Nov. 3, 2008 - Q32008 Market Absorption Rate for the Traingle

Recently I wrote about the Wake County Market Conditions for the area and compared the results of the sales year over year. It gives one a good look at our current real estate market and what is happening in the market. Debbie Maxwell just published her Market Report and, along with it, she provided information on the current absorption rate in Charlotte. As an addition to my report I've decided to include this information as well. What is interesting is that the numbers for the Triangle are very similar to the numbers in Charlotte, with the exception that the spread between List Prices and Sold Prices is much higher in the Triangle.

So, what is the absorption rate for a market? The absorption rate is basically the representation of the relationship between supply and demand. The total amount of available product is divided by the total amount of product sold in the previous month. The resulting number represents the number of months it would take, at that same pace, to sell the entire inventory of product.

• "Normal Market" conditions exist when the Absorption Rate is between 6 months.
• "Sellers Market" conditions exist when the Absorption Rate is lower. (1-5 months)
• "Buyers Market" conditions exist when the Absorption Rate is higher. (7+ months)

Based on the numbers for the Triangle we are currently experiencing a Buyers Market like much of the rest of the country. With 10 months supply of inventory we have an oversupply of inventory. What is interesting to note is that, while we have an oversupply, homes are still selling at 97% of list price. This means that homes are selling in the area. There were 1792 closed transactions in the previous month. However, the current crop of sellers still isn't very flexible in coming off the price of their homes.

Next month, when I throw in the Market Absoprtion Rate for the area you will be familar with the term and it will hopefully give you the "big picture" on the current trends in the Market.

Jul. 6, 2008 - Bedford at Falls River – It's a wonderful life!!

I would say that this is one of the most charming neighborhoods in Raleigh. As a result, this planned community has received numerous awards and accolades from the National Association of Home Builders and others and is one of the reason this neighborhood has sold so well. There really is something for everyone in this neighborhood where prices start in the low 200s and peak at over $1M.

City: Raleigh, North Carolina

Directions:

From the Airport: Take US-70/Aviation Parkway West to I-540 East toward US-70. Exit Falls of Neuse Road(Exit 14). Take a left onto Falls of Neuse Road. Turn right into Bedford onto Dunn Road. Enter roundabout and take 3^rd exit onto Falls River Avenue.

Community Details: Fact Sheet

Bedford at Falls River Awards & Honors

• March 30, 2004 - Bedford Wins North Carolina Community Of The Year
• February 15, 2005 - Bedford At Falls River Glimmers with Gold; Attains Multiple National Awards
• August 29, 2005 - Where to Retire Magazine Ranks Raleigh's Bedford at Falls River Among 100 Best
• October 21, 2005 - Homebuilders at Bedford at Falls River Receive Ten Awards from Raleigh's Parade of Homes
• September 28, 2006 - Bedford Awarded with Master Planned Community of the Year

Bedford at Falls River Amenities

Recreation Center - Over 3,500 Square Feet with two sitting areas, a TV, VCR, and wireless Wi-Fi internet access throughout the building.

Pools at the Recreation Center - There's plenty of swimming in Bedford. The Recreation Center has two pools-a competition sized pool and a standard size pool. The kids favorite is Mt. Gushmore, the 110-foot long, 15-foot high mountainous waterslide!

Parks and Greenways - There are over 205 acres of parks, greenways and open spaces at Bedford, along with 26 miles of tree-lined sidewalks including Jellystone Park, Pottersville Park, Central Park and the Secret Garden.

Clock Tower - This is the center of Beford and the Town Square marked by the bold and beautiful brick Clock Tower.

The Shoppes at Bedford Square - Plan for a small commercial section in Bedford and sometime Farmers Market at the Square.

One of the neat aspects about Bedford at Falls River is its walk-ability aspect. Walkscore.com has done a study of the different aspects of a neighborhood to see how close amenities are to the neighborhood. Bedford scored well in terms of a central location near the library, grocery stores, coffee shops, gas stations, etc.

Here is a list of Builders and the communities they represent:

• 1^st American Builders - Greenbrier Collection, Sonoma Collection, The Townes at Bedford Square
• Bedford Builder Group - Bailey Park Collection, Wainwright Collection
• Chase Properties - Charleston Collection. Local builders include Amward Homes, Inc, Impact Design-Build, Inc, Upright Builders, Inc, and Wardson Construction Co
• Chesapeake Homes - Greenbrier Collection
• Drees Homes - Society Hill Collection
• Estate Builder Group - Custom Builders including Barrington Homes, CityScape Builders, Homescape Building Co., Houseman Custom Homes, Rice Builders, Timberline Builders, Tingen Construction Co., and
  Woodard Builders
• John Wieland Homes - Riverpoint Collection

Check out Bedford's Interactive Neighborhood Website for more information or view my video tour below:

If you'd like more information on this community or information on relocating to the Triangle in general please visit my website or contact me via email by completing the contact form.

Dec. 10, 2007 - Upate on the Raleigh Infill Issue

Nov. 25, 2007 - Tell me about the Luxury Home Market in the Triangle - What's up?

While the rest of the national real estate market is has taken a turn for the worse, the Triangle real estate market has continued to remain strong. Well, at least for the lower priced homes in the Triangle. Single Family Homes less than $300k all over the Triangle are in short supply-less than two months in most cases. On the other hand, high end properties have higher than average inventories compared to the rest of the US.

What if I'm interested in buying a luxury home in the Triangle - Is now the time to buy? If so, now would be a fantastic time. The Triangle luxury home inventory is very high, and, that makes for a great opportunity for buyers. The winter months are slow and builders are anxious if they have standing inventory. They are willing to negotiate during this time of year and, in the Triangle over the past several years, that has not been the case.

Let's take a look at some numbers and see why the opportunity is so great for buyers in the luxury real estate market in the Triangle.

• Q32007 closings were 6% higher than seen in the third quarter of 2006 which means the market is growing
• There are 37% more re-sale listings and 39% more new home listings since Q32006.
• 22% of all luxury home closed sale activity has occurred within the North Raleigh/Wake market. Cary/Apex/Morrisville is second at 21% and Chapel Hill/Carrboro is third at 13%.
• Brier Creek in Raleigh attracted the most amount of luxury home buyers during the first nine months. The development was followed by Cary Park and Wakefield Plantation.
• The overall market has a 5 month current supply, the luxury segment has a current supply of 11 months.
• Current sellers are showing signs of flexibility on their price. For example, at the end of 3Q '07 there were 664 sellers who had dropped list price, compared to 389 at the end of 3Q '06.
• The average re-sale house sells for 97% of original list price. The average luxury re-sale house sells for 89% of original list price. That's a big difference.

What does this mean to a buyer? Builders are sitting on the homes longer and having to reduce prices to compete with the expanding inventory. Since the timing is right one can find opportunities for the savvy buyer. Many buyers in this price point have bought and sold several homes and sometimes feel a Realtor isn't really necessary. To the contrary, an experienced Realtor is essential in finding, not only your dream home, but a home that will be a smart investment in the long-term.

That said, here are a few articles of reference for your review on our market:

Luxury Home Information for the Triangle:

Triangle Real Estate - Top 10 Appreciating Luxury Home Neighborhoods in the Triangle

Luxury Home Trends in the Triangle 4/18/2007

Triangle Luxury Home Market 3/7/2007

Luxury Neighborhood Profiles

Cary NC Real Estate >>Preston in Cary - Prestige, Location, & Fun for the Family

Renaissance at Regency in Cary, NC- The long wait is finally here

Hidden Lake Parade of Homes Entry - A little bit of Tuscany in the Country

Hasentree in Raleigh - A Sneak Preview to the 2007 Parade of Homes

Sunset Ridge in Holly Springs, NC - Quality & Value are true Hallmarks

Cary NC Real Estate >>MacGregor Downs in Cary, NC

Nov. 20, 2007 - Historic Oakwood Candlelight Tour

Held for just two days during the middle of December(12/8 & 12/9), this tour may be your only chance during the entire year to take a look inside some of Raleigh's most beautiful and historic homes(unless you are a real estate agent like me). Homeowners invite you in to view festive holiday decorations and period furnishings and to share with you the history of their homes. This tour is not to be missed!

Oct. 3, 2007 - My favorite Triangle Restaurants - Bon Appétit

It must be obvious that I'm not the best cook in the world. I didn't spend a lot of time in the kitchen when I was little I must confess. I was always out playing in a tennis tournament or traveling. My mother was, and still is, in real estate and she didn't really have time to cook. She would be out showing properties all day in the heat and just didn't have the energy to cook. Like mother, like daughter.

That said, I do like to go out to eat on the weekends with my husband Mauro and sometimes my 16-year old daughter Jordan will join us too. We like different types of food and like to try different things around town. When I first moved to North Carolina in 1991 we didn't have a lot of dining choices - heck, we didn't even have a Starbucks until five years ago (now they are on every corner).

For this post I thought I'd write about my all-time favorites, provide you with some links, and let you decide when you visit if you agree with me. Most of my clients are generally happy with my recommendations:

Best coffee shop

Starbucks

Best outdoor dining

Mellow Mushroom

Best restaurant for first date

Rockford

Best High End Restaurant

Herons at Umstead

Best business lunch

Capital City Chop House

Best super cheap meal

Armadillo Grill

Best place to people watch while drinking a beer

Top of the Hill

Best late night meal/menu

Waffle House

Best bakery

La Farm Bakery

Featured on Rachel Ray's show as Best of the West

I know the owners Missy & Lionel

Best burrito

Carrburritos

Best sushi

Waraji

Best fries

Smithfield BBQ

Best Ethiopian

Queen of Sheba

Chapel Hill

Best bagel

Bruegger's

Best comfort food

Mama Dip's

Best pizza

Lilly's Pizza

Located at Five Points in Raleigh

Best Vietnamese

Dalat

Best Italian

411 West, 518 West

They are owned by the same family

Best Japanese

Kanki

Best Thai

Sushi-Tai

Best Indian

Royal India

Best seafood

42nd Street Oyster Bar

Best Middle Eastern

Neomonde Restaurant & Deli

Best Caribbean

Carmen's Cuban Café & Lounge

Best Irish pub

Hibernian

Best Greek

Spartacus

Best French

La Residence

Best Chinese

Neo-China

Best Mexican

On the Border

Must be the Texan in me

Best North Carolina barbecue

Allen & Son

Chapel Hill & Pittsboro

Best burger

Char-Grill

Best desserts

Hayes Barton Café & Dessertery

Best salad or salad bar

Whole Foods Market

Best steak

Sullivan's Steakhouse

Best brunch/breakfast

Brigs

Best sandwich

Panera Bread

Best Latin American

Blue Corn Café

Best draft beer selection

Hibernian

Best martini selection

Blue Martin

I hope you enjoy my favorites as much as I do. Either your thinking of relocating to the Triangle I'd love to help you!!

Sep. 8, 2007 - 2007 Wake County HBA Parade of Homes

It's my favorite time of year the Wake County Parade of Homes.  I wrote about it last year and this years is setting the stage to be the best yet and is scheduled for three weeks this fall. 

Dates for the 2007 Parade of Homes are:  September 29-30, October 5-7, and October 12-14 from 12:00pm - 5:00pm.

This year there are over 400 entries by top local builders in the area ranging in price from $119k to $3M and a record 29 homes priced at over $1M.  As in years past its one of the least expensive forms of entertainment (it's free) and you get some great ideas for your home too.  I've included pictures of several homes for sale ranging in price during the parade for your reference.   

Please contact me if you would like anymore information on these or other Triangle Parade of Homes entries or visit my website at www.TriangleNCHomes4Sale.com

Sep. 6, 2007 - Update on the Hasentree Community in N. Raleigh

Tom Fazio Golf Course/Pro Shop Cottage Grand Opening

A Grand Opening Celebration of the only Tom Fazio golf course in the Raleigh area will be held on October 17, 2007, where Tom Fazio himself will make an appearance. This celebration will also commemorate the opening of the Pro Shop Cottage overlooking the starting and finishing holes. The Pro Shop will ultimately connect to the Hasentree Clubhouse.

Update on Community Activities

Family Activity Center

The Family Activity Center is under construction with an opening scheduled for Spring 2008. The Family Activity Center features 3 pools, a waterslide, 6 lighted clay tennis courts, an adult fitness program and a Kids Club. The Activities Director will offer a variety of programs each month providing a place where kids of all ages can explore, create, and thrive in a stimulating and encouraging environment.

New Club Staff

The new General Manager for Hasentree is Jeff Peak and Golf Pro Patrick Seither. Jeff Peak came from the Ballantyne Club in Charlotte and Patrick Seither from Kinloch Club in Virginia.

Parade of Homes Update

Hasentree will have 12 homes ranging in price from $936,135 to $4,445,000 entered in the Parade.

The Parade of Homes dates and times are:

.

May. 9, 2007 - Raleigh NC Real Estate- Downtown Luxury Condos for Pre-Sale

Be the first to jump on board this John Crosland project in downtown Raleigh adjacent to St. Marys.  Location! Location! Location!  You'll be minutes from Downtown Raleigh, Cameron Village, and Glenwood South.  This location, 712 Tucker, will range between four and five stories high and will consist of 179 Luxury Condos. 

Floorplans will range from efficiency to three bedrooms w/2nd story lofts and will start at $155,000.  The amenities will be fantastic-Two story exercise facility, internal courtyards, swimming pool, and even a resident business center.  

Unit Amenities

• 9' - 11' ceilings
• 2 Story Loft Units
• Private Roof Terraces
• Island Kitchens
• Granite Kitchen Countertops
• Tiled Backsplashes
• Bamboo Flooring
• Tiled Bathrooms
• Upgraded Plumbing and Lighting Fixtures
• Designer Cabinets
• "Frieze" Carpeting
• Crown Molding
• Large Walk-In Closets
• Full Size Washer and Dryer Connections

Property Amenities

• Two street level guest lobbies- St Mary's Street and Boylan Street
• Resident business center and billiards room
• Two convenient resident Mail Rooms
• Elevator access to all floors
• Interior conditioned corridors
• Internal Courtyard Pool and Pool Deck
• Two resident Courtyards with heavy Landscaping, trellises, and fountains
• Private gated resident Parking deck with Bike Parking
• Additional on-site Storage Rooms
• Two Trash Compactor Rooms for Convenience
• Two Blocks from Glenwood South Restaurants and Clubs

• Resident club room w/kitchen

• Two-story street level exercise and workout room 

• UPDATE 8/07 This project has now shifted to an apartment project rather than a condo project.

Apr. 26, 2007 - Raleigh NC Real Estate >>Triangle Tops in Forbes Metro List

Apr. 7, 2007 - NC Museum of Art Starts Expansion

The giant gaping hole in front of the NC Museum of Art is not some new modern art exhibit.  The massive construction area is the location of a new 127,000 facility that will house permanent collections of art.

Crews with backhoes and other excavation equipment can be seen digging down into the ground about 20 feet to prepare for pouring foundations and underground utilities.

The new facility was originally planned to be located next to the wooded art park area of the 164 acre art museum complex but according to one worker at the museum, there were concerns about soil composition in that area. 

As such, the expansion was relocated to the front of themuseum near Blue Ridge Road. 

The new area will not be able to take advantage of the existing natural landscape, but trees and other landscaping will be added after construction is finished.

The circle drive in front of the Museum has been removed to make way for the new additions.

According to the NC Museum of Art, the new facilities will house some well known works of art that will be on display permanently including sculptures by Auguste Rodin.

When finished in late 2008, the facility will include 65,000 square feet of exhibit space, a central gallery of around 11,500 square feet, amenities such as a gallery shop and cafe with 9,242 square feet of space, and an entry courtyard with 5,650 square feet of space.

The building will be uniquely designed and will feature glass walls and stainless steel panels when finished, says the museum.  The new addition will be a flowing single story structure, but the building will be 26 feet high with interior ceilings at 16 feet.

The main architects for the project are Thomas Phifer and Partners of New York.

According to the museum, the entire project will cost around $138 million and will include a refurbishment of the original art galleries as well in the Stone building, the main building for the art museum.

The museum says it has raised $78 million to date toward this financial goal, including an appropriation of $52.2 million from the North Carolina State Legislature and $15 million in funding from the City of Raleigh and Wake County.

In December 2006 the museum officially broke ground for the project, and the new building is scheduled to open to the public in 2009. 

The NC Museum of Art was created by the State of North Carolina.

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/