Cary NC Real Estate >> Raleigh & Cary NC Real Estate Blog

One of the great things about living in Cary, NC is that it has so many resources to offer - parks, jogging trails, athletic facilities, and much more.  That list just grew a bit longer today when the Triangle Aquatic Center  (TAC) opened next to the Cary Town Center.  

This facility is incredibly impressive for the first aquatic center in Cary to say the least.  The facility is 72,000 sq. ft. and is the largest public aquatic facility in North Carolina.  The Triangle Aquatic Center facility includes:

Three pools - a 50-meter Competition Pool, a 25-yard Training Pool as well as a warm water Instructional Pool

Comfortable spectator seating with capacity for up to 1000 people

Full-service café

All American Swim shop

Dryland fitness area

Classroom & Admin offices

If that's not enough the town is planning on opening another facility called The Cary Community Aquatics Center in the summer of 2010 that would add another three pools to the area.  The plans call for a $30 million  facility that would house an outdoor and two indoor pools for competitive and recreational swimmers. This facility would even have seating for up to 1,000 spectators.  That's one thing I really love about the community.  They are always planning ahead to make sure that the citizens in the community have a wonderful place to call home and a fantastic quality of life. 

If you are interested in swimming competitively you can join the Raleigh Swimming Association which offers all levels of competition including Masters Swimming at Triangle Area Facilities.

Next up:  an upcoming blog on all of the incredible facilities that Cary offers to the local community. 

As most of you know I've been writing about the extreme temperatures we had over the summer, and more recently about the severe drought in the area.  While this has impacted the water supply in the area, I didn't think it would it this close to home.  The drought is now impacting the homes in our area.  

The News & Observer reported today, from Charlotte, that the prolonged drought is causing home foundations to sag and crack all across North Carolina.   There are a number of issues that can effect your home as the clay soil dry and shrink during a drought that include:

• Foundations sinking
• Walls cracking
• Doors sticking
• Concrete floor slabs collapsing (thank goodness most homes are on a crawl space)
• Chimneys can pull away from a home

Most foundation repair services are seeing a dramatic increase in call volume this year and it all comes back to the drought.  These contractors indicate that most foundation repairs are under $10,000 but the problems need to be detected and corrected as early as possible. 

As we continue to see more rain in the area, as we have today, the clay soil will "rebound," or expand with some smaller cracks will close on their own. However, it won't help with problems that are already being experienced today.  

Beware of sudden "pops" and look out for any changes you might see around your home and contact a specialist if you think you have a problem.

I've been working with some buyers from New England since May of this year.  I got them to sell their house back home and now they are renting short-term in Holly Springs until we can find them the perfect home.  My clients are looking in the $300k price range and, in this price range, homes tend to move quickly.   In a hot market buyers must be prepared to buy.  Even the best agents on the planet can't help a buyer that's not prepared to buy.  

I guess the big question is "How badly do my clients want to buy a home?  I've tried to explain to my clients that if they want me to work really hard for them, then they have to be ready to buy.

These are a few things that I recommend to my clients to demonstrate they are ready, willing, and able to buy a home.  

1. They get pre-approved for a mortgage. Buyers need to demonstrate their ability to get a loan.  A pre-qualification letter is nice, but in this day and age with credit standards the way they are I'm looking for a pre-approval letter.  

2. They are loyal. Agents admit they work harder for loyal buyers. Be honest and upfront to your potential agent.  Agents don't mind if you interview other agents as long as you let them know where you are in the process.  Once you've made up your mind be willing to sign a buyer agency agreement for a period of time.  Bring your agent's cards to new construction.  Sign-in at open houses with your agent's information.  Demonstrate loyalty to your agent that your agent demonstrates to you.   

3. They know their priorities. I find it incredibly frustrating when buyers start off telling me that they want 4BR, 2.5Baths, 2 Car Garage, and a minimum of an acre in Holly Springs and then the next week it's 0.25 of an acre in North Raleigh w/a 3-Car Garage. I ask my clients to write down what is a "must have" vs. a "nice to have" and try to have families work out these issues before heading out to find a home.  The more specific the clients are the better an agent can be at meeting their needs.  

4. They are open-minded.  Being able to see through shag carpet, hideous paint, and god awful wallpaper takes vision. Clients that can see through small cosmetic issues have a better chance at finding a good value.  Agents often have contractors that they work with that can help clients get past these "minor" issues prior to moving into the home.   

5. They are ready to act fast. Some buyers are ready to move right away and others take their sweet time in making up their mind. People who are planning to move sooner rather than later have a higher priority in my book.  In this market clients that don't have a home to sell where they are coming from also get my attention.

Buyers that have demonstrated these characteristics are a priority over clients that are just shopping around.  

Outbreak at Possum Creek is this year's Raleigh Jaycees Haunted House located at 111 Seaboard Avenue in Downtown Raleigh (right next to Peace College right off of Capital Blvd) Starting Friday the haunted house will run from 7pm until Midnight every night through Halloween.  All of the proceeds from the event benefit local charities.   It sounds pretty scary to me - click here for the latest review of the Haunted House by buried.com. The Raleigh Jaycees Haunted House is consistently voted the Best in the Triangle every year.  

Scare on the Square at the North Carolina State Capital in Downtown Raleigh Saturday October 27^th from 5pm until 10pm.   Bring the whole family out for a 30 minute guided tour of the capital.  There have been rumors that the 167 year old capital is "Spooked" and your narrator will point out things that people have claimed to experience over the years.  

Clayton Halloween Parade on Halloween from 2:30pm until 4:00pm.  This is event is sure to please all of the kids in the family.  Make sure you go shopping this week to find the perfect costume for the kids.  This parade is for the kids.  Children wear their costumes and walk down Main street while local businesses pass out candy. The children will go to the Town Square where carnival games, face painting, fortune tellers and many other great activities await them!  

Carborro Halloween Carnival on Halloween from 6:00pm until 8:30pm.  This carnival is put on by the Town of Carborro for the kids!! It will be located at Carrboro Town Commons and there will be plenty of games and programs for the children, including a visit from Merlin's Owl.

Durham Jaycees 35th Annual Haunted House located at the Durham Bulls Athletic Park is open 7pm until 11pm every night through Halloween. 

Fall Fun Fest -11th Annual  Fall Fun Fest located at 821 Buck Jones Road in Raleigh on October 28th from 4pm-8pm.  Lots of fun including outddor laser tage, live music, inflatable rides, hayrides, bungee trampoline, and much more.

G105's Pigs N Punkins  on October 27th from 10am until 5pm at Carousel Farms in Raleigh.  This event is sponsored by G105 and benefits the Make a Wish® Foundation of Eastern North Carolina.  Join Bob and The Showgram's annual Pigs N Punkins event featuring the famous Punkin Chunkin, rodeo, and concessions.  Stop by the Make-A-Wish® drink tents and support Pennies From Heaven!

Celtic Halloween on October 27th from 11am until 7pm at the Koka Booth Amphitheatre in Cary. The afternoon will feature Bill Leslie & Lorica AND The Irish Rock Band, Mother Grove.  In addition to this they will feature Master of Ceremony Everette Winslow and The Musicians Royale (HES Choir). There will be Games, Food, Dance, Merchants, a Haunted Trail, Pirate Encampment, Pony Trail Ride, Pirate Ship Bounce Slide, Dragon Bounce Maze, Harry Potter Magic, Faeries Ink, Swordfighting demonstrations, a variety of entertainment and of course a Costume Contest with prizes

In addition to Raleigh there are several events going on in Cary, also. 

Applause! Cary Youth Theatre at the Haunted House with your little goblins or enjoy a Witches' Tea Party with several of your friends.

Town of Cary's Second Annual Haunted House  on Saturday, Oct. 27, 5-9 p.m at the Old Cary Elementary School

Halloween Skateboarding Contest on Sunday, Oct. 28, noon-8 p.m.

Witches' Tea on Wednesday, Oct. 31, 2-4 p.m at the Cary Senior Center Ballroom

Safe N Sane Halloween Celebration at the Cary Towne Center Mall on Wednesday, Oct. 31, 5:30-7:30 p.m. Trick or Treat in the safety of the Cary Mall.  

Each fall the Regional Regional Association of Realtors puts on a Market Trends Seminar hosted by several area gurus that keep track of the overall real estate market.  I spent my morning at this seminar in Cary making sure that what I'm seeing in the market is the same thing that is being seen in the rest of the Triangle area.  

In speaking with Bob Stewart, of Activerain, earlier this week we discussed the importance of reporting the numbers.  However, even more important, is providing interpretation of the numbers for anyone trying to decipher what is going on in the market.  

From a seller's perspective Raleigh NC real estate market slowed down quite a bit in the August timeframe.  The Raleigh NC real estate market continues to see strong see strong employment gains and a desire for families to relocate to the Triangle each year.     However, the supply on the market has grown from 11,000 homes last year to 17,585 this year.  The market is drastically different from last year.  It's important for sellers to think about today and not to focus on what was going on in the market last month or even last quarter.  In addition, in order to sell during this timeframe, you will need to be priced appropriately and your home will need to be in mint condition to attract buyers.  You will see sellers offering concessions to close on houses, which is normally not the case in this area.  

From a buyers perspective, as I mentioned, the market has cooled off from the summer rush and there are significant buying opportunities.  The tightening of the credit markets has really had an impact on the supply of buyers in the market.   The inability for families to sell where they are relocating from in addition to the credit crunch has frightened some buyers.  This means that now is a good time to pick up bargains.  Many sellers are offering incentives and, in new construction, builders will do just about anything to get new homes off their books by the end of the year.  

Here's a summary of what was discussed in the seminar which reiterate my comments above.  

• Job Growth is still healthy at 1.4-1.6%.  Although this may appear low these numbers are some of the best in the Country.
• Total home inventory 17,585 (as of today 10/24) which is a 23% increase over this time last year.  In particular new home inventory is up 21% and resales are up 24%
• Price points that are showing the most include $200,000 - $299,000 and $300,000 - $399,000.  This segment of the market is dead for the moment.  There are 239 for sale in Wake County alone and area wide there are 364!
• Supply- Increasing, now at 5 months aggregated which is up from previous months. 
• Areas of Low Supply -- Any single family detached home under $300,000, areawide but especially in areas 1,2,7,10,15 (Inside the beltline/North Raleigh/Far North Raleigh/Morrisville & Apex)
• Days on Market = 73 Up 3 from last year, but down from 2004 & 2005!
• Average List Prices are up slightly:  Resales $248,000 and New Cosntruction $381,000
•  Appreciation for the past 12 months:  Nationwide 3.2%, NC 7.1%.  Raleigh 4.8%.  This is a departure from the past where Raleigh's appreciation rate was seen slower than the rest of the US.  This is in part due to lower inventories than the rest of the country and a strong local economy.  
• All showings are trending downward in every price point- Year to date down 3% and increasing, probably will for the next 12 months.
• Housing starts are down between 10% & 15% depending on the location.
• Incentives:  In last week's paper 107 of the new home communities were advertising incentives. From vacations to low interest rates to upgrades.

Downtown Durham and downtown Raleigh are experiencing incredible growth in office and condo space.
Residential is mostly high dollar and a definite "niche" market that is doing surprisingly well. It may see some slowdowns and may be a sector that gets temporarily oversupplied. There are 688 being built right now and there is another 1288 residential condos in the planning/permitting stage.

The lull in our market is nationally driven and all expect it's effects to be felt through much of 2008 but all equally expect us to do much better than nearly every other city in the country.

The good news: 

Per a statement released by the NAR last week only three major cities showed growth currently AND were expected to continue to show growth in the US:  Salt Lake City-Austin, Tx- Raleigh.

Overall expect a bumpy ride for the next 8-15 months but we are poised for growth.  Too add to the growth building infrastructure is critical to our long term continued growth.

More Information view my blog at http://TracySantrock.Realtownblogs.com or www.activerain.com/tsantrock for more information on the area.

Last week I confessed that I'm not the best cook in the world and love to dine at local area restaurants.  I wrote a blog called My favorite Triangle Restaurants - Bon Appétit.   I've lived in the area since 1991(heck, I'm almost a native) and, until recently, there haven't been a large breadth and depth of restaurants  in town.  There were the tried and tested but rarely would we see emerging restaurants that had staying power.  

With the influx of so many northerners in the area that have discerning taste buds the demand for upscale restaurants is increasing in the area.  In fact, this month's issue (11/07) Bon Appétit recognizes the Triangle area as poised to become American's next hot food destination.  Let me repeat - Bon Appétit has just recognized the Triangle as America's next hot food destination.  That is quite an honor coming from such a well renowned culinary magazine.  

This month's issue also names 10 new Triangle hot spots which opened in the last two years.  I've been to a few of these, but not all, and will have to get my phone out so I can make reservations tonight at one of the few that I have missed.  :) Some of these restaurants are off-springs to other well established restaurants in the area but most are newcomers to the Triangle restaurant scene.

1. Alvia's Durham Bistro
2. Bonne Soirée
3. Piedmont
4. Poole's Diner
5. The Raleigh Times Bar
6. Rue Cler
7. South
8. Terra Nova
9. Vivace
10. Watts Grocery

To read more on the review of the Triangle area hot spots pick up the latest edition of Bon Appétit.  If you are interested in buying or selling real estate in the Triangle visit my website at www.TriangleNCHomes4Sale.com

Are you looking for the perfect gift for Christmas for that relative that has everything?  Do you have a few hours to get out with the girls?  If so, grab your girlfriends and head straight to the RBC Center in Raleigh for the Annual Jr. League Shopping Spree.  

This year's event opened today and will continue through Sunday at the RBC Center.  In addition to the shopping at the RBC Center the Junior League also has a few special items that are available via Auction online.  Don't miss out!! I try to go every year because it's just plain fun!! 

Don't forget - all proceeds go to one of the many charities supported by the Jr. League of Raleigh.  For more information and hours of operation click here.

Earlier this summer several of us here on Activerain talked about the extreme weather conditions in the Triangle area. For more details click here. We had seven record breaking temperatures in Raleigh in August alone.  It seems the effect of all of the extra heat has taken a toll on the water levels in the Triangle. The result of all of the extra heat is a statewide drought.  First, there were water restrictions, and now there is a complete ban on exterior watering indefinitely.  

Why did Raleigh have to inforce a water ban?  Falls Lake is nearly 7 1/2 feet below its normal level this time of year and, if the weather continues with no rain, there is only a 90-120 days of drinking water available for local residents.  The community needs to understand the severity of this drought.

I was showing property up in North Raleigh close to HWY 98 and Falls Lake and I was astounded at what I saw last weekend.  The water has disappeared!!  Many areas that were flush with water have only bare tree stubbs sticking out of the lake.  No boats were to be found on my trip up to N. Raleigh.   Click here for a photo taken and posted on flickr which shows the Current Falls Lake drought conditions. 

There are several other large municipalities that have moved to stage 1.5 water restrictions inlcuding Durham, Chapel Hill, Charlotte and other large cities at the urging of Governor Easley. 

Update:  Apex and Cary are also on permanent water restricitions.  Good news:  It started raining on 10/25 so hopefully this will help alleviate the immediate water crisis.  I'll keep you posted.

I KNOW - I KNOW!!  I've spent the past several months bragging about how strong the Triangle Market is and how business is going gangbusters.  I planned to ride that wave through the end of year and then a funny thing happened.  The kids went back to school, the mortgage market went haywire, and just like that the buyers dissappeared!!!  Where have all of my buyers gone? Where did all of the investors go? 

Now I have another challenge that I need your input on.  I have another listing that has now been on the market for a little over 30 days and it hasn't sold. (Yes, 30 days is a long time in my market and a critical window of opportunity in which to sell a home. )My sellers are "stuck" in the mindset of the summer market and can't seem to come to the realization that the market is changed. 

I believe that communication with your sellers during the listing period is essential.  I have relayed to my sellers that we need to get our arms around what is happening in the market.  I've called them on the phone and had a couple of phone conversations with them but I think it is now time to scribe a hand written letter outling an action plan. 

Here's the letter I have drafted to my sellers.  Let me know what I've missed, how I can improve.  Go ahead and make swiss cheese out of this letter so that I can really carry the right message to my clients.  It's better to put pen to paper here than to blunder in front of my clients. 

Open Letter to my Sellers,

Thanks again for the opportunity to list and sell your home.  The first 30 days is the most critical stage in marketing a listing and selling a listing.  We've done quite a bit to sell your home but the bottom line - we just haven't sold.  Let's take a look at what we've done right and discuss things we can do to get your home to sell.      

Here are the things we've done to improve the marketability of your property:

• Appropriate pricing for the neighborhood and size
• Enhanced the landscaping
• Signage
• Brochure on the property
• Presented listing to Fonville Morisey offices that show in your area by giving exposure to over 800 agents in other offices
• Enhanced Realtor.com listing
• Virtual Tour
• Contacted all agents showing in your area and price range to let them know about this property
• Posted on Craig's List
• Posted on Activerain
• Posted on Trulia, Zillow, and all other online marketing sites for maximum exposure
• Featured Home in the News & Observer 

Selling your home in a tight market is tough.  Even tougher is a whopping 45% increase in inventory from this time last year.  At this stage of the game it's not about what transpired during the summer months.   That window of opportunity is gone.  We need to think about what is going on in today's market.  Today's market is slow so we need to generate some creative ideas that will sell your home.  The reality is that prices have even dropped over the last 30 days in some areas, including your subdivision. 

Here are some ideas that I'd like to throw out to incent the current "pool of buyers" out there to take a hard look at your home.  Things like:

• Buyer Agent Incentive
• Staging
• The dreaded price reduction
• Open House
• Generate market demand by indicating that a decision will be made on the "Best Offer" by the end of the month

In the fall the market really slows down.  This year the transition into the fall real estate market has been even more dramatic.  I'd like to meet with you this Friday or over the weekend to discuss our next steps in the Marketing of you home. 

Regards,

Your dedicated agent-

Tracy Santrock

City:  Cary

Location:  Off of Highway 55 from RTP.  Right on McCrimmon Parkway. Right on Green Level to Durham Road. Left into Subdivision.

Neighborhood Facts:

• Price range is from the $500s -$1M's
• Located in the fast growing Northwest Cary area.   
• All homes in Weycroft are custom built
• Homes are all over a quarter of an acre

BUILDERS:

• Amward Builders
• Ange Construction Company
• Bluepoint Homes
• Carolinian Homes, Inc.
• Homes by Dickerson
• Homescape Building Company
• Impact Design-Build, Inc.
• Legacy Custom Homes 
• Poythress Construction, Inc.
• Poythress Homes, Inc.
• Wardson Construction, Inc.

Weycroft is brought to you by the same award-winning team responsible for the success at Highcroft and Cameron Pond in Cary.  Neighborhood amenities and playground are provided by Cameron Pond just down the street from Weycroft. 

Students in this neighborhood attend award winning Cary schools and high school students attend the new Panther Creek High School which is closeby. 

For current listings in this neighborhood click here.

For more information go to the Weycroft website or contact me directly for this neighborhood.