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.
Monday, March 19, 2012
Wednesday, March 14, 2012
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
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!
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
- 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
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!
Tuesday, October 25, 2011
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):
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.
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).
Friday, October 7, 2011
AIA Residential Architecture Tour
On October 2nd the Triangle chapter of the American Institute of Architecture hosted its 2nd annual tour, which was fabulous! I thought I would share a short synopsis of what I saw.
Stevenson-Thrower House 210 E Forest
Rd, RaleighMy 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.
Thursday, September 29, 2011
Welcome New Author
You have probably noticed a few new posts on the blog by a guest author, Christine Lewis. Christine and I have been working together since York Simpson Underwood had a downtown presence in 2007. She has tons of energy, knows a lot about Downtown Raleigh, lives in Cameron Park, walks her kids to school, and makes you laugh quite often. She is now an official author of Downtown Raleigh Digs, helping me spread the word on how awesome it is to live in and around Downtown Raleigh. Welcome, Christine!
2 Great Deals in SE Raleigh
I recently saw two properties in SE Raleigh that I think are worth checking out:
211 Camden Street
Th
is house has a nice two-story facade with matching front porches -one off the master suite upstairs, one at the entrance. The floor-plan is open and flexible. I loved rustic 
texture of the hardwood floors. The kitchen had granite, new cabinets, and stainless appliances. There is a true master suite with its own full bath and a small walk-in closet. The other two bedrooms were pretty small, but not awkwardly so. The only draw-back to the home, from my perspective, was that there is no yard to speak of. There is a thin strip of fenced in yard that circles the house, which may be enough for a small 
dog to run around. You could fit in a grill but seating would be tight. Of course, for those of you who hate lawn maintenance, this may be a bonus!
is house has a nice two-story facade with matching front porches -one off the master suite upstairs, one at the entrance. The floor-plan is open and flexible. I loved rustic 
texture of the hardwood floors. The kitchen had granite, new cabinets, and stainless appliances. There is a true master suite with its own full bath and a small walk-in closet. The other two bedrooms were pretty small, but not awkwardly so. The only draw-back to the home, from my perspective, was that there is no yard to speak of. There is a thin strip of fenced in yard that circles the house, which may be enough for a small 
dog to run around. You could fit in a grill but seating would be tight. Of course, for those of you who hate lawn maintenance, this may be a bonus!829 E Hargett Street
This 2 bedroom/1 bath has been completely renovated. The sellers moved some walls around so the house lives bigger than its 952 sqft. They also replaced the roof, insulated the walls and floors, and updated the systems of the home . . . all the ‘hidden’ luxuries. The house also sits on a large, flat lot so an addition is certainly possible. Considering the comparable sales the list price may seem a bit high, but since it's in pristine condition and everything’s new, at least you know you’re getting a quality, maintenance-free house. Plus it’s a great piece of property close to downtown, certainly a good investment.
Monday, September 19, 2011
Looking at Downtown Raleigh Living from a Different Perspective
This Week’s Tour of Homes
When I speak to most people about living downtown, they think of high-rise condo buildings or high density townhomes. My vision of downtown living includes those options, but I also think of all the wonderful historic neighborhoods that surround downtown: Historic Oakwood, Boylan Heights, Cameron Park, 5 Points, Hayes Barton. There are many neighborhoods within walking/biking distance of downtown, each with their own unique urban feel. I wanted to stress my vision of downtown living because most of our tours will highlight homes in these neighborhoods.
As a resident of one of these downtown neighborhoods, I cannot express how wonderful it is to walk to restaurants and shopping. I walk my kids to school, we take the RLine to the museums, shop at the Farmer’s Market, do skits at the Rose Garden, and more. The diversity of activities available are as wide as the scope of your (my) imagination. And, as Raleigh grows, downtown Raleigh real estate will continue to demand premium pricing due to its proximity to all the amenities downtown Raleigh has to offer.
If you’d like more information about downtown Raleigh neighborhoods, feel free to give us a call. For now, let’s talk about the houses we saw on tour this week.
612 Smedes Pl – Cameron Village
This house is in a
GREAT location, just a few steps from Cameron Village. The neighborhood of Cameron Village consists mainly of Mid-Century Ranch style homes, but due to its excellent location, many of the homes have been completely renovated, added onto, or rebuilt. The neighborhood is definitely worth investing in, as I see no reason why people would not continue to want to live so close to Cameron Village, NCSU, Broughton HS, Glenwood South, etc. This particular home was your traditional 3 bedroom/2bath ranch with no updates other than granite counter tops in the kitchen. Although it was neat and clean, quite a bit of modernization would be necessary to justify the list price of $450,000. If it were priced in the $300s I might suggest it as an investment well worth the renovation costs. At this point, I might wait for a price reduction.
1215 Pierce Street – Glenwood
This house h
ad a ton of cool features. I really liked the open floor plan of the formal living room/kitchen and there was a tiny nook completely dedicated to wine, which appealed to me! There was a cute, private exterior courtyard off the kitchen, huge den, and a cool loft office that looked down over the den. They even had their basement hidden behind some bookshelves like in a mystery novel. Of course, Hilary wanted to figure out how to open the doors, yet I found myself creeping down the steep stairs to investigate (just a storage basement). The main drawback to the home was that there were only 2 bedrooms upstairs (3 total). I thought that might limit the buyer pool. As far as the exterior of the home, great porch, courtyard, decent backyard and 2 car garage, but the proximity to Capital Blvd may turn off some buyers.
1206 Dogwood Lane – Ridgewood
I loved the
floor to ceiling windows in the living room! The front rooms had a nice open floor plan. But, as I moved back into the bedroom area, everything got kinda tight. I felt like the rooms were a bit small and close together. Then, I went down to the basement. It was HUGE. Great living area/play area for kids or could be its own in-law suite because there’s a full bath and exterior doors.
124 Hudson – 5 Points
What can I say? It’s a fixer-upper. Great price for a renovation project in a fantastic location.
2007 Varnell – Beckanna
I thought this house had a lot of space and a good floor plan for the price. 1662 Sqft with a big yard inside the beltline for $289,900 is pretty good. I like the well-established neighborhood with big trees and a diversity of home styles.
When I speak to most people about living downtown, they think of high-rise condo buildings or high density townhomes. My vision of downtown living includes those options, but I also think of all the wonderful historic neighborhoods that surround downtown: Historic Oakwood, Boylan Heights, Cameron Park, 5 Points, Hayes Barton. There are many neighborhoods within walking/biking distance of downtown, each with their own unique urban feel. I wanted to stress my vision of downtown living because most of our tours will highlight homes in these neighborhoods.
As a resident of one of these downtown neighborhoods, I cannot express how wonderful it is to walk to restaurants and shopping. I walk my kids to school, we take the RLine to the museums, shop at the Farmer’s Market, do skits at the Rose Garden, and more. The diversity of activities available are as wide as the scope of your (my) imagination. And, as Raleigh grows, downtown Raleigh real estate will continue to demand premium pricing due to its proximity to all the amenities downtown Raleigh has to offer.
If you’d like more information about downtown Raleigh neighborhoods, feel free to give us a call. For now, let’s talk about the houses we saw on tour this week.
612 Smedes Pl – Cameron Village
This house is in a
GREAT location, just a few steps from Cameron Village. The neighborhood of Cameron Village consists mainly of Mid-Century Ranch style homes, but due to its excellent location, many of the homes have been completely renovated, added onto, or rebuilt. The neighborhood is definitely worth investing in, as I see no reason why people would not continue to want to live so close to Cameron Village, NCSU, Broughton HS, Glenwood South, etc. This particular home was your traditional 3 bedroom/2bath ranch with no updates other than granite counter tops in the kitchen. Although it was neat and clean, quite a bit of modernization would be necessary to justify the list price of $450,000. If it were priced in the $300s I might suggest it as an investment well worth the renovation costs. At this point, I might wait for a price reduction.1215 Pierce Street – Glenwood
This house h
ad a ton of cool features. I really liked the open floor plan of the formal living room/kitchen and there was a tiny nook completely dedicated to wine, which appealed to me! There was a cute, private exterior courtyard off the kitchen, huge den, and a cool loft office that looked down over the den. They even had their basement hidden behind some bookshelves like in a mystery novel. Of course, Hilary wanted to figure out how to open the doors, yet I found myself creeping down the steep stairs to investigate (just a storage basement). The main drawback to the home was that there were only 2 bedrooms upstairs (3 total). I thought that might limit the buyer pool. As far as the exterior of the home, great porch, courtyard, decent backyard and 2 car garage, but the proximity to Capital Blvd may turn off some buyers.1206 Dogwood Lane – Ridgewood
I loved the
floor to ceiling windows in the living room! The front rooms had a nice open floor plan. But, as I moved back into the bedroom area, everything got kinda tight. I felt like the rooms were a bit small and close together. Then, I went down to the basement. It was HUGE. Great living area/play area for kids or could be its own in-law suite because there’s a full bath and exterior doors.124 Hudson – 5 Points
What can I say? It’s a fixer-upper. Great price for a renovation project in a fantastic location.
2007 Varnell – Beckanna
I thought this house had a lot of space and a good floor plan for the price. 1662 Sqft with a big yard inside the beltline for $289,900 is pretty good. I like the well-established neighborhood with big trees and a diversity of home styles.
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