Richard Friedman Associates Interior Design

Charlotte Temporary Housing
Given New Appeal

by Doug Smith/Charlotte Observer

When analysts began lowering expectations for stock market returns, Charlotte home and office interior designer Richard Friedman turned to real estate -- with an unusual twist.

He recently renovated a three-bedroom, 2,000-square-foot house at 7000 Valley Haven Drive in Stonehaven as a $2,000-a-month corporate rental residence.

The house comes with virtually everything a pampered tenant would need. Silverware, dishes, towels, sheets, TVs, appliances, an outdoor grill and lawn service are included.

Friedman, who owns Richard Friedman Associates, paid $185,000 in cash for the dwelling and spent about $60,000 on a renovation. Special touches range from glass-bowl lavatories in bathrooms to cable TV wiring in every room.

He's distributing brochures to major corporations that typically provide temporary housing for relocating executives.

Friedman believes his investment will at least double the 6 percent to 7 percent average annual returns predicted for the stock market over the next decade.

Now, he's under way on a second corporate residence -- a three-bedroom, 1,600-square-foot house he purchased for $158,000 at nearby 7130 Valley Haven.

Stonehaven, an established southeast Charlotte neighborhood roughly between Sardis and Monroe roads, is within 10 miles of The Square. Friedman believes it's well-kept and poised to appreciate as suburbanites move closer to the core.

To make sure Stonehaven neighbors understood his house wasn't a typical rental property, he invited them to an introductory reception. Friedman plans have them over again when the second renovation is finished in a couple of weeks.

And that first house? It's occupied already. Friedman said a couple is renting for 60 to 90 days while their new home is being constructed.

Doug Smith is the business reporter for the
Charlotte Observer