Newspapers / The Charlotte Post (Charlotte, … / Feb. 5, 2004, edition 1 / Page 22
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6C REAL ESTATE/tCI)e Cbiirlotte ^ost TTiursday, February 5,2004 Tradition revisited in home design Continued from page 5C tage, set off by a stainless steel work surface and back- splash. Since lack of storage continues to be a great con cern, a butler’s pantry was incorporated, boosting cabi net space for maximum orga nization. Not to sacrifice style for function, this pantry has “show-off’ space for china and glassware behind a series of mullioned-window cabinets with blue interiors. Nothing beats a traditional, home baked apple pie, thus the baker’s island. But it’s compact and efficient, with open storage for appliances, full-extension pullouts for bake ware and slatted tray storage for cookie sheets. Another kitchen highlight is the tall, freestanding cherry armoire in Fireside. It’s heir loom quality and comple ments the more modem yel low Cashmere. Tradition doesn’t mean dark woods with Chesterfield sofas and Chintz anymore. Tradition is comfortable and comforting, in a modern world. Ib inquire about the New Traditional, and Plain & Fancy Custom Cabinetry, call (800) 447-9006 or visit ■www.plainfancycabinetry.co m for an authorized Plain & Fancy showroom. Soaking your way to health and happiness Continued from page 5C terns to fit individual needs. The Healthmasseur System provides a very active bathing experience. The free-flowing warm air chan nel creates tremendous air velocity that results in an intermediate to highly vigor ous massage. “Bathers who choose this option are typically very ath letic or involved in an occu pation that daily fatigues their body and they need to release the tension within their muscles as they free their spirit,” says Tfennant. This system allows bathers to manage the intensity of air flow, amount of heat and duration of their bathing experience. The Aqua- masseur System provides a gentler massage. This sys tem directs warm air to a series of strategically located air injectors at the bottom and back of the bath, immersing bathers in a flood of massaging bubbles. The result is a subtle to interme diate massage. “This system is great for people who need to release the emotional burdens of their day,” advises Tennant. The Ultimate System com bines the best of the Health- mdsseur and Aquamasseur options, allowing individuals to achieve an ideal personal combination of water moved to motion by air and air in motion through water. This is a great system for fami lies, where each member has different hydrotherapy needs. It can provide a gentle flow of air bubbles for babies or provide a vigorous after- sports massage for mom and dad. Various options can make the hydrotherapy experience even more relax ing. Acryline offers extras like heated head, neck and back rests to soothe these muscles and aide in the recovery process. Chro- matheraphy, the use of light to achieve well being, is often used in fancy spas. Acryline offers chromatheraphy options which are designed to be aesthetically comfort ing. “Light increases the sen sual experience of our baths, adding and enhancing the overall sense of weU being enjoyed by our bathers,” explains Tennant. Bathers are also free to use bath salts, herbal remedies and other homeopathic mixtures without fear of damaging the tub or creating long-term risk of bacterial growth, thanks to state-of-the-art design elements like spring activated warm air injection systems that prevent water from entering the injectors and drains that use gravity to ensure quick and com plete emptying of the tub. Acryline offers over 50 differ ent designs, with a wide range of color, decoration and options to complement any decor. Their newest addition is The Mediter ranean, a stunning “island tub” that can be installed in the middle of your bathroom floor space. ‘We are the first company to figure out how to hide the necessary hardware inside the tub,” says Tbnnant. “Not eveiyone can travel to the baths of the Mediterranean, but they can bring the bene fits into their own homes.” For more information on Acryline products, visit www.acrylineusa.com or call (800) 794-4667. Solid 2004 could follow record-breaking 2003 By Kenneth R. Hamey SPECIAL TO THE WASHINGTON From your own personal real estate perspective it may not have seemed exceptional, but by almost every national statistical test, 2003 was the single best year in history for American housing, home- owners and mortgage finance. Almost everything clicked: Annual records were set in the numbers and doUar vol ume of resales of existing houses, sales of new homes and the dollar volume of new home mortgages made by residential lenders. Mortgage interest rates hit 40-plus-year lows and, more importantly, stayed near there for the entire year. Appreciation rates in the val ues of existing homes moder ated, but in many parts of the country they were still three to five times higher than the growth of the core consumer price index - the national measure of inflation in all goods and services. Homeowners reaped record gains in their home equity and pulled out more than $100 billion of that wealth to spend elsewhere in an econo my that badly needed stimu lation. “This was the best .year in housing ever, no question,” Said David Lereah, chief economist for the largest trade group in the industry, the million-member National Association of Realtors. The numbers support his case: ; • 6.1 milhon home sales, breaking the previous record of 5.6 million set in 2002. • 1.1 million sales of newly constructed homes, breaking the previous record of 1 mil lion. ! • A record $3.4 triUioh in hew mortgages, far beyond the $2.5 trillion record set in 2002, the $2 trillion of 2000 and the $1.5 trillion in 1998. • Median prices of houses sold in 2003 grew by 9.1 per cent over the previous year. The value of the average existing home nationwide - the vast unsold inhabited housing stock — grew by a more modest 5.5 percent. Though home values in a handful of areas jumped by double-digit rates, the vast majority did not. And that was good because hyperinfla tion in housing is unhealthy for local economies and never sustainable. Okay, you say, so 2003 may bave been extraordinary. But what about 2004? Could it be anywhere near as good? The consensus among housing and mortgage economists is that if the national economy and job market continue on the slow road to recovery, res idential real estate should continue to be very solid per former. Not a record-breaker, but solid. For example, Lereah pro jects a rise in 30-year mort gage rates in the year ahead to an average 6,4 percent from this year’s average of 5.82 percent. As a result, according to Douglas G. Dun can, chief economist for the Mortgage Bankers Associa tion, total new-mortgage vol ume is likely to fall sharply in 2004 to $1.6 trillion. Almost the entire decrease will be attributable to refinancings. The refi balloon is losing air fast. With many homeowners now sitting on recently refi nanced home loans — taken out either in 2003 or the pre vious two years - there just won’t be much need to refi- are now paying off the last mortgage they’ll ever take out on their current house. Duncan himself has a 5 per cent, 15-year fixed-rate mort gage that he said “wiU proba bly never be refinanced; I’ll just pay it off.” nance again. Milhons of homeowners - and not just baby boomers — But even with interest rates an estimated half per centage point higher than they are today, the cost of mortgage money in 2004 on average will stiU be in near- record-low territory. Rates of 6,5 percent or 7 percent “may sound high to some con sumers” who have short memories or never experi enced the 1980s, Duncan said. But in fact, they are bargains. He recalls the all- time peak for mortgage rates — 18.2 percent for a 30-year fixed-rate home loan in late 1982. Rates have been in double-digits as recently as 1990 (10.1 percent), 9 percent in 1991, 8.4 percent in 1994 and 8.1 percent barely three years ago, in 2000. So if a 30-year home loan costs you 6.5 percent in 2004, and your house appreciates by just 5 or 6 percent, don’t bellyache about it. From a historical perspective, you’ll be doing great. Don’tMfes dx: „ _ /lottest H Jlk CKarlotte! JTondly from W1 VI... charlotte Squawks with LUV! Featuring VvfelqoveKau. We We Lev We Love WeLoveYou We Love Yo WeLove We c c\varl^ Squa^ veYou Lov^(£«j. veYou LoveYou Love You YOU oveYou Akil Tknya McClellan ...featuring Mike Collins Spirit Square s McGloh on Theatre Share the gift of a light heart this Valentine’s Day weekend! Enjoy this one-of-a-kind musical parody that pokes irreverent fun at all things uniquely Charlotte. 7:30 p.m. on February 13 6" 14 Call 704.372.1000 for tickets
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