reporters calling me for information on the Raleigh real estate market, so this was a good education to see how the medial looks at my profession.  I am a stong believer in completely free press, so even if I disagre with what you say, "I will defend to the death your right to say it."  What do you think?

Raleigh's New Convention Center Opens

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posted by Judy Burrell - Raleigh's new Convention Center was unveiled last weekend at the Raleigh Wide Open Festival.  Although Friday night and Saturday morning was very rainy and windy with the effects of Tropical Storm Hanna coming through, Saturday afternoon was sunny and nice.  Lots of people enjoyed the festivities on Fayetteville Street and the unveiling of the new Convention Center.  On the Convention Center floor they had lots of booths specializing in Internation food.  You could get a crepe from France and talk to a scotsman in a full kilt from Scotland.  Both inside the Convention Center and outside along Fayetteville Street, there was lots of music to be heard and enjoyed.  The legendary Chuck Berry even performed to open the festivities Friday night.

The new Convention Center will be great for Raleigh.  It is much larger and more up to date than the old one.  There have already been 17 conventions booked for this fall in the new center.  This is well ahead of the predictions, so it is getting a better response than expected.  With the new Marriott hotel next door, the convention center will be a boon to Raleigh and the restaurants and other hotels around downtown.   This will also have a positive effect on the new developments adding lots of downtown condominiums to the Raleigh real estate market. 

 

Displaying blog entries 1-10 of 12

Contact Information

Photo of Team For Your Dreams, Inc. Real Estate
Team For Your Dreams, Inc.
REMAX United
7721 Six Forks Road, Suite 110, Raleigh, NC 27615
Raleigh NC 27615
919-846-3272
919-812-5111
Fax: 310-347-4041