Property Preview: Founders Row, Palladium Plaza, & Oakwood

Background: As an agent, you're expected to be up to date on the inventory of homes. But I'm not sure that most consumers are aware of this practice. Commonly referred to as "tour," typically an office would dedicate a meeting time once a week to see all the new listings. But with the price of gas and the market downturn, many offices have cancelled this activity. Not here! Regardless of the office policy, my colleague Christine Lewis and I regularly get out there and preview property. Pictures just don't always convey the feel of a home.

Today we focused on homes around downtown. Here's a brief recap and our thoughts.

Palladium Plaza
1) Unit 121 - Christine and I know this building well as former listing agents, but hadn't see the 3 bedroom first floor unit that is now for sale. Used as an office space, this unit is spacious and has a floorplan that would accommodate several set ups. The $425k price seems right on the money since there aren't many three bedrooms out there. I've stayed at PP with a friend while my home was undergoing renovations and I can vouch that the place is a fortress. I took the dogs out after 11pm and never had any issues, and even bumped into friends coming out of the Lincoln Theater. I like how Palladium is tucked away but still only blocks to just about everything.

2) Unit 213 - This unit was on the Downtown Home Tour a few years ago, but it was worth seeing again now that it's for sale. The sellers have done an amazing job of customizing the condo. You'd think with the concrete countertops and concrete floors that the condo would feel cold, but the wood bar and other custom features and warm lighting help keep it cozy. Many condos look the same as other units, so kudos to the sellers for making their condo stand out.

Founders Row
With all the new construction lately, Founders Row may get lost in the shuffle a bit. It doesn't have the gloss and shine of a spiffy new condo, but at the same time the building has oodles of charm through its brick walkways and courtyards. If you desire the condo lifestyle but want to feel connected to nature, consider Founders Row.
Unit 284 - This unit is on the first floor and on the corner of Person/Davie. Some folks may have concerns about privacy, but the living area is most private. I don't know about you, but it seems that's where you'd be spending most of your time. The windows there are higher than the street. The bedrooms each have plenty of natural light. The condo seemed very bright -the kitchen had been painted a fresh white, but the cabinets were not new. The master bath had been updated and there seemed to be a decent amount of closet space. The only thing missing was a private patio.

Oakwood
707 N East St - Who doesn't love Oakwood? This house sits high off the street, giving you a nice, private front porch. The yard is small, but most folks looking to move into an urban area like Oakwood prefer smaller yards. Just enough to have a small garden, but not a burden to maintain. As with many older homes, this home had creaks and funny layout issues. But the kitchen was updated nicely. Biggest drawback, as with homes of this age, was the lack of closet space. But to get into Oakwood for under $300k with a home that has already been updated is not bad. Depending on the rest of the condition, of course.


Glenwood/Brooklyn
Took a look at 715 Devereux St and remembered that I had seen it before. Cute, cute bungalow with complete updates. The kitchen/dining/sunroom is one big, open room. Great for entertaining. Totally updated with master suite, new kitchen, and the old fireplaces are still there to keep the charm. Not much yard, but again, most folks looking to live in an urban area don't mind that. Driveway, which is key this close to Glenwood South. Current homeowners don't have much furniture, so it shows really well since it is not cluttered with too much. You can easily see how your furniture could fit. The neighbors on the corner are architects - I toured that house last year. It used to be a grocery store! Neighborhoods like this have tons of stories.

So.. there you have it. Our take on a handful of listings in the downtown area. There's a lot of good stuff out there! If you're interested in taking a look, give us a shout.

Raleigh's Creative Class at Risk

The theme for the Downtown Raleigh Alliance 2011 annual meeting was Breaking Ground with the Creative Class. Since then, a few events have also supported the theme, including the recent "Creating a Culture to Attract the Creative Class" event.

The good news? A Creative Class exists in Raleigh, particularly downtown. A few examples:
- Hopscotch Music Festival - this event brings thousands downtown for a weekend of music
- SparkCon - an event celebrating everything from art to music to design, fashion, and more.
- Co-Working businesses - These shared office environments give entrepreneurs a space to work with other creative minds without the overhead of a large office.
- Study to define Raleigh's Creative District
- Red Hat to move HQ to Downtown Raleigh

So we seem to be on the right track. But wait... this whole food truck thing has gotten a little out of control. Food trucks are very popular with young professionals and any foodie because of their quirky take on everyday food. For others it's simply quality food at a lower price. Food trucks are businesses owned by the Creative Class and they are patronized by the Creative Class. So it makes perfect sense that Raleigh, who wants to attract this audience, would support these efforts.

The debate on food trucks, unfortunately, continues. The City Council cannot seem to come to any kind of agreement. Is Raleigh serious about this campaign? The Creative Class is already coming to Raleigh. It's working! If the City cannot find a way to support food trucks, it will be a big kick in the teeth to the Creative Class. Please write to your councilor and ask them to support food trucks so we don't lose this momentum.

Photo grabbed from City-Data discussion.

Hurricane Irene Debris Disposal

Condo lovers enjoy this time of year because they are completely validated in their lifestyle choice to leave the yard behind. Events like Hurricane Irene make anyone living within a few feet of a tree very nervous. Single family homeowners likely spent this past Sunday picking up the debris that was strewn through the yard by Irene's gusts of wind. Homes with mature trees and tons of limbs may not have enough trash cans to fit everything. So, what to do? Well, fear not, for the City of Raleigh Solid Waste Services just sent out instructions:
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The City of Raleigh Solid Waste Services Department requests that residents prepare their vegetative storm debris per normal yard waste collection guidelines (limbs no longer than 5' long, 18" diameter, weighing no more than 75 lbs.) and place it out on their regular collection day. The materials can be prepared and put at the curbside (not in the street) as the residents clean up their property and they will not receive a code violation between now and September 6, 2011. For large amounts of vegetative debris that cannot be prepared according to the guidelines residents may put the materials at the curbside and call for a one time free Special Load collection. The normal $50 fee for this service will be waived through Tuesday, September 6, 2011. Beginning Wednesday, September 7, 2011 fees will resume. Residents must schedule this pick up by calling 996-6890.

Area residents and businesses also may carry their debris to the City of Raleigh Yard Waste Center, 900 North New Hope Road. The normal fees will be charged.

Downtown Raleigh Market Report - Q2 2011

We're halfway through the year, and so far the numbers are looking good. Have we hit bottom? Possibly for volume, but It may be too early to tell for pricing. After recently attending the TBJ State of Real Estate event, it seems that a slow and steady recovery is what to expect. And that's what Q2 shows us for the sub-market of Downtown Raleigh residential real estate - stable and steady sales.

Are we done with auctions?

While the Quorum auction contributed to the sales volume in Q2, it was only 20% of sales, proving that demand still exists for condos outside of special promotions. Overall, a total 45 units sold in Q2, more than second quarter last year. While sales seem to be picking up, there is still a bit of inventory.

How does Downtown Compare?

The TARR Report shows that condo sales are down from 2010 both in Wake county and ITB, but Downtown Raleigh condos have fared much better. See the full report for details.

What if the City of Raleigh had “an app for that?”

It’s no secret that the web and mobile apps have made our lives more convenient. From banking to maps to the totally unnecessary but fun apps like Ocarina – many people can’t imagine their life without internet access or apps. So what’s missing? Why doesn’t Raleigh have more apps?

Think about what bothers you most about your neighborhood. Have you done anything about it? Why not?

Stick with me here.

When most people think of government, they think bureaucracy and politics. At the city level, they pick up your trash, clean up your parks, maintain the sidewalks, and all the things that you encounter on a weekly, if not, daily basis.

So what if those little things could be made easier? When things DO go wrong, wouldn’t it be so much easier to “have an app for that?” Going back to why you probably haven’t attempted to solve what bothers you – we’re hoping to find ways to make solving those problems easier through more open government.

Let’s walk through a typical day and you’ll see what I’m talking about.

WAKE UP

After you’re dressed and ready to walk the dog or go for a run, you head out the door. Down the street you notice that the abandoned property near your house has grass 3 feet tall. You’ve had it. You take out your phone and fire up SeeClickFix and report it to the City. Takes 30 seconds.

WORK

Over lunch you check your personal email and notice that both of your SeeClickFix issues from this morning have been acknowledged and one has already been assigned. Sweet!

Meanwhile, your co-worker, who lives in the neighborhood next to yours, asks if you’ve heard about the proposed development around the corner from your houses. You haven’t, so you pull up the city’s website neighborhood map feature, insert your address, select to see all activity from all city departments within a 2 mile radius of your house, and the map appears. You see that a parcel of land on the corner of your neighborhood entrance has a zoning case assigned, and someone is applying to have it changed to business. You pull up the application and see that they want to add an ice cream shop. Fun!

EVENING

On your evening walk you notice that there are police at a house and ask the officer what’s going on. There was a break-in and thankfully no one was home. Everyone is ok, and the thief took mostly electronics. You mention to the officer that you’ll share the news with your neighbors, and he tells you that it has already been reported to the Neighborhood Watch app. Anyone within 1 mile from the property has been notified if they have the app. This is all news to you, so you download the app right away. Sure enough, there is the report. You walk down to the elderly woman’s house a few doors down and make sure she knows about the incident. Two pieces of cake and 1 hour later, you arrive safely back home.

You probably get the gist of where we’re going with all this. The point is – government CAN be so much more accessible and your life can be improved because of it. SeeClickFix already exists and has helped fix hundreds of issues already. It has brought accountability to the city. Think of how else we can leverage technology to interact better with our local government. The other examples are just hypothetical, but the links are to existing data that is already available.

So, what do you wish there was an app for? Send us your ideas or tell us what issues you want solutions for. Or just vote on the ones we've already thought of!

We are planning an event called CityCamp that has nothing to do with camping and everything to do with solving problems with technology and making government more accessible. You don’t have to be a techie to participate, but techies will be attending the event to help bring the ideas to life. Join us June 3-5.

From the City: Repair Damage before Progress Energy can Restore Power

Residents Must Repair Damage And Obtain Electrical Inspection Before Progress Energy Can Restore Power

If the City of Raleigh electrical inspector discovers structural damage to the dwelling that could negatively impact the safety of the occupants then the Housing and Environmental Inspections Division will be called to assess damage before power will be restored. The Housing and Environmental Inspections Division will determine what additional permits are required and what work will need to be performed before electrical service can be restored. Please call 919-516-2500 to schedule the inspection. The Inspections Department will be expediting these inspections and it is anticipated that electrical inspectors will work Friday due to anticipated high volume of meter replacements.

The City’s online development center can be used to obtain e-permits such as electrical, mechanical and plumbing. If a resident’s project requires a building permit then you can not obtain any permits through the online development center. All permits must be issued together from the Development Services Customer Service Center at One Exchange Plaza or from 8320-130 Litchford Road office.

For additional information about electrical permits, please contact Jay Daunoy, Electrical Inspector Supervisor, 919-807-5131.

For additional information about the structural integrity of a residential dwelling, please contact the Housing and Environmental Division at 807-5110

Does property tax value mean anything?

The timing couldn't have been worse for Raleigh's most recent tax assessment. From a home owner perspective, anyway. At a time when the economy was just starting to hit Raleigh in 2008, the assessment began. Wake county assesses real estate values every 8 years, and the values from 2000 were incredibly low compared to market values. However, this also meant that someone could buy a $320k house in 2006 and pay taxes on a home worth $165k. The good news was that taxes were pretty low. If you owned the same property from 2000-2008, you likely benefited from low property values, and thus low taxes, during the boom times of the housing market.

Fast forward to today where tax values seem unrealistically high when compared to market values. Homeowners are now paying taxes based on what their homes are theoretically worth. While some would argue their assessed value since the market value is lower, remember that the tax value has to last 8 years. So things should balance out, especially for those that benefited from such low taxes prior to 2008.

The challenge arises when it's time to sell. Agents working with sellers have to explain why they can't get tax value for their home. My experienced colleagues here at PruYSU, Jewel Parker and Betsy Brewer, recently conducted an analysis of an area inside the beltline and discovered that the average sales price was 85% of tax value. This validated what many agents believed to be true - that sellers can't expect market value to equal tax value.

So imagine my surprise when I checked the tax value of an upcoming listing that I knew would have a market value in the low $200's. Tax value? $165,000. Eeek! What in the world? This didn't seem to be following the convention of market value being less than tax value. So, I did some research. Low and behold, Woodcrest, a neighborhood inside the beltline, is bucking the trend. Homes in the last 12 months have sold for an average of 25% ABOVE the tax value.

So, I repeat the question: Does tax value mean anything? Not really. It can be a decent starting point, but should be taken with a grain of salt. More perspective and information is necessary to determine market value.

Look up your tax value here.