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

I've been asked every day for the past couple of weeks if the fallout in the mortgage industry is effecting my business.   A lender that I work closely with worked for American Home Mortgage.  We all know what happened to them. Just look at some of the recent headlines from the different news agencies: 

From USA Today/Reuters, 8/6/07: "American Home Mortgage Investment (AHM), a large home lender catering to people considered good credit risks, completed its flameout Monday when it filed for Chapter 11 bankruptcy protection."   The REIT based in Melville, N.Y. is one of the largest independent U.S. home loan providers. It filed for protection from creditors in U.S. Bankruptcy Court in Delaware.  The filing came after American Home closed most operations Friday, laying off all but about 750 workers. The company said it started the year with more than 7,400 employees."

From Forbes.com, 8/16/07: "This past week, 1,200 people lost their jobs after Lehman Brothers Holdings Inc. closed subprime-lending unit BNC Mortgage LLC, a company it fully acquired in 2004. Similar steps are expected as investment banks try to erase any connection with loans to borrowers with weak credit."

From CNN Money, 8/20/07: "Capital One, best known as a credit card issuer, said it will cut 1,900 jobs and take $860 million in charges as it closes its GreenPoint Mortgage unit, which it acquired last December as part of a $13.2 billion deal for North Fork Bancorp Inc."

From Associated Press/Forbes.com 8/24/07: "Most mortgage lenders are either bankrupt or trade near multiyear lows."

Even Countrywide Mortgage, the nations largest lender has felt the squeeze.  They had to get a major cash investment of $2 Billion from Bank of America to keep their doors open.

Subprime lenders and smaller institutions will continue to close, larger lenders will consolidate or eliminate their Alt-A divisions, if any, and underwriting guidelines will continue to tighten, stabilize, then relax just enough to keep a steady stream of purchase loans and refis in the lending pipeline.

Fortunately my market has been strong and we have weathered the real estate storm experienced with the rest of the country.  However, I did notice a remarkable change in this area when the big lenders starting feeling the squeeze.  So ultimately it will have an impact on our market this fall but I feel the fallout will be over by spring. 

A couple of friends of mine invited me to the North Carolina Music Festival at the Koka Booth Amphitheare in Cary, NC.  I thought I'd bring my camera along and take a few pictures of this gorgeous facility and enjoy the fun.  Koka Booth Amphitheatre is located in Regency Park just in front of Symphony Lake.  The North Carolina Symphony held concerts on the lake for several years prior to the construction of the new amphitheatre in 2001.  This venue is named after one of the premier visionaries for Cary - Koka Booth.  Koka Booth was the mayor of the city during the ‘80s.

A variety of events take place throughout the year and the Amphitheatre is home to the NC Symphony throughout the summer months.  I've written about a couple in previous blogs:

1.  Outdoor Ice Skating during the winter

2.  4^th of July Fireworks and free concert by the symphony

Yesterday I attended the 3^rd Annual Carolina Music Festival which is a 3 day celebration of Jazz.  I just LOVE jazz!! Sunday's performance included Marcus Johnson, Joe Sample, Randy Crawford, and 2 of my favorite performers:  Boney James and Michael Franks.  The afternoon performances started at 2pm in the 100 degree heat.  At 4:30pm the thunderstorms blew in and we called it a day.  I did manage to catch a few photos of this wonderful venue for performances.   

Believe it or not I found a YouTube Video by Michael Franks that embodies the spirit of Active Rain. It's called "Tiger in the Rain". 

 

For more information or a complete schedule of events visit the Koka Booth Amphitheatre website.

Please feel free to contact Tracy for more information on homes in the Triangle area.

City:  Apex

Location:  Off of  Highway 64 West in Apex, 6.4 Miles from US 1 South

Neighborhood Facts:

• Price range is from the  low $400s -$700s
• Located adjacent to Beaver Creek Commons shopping center.   
• Phase I - Homes were built in 2000 and beyond
• New Homesites are located in the Stratford Section.  Several homes will be ready for the Parade of Homes in October 2007. 
• Initial phased included The Hadley Section and The Windsor Sections 

THE STRATFORD - NEW Homes
       The new section of Abbington consists of 42 new custom homes by the areas top builders. 

Pond at Stratford: There is a large pond and 2 smaller retention ponds in the new section.

 

Outstanding Custom Builder Team:

• MBM Builders, Inc.
• Legacy Custom Homes
• Richard Gaylord Homes, Inc.
• Robuck Homes triangle, Inc.
• J.P. Swain Company

Key Neighborhood Highlights:

Abbington Swimming Pool & Swim Team

The Abbington Alligators is a well recognized swim program located within the Abbington subdivision.

Beaver Creek Commons Shopping Center

A 750,000-square-foot shopping center just down the road from Abbington offers  a convenient lifestyle to residents of Abbington.  This shopping center has several anchor tenants including Circuit City, Kohls, Target, Lowes, Borders Books, and Dicks Sporting goods.  The first phase of the shopping center opened in 2004 while the movie theater opened in May 2006.  For more information on Beaver Creek check out this post.

For more information go to the Abbington website or contact me directly for this neighborhood.  New home details can be found here or contact me for additional details. To view homes for sale in Abbington click here. 

Additional information on the Apex NC Real Estate market conditions for Q22007 can be found here.

Have you ever been to Lazy Daze in Cary?  If you haven't you've been missing out for the past 30 years.  Each year the festival has grown and now attracts over 60,000 visitors in downtown Cary. I don't think I'll make it because I have an out-of-town buyer coming to visit but I've been several years in the past.  

Don't miss the areas best arts and crafts, food, and entertainment.   The festival also features entertainment on two stages, a variety of food, and civic group exhibits.  Over 400 vendors from 18 states will be participating. I've even heard they are adding a beer garden for the adults.  I know you've heard me talk about Rankings.  Lazy Daze ranked 30th in the Nation for Classic & Contemporary Craft Shows by Sunshine Artist Magazine. 

Directions:   Located directly adjacent to Research Triangle Park.  Take I40 South 1.4 miles on Miami Blvd, bear right onto Church St, turn right into Kitts Creek

Neighborhood Facts:

• New Construction by Experience One(formerly Sunstar homes in this area)
• Grand Boulevard Homes are now constructed by a team of local custom builders including Zeigler & Co, Jerry Smith, & Skywater Building Company. 
• Neighborhood established in 2006
• Minutes from Research Triangle Park & the new leg of I-540
• 8 lane, 25-yard competition pool
• Community Clubhouse and Gazebo

Several style homes in the neighborhood including:

• Cottages range from approximately 1900 to 2700 sq. ft. All have rear-access 2-car garages
• Village homes range 2700 to 3500+ sq. ft. and feature 9' or volume ceilings on the first floor, large recreation rooms from the $370s 
• Traditional/Grand Boulevard estate-style homes are have all of the amenities desired in todays homes.  The homes range  from approximately 3700 to 4300 sq. ft. and all homes have rear-access 2- or 3-car garages from the $510s. 
• Bungalow which are all one-story homes now under construction from the low $300s 
• Townhomes which will be built in a future phase

The "New Urbanism" low maintenance lifestyle is a departure from most of the architectures in this area.  Everyone that sees this neighborhood is quite opinionated about their likes and dislikes.  For the price these homes include several upgrades not included in some nearby neighborhoods like Twin Lakes.

Watch this video for more details.   In addition, there is a community website for the neighbors located here.

View Larger Map

Please feel free to contact Tracy for more information about the special sale on inventory homes or the pre-sale of homes Kitts Creek.

Based on everything I'm seeing in the market, with the exception of credit tightening and rising interest rates, leans towards a positive finish through 2007 in the Apex real estate market. 

In addition the area has received numerous praises recently throughout the press.
August 2007- Apex named the #14 Best Place to Live
2007: Raleigh rated #1 Sellers Market in the Country
2007: Raleigh-Cary MSA was rated #15 in appreciation in the country by a leading housing authority.
2007: Forbes Magazine named the Triangle Region the #1 region for Job Growth--It doesn't get any better than that.

Q22007 Summary
-The average DOM in Apex is 59 days.
-Homes priced under $300,000 have less than a 2 month supply of inventory.
-Appreciation rates in the Apex area are superior to the average rate for housing located in Wake County.
-The top selling development in Apex is Scotts Mill with 134 closings in the past 12months.
-The top appreciating development in Apex is Hollands Crossing at 6.25%.
- The average price resale home in this area is $245,000 and the average price new home in this area is $338,000.

There are several new construction projects underway in the downtown area that will change the face of Apex including:

1.  Trackside

2. Trinity

3. Villages of Apex

4.  Old Mill which is already underway

Just this month we've seen an increase in overall inventory due to the fact that kids are back in school. We should see a cooling of the market and less pressure on price points. The biggest challenges through the end of the year:

1. Families relocating to this area are having a tough time selling their homes prior to relocating.
2. Tighter lending restrictioins due to the collapse of the sub-prime lenders.
3. Recent trend towards higher interest rates.

Despite a downturn in the residential real estate market in many areas across the country, the Triangle posted yet another record year in 2006 for new home starts and closings.

From what I can see, the Triangle housing market is in excellent shape through 2007 with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. In fact, the Raleigh-Cary MSA was rated #15 in appreciation in the country for 2007 by a leading housing authority. The Triangle had very favorable home price-to-income ratios and even better mortgage servicing cost-to-income ratios. The latter ratio is currently below the local historical average implying no widespread financial overstretching to purchase a home in the region.

Forbes Magazine named the Triangle Region the #1 region for Job Growth--It doesn't get any better than that. Through June of 2007 overall inventory is flat (more new homes offset by fewer resales) from last year and resales are down 4.5%. We are looking at an appreciation rate of 4.55% which is the highest I've seen in 15 years in this area.

Holly Springs Real Estate - Market Conditions Update: 

The average supply on the market is four months of inventory.

• $100-$300k price range has a supply of inventory of three months or less

• The top appreciating development in Holly Springs is Crescent Ridge at 11.05%

• The top selling neighborhood w/121 sales is Sunset Ridge at an average price of $308,901.

• Other top selling communities in Holly Springs include Holly Glen, Braxton Village, Oaks of Avent Acres, Arbor Creek, and Trailwoods. 

• The average price resale home in this area is $214,000 and the average price new home in this area is $278,000.

Many people think of Cary as a sprawling cul-de-sac bedroom community.  They are right.  There are lots of reasons why families like to call Cary home - Good schools, low crime rate, clean roads, and very well thought out neighborhoods.  I wrote in my last blog about the American Tobacco Trail that starts in Durham and extends all the way to Apex.  What a great resource closeby.  I also thought I'd write about another favorite in the heart of Cary - Bond Park.  Located just east of the intersection of Cary Parkway and High House Roads this is a wonderful way to spend a fall afternoon hiking, biking, or just plain hanging out. 

The facilities at Bond Park are just fabulous.  They have a little bit of something for everyone including:

• At 310 Acres its one of the largest parks in Wake County
• 8 designated Baseball fields
• Sertoma Amphitheatre
• Kiwanis Shelter for picnics
• 4.2 miles of trails - Map of Bond Park Trials 
• Bond Park Boathouse which has Sailboats, Kayaks, conoes, and pedal boats
• 2 Volleyball Courts
• Bond Park Ropes Course

Come see why this is wonderful park to visit.  Two additional resources that can be found onsite include the Bond Park Community Center, and the Cary Senior Center.  Click on each of the links for additional information or visit this link for Bond Park in Cary. 

If you would like additional information on Cary please visit my website @www.TriangleNCHomes4Sale.com

One of the things I love most about the Triangle is there is always something to do outdoors.  We have unlimited natural resources in this area - there is plenty of hiking, biking, lakes, state parks, and trails.  Almost everyone in the area knows about Umstead Park, also known as the Park in the City, Falls Lake, and Lake Jordan.  However, residents are just discovering The American Tobacco Trail.  It's not quite complete yet but is expected to be completed in the next year.  The American Tobacco Trail is a 22 + mile trail system that extends from Durham County through Wake County and even into Chatham County.  I've included a link to colored maps recently published at the bottom of the post for your reference.

The Trail starts in downtown Durham, at the site of the Durham Bulls Athletic park and extends to New Hill Road in western Wake County.  At the termination point in New Hill trail users will have the option to board the New Hope Valley Railway and take a train ride to the community of Bonsal.  How cool is that?  The terrain follows the old railway system so it is a really flat course.  The North Carolina Roadrunners club is actually having its innaugural 10 mile run in October at the Tobacco Trial.  That said, it's great for mountain bikes and it's definitely an easy course.  It's also a great way to spend the afternoon discovering the area.  

For more information on the The American Tobacco Trails  and recently updated color maps of each section visit TriangleTrials.org  area visit my website at http://www.trianglenchomes4sale.com/. 

 

 

 

City:  Cary

Location:  Just off of  Davis Drive & McCrimmon Parkway

Directions:  From I-40 exit #284/Airport Blvd heading towards Cary. Turn right on Chapel Hill Rd for 1/2 mile, and left onto McCrimmon Pkwy to the community 1.5 miles on the left.

Neighborhood Facts:

• Single Family Homes start from $220k to $360k from 1,553 to 3,872 square feet
• Four primary MS designs include:
  • Katonah- Colonial style design inspired by Martha's renovations to her houses in Westport, Connecticut and Katonah, New York
  • Skylands -These rustic yet modern homes embrace the ambiance of Martha's 1925 stone house nestled along the rugged coast of Maine.
  • Lily Pond - These shingle-style designs are inspired by Martha's beach cottage on the eastern shore of Long Island
  • Denmure - The easygoing style of these homes reflects Martha's appreciation for coastal architecture.
• Twin Lakes community has 7 models and 19 floor plans
• Townhomes are called:  Westport at Twin Lakes and start in the $170s. 
• Around the corner from corporate favorites Network Appliance & Cisco Systems and just minutes from the airport and Research Triangle Park
• Community amenities include volleyball, tennis, swimming, and a community clubhouse.  The Town of Cary has also proposed a town park & greenway system.

 

 

 

 

 

 

 

 

 

I first wrote about Twin Lakes back in August of last year.  Twin Lakes had recently opened and the neighborhood was busy getting their model homes ready for the October Parade of Homes.  This neighborhood is the brain child of Martha Stewart & KB Homes.  This neighborhood is a one of its kind in the country.  The project has been so successful that Martha now has four more neighborhoods planned around the country including another project in N. Raleigh. 

UPDATE 10/16/2007:   Looking for a one-story ranch?  Twin Lakes  has just opened up a new section called Morningside with a total of 48 lots that offer maintenence free living.  8 homes have been pre-sold so there are 40 lots left.  Prices start at $282k with avaialbility in the April/May 2008 timefame. 

For current listings on Twin Lakes click here.