Downtown Raleigh's North End is Booming

A Summary of Recent Activity

The north end of downtown is primed for growth, with land previously used as parking lots for the State and a few large empty buildings just waiting for something to happen. The first half of 2012 produced an abundance of progress, most notably in the Blount Street Commons neighborhood.  The vision of Blount Street Commons has always been to bring people back to the historic neighborhood, and the area surrounding it is expanding as well. 

Lewis Smith House SOLD

Hobby Properties has purchased the historic landmark and will begin renovations prior to taking occupancy as their headquarters. As you may know, Hobby owns the retail parcel along Franklin Street, only blocks away, which is slated for the Person St Plaza project featuring Market Restaurant, Escazu Chocolates and Yellow Dog Bakery.  Raleigh City Farm, on the same land, has already had their first harvest.

Peace Street Townhomes

Looking for a home with a view? These rooftop patio townhomes are proposed for the corner of Person and Peace Streets. Eighteen total units are available for reservation. Contact me for information and buyer representation (this is not my listing).

 

Holy Trinity Moves In

The renovations on the Jordan House are complete and Holy Trinity church received their Certificate of Occupany this month. Congratulations on a beautiful restoration! The Jordan house is located on the corner of Peace and Blount streets, and the home will be used as administrative offices.

 

Only ONE House Left!

The Merrimon-Wynne. This home has such a rich history, tied to Peace College as a dormitory in the 1920's, then home to the College President and then Chaplain. Moved in 2008, this home sits on one of the larger lots on the street. 

New price: $650k.  

 

Row Homes

Live Oak homes is taking reservations for the remaining 8 row homes (2 under contract already!).  These townhome-like floorplans feature private garages, something hard to find in Downtown Raleigh.

 
Contact me for information and buyer representation (this is not my listing).

 Seaboard Retail Shops

The single story building at 111 Seaboard Ave is getting a new look and will be home to new retail tenants, including a burger bar and a coffee shop.  The new Tylers Tap Room has really brought more activity to this area, and these new shops will add even more value to this shopping center.



Rapid Fitness
A hop, skip, and a jump from the Commons is a new fitness center at the corner of Franklin and Person Streets. Residents can get in a morning work out and (once open) grab something from the market or bakery on their way home.

Online Resources for Raleigh Residents

Raleigh continues to win awards for the quality of life and the best place to do just about anything, but one thing that gets overlooked is how savvy the City of Raleigh and Wake County are with online resources. As a Realtor, I'm constantly online looking for property information, and when I go to other counties I am always disappointed at how little they offer online. So I thought it was necessary to point out all the fabulous resources available to you, the Raleigh resident.  I already wrote about the Top 5 Apps for Raleigh, but many of these services are web-based and are just as helpful.

Citizen Advisory Council - Everyone in the City is assigned to a CAC. This group is your link to the city.  Do you know how often yours meets? Who your CAC leader is?  Look it up.

My Raleigh Subscriptions - Be notified when your CAC newsletter is available, when news alerts are sent, when roads will be closed, or select to be notified of multiple activities using MyRaleigh subscriptions.

TriangleWiki - Launched in March 2012, the TriangleWiki gives residents the real flavor of Raleigh's subculture, neighborhoods, restaurants, and more.

TransLoc - This app lets you see the CAT buses, Wolfline, and Triangle buses, in addition to Chapel Hill and Durham bus routes. Know when the bus is coming! Download here.

Crime Stats - Look up an area where you live now or where you're thinking of living to see the various reports. The legend on the right side of the page lets you filter the types of crime to view.

RTN - Maybe this is for the more serious municipal geeks in us, but if you can't make it to a City Council or Planning Commission meeting in person, you can watch it online! Also Channel 11 on your TV, but online you can watch a replay anytime and skip to the agenda item you are interested in hearing.

Real Estate Records - Wake county provides a lot of information on property.  Photos, sales, tax bill, deed history, and more. Look yourself up!

What did I miss? I'm sure there's even more out there. Share your favorite resources in the comment section.

Related to apps and online resources, if you think there are more ways that the City and County should be using technology to help citizens, attend CityCamp Raleigh 2012.

Infill Compatibility Standards

One of the great benefits of the DLA is being kept up to date on all the development activity. With so much going on all the time, and each project requiring so much reading and and in-depth review, one person simply can't do it all.  

Big thanks to Phil Poe who has spearheaded the UDO project. Specifically related to downtown and the immediate surrounding downtown neighborhoods, there is a section of the UDO that talks about infill and how it should be handled.  I recently received this email from Phil with a link to a petition. Take some time to read through this, as it will impact how our neighborhoods will look in the future. 
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Before the economic downturn in 2008, many neighborhoods saw an extraordinary number of teardowns replaced with homes that were out of character with the rest of the neighborhood. Some additions to existing homes produced similar results.

The intent of the proposed UDO residential infill compatibility standards is to put rules in place that “accommodate and encourage compatible development in existing residential neighborhoods, while reinforcing the established character of the neighborhood and mitigating adverse impacts on adjacent homes.” The UDO draft document includes specific rules for street setbacks and the height and length of the sides of buildings. The details are available in Chapter 2: Residential Districts, pages 10 – 11.

To receive comparable protection today, neighborhoods are required to go through the laborious process of creating a Neighborhood Conservation Overlay District (NCOD) or, if the neighborhood qualifies, a Historic Overlay District (HOD).

If you are concerned about preserving the character of your neighborhood and support more predictability in the City’s development regulations, it’s important that you engage yourself in this conversation. You can do this by attending Tuesday’s Planning Commission meeting May 15 or by sending an e-mail to the Planning Commission. If it’s easier for you, you can send your comments to Christine Darges, Christine.Darges@raleighnc.gov. She will ensure your comments get delivered to the Planning Commission.
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There is also an online petition that you can sign.

New Digs - My Move to Allen Tate

I am thrilled to announce that I have joined Allen Tate along with co-workers Peter Rumsey and Debra Smith. Working together, we see continued opportunities for focusing on downtown neighborhoods, where we live, and unique historic, modernist and sustainable housing and communities throughout the Triangle.

A veteran in the real estate arena, Peter is well known for his experience with historic homes, selling many of the Historic Oakwood homes over the years. Debra Smith established the Modern Home Network and Raleigh Condo and Loft in addition to selling her fair share of homes in the Oakwood area and other areas of Downtown.  Together, I think we each bring a unique perspective to real estate but also have a shared vision of urban living in Raleigh.

You'll see more from us over the next several months, but like the cobbler who has no shoes, we've been too busy working with clients to prepare a bunch of marketing materials on ourselves.  The market is picking up! And it's nice to see the demand for walkable communities continue to rise.

You snooze, you lose. Homes selling in days.

The start of the new year brought an increase in real estate activity, at least anecdotally.  Open houses were busy, and many Realtors that I talk to and work with felt things picking up, but there wasn't really tangible evidence in January to prove anything.  Now that we've hit the selling season, things are looking promising!

A quick look at the homes listed since February in the MLS for Area 1, otherwise known as "inside the beltline" and downtown and you get the following:

Condos

• RBC #2707 - 1 day on market before contract - Listed @ 469k 
• RBC #2301 - 2 days on market before contract - Listed @ $439k
• 1031 Wirewood - Reserve at Bishops Park #101 - 8 days on market - Listed @ 152k
• Paramount #704 - 11 days on market before contract - Listed @ $449k
• Glenwood Gardens #203 - 14 days on market before contract - Listed @ $850k
• Governor's Square #108 - 18 days on market before contract - Listed @ 152k

Single Family Homes

• 3028 Rothgeb Dr - White Oak - 0 days on market before contract - Listed @ $479k
• 1517 Cherokee Drive - Roanoke Park - 1 day on the market before contract - Listed @ $235k
• 213 Duncan St - Five Points - 1 day on market before contract - Listed @ $379k
• 3306 Coleridge - Drewry Hills - 2 days on the market before contract - Listed @ $325k
• 618 Mills St - High Mount - 4 days on the market before contract - Listed @ $136k (bank owned)
• 518 Elm St - Oakwood - 5 days on the market before contract - Listed @ $344k 
• 620 N East St - Oakwood - 6 days on the market before contract - Listed @ 369k
• 519 W Aycock St - Five Points - 6 days on the market before contract - Listed @ $589k
• 1824 Wilshire Ave - Hayes Barton - 7 days on market before contract - Listed @ $549k
• 513 Florence St - Boylan Heights - 7 days on market before contract - Listed @ $245k
• 2853 Rue Sans Famille - Glen Eden /Ridge Rd area - 8 days on market before contract - Listed $260k
• 114 Byron Place - Drewry Hills - 10 days on market before contract - Listed @ 424k
• 2031 Reaves Dr - Five Points - 11 days on market before contract - Listed @ $359k
• 503 Harding St - Mordecai - 12 days on market before contract - Listed @ 214k
• 2405 Tyson St - Glen Eden - 21 days on market before contract - Listed @ $309k
• 1610 Sunrise - Five Points - 22 days on market before contract - Listed @ 715k

This doesn't mean that sellers have it easy.  Buyers still expect a lot and homes still need to be in tip top shape at time of listing to attract the best price. The first few days/weeks of being listed are critical. This is the time when you get the most showings and have the most interest.  Time is on your side as a seller in the beginning. If you are priced right, staged well, then you can leverage the interest in your home in negotiations. 

Having said that, the market does appear to be coming back.   Buyers, you may have some competition.

This is also a good time to introduce you to the term "contingent."  The homes above have a status of either Contingent or Pending.  Many people hear "contingent" and think that the buyer must have to sell their existing home before they can buy the new home, thus the contract is contingent on the sale of their existing home.  That can still be the case, but there is a new definition of contingent in the NC Offer to Purchase when referring to status. The new Contingent status means that a contract has been accepted, but the buyer is in their Due Diligence phase (inspections, loan approval, etc).  The contract does not become Pending until the Due Diligence date passes.  That's just a quick intro to the new terminology. Talk to your Realtor or contact me to discuss further.

Happy House Hunting!

Are we there yet? Is real estate going to improve?

Each year the Raleigh Regional Association of Realtors provides a seminar on real estate trends. Last year Dr. Michael Walden, economist from NCSU, was part of a panel and he talked about everything from household savings trends to GDP. Last year the takeaway was that until most people can save money for a down payment, or at least get out of debt, we wouldn't see a huge increase in real estate home sales.

That sentiment was echoed in a panel of commercial brokers earlier this year. The consensus was that, over time, there will be a slight improvement, but we shouldn't plan to see a huge improvement in the real estate world any time soon. Hits, not homeruns.

So today I expected to hear a lot of the same, with hopefully data showing that things are headed in a positive direction. Dr. Walden's presentation was very similar to last year with the exception that household wealth seems to be higher than liabilities, which was not the case last year. So that's good. But economic growth is still painfully slow. It's in a positive direction, but not moving up very quickly.

What was most interesting about today's seminar was Mitchell Silver's presentation titled "Emerging Issues in the 21st Century." As Raleigh's Planning Director, he has a different perspective than Realtors. He's looking far into the future while most Realtors are looking at the present, and maybe a year or so ahead. But certainly not out into 2030 and 2050.

Director Silver reviewed a lot of information very quickly, so it was hard to document exactly what he was saying and still pay attention and absorb it all. What I loved about his presentation is that, while focused mostly on demographics, it answered the WHY question for so many issues. Why is transit so important? Why are cities so focused on downtown cores? Why should we care about the development code?

The facts that I found most interesting were (most of these were national numbers):

• By 2030 North Carolina will be the 7th largest state
• Aging - There will be a 124% Increase in the population age 65+ (didn't catch the time frame on this one)
• By 2030 1 in 5 will be over age 65
• Counties are dying, shrinking because of natural decrease. Young people leaving and going toward more urban areas.
• 41% of kids are born to unwed mothers
• People aren't getting married the way they used to
• By 2015 15.5% Americans over 65 will live in poor transit areas
• Experts estimate that by 2025 there will be an excess of 20 million homes on the market that people won't want to buy
• By 2050 the white population will drop under 50% to 46%
• Hispanic population is going to triple by 2050 (has nothing to do with immigration. Based on birth rate.)
• 3 takeaways:
• Overall he is optimistic about this market. 
• Product types are changing. Homes will be smaller units. In Raleigh we have a plan. Other markets playing catch up (Atlanta). We have a growth framework connected to transit. 
• New code will allow these new products to be built (illegal today).

Like I said, he covered a lot of territory, so take these bullets with a grain of salt.  He is the expert in this area and he covered a LOT more than those bullets above. He said he would publish his slides once he was finished with the speaking circuit, so stay tuned.  Overall, I think I was most pleased with his talk because I think it is what the audience needed to hear. As real estate agents, we are essentially ambassadors for the city and we now have the data to inform our clients when or if they start to express concern about transit or all the attention being spent on downtown. Downtown cores are critical to the tax base and can generate more revenue per acre than the suburbs. Transit is a necessity, not a luxury, for the aging population. His data put everything into perspective and was very practical.  In this day and age of the 30 second sound byte and divisive politics, it was very refreshing. I'm glad he's on our team.

AIA Residential Architecture Tour

On October 2^nd the Triangle chapter of the American Institute of Architecture hosted its 2^nd annual tour, which was fabulous! I thought I would share a short synopsis of what I saw.

Stevenson-Thrower House 210 E Forest Rd, Raleigh

My kids and I walk by this house almost every day on our way to school. I watched the construction from foundation to landscaping so I was super excited to get a chance to see the inside of the house. I was blown away! I loved the blend of colors and materials in the kitchen/dining room. As with most contemporary homes, tons of windows let in natural light, but this house takes it a step further by varying window shapes and styles, drawing the eye to different levels of the home. The master bedroom is oriented to give the feeling of a tree house with views of the wooded park across the street. The home blends well into the urban neighborhood feel of Cameron Park. Although most homes in Cameron Park are traditional, E. Forest Rd is creating its own contemporary enclave expanding the theme of urban living within an historic framework. 
 

Taylor House 816 Graham Street, Raleigh

Graham Street in Cameron Village, like E. Forest in Cameron Park, personifies the modernist trend in these historically traditional neighborhoods. There are several contemporary homes in the neighborhood as well as a number of renovated mid-century homes. The theme of this home is Green Building and Sustainable Design. The roof collects rainwater, the solar thermal panels collect sun to heat the home and the home’s water supply. The orientation of the home provides shade from the trees in summer and sun in the winter to provide natural heating and cooling elements. I loved how the matching ‘butterfly wing’ patios on the second story of the home overlook the neighborhood.

Davis Residence 3105 Janice Road, Raleigh

This home has a simple open floor plan encased in two story windows that span the entire south and east facing walls, giving the home owner a feeling of living among the trees. The home owner wanted to evoke the memory of summer camp cabins, the essence of which is evident in the exterior design of the home’s overhanging roof line and the quiet way the home sits on small stilts. Besides the obvious ‘wow’ factor of the home, I liked the smart use of a small space: lots hidden storage, the loft area for an office (keeping the clutter out of the main living area), ample guest room with bath tucked above the master, and small kitchen that doesn’t seem cramped due to the openness of the living/dining area beyond. The house feels like the perfect country retreat.