It's that time of year again - the time when the market slows down a bit, the kids are back in school, and we get to take a look at where the market has been and where it's headed.

What is going on with the real estate market in general?

Gas prices are at an all time high, lending institutions are in total disarray (most recently we can point to the bankruptcy of Lehman Brothers, aquisition of Merrill Lynch), the US housing market is in serious trouble in a number of areas in the country, and the stock market itself was expected to recover with the housing market and that just hasn't happened. Our residential real estate market depends upon the free flow of buyers and sellers. Our market is currently stuck as many inbound transferees cannot sell their out of state residences, many of our outbound transferees cannot sell their local residences and there is a crisis of confidence among a large portion of potential buyers which is playing a role in the ability to sell. While we continue to be praised nationally for strong job growth and a healthy economy the most recent update is that our market, especially in the high price ranges, has taken a beating.

How do sales this year compare to the banner years?

2006 was a banner year in Wake County. Sales were at an all time high. I thought I'd include numbers from the MLS that indicate the change in the market year over year for your reference. Comparing August 2006 numbers with August of 2008 numbers the changes are quite dramatic:

• Supply of homes on the market is up 28%
• Number of homes under contract is down 41%
• Number of homes closed is down 44%
• Average Days on Market are up 27% (83 DOM vs 65 DOM in '06)

Time Period	For Sale	Under Contract	Sold
August 2008	11,899	1,084	1,151
August 2007	10,861	1,474	1,022
August 2006	9,328	1,851	2,073

What about the supply of inventory for Wake County in particular?

• The average supply in the Wake County area is running at 8.7 months supply. This is a significant change from the 3.7 months that we saw back in August 2006 - up 138% during this timeframe.

What about market appreciation?

Fortunately, in this area, we have not had the run up in prices experienced around the rest of the country which has helped maintain some stability in sales and pricing. And, appreciation rates have remained stable in Wake County at 4.5% vs. -4.8%% for the rest of the US in 2008.

Here are some additional market variables that a seller must consider before selling in the current market:

• Higher inventory and fewer closings have produced an oversupply of inventory in all price points above $450k
• Price reductions are up: There has been a 73% increase of sellers taking price reductions

Is there any good news in this segment?

As you can see from the change in price reducations recently it's clear that sellers are finally realizing that Wake County Real Estate is now a buyers market. Up until this fall I had a hard time convincing my sellers that the market had shifted and that, to be competitive in this market, you have to be priced in the Top 3 along with having all of the other wonderful attributes and updates needed to sell a home today. Hopefully the bailout of Freddie Mac and Fannie Mae and the competitive mortgage interest rates will help more Wake County home buyers step up and buy a few homes! Now is a great time to buy in Wake County.

Visit my website or Email me at Tracy@TracySantrock.com for more information on Cary NC Real Estate or the Triangle Market in general.

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.

 

Forbes Magazine just loves the Raleigh NC Real Estate market!!  They are endlessly ranking our community as the best to live, best for jobs, best for singles, etc.  However, this ranking is a new one!! I wasn't sure I read the text correctly. 

Best Place to Flip A Home ???? Your kidding me, right? Forbes ranked the Raleigh Market the #3 Market in the County To Flip Homes!! #2.  The irony of this story is that the Raleigh NC Real Estate Market has never been a flippers dream.  There have been so many markets in the country appreciating at a much faster pace than the Raleigh Market which made "Flipping" a non-starter in this area.

Ladies and gentleman- the tide has turned!! The slow down in the real estate market across the country has lead to FLIPPERS starved for new business opportunities.  Just last week I met with a team of 4 investors from the Bay area looking for a strong real estate market that is now experiencing appreciation rates almost double what they were in the past 5 years!!  Forbes calculated whether a market is ripe for flipping by using data from Moody's Economy.com to come up with the rankings using the following criteria as a benchmark:

• Market appreciation rate vs.  current inventory
• Supply & Demand in the market
• Current new-home construction numbers through the end of 2008

The Raleigh NC Market is now posed, in certain optimal price ranges(less than $250k) as indicated by Forbes, to be a profitable market for flip properties.  More information can be found at Realtor.com Magazine Online or you may visit me at my website at www.TriangleNCHomes4Sale.com.  

 

Hasentree is alive with activity as the vision of creating the finest private club in the Triangle is taking shape. The Golf Course is scheduled to open this fall, the Pro Shop Cottage is nearing completion, the Family Activity Center is well underway, and luxury homes are providing a glimpse of life at Hasentree.

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:

Saturday, Sunday	September 29 & 30	12:00 p.m.-5:00 p.m.
Friday, Saturday,Sunday	October 5, 6, & 7	12:00 p.m.-5:00 p.m.
Friday, Saturday,Sunday	October 12, 13 & 14	12:00 p.m.-5:00 p.m.

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There's no doubt about it.  In the competitive world of Real Estate in a hot market like the Triangle and Cary NC Real Estate Market I have a distinctive advantage!! My background in Business Development, working with customers, understanding consumers wants and needs, and how to "Get the Word out" have helped my business tremendously. 

I have the abiltiy to do things that agents that have been in the business 30+ years do not.  I'm tech savvy, internet conscious, and know how to find real time information on properties that make me a better agent.  I can write a contract in my car on my HP Tablet PC Laptop (see my previous blog on this tool), get signatures, and print or fax the contract to the LA/SA with my wireless printer ON THE SPOT!!! The Triangle Area has some of the most sophisticated and educated workers in the country.  Why not use the Tools of the Trade they use to provide them with a distinct advantage!   Attached is a link to HP's website educating Realtors about the benefits of going mobile which you can find here. 

Why would we ever go back to the old days when agents didn't have the tools we have today?  I know my clients do their homework.  They go to the web and see who has a presence. 

They ask questions like these?

Who does their homework? Who knows the neighborhoods? Who knows how to negotiate the best deal?  My clients know I've got what it takes and choose me time and time again because of my expertise and background.  They know that, in a competitive market like the Triangle's, I have real time information on properties to negotiate the best deal when there are multiple offers on the FIRST day!!

Thanks for visiting and hearing my voice.  Yes, that's my voice and my opinion.  I'd love to help you find the best home for you and your family in the Triangle.  Visit my website or Email me at Tracy@TracySantrock.com for more information.

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.

 

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.

 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.

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. 

Between 2000 and 2005 the Raleigh/Cary population increased by 19 percent which made it the 18th fastest growing region in the U.S.  So, where do all the people coming to the Triangle come from?  According to the IRS the five counties in the nation that provided us with the most people during that period were: Fairfax County, Va. (2,397), Los Angeles County (2,089), Cook County, Ill. (2,034) and Suffolk County, Long Island, N.Y. (1,875).  The leading reasons for coming here were the job market, affordable housing and less crime.

Hasentree, a new luxury home community in North Raleigh area has about 750 acres with 423 homesites, all built around a Tom Fazio design golf course. Nestled among 38,000 protected acres of the Falls Lake Nature Preserve, Hasentree will feature an abundance of open space. The community will have more than 600 homesites spread across 925 acres, with nearly half of the available land dedicated to open space.The fact that it is a Fazio course will make it a very desireable area. Fazio is the designer of courses such as Shadow Creek in Las Vegas, Pinehurst #8, and Wake Hampton also here in North Carolina. He is the designer of 14 of the courses listed in Golf Digest's 100 Greatest Courses. He has certain requirements of the housing developments around his courses to take full advantage of the setting and make it as pleasant of a golf experience as possible while satisfying the desires of the home owners.

All of the homes in Hasentree will be custom homes by 22 of Raleigh's most respected builders. The developer, Creedmoor Partners, has a history of designing beautiful neighborhoods including Linville, Devon, and Galloway here in the Triangle area.
The plan is to begin construction in April 2006 with prices ranging from $800,000 to over $3 million. In addition, a limited number of lots will be available for public sale, but you will have to make a reservation to reserve it.  In addition, there will be a large clubhouse, three swimming pools, massage treatment rooms, a fitness center, kid's club, and theatre all within walking distance of the entire neighborhood. The community is designed with families in mind.

Reservations are now being accepted (secured by a $5,000 refundable deposit) for the fall release of homesites. Buyers interested in homesites or homes currently under construction can send me an email at Tracy@TracySantrock.com or call me at (919)656-5310.