Mar. 21, 2007 - New Listing Tool For My Website

I have just experimented with a new listing tool thanks to an agent with a business network that I am involved in called Active Rain.  This tool allows me to post listings that I have available for a nominal charge.  I'm really excited about the opportunity to publish my listings in this new and creative way.  It's called vFlyer.  Check it out if you're an agent and want to get creative!  This is just a sampling to start.  I'm going to work with my webmaster to upload all of my listings.

Mar. 16, 2007 - Del Webb in Cary NC- March Homesite Release

Mar. 4, 2007 - Fuquay Varina NC Real Estate & Market Conditions

You just have to love the name.  All my clients get a kick out of FUQUAY-VARINA.  Half of them say that can't even pronounce it.  It's kind of like our #1 grocery store in the area--Harris Teeter..Go figure.

On to the real estate business in Fuquay(for short): 

 The market in Fuquay-Varina is continuing to trend upward in price and activity as are most of the Raleigh area suburbs. General market indicators have been steadily climbing for the last 3 years with 3,616 properties closed through 12/31/2006.   

Homes priced below $200,000 are becoming difficult to find except in the Fuquay-Varina, Holly Springs, East Raleigh & Southern Wake areas.  There are significant opportunities to own a home throughout the area between $300’s & the low $400's.  In general we are experiencing a very robust market here with a 2006 average of about 13,000 homes on the market at any given time. Average supply of inventory in Fuquay Varina is a bit higher than the rest of Raleigh at five months of inventory.   

The highest appreciating subdivisions in Fuquay Varina include Windermere at over 6.7% above $400k and Windcrest at 7.8% below $200k. In short, it’s a great time to buy in Fuquay Varina.  It’s a great community with a lot of growth potential in the future.

Mar. 4, 2007 - What do you think of Zillow?

If you haven't looked up your home's value on Zillow yet, you might be missing out on something. The website at http://www.zillow.com/ has become the top destination for on-line house appraisals according to a recent report in the Wall Street Journal.

But just how accurate is it? A Wall Street Journal analysis of 1,000 recent home
sales shows that Zillow's "Zestimates" often are very good, frequently within a
few percentage points of the actual price paid. But when Zillow is bad, it can
be terrible -- off the mark by more than 25% on one in 10 homes. In one case it
was off by $2 million. Read How Good Are Zillow's Home-Price Estimates?

I use Zillow frequently to keep up with it and I have been impressed with the improvements and upgrades that keep coming. If you own a home then I suggest you look up your property and review it. You can actually claim your property and add or edit the information that is there.

Remember to consult a professional for reliable appraisal information before making a decision to buy or sell. The human element is lost on Zillow and properties are often miscalculated.

Mar. 4, 2007 - Raleigh NC Real Estate >>Triangle Accolades

Relocation and real estate continue to grow in the Triangle Area of North Carolina.  Realtors are frequently asked why the real estate market in the Raleigh & Cary area is so popular.  Our area received numerous awards of disctinction in 2006. 

For the most recent update your best bet is to click here.

Below are the most notable.

 #1 City for Jobs by Forbes Magazine February 2007

#1 City for Federally Funded Economic Development Incentives (Raleigh, NC) Public Policy Forum, March 2006
#1 Highest Growth County in NC  - Wake County, NC
US Census Bureau, March 2006
#3 Most Educated City (Raleigh, NC)
US Census Bureau-American Community Survey, 2004 (Released January 2006)
#2 Best Place for Business & Careers (Raleigh, NC)
Forbes, May 2006 - We've been in Top 10 for what seems like forever!
#5-Star Quality of Life Metro (Raleigh, NC)
Expansion Management "Quality of Life Quotient", May/June 2006 - Low cost of living, wonderful weather while still enjoying the seasons, great shopping, entertainment and restaurants. Wake county was rated by Forbs and having a top school system...on and on
#6 Brainiest Mid-sized Metro (Raleigh, NC)
Bizjournal, June 2006 Not surprising, considering all the Universities and High Tech fields. The Triangle has one of the highest per capita PHD populations in the world.
Top 10 Projected Home Appreciation Market (Raleigh, NC)
MSN.com, April 2006
#10 Best Walking City (Raleigh, NC)
Prevention, March 2006/ Parks and greenways are abundant in the Triangle. Bike riding is popular as well!
#16 Hottest City for Business Relocation & Expansion (Raleigh-Cary, NC)
Expansion Management, February 2006  

I have a link with all of the rankings located at my website at http://www.trianglenchomes4sale.com/

Mar. 4, 2007 - Raleigh NC Real Estate >>What You Get For Your $$$ in Raleigh

What do you get in Raleigh for $1,000,000?  One new million dollar home gives you 3-4 bedrooms, 3 Bathrooms, 4000 finished square feet, Dining room, Family room, Office/Study, Kitchen, Breakfast room, Hearth Room, a 3 car garage and a .25 Acre lot if it's inside the beltline or very close to it. 

What do you get for $4,000,000?  How about 6 Bedrooms, 6 Full Bathrooms, 1 Half Bath, 10000 finished square feet above grade, Living room, Dining room, Family room, Office/Study, Kitchen, Breakfast room, Bonus room, Theatre, Exercise room, Billard room, Nanny Suite, 2 wet bars, elevator and situated on a 1.32 acre lot in the heart of the Inner Beltline.

What do you get for $32,000,000?  How about a 20,000 square feet main home and a 3,500 square foot 3 bedroom guest home.  The main home has a 40-foot-high-ceilings, 10 bedrooms, 12 bathrooms, 5 half baths, a 1930s style movie theater, built-in cigar humidor on a 14 acre tract.  In addition there are approximately 57 more acres that have been divided into 27 smaller lots for high end home development - should the buyer wish. This Raleigh home is owned by Peter Loftin, founder of the former BTI telecommunications company, who purchased the Florida home of Gianni Versace called Casa Casuarina and now spends most of his time there.

If you find such homes to be of interest let me know.  However, to view the second and third homes, verified ability to purchase is required.  Obviously, it would be my pleasure to show them to you. 

Mar. 4, 2007 - Northeast Portion of I-540 Opens

 The long awaited north Raleigh segment of I-540 from Triangle Town Boulevard to the U.S. 64/264 Bypass in Knightdale opened at 11 A.M. yesterday.  This segment will make travel a lot easier and faster for many people.  It will make traveling from Rocky Mount, Wilson and even Goldsboro much faster to RDU airport and to all areas of north Raleigh.  Of course it will help shorten the daily communtes of people living in Clayton, Knightdale, Garner and other communities east of Raleigh into and through the Raleigh area as well.

The rest of the new I-540 section -- from N.C. Highway 54 to N.C. Highway 55 in Research Triangle Park a 5 mile stretch into the Park opened July 17, 2007.

Mar. 4, 2007 - Raleigh NC Real Estate >>Raleigh Ranked #1 in Job Growth by Forbes Magazine

Data Points:

Rank Last Year: 7

Median Household Income Rank: 30
Unemployment Rank: 13
Income Growth Rank: 12
Cost Of Living Rank: 45
Job Growth Rank: 10

Raleigh has a lot to offer, mainly the fact that it has nothing bad to offer. Unlike Florida, North Carolina's housing market has been relatively stable, so Raleigh probably doesn't have a downturn to look forward to. The three universities in the area--Duke, the University of North Carolina and North Carolina State University--help attract highly educated workers and technology firms. We receive comments all the time that the Triangle has a lot of the amenities of Florida, except not the hurricanes. 

Mar. 4, 2007 - Cary NC Real Estate Market Conditions

Buyer's market? Seller's market? Get a snapshot of current conditions in your area from a local real estate professional. Click on your state or province below. Top > North Carolina > Cary Market Conditions for Cary, North Carolina Reported by Tracy Santrock, REALTOR, ePRO As of February 27, 2007. Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's Current Price Trend: 4 1 2 3 4 5 Falling Rising In many regions across the United States home prices have been rising sharply, and media coverage has predicted a burst in the "so-called" housing market bubble. Are you are concerned about a possible real estate bubble in Cary? " The National Association of Realtors Research Division recently conducted a home price analysis in the Raleigh-Cary MSA. The reports concluded that there was very little danger of a housing market bust in this region. In fact, the reports stated that local housing markets were in excellent shape with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. Additionally, local markets had very favorable home price-to-income ratios and even better mortgage servicing cost-to-income ratios. The latter ratio is currently below the local historical average implying no widespread financial overstretching to purchase a home in the region. Any respectable gains in the Raleigh-Cary job market could translate into substantial home price gains. As of February 2007 Forbes Magazine just named the Triangle area the #1 area for job growth. This will have a tremendous impact on inventory availability and appreciation rates going into the hot spring market. Keep this mind as you contemplate investing in this market. Year-End Summary for 2006: -Average price resale home in the area is $252,000 -Average price of a new home is $363,000. -House price appreciation isn this area is uperior to the average rate for housing located in Wake County. -Decline in inventory shot up the appreciation rate to 10.46% in 2006 vs. 4.5% in 2005. -Overal inventory is between 2-3 months. -Price categories with the smallest inventory include single family homes under $400,000. -Price categories with the largest inventory include the $1M+ price range with over 21 months of inventory. More Information view my blog at http://TracySantrock.Realtownblogs.com or email for the detailed NAR report @ Tracy@TracySantrock.com ZIP Codes: 27513, 27511, 27519 Location Characteristics: Named for Prohibition leader Sen. Samuel Fenton Cary (1814-1900) of Ohio, the once-sleepy railroad town of Cary has attracted - and continues to attract - many newcomers. In fact, Cary is the third-largest city in the Triangle. A large part of its appeal is not only its close proximity to Research Triangle Park, but also its neat fit into the American dream of suburbia. Money magazine recently named Cary the Hottest Town in the East and one of the six best places to live in the country. It has the highest median household income in Wake County ($75,122), and more than two-thirds of Cary residents hold a college degree. Planning, planning and more planning is Cary's adage. It takes but one drive around Maynard Road, which circles Cary, to understand the vision: planned neighborhoods with large homes, two-car garages and well-groomed lawns as far as the eye can see. On the business front, Cary is home to such leading companies as SAS Institute, American Airlines and John Deere. However, unlike many towns, commercial development is regulated much the same as residential development. While other Triangle towns have rules governing residential neighborhoods, Cary insists on tasteful commercial buildings that match the surroundings. That attention to detail has proved very beneficial when dealing with the population explosion in Cary. In fact, Cary has doubled its population every decade since 1960. As the seventh-largest municipality in the state, Cary has grown from 43,000 in 1990 to more than 110,000 today. Forecasters predict that by 2020, Cary will add another 60,000 residents. To handle the expansion, city leaders and developers carefully control development and have built an infrastructure to absorb the growth. In fact, it wasn't until recently that the voice to slow down Cary's growth was heard. Lately, Cary officials have been developing innovative growth controls. Some of these include requiring developers to prove there are enough roads and classrooms to accommodate the newcomers, as well a $70 million expansion of the water treatment plant that serves Cary and nearby Apex, a project that has won national awards. In addition, Cary's land-acquisition ordinance requires builders to donate land to the city's Parks and Recreation Department based on the number of houses that will be built. Currently, Cary has 20 city parks, including the Fred G. Bond Metro Park and Hemlock Bluffs Nature Preserve. There's also the Kids Together Park with a large playground. In addition to community swimming pools, tennis courts and some of the finest golf courses in the area, these green spaces are what make people from all over the country want to call Cary home. WakeMed Cary Hospital near Tryon Road and Kildaire Farm Road has helped to serve the growing population's need for, and access to, convenient medical care. Walk around downtown Cary where Chatham and Academy streets meet, and you feel like you're in a small town. This is where Lazy Daze Arts and Crafts Festival, considered one of the finest festivals in the state, is held annually. Also downtown is the Page-Walker Arts and History Center, formerly the Page-Walker Hotel, which was built in 1868 to serve train passengers. Homes in and around downtown were mostly built during the 1950s. Once considered the outskirts of town, the Greenwood Forest subdivision is now in the middle. Built during the 1950s and '60s, it is bordered by Walnut Street and East Maynard. Close by are Cary High School, Cary Village Square shopping center and Cary Towne Center Mall. Cary first began growing southward with the MacGregor Downs subdivision - the first prestigious development in Cary. Built in the 1960s with large lots and homes off U.S. 64, MacGregor Downs defines Cary's southernmost point. In fact, many claim that Cary's reputation for upscale residential living is due to this subdivision. Condominiums and homes command good prices, especially in the MacGregor West neighborhood, adjacent to MacGregor Downs Country Club, where you can find estate-size homesites of one to five acres. Kildaire Farms, North Carolina's first planned unit development (PUD) with various style homes in different price ranges, was developed along Kildaire Farm Road and Cary Parkway during the 1970s and '80s. This community has more than 2,500 residential units throughout its neighborhoods, a greenway system with jogging trails and bike paths, the Kildaire Farms Racquet and Swim Club and the Cary Athletic Club located within its boundaries. Regency Park, a PUD developed during the 1980s, includes commercial as well as residential buildings. It's located off the intersection of U.S. 1 South and U.S. 64. Regency Park Estates, tucked away in Regency Park adjacent to Hemlock Bluffs Nature Preserve, is a neighborhood where every homesite is an acre or larger. Lochmere, a PUD not far from Regency Park on the southern end of Kildaire Farm Road east of U.S. 1, also was developed in the 1980s. With a lake, miles of nature and jogging trails, swim and tennis clubs, golf and several different neighborhoods in all price ranges, Lochmere has been a very successful community. Due west, the community of Preston is credited for reshaping Cary. Preston, located off High House Road, offers houses ranging from $250,000 to $1 million. Traditional, transitional and contemporary homes are found throughout this PUD. As in other developments of its kind, Preston has golf (54 holes), swimming, tennis, an exercise facility, playgrounds and picnic shelters, as well as the Prestonwood Country Club. Other communities developed during the '80s and '90s pulled Cary northward up Harrison Avenue. Some of these neighborhoods include Wessex, an upscale community with a swimming pool and tennis courts; North Harrison Trace, a single-family community with a number of home designs; and Beechtree, which includes townhomes, cluster homes and single-family homes. This area of Cary offers easy access to I-40, Lake Crabtree and Umstead Park.

Mar. 4, 2007 - Raleigh NC Relocation >>Where is everyone coming from in the Triangle?

- 12 Shopping Centers in the Triangle Purchased by an Ohio REIT

Mar. 4, 2007 - Cary NC Real Estate>> Cary Gets It's First Five Star Hotel & Spa

My daughter Jordan, 15, goes to Cary Academy in Cary.  This school is the brainchild of Dr. Jim Goodnight that owns SAS institute in Cary.  SAS is actually the largest privately held software company in the world!!  In past years the Goodnights have spearheaded projects like Cary Academy, the development of Prestonwood and Prestonwood Country Club.  They have now expanded their efforts with the first FIVE STAR hotel in North Carolina.  Truly, with the exception of the trees, you will feel you have been transplanted to Chicago or New York!!

Some key features of the new development include:

150-room hotel features 27 suites with a 14,000-square-foot full-service spa and original artwork throughout to be built beside a three-acre lake as an independent hotel locally owned and developed by Ann Goodnight, wife of SAS Institute co-founder Jim Goodnight

• $75 million project with 4 and a half or 5 star quality and built by Hunt Construction Group, nation's premier builder of hospitality facilities
• Six-story luxury hotel will feature 150 oversized lavish guestrooms and suites, 16,000 square feet of flexible indoor/outdoor meeting space, sculpture garden, first class restaurant, concierge service, 24 hour room service and original artwork throughout the property
• Design by Three Architecture of Dallas (using extensive glass and limestone exterior for 86 foot tall building); interior by Frank Nicholson Inc of Boston
• SAS Institute is located across Interstate 40 from 5,577-acre William B. Umstead State Park. One exit from RDU Airport
• Opened January 15, 2007

  

  There has been a tremendous amount of detail that has gone into designing the hotel and spa.  With only 150 rooms starting at $400/night the corporate traveler will find this indulgence a must!! 

   

   

Mar. 4, 2007 - Cary NC Real Estate>>Waverly Place Gets a Facelift

Waverly Place might look a lot more like North Hills Mall in a couple of years thanks to plans to revamp the shopping center.  We've always loved the location but we've struggled with the current design.  Durham developer Zapolski and Rudd, which has owned the aging center since January 2005, is hoping to turn Waverly into a mixed-use project containing retail, residential and office space.  

BIG PLANS FOR WAVERLY

The developer has filed tentative plans with the town of Cary for the re-devlopment of Waverly Place.  Among the updates are:

* More retail space, from 205,570 square feet to 237,770.

* That includes a new Whole Foods store, which will be almost twice the size of the existing one and in a stand-alone building at the corner of the site.

* Demolishing about half of the existing buildings and renovating the rest.

* 165,225 square feet of office space.

* A 24,170-square-foot entertainment venue, such as a movie theater or music hall.

* More than 200 homes, including apartments and condos.

* A 150-room hotel.

* A 600-car underground parking ramp where the lower level of the center is today

This is exciting news for the community!!   Grand opening is scheduled for 2009!!

Mar. 4, 2007 - Raleigh NC Real Estate >>The Triangle Market is Still Healthy & Strong

The staff economist for the National Home Builders Association, Michael Carliner, says that the Triangle (Chatham, Durham, Franklin, Johnston, Orange and Wake Counties of North Carolina) is "perhaps the healthiest market in the United States."  Area job growth is exceeding the national average.  New people means more buyers and it certainly doesn't hurt the demand for apartments either.  In October, on a year to year basis, jobs increased nationally 1.5%, the Durham area increased 2.2% and the Raleigh-Cary metropolitan statistical area increased 4.4%. 

As reported here before, the Triangle housing market has not been immune to the hit the national market has taken.  For the most part our problems have been that of people moving here are having problems selling their homes in the markets they are coming from.  Thus the inventory of new homes locally has increased as has the inventory of resale homes because of this problem.  However, both the volume builders and the smaller local builders have been cutting back on the building of new homes which should increase the demand for resale homes and cut down on the new home inventory as well.  Currently, closings and new home starts are nearly equal which indicates a market in balance.  So what's in store for 2007?  In the Triangle it would appear that a housing market in basic balance may be the story and if that's not all good neither is it all bad.

Mar. 4, 2007 - Fuquay Varina NC Real Estate >>A Disquised Invesment Opportunity-Before and After

 I recently worked with a couple on the purchase of a home in Crooked Creek in Fuquay Varina.  My clients wrote an initial offer on a home in September but lost the house because they had to sell their home in Phoenix.  My clients closed on their home November 17th so they are now ready to move to North Carolina. 

I'd like to preface that my clients were looking for a good investment opportunity.  When I showed my clients homes back in September we went into a house that seemed incredibly spooky.  We walked through the house and there were holes in the walls, stains on the carpet (blood perhaps?), and video cameras up in the bonus room.  This is where my story begins.

A murder perhaps? An argument gone wrong?  A child molester upstairs with hidden cameras?  As you are aware, we as Real Estate agents do not have to disclose information about people dying in the home. I can understand dying of natural causes, but murder should be disclosed.   On the other hand, if I am representing my clients, I feel I have a fiduciary duty to determine exactly what went on in this home before my clients purchase the property.  The sight of the home was incredibly disturbing.  What happened in that house?

I did a lot of investigating and found out there was a disturbed couple living in the home and they went through bankruptcy, but other than that, the house was good to go.  Most of the problems in the home were cosmetic.  The home had what I like to call "good bones", it was in a great golf course community, and the home sat on a cul-de-sac lot.  The basement was not included in the square footage measurements because the previous owner did most of the work on his home and not the best work I might add.  I'm attaching the before photos and will post the after photos in another blog. 

The bottom line from an investment standpoint.  My clients purchased the home(it's all in the Wake Gov County Records) for $262,000, a real steal since all of the homes in that section of Crooked Creek are going for $400k plus.  In fact, the previous owners purchased the home back in 2002 for $330,000 with an unfinished basement.  My clients replaced the carpet, made some minor changes with the fixtures(cosmetic), repainted, powerwashed the front of the home, and refinished the basement.  They've now added over 800 square feet to the home in a matter of 45 days.  The difference is DRAMTIC.  They did put some money in the property but in the end they added over $150k in equity in a matter of 45 Days.  I'm not saying I can produce these kind of results for everyone(I preface the RESULTS NOT TYPICAL statement) but I do have an eye for a good investment opportunity.

Pictures will be reposted.