January 27, 2014

Open House ~ Sunday February 2nd ~ The Mary Steele Scales House ~ circa 1893

You are invited 
to an 
Open House 
at the 
c. 1893
Mary Steele Scales House 
126 E Steele Street •  Salisbury NC 28144 
Sunday ~ February 2nd 
3:oopm ~ 5:oopm

The Mary Steele Scales House, on 126 E Steele Street, is a completely restored and move-in ready circa 1893 Victorian gem in the North Main Neighborhood (NOMA) of Salisbury, North Carolina.  On Sunday, February 2nd, Charles Glover will host an OPEN HOUSE of this grand home from 3~5 in the afternoon.  

The Mary Steele Scales House, circa 1893 ~ 126 E. Steele St. Salisbury NC 28144 ~ MLS R55310 ~ $144,900
 With 3 bedrooms, 2 full baths, a large wrap-around veranda, and beautifully landscaped yard with gazebo, outbuilding, and picket fence circumference...this home is full of the architectural details of the late 1800's era at every turn.  

The home features 4 fireplaces with original mantles & millwork, 10-foot high ceilings, and a very spacious kitchen with extra cabinet space, stained glass accents, and a center work island. More features include the bay window in the parlor, the beautiful stained windows, and the mezzanine on the 2nd story.  The exterior of the home has just been freshly repainted. The landscaped & picket-fenced corner lot is a gardener's paradise.

Read more about the Mary Steele Scales home:

Come to the Mary Steel Scales House this Sunday!
Experience this historic Victorian gem first-hand!

Greg Rapp
Wallace Realty

January 24, 2014

Open House ~ This Sunday, January 26th ~ Your Chance to See a Pre-Civil War Log Home!

What:    Open House 
When:   Sunday, January 26th (hosted by Charles Glover)
Time:     3:00pm ~ 5:00pm
Where:  The Joseph Mingus House ~ c. 1855 Log Home
             2220 Gold Knob Road Salisbury NC

MLS# R55697A ~ 2220 Gold Knob Road, Salisbury NC ~ $150,000

This Sunday, January 26th, is your opportunity to view the circa 1855 Joseph Mingus House, a log home built in 1855 that has been maintained for nearly 160 years! This very special 3~bedroom home is built from square-hewn logs, with walls a foot thick! The home sits on an acre of land outside of the Salisbury NC city limits, in a clearing on a very secluded wooded lot.

You get over 2100 square feet of private country living in a historic log home! Few of its kind remain today! And the even better news? This home is priced at just $150,000! To learn more about The Joseph Mingus House, click HERE: http://www.realestatesalisbury.net/2013/10/a-pre-civil-war-log-home-secluded.html

Or better yet ~ come out to 2220 Gold Knob Road this Sunday from 3pm to 5pm ~ and see this piece of history for yourself!

Directions from Salisbury NC (drive will take 15~20 minutes)
  • Head south on Hwy 52
  • Make a left turn onto Sides Road
  • Left on Gold Knob Road
  • 2220 Gold Knob Road will be on your left ~ Look for Wallace Realty sign
  • Pull straight down the long gravel driveway 

 Got questions?  
Call Greg Rapp/Wallace Realty 


January 20, 2014

It's Time to List Your Property ~ or Buy That House!

If you are considering putting your house or commercial property on the market ~ or thinking about buying that home you’ve been eyeing, now may be the crucial time to make that move! Interest rates are increasing in 2014!

Mortgage rates first spiked in May 2013 after the Fed signaled it was considering pulling back its bond-buying program meant to keep a lid on long-term interest rates. The housing market initially stumbled, but started to recover once the central bank decided against any changes to the stimulus effort throughout the summer and into the fall. Mortgage rates are still at historical lows, but they are already starting to creep upward once again.

The rate on the 30-year fixed loan, the most popular type of mortgage, is more than a percentage point higher than a year ago and at its highest level in more than three months.

The average 30-year fixed rate mortgage is at 4.48%, its highest level since mid-September. The interest rate on U.S. Treasurys is also going up. At the end of December 2013, the yield on 10-year notes hit 3%, its highest level since September and the second time this year it has reached that mark. That threshold could signal higher interest rates ahead because it is used as a reference point for the cost of borrowed money for U.S. consumers and businesses. A higher yield can push up mortgage rates.

What does this mean?

It means that borrowing will become more expensive. Many folks have been looking at many, many houses , sometimes over a year before they buy, taking their time while the 30-year mortgage rate has been at historic lows. But when the rate jumped last May, it caught many by surprise. This is your signal to get off the fence! A change in interest rates will also translate to higher mortgage payments but only for people with variable mortgages, since fixed-rate mortgages do not change for the duration of their term.

The Moral of the Story:

If you don’t want to get caught up in spending more to borrow less, now is the time to buy and/or list your home. Call Greg Rapp today at 704.213.6846 to see how he’s moved properties over the past years, doing steady and even increasing business despite a slow economy. Greg can make this happen for you before the rates get unappetizing!

January 18, 2014

Retail Spaces for Lease ~ Central Location in Downtown Salisbury ~ The Historic Empire Hotel

Got a business that could use a GREAT downtown location?  Put your business in the historic & highly visible c. 1855 Empire Hotel on S. Main Street in Salisbury NC! Right across from City Hall! There are spaces big and small to fit your enterprise!

The Empire Hotel was built around 1855. In 1907 the building underwent a renovation completed by renowned NC architect Frank Milburn.  The property is located across the street from Meroney Theatre, Fisher Street Entertainment District, City Hall and a retail gift shop. The hotel has a 60-car parking lot, and the city has purchased additional land for parking. 

Currently, the Empire Hotel houses retail spaces in its vast first floor level. There are a variety of spaces available. One of the available spaces in a large, open, flexible retail location at 220 S Main Street ~ 7500+ square feet with off street parking. This space is in move-in condition. Too big for you?  The owner will help sub divide the space if necessary!

Another space is the former Ralph Baker Shoes site ~ 8,000 sq ft retail space  directly across from City Hall & the Meroney Theatre on Main Street. You get 2,800-3,600 sf sales floor with 18’ ceilings and 4,400-5,200 sf of storage on the first floor. There is a large finished basement, 7,000+ sf and a 4,000+ sf mezzanine is also included. Downtown Salisbury Inc., the current owner of the Empire Hotel, has been upfitting the space with new HVAC, electrical, restored lighting. The space includes off-street parking and leases for $3,500/mnth. 

History of the Empire Hotel

The Empire Hotel began as the Boyden House.  Nathaniel Boyden in started building in 1855 and according to an ad in the Carolina Watchman, the hotel opened in 1859.  The building is an example of Beaux-Arts commercial architecture, a French term meaning “fine arts,” and the style is known for being highly ornamented.  Traveling salesmen showed their wares in the “Sample Room,” an 80 x 30 room.  When not in use, the room was also used as a skating room.  The hotel was a gathering place during the Civil War, and according to local lore, the hotel was occupied by federal officers following the Civil War.  On April 1, 1870 General Robert E. Lee and his daughter took a carriage from the Salisbury Railway Depot to the Boyden House to have breakfast.

The hotel was remodeled in the early 1900’s by Frank P. Milburn, who designed the famous historic Salisbury Depot.  After extensive renovations in 1907, the name was changed to Central Hotel and then later, the Empire Hotel.  There was at one time a domed ballroom on the top floor. Rumor has it that there also was a tunnel from the hotel to the Meroney Theatre across the street, put there so the actors, such as Charles Chaplin and others of the era, could go back and forth without going outside through crowds and inclement weather.  It closed in 1963 after 104 years in business. 

The Empire Hotel is additionally for sale.  

The City of Salisbury has a vision for the future and is making that vision become a reality! In 2010 the City of Salisbury adopted an updated the Downtown Master Plan as the official blueprint for the redevelopment of Downtown Salisbury.Implementation is under way and includes the following:

  • The Fisher Street Entertainment District
  • The RailWalk Art District
  • An expanded residential presence
  • Continued retail growth through recruitment
  • An enhanced streetscape with crosswalks and improved parking areas
  • DSI purchased the former Empire Hotel which is now offered for redevelopment

The Salisbury Downtown Master Plan aims at putting either residences, conference rooms, and/or retail in this wonderful space. In 2000, Downtown Salisbury Inc. performed a study examining potential costs to renovate the Empire Hotel to its original hotel usage, and estimated that it may need $9 million, but that owners could expect to recoup $1.3 million per year.

Located in a local historic district and National Register district, the Empire Hotel is eligible for historic preservation tax credits. It also qualifies for New Market Tax Credits.

Since 1980, Salisbury -- a Main Street Community -- has benefited from over $94 million in downtown investments.

So if that prime location for your business in the heart of a thriving downtown scene is what you've been looking for ~ look no more!

Greg Rapp
Wallace Realty

January 04, 2014

Jump Start 2014!! 1903 American Bungalow ~ Just $50,000!!!

306 D AVENUE Salisbury, NC 28144 MLS #: R55877A List Price: $50,000 

On a cute, quiet little side street off S.  Main Street in Salisbury NC is a charming older neighborhood filled with sweet houses built in the early 1900’s.  306 West D Avenue is one of the gems in this neighborhood!  

306 D Avenue holds all the charm of the circa 1903 American Bungalow ~ all brick with large, spacious rooms, hardwood floors, and plenty of windows to stream natural light. 

Beautiful French doors separate the living room, with its brick fireplace surround and mantle flanked with wall sconces, and the dining room with its brass chandelier. We love the glass (working!) transoms over each doorway, including the French doors! What a nice touch! And cedar lined closets in the two cozy bedrooms keep moths at bay!

You’ll love the kitchen with its avocado tilework, built-in hutch, and huge storage pantry! 

The wood paneled laundry/mud room is an extra nice feature.  A staircase from this doorway leads to the great back yard that has plenty of room for gardens, pets, and children to play!

You’ll love spending hot summer evenings on the spacious front porch with its deep gabled overhang and attractive brickwork. The porch is perfectly suited for the plant enthusiast to position container gardens and hanging ferns and tropical greenery.

A single car carport not only keeps you dry bringing in the groceries, but is an attractive element of the overall bungalow design. And the walk-out partial basement provides storage for lawnmowers and weed-whackers! 

306 D Avenue neighborhood is nicely situated between downtown Salisbury where plenty of shops, restaurants, and art galleries can be found, and the Jake Alexander commercial area where you’ll find grocery stores, banks, tire shops and so much more…yet the D Avenue neighborhood is a peaceful little pocket in between these two worlds.



306 D Avenue is being sold as a short-sale, and is being sold AS~IS. The roof is fairly new and in great condition, and while this cute bungalow is basically move-in ready, it may need some updating. 

Many agents price short sale listings below comparable sales, yet they are priced in line with pending sales. Why? Because short sales take anywhere from 2 to 4 months, on average, to close, and pending sales will become the comparable sales at closing. 

Some price short sales ridiculously low, so low that the sellers' bank will likely never accept them. These types of listings receive multiple offers. However, all is not lost! To get your offer accepted, you will need to price it near market value. If you are not prepared to pay above a superficial price on a low-ball short-sale listing, then pass. 

306 D Avenue is priced at just $50,000! Whether it is under market value or over market value ~ lucky for you it, doesn't matter too much either way. Because 306 D Avenue is priced under market value, you will want to jump on this short sale before somebody else spots it. If you're lucky, the price the seller wants to sell for is the price the bank will take. That is the key! 

Homes priced under market value will receive multiple offers. An agent is not required to disclose the terms of those offers, but you will want to know how many offers you are up against. Here's how it generally works: 

• When a short sale home first comes on the market, the first offer will most likely be below list price. 
• The second, at list price. 
• The third offer will be slightly higher, maybe by a $1,000 or $2,000. 
• The fourth offer will be significantly more. 

You will want to make an offer that will beat the competition yet still be below market, or you should not waste your time. Although REALTORS are required by the REALTOR Code of Ethics to treat everybody fairly, not every agent is a REALTOR®. This means the short sale listing agent may decide to submit only one offer to the seller and withhold other offers. Realtors consider withholding other offers a violation of the fiduciary relationship formed between the listing agent and the seller. The seller is entitled to receive the highest and best price, including all offers. Realize that even if your offer is submitted to the bank, as time marches by while waiting for short sale approval, another buyer could outbid you. Let the seller know if you are willing to raise your price if necessary. 

So ~ ~ ~ is 2014 the year you make those decisions to invest in rental property? Buy that first home? Move the in-laws closer? If so . . . 306 D Avenue is the place you’ve been waiting for ~ move in ready, in a quiet neighborhood…and PRICED TO SELL! Greg Rapp is a licensed Realtor who adheres to the REALTOR Code of Ethics and will best represent both you, the buyer, and the seller in all types of transactions. His track record speaks for itself. (Scroll to the bottom of this webpage to see testimonials from Greg's clients!)

Call Greg Rapp at 704.213.6846 to start the ball rolling on 306 West D Avenue! 2014 may be the first year your resolutions are met right off the starting block!