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.

Downtown Raleigh Condo Report - 2010 Summary

Goodbye 2010!
With another year in the books, you can't help but feel optimistic about the future. Before we move forward, it's important to a look back at 2010. The good news is that the Downtown Raleigh condo sales volume was on par with 2009. The disappointing news is that the average sales price dropped. This can be good news for buyers who may be looking to purchase property at the bottom of the market.

What will 2011 bring?

While you can't predict the future, you can recognize trends. Rates are still very attractive, but many young professionals may not want to drop their entire savings on a down payment. With the Hue and Tucker apartment buildings, there is more of a "try before you buy" mentality. Some residents may fall in love with downtown and buy. Others may simply be waiting to sell their existing home. Sales in 2010 were bolstered by incentives and 2011 will remain just as competitive. With the news of the Quorum auction, it looks like 2011 may continue with incentives to unload some of the remaining inventory. This is a good thing! More people downtown means more services, which means more things to do.

Raleigh continues to receive great press as a place to live and work. While these few years may be tough, the long term still looks good for Downtown Raleigh.

Download the full 2010 Downtown Raleigh Condo Report

In Real Estate, the Devil is in the Details

Tuesday I attended the City of Raleigh Public Works committee meeting because there was an item on the agenda that impacted some of my listings. Parking. Go figure. Being last on the agenda meant sitting through a few other topics. Normally people dread this activity, but I think it is fascinating to hear the debates and comments. I always learn something.

Tonight's topic was assessments. Being a public works committee, it was about sewer becoming available to neighborhoods outside the city. The agenda item was specific to a few lots, but several people from the neighborhood were present to dispute the assessment.

The link to real estate is that there were several homeowners present at the meeting who claim that they never knew about the assessment. One in particular had recently purchased the property. The date of the assessment notification was 2004, according to comments made. That's six years ago. An assessment is a material fact. Right there in the Residential Property Disclosure statement (required by property owners selling their homes) it asks, #18, "Lawsuits, foreclosures, bankruptcy, tenancies, judgements, tax liens, PROPOSED ASSESSMENTS, (all caps for emphasis on my part), mechanics liens, materialmen's liens, or notice from any government agency that could affect title to the property?" If yes, you check the box.

This form exists to disclose all necessary items to the next owner. If an owner lies, the agent may have no way of knowing. But what I think is necessary, in some cases, is for the agent to cite examples of the types of things that the homeowner may have forgotten about. An agent asking "have you gotten any letters from the City, even going back several years?" might prompt an owner to remember something. A helpful agent can educate the homeowner on why these answers are important. Not to say that didn't happen here, but things like this make me want to polish my own procedures to help homeowners do the right thing.

After sitting through this meeting tonight, you better believe that if I am ever involved in a listing or purchase on the outskirts of the city, I am checking that assessment website! Or even calling the city. And making double sure that the owner has not received notice from anyone. I didn't realize the time lag between notification and actual billing. It can be years. But HOA's can have assessments, too, so condos aren't off the hook.

This woman in particular would never have bought that property if she knew a $4000 assessment was coming. Who is to blame? The previous homeowner. Should the real estate agent have known? Was there a real estate agent? Normally the attorney would catch it if no one else did. Somehow, it was missed. And now this woman is on the hook.

I feel for her. I really do. She had done everything she thought necessary. She has all her paperwork. She is organized. You can tell she's on top of things. These meetings really let you see how one small misstep in a real estate transaction can impact a person. Was there evidence of something new? Was there still fresh construction from the installation? If so, that should have been a clue to someone to ask questions.

Buying a house is more than finding the right layout and view from the backyard. There is a whole team of people that work for you. Your agent, your lender, your attorney, and anyone else that comes into the picture - inspectors, contractors, etc. If they do a good job they should help prevent things like this from happening, which is what they are being paid to do - look out for your best interests. (Disclaimer - I'm sure there are things that people can't possibly know about. Unfortunately there's a first time for everything).

I came away from this meeting with the idea that all agents should go to at least 3 meetings with their county or city related to property before getting their license so that they can be aware of how things work. It's one thing to read it in a book. It's quite another to see things in reality, with real people and real money.

What happened here? Did the homeowner simply forget? Maybe that's the case. But as an agent, I think we need to remind sellers and buyers about these things and walk them through the paperwork so that they understand why the questions are being asked. I know I'm adding a few more items to my usual checklist.