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

In January I wrote about moving across town in, "Tracy Santrock's Moved On & Checking In w/Activerain".  Our new neighborhood and neighbors are warm and inviting.  They've really made the transition an easy one.  I was asked today by another agent in my office, "Are you happy about your move to Glenkirk? What do you like about Glenkirk?"  and I replied, "There isn't one thing I regret - the location, quality of home, neighborhood amenities, and the neighbors are all a big plus.   

So, it can't be perfect.  What would be the ONE thing you would change?  Well everyone, I spent many years growing an established garden at my previous home and I miss it.  The landscape had matured - Leyland Cyprus, Butterfly bushes, Crepe Myrtles, Clematis vines, Tomato garden, Herb garden, and lily plantings really made the home sparkle.  I vow to make this home just as warm and inviting as the last but it will take a while.   

If you're just moving to the Triangle there is a well hidden secret about buying the most unique lilies in the Triangle. Holly Hill Day Lily Farm has been growing lilies in the Triangle for 28 seasons and they are the best lily grower in North Carolina.   

If you have an afternoon free and are in for an adventure head out to Holly Hill Day Lily Farm.  They are only open to the public for seven weekends per year starting June 7^th and commencing July 20^th.  I'll never forget my first trip to the farm.  I met the owner, Jim Massey, and he is quite a trip.  He has stories about all of the lilies he grows. The farm has over 1,000 varieties available for purchase during the lily season.  I happened to purchase a unique yellow variety called, "Davies Moon Pie".  I think that has to do with one of Jim's friends but I'd rather not ask.  I forgot to mention that the farm is almost as well known for its eclectic garden folk art as it is for its daylilies!

I know I'll be out there on June 7th collecting new varieties for my new home.  I hope to see you all there. Moncure is located just outside of Pittsboro and about 15-20 minutes West of Apex, NC. 

 

Today I met with clients to discuss Marketing their property.  I must admit the home was absolutely fabulous(custom built in 2005) and they had done some incredible updates to the home such as:

• Plantation Shutters
• Added a coiffered ceiling in the downstairs formal living room
• Wet bar in the bonus room
• Dual Zone surround sound
• Hired an interior designer and custom painted the walls throughout the home
• Gourmet kitchen
• Office on the 1st Floor
• Added fabulous landscaping
• 10 Foot Ceilings on the 1st Floor
• 9 Foot Ceilings on the 2nd, except a 2nd bedroom w/12 foot ceilings

That said, my potential clients needed to understand the reality of the Triangle Luxury Home market.  I have other Luxury Home listings currently and they are truely a challenge. 

Why would this lovely home be such a challenge going into the peak selling season?

• There are 33 Active Listings in the Neighborhood. The sister neighborhood has 26 specs going on the market just this month. 
• The New Homes are offering a $16,000 incentive for membership to Cary's premier Country Club
• Inventory in this segment in Cary has grown over 30% in one year
• Supply of homes between $500-$600k is 22 months and growing
• Market share for luxury homes is substantially lower than N. Raleigh(32% vs 17% in Cary)

Pricing Discussion:

• Because of all of the new construction there were plenty of comparables. 
• The clients big concern is that I didn't look at comparables on the side of the neighborhood that didn't back to I-540. 
• All of my comps were on the "resale" side which were substantially lower than the new construction.
• My clients wanted to price their home at the same price with homes that had 500 square feet larger, have an extra garage, and an extra bathroom.

What would you do if you were in my shoes?  Would you take the listing or wait until the home doesn't sell and let them call you for Round 2? Take a walk in my shoes for the moment.

I had clients in from Florida over the weekend on a "trip to purchase".  We always like those kinds of buyers.  They had all of the Buyer Agency paperwork and everything signed before I picked them up at the airport on Friday!! Fabulous. 

When I spoke to my clients they were looking for only homes that had a "pond view".  Fair enough.  I pulled the Top 10 listings from Wake Forest to Cary with pond views. 

We set off on our venture to find the perfect home with a pond view.  ". What became frustrating is how some agents "STRETCH THE TRUTH".   We pulled up to Hedingham and the house listed wasn't even close to having a "Pond View".  There was a beautiful pond in the neighborhood but it was across the street.  The only way you could see the pond is if you crawled up onto the roof!! Same thing - in Cary in the afternoon - we pulled up to an agent's listing that has a "reputation".  There was not even an inkling of a pond view.  My clients were very frustrated to say the least.  They wanted to file a complaint with the Raleigh Regional Association of Realtors for false advertising.  I don't blame them. 

At last - the last home we came to was a cute ranch on the pond in Silver Oaks in Cary.  The home had everything my clients were looking for and a pond view to boot!  My clients are happy and that makes me happy.  However, agents be advised to be careful how you market your properties because buyers are senstive when you stretch the truth about a property. 

I had a tennis match in Chapel Hill last week and couldn't resist stopping into my favorite local store - A Southern Season.  We are so fortunate to have anything in our area like A Southern Season.  I wrote a previous article called, " Try A Southern Season if you enjoy the finer things in life"  and by the pictures you can see that A Southern Season has all of the things in life that are Very Fine indeed. 

Each Year Southern Season holds a fabulous sale and everything in the store -yes that's everything - is a minimum of 25% off.  Of course I stopped by on Tuesday and the sale started on Wednesday - just my luck.  The sale runs through July 4th.  So, if gas prices are getting you down but you still enjoy A Southern Season, you'll have to visit during the Sale.  Online purchases don't get the discount - you have to be there in person to get the discount.

A Southern Season Cooking School, another well kept secret, is one of my favorite activities.  Check out the amazing professionally designed stadium seating classroom.  When I visited with a couple of girlfriends we sat in the audience, the chefs prepared the food, and we enjoyed all of the delicacies they prepared.  They also have wine tastings on Friday afternoon that are a real treat.  Prices are reasonable and you can find their complete schedule at the link above!

Both are well kept secrets you can't miss! Thanks for stopping by.

 

When clients are considering moving to Cary, NC there is so much I want to tell them about our wonderful town.  I moved to North Carolina in 1991 and have been able to see the area grow and mature into a wonderful community.  Several other agents within the Activerain network have written letters to their prospective relocation clients.  I thought I'd join in the fun.  This will help you get a better feel for the area in general. 

Hello Mr. & Mrs. Potential Client,

Thank you so much for contacting me and most importantly Welcome to the Triangle Region of North Carolina.

I think once you see what we have to offer, you'll fall in love with North Carolina and Cary in particular. I hope that I can help you take a closer look at our community and you will be able to see all of the merits of our wonderful community. 

I've included in this e-mail some links to articles that I have written about Cary NC and the surrounding areas as well as an all around description of the area.

As we discussed on the phone today I have gone ahead and set you up to receive automatic listings for the area so that when anything new enters the market that meets your criteria you will be notified automatically.  In addition to the homes available for sale it gives prospective buyers an idea of "What you get for your money in Cary, NC" along with a feel for the different styles and architectures of the homes in the area. 

You may also search all of the listings in the Triangle area by visiting my website and clicking on Search for Triangle Area Homes that will allow you to search all currently listed homes in Raleigh, Cary and the surrounding communities.

There is a lot of buzz around the United States about the growth of the Triangle area.  Our community continues to be praised on the quality of life, education, job growth, and affordability.  Click here to browse through the different accolades that have been bestowed on the Triangle.  Even National Geographic recognized the potential in an article they wrote back in 2001.     

In your inquiry you mentioned you were very concerned about the schools and wanted to make sure your children received the best education possible.  The Wake County Public School System is now the largest public school district in North Carolina and had 134,002 students enrolled as of the 2007/08 school year.  It ranks 19th largest nationwide. New schools are being built to handle the increase in student population and many of the schools have been converted to year-round programs.  In addition to the growth the school system has received numerous awards including #1 School District in the Nation for Certified Teachers and a Gold Rating from Expansion Management's Education Quotient. 

So, what should I tell you about my hometown of Cary, North Carolina?  When I first moved to Cary from Chapel Hill in 1994 the town had just started to take off in growth.  We really didn't even have grocery stores at the time.  Just a bunch of single family homes on cul-de-sac lots. 

Today Cary has grown to over 127,640 and is now the 8^th fastest growing city in the United States according to CNN.  One of the major reasons for Cary's popularity is the town's proximity to the Research Triangle Park and the proximity to the many biotech, pharmaceutical and high tech companies, making it an ideal location for people moving to the Research Triangle area for work.  As such, Cary has been known to be called "Technology Town of North Carolina".

Yet even with all of the growth Cary has maintained character and charm.  The town management in Cary developed PUDs (Planned Urban Developments) starting in the early ‘70s to create aesthetically pleasing neighborhoods.  By planning for the future developers were able to strictly monitor zoning and also map out churches, schools, and other community amenities. 

We also discussed your children's love for the outdoors and possible involvement in community activities.  One of Cary's strength is that the town's Parks, Recreation and Cultural Resources Department provides a massive offering of events and courses for kids and adults, everything from clown camp to ceramics to African drumming to first aid. In fact, the Robert V. Godbold Park is home to the 12,000-square-foot Sk8-Cary skate and BMX bike park. 

If the kids like the outdoors there is plenty of room for them to play.  Cary currently has 20 public parks, a greenway system of six park trails and ten greenway trails, three special use facilities and eight staffed facilities that provide a variety of programs and services for all ages. 

During the summertime most of the neighborhood communities have community swimming pools and swim teams for the kids to join in the neighborhood.   Since the weather is pretty mild in this area the pools are open from Memorial Day through Labor Day.  And, the long awaited Cary NC Real Estate - Triangle Aquatic Center(TAC) opens today in Cary, NC opened in October of 2007 and is a public facility opened year-round to the public. 

Cary's sports facilities are unique to those of most of the surrounding towns.  The tax dollars have really been put to great use and most of the facilities that have been built are quite new.  

WakeMed Soccer Park This 150-Acre soccer complex hosts professional, college, and high school tournaments.  

Cary Tennis Park Is a public tennis facility with 30 Championship courts and one stadium court and was voted the Top New Public Tennis Facility in the Nation in 2006.  

USA Baseball National Training Complex opened recently and is home to the UNC Baseball Team during the 2008/09 baseball season.   

Triangle Aquatics Center The new facility has 3 swimming pools - a 50-meter Competition Pool, a 25-yard Training Pool as well as a warm water Instructional Pool

Hockey - Raleigh is home to the Stanley Cup winning Carolina Hurricanes.  There are many private facilities in the area. 

Area Golf Courses - The Piedmont Region of North Carolina is well known for its abundance of lush green golf courses.  The Triangle Area alone has over 100 public courses.  Or, if your adventuresome, you may want to take the short one hour drive to Pinehurst to play some of the World's Greatest Golf Courses.   

What about cultural arts? Does Cary have an artistic community? Cary has The Cultural Arts Division encompasses the Jordan Hall Arts Center , the Page-Walker Arts & History Center Newly opened Halle Cultural Arts center in Apex, NC.  In addition, the Town of Cary has commissioned artwork that has been placed throughout the town which is aesthetically pleasing.  

There are many popular community wide events throughout the year for families to enjoy.  Some of the most popular include Lazy Daze in downtown Cary in the Fall and Spring Daze Arts and Crafts Festival at Bond Park in the Spring.  During the summer months there are weekly concerts with the NC Symphony at the Koka Booth Amphitheatre to a free July 4th fireworks celebration.   

The Cary NC Real Estate market has been incredibly stable relative to the rest of the US.  While markets were declining throughout the US last year Cary experienced its highest appreciation rate on record.  This year has slowed somewhat due to families having a difficult time selling where they are moving from.  However, the Cary real estate market has a higher rate of appreciation relative to the Triangle and lower inventory making it a desirable community for resale in the future.   

Cary's  ideal location in the Piedmont Region of North Carolina is just 15 to 30 minutes from just about everywhere including Raleigh, the Airport, Durham, and Chapel Hill.  It really couldn't get any better than the Piedmont Region where a two hour ride East will find you enjoying Wrightsville beach in Wilmington.  Travel five hours West of Cary and you'll be in the heart of the beautiful Mountain Region of NC.  Outdoor activities like camping  and boating at Jordan Lake  or golfing at one of the many renowned golf courses in the area are just minutes way.    

This is a fantastic time to buy in Cary.  Since inventory is up sellers are more willing to negotiate on the prices which was unheard of in last years market.  We have a great selection of existing homes and new construction available for you to see while you're here.  I've mailed you a relocation packet that includes a Cary Living Magazine, Maps of the Area, New Homes Magazine, and details regarding possible relocation(taxes, utility information, etc) that should come in handy. 

I look forward to our meeting when you make it to Cary, but in the interim please explore my website, read my blog and get to know both me and Cary, North Carolina at your leisure. There is a wealth of information available and I am but an e-mail or phone call away to answer any questions that you might have.

I hope you've enjoyed your brief tour of Cary, NC. I'm convinced that Cary, NC will surely be everything you're looking for in a community for your family.  Please feel free to call me with any questions you may have prior to our get together.

Regards,

Tracy

 

 There is a lot of buzz around the United States about the growth of the Triangle area.  Our community continues to be praised on the quality of life, education, job growth, and affordability.   

And, the list keeps growing.  I try to keep the list updated on my website but I thought I'd include the list here for future reference for potential relocation clients.  In addition, I need to a better job of gettting the word out about what a great place this is to live and work.

#4 Major Market in the South (Raleigh-Cary, NC)

#9 Market in the South for Advanced Manufacturing (Raleigh-Cary, NC)

Top Ten Great Innovation Market in the South (Raleigh-Cary-Durham, NC)
Southern Business & Development, Winter 2008

#20 Best Place to Live and Launch (Raleigh, NC)
CNNMoney.com, March 2008

#3 Most Romantic City for Baby Boomers (Raleigh-Durham-Chapel Hill, NC)
Sperling's BestPlaces, March 2008

#1 Best Place for Business and Careers (Raleigh, NC)
Forbes.com, March 2008

#6 Medium-Sized Metro (Raleigh-Cary, NC)
Site Selection, March 2008

#10 Least Miserable Airport (Raleigh-Durham Intl.)
U.S. News & World Report, February 2008

#2 Best City for Bargain House-Hunters (Raleigh, NC)
Forbes.com, February 2008

The Best American City for Singles (Raleigh, NC)
Every Day with Rachael Ray, January 2008

#9 Best City for Jobs (Raleigh, NC)
Forbes.com, January 2008

Top Five Strongest Real Estate Market (Raleigh-Cary, NC)
Veros.com, January 2008

#3 Most Wired City (Raleigh, NC)
Forbes.com, January 2008

#1 Healthiest City for Men (Raleigh, NC)
Men's Health, January 2008

5-Star Public Education Metro (Raleigh-Cary, NC)
Expansion Management, December 2007

#7 Top Appreciating Metro Area (Raleigh, NC)
Money, December 2007

Top 25 Places for Retirement Jobs (Raleigh-Durham, NC)
MarketWatch, November 2007

Top Research Science Park (North Carolina State University - Centennial Campus)
The Association of University Research Parks, November 2007

#1 Top Business Climate (North Carolina)
Site Selection, November 2007

#16 Top Real Estate Market (Raleigh, NC)
Expansion Management, October 2007

#3 Economic Development Hot Spot (Wake County, NC)
National Policy Research Council, September 2007

#10 Economic Development Hot Spot (Raleigh-Durham-Chapel Hill, NC)
National Policy Research Council, September 2007

#3 Techiest City in America (Raleigh-Cary, NC)
U.S. Census Bureau, 2006 (Data released September 2007)

#3 5-Star Business Opportunity Metros (Raleigh-Cary, NC)
Expansion Management, August 2007

#12 Most Affordable Real Estate Market in the Nation (Raleigh-Cary, NC)
Forbes.com, August 2007

#12 Best Market for Female Execs and Women Business Owners (Raleigh, NC)
Bizjournals, August 2007

#18 Fastest Growing Suburb in America (Holly Springs, NC)
#20 Fastest Growing Suburb in America (Wake Forest, NC)
#63 Fastest Growing Suburb in America (Apex, NC)
Forbes.com, August 2007

#15 Most Educated Workforce (Raleigh, NC)
Business Facilities, July 2007

#14 Best Place to Live (Apex, NC)
# 22 Best Place to Live (Holly Springs, NC)
Money, July 2007

"Fast City" for Research and Development (Raleigh-Durham, NC)
Fast Company, July 2007

#8 Fastest Growing Large City (Cary, NC)
#15 Fastest Growing Large City (Raleigh, NC)
U.S. Census Bureau, 2006 (Data released 2007)

#1 Seller's Market-Residential (Raleigh, NC)
Forbes.com, June 1007

#3 - Medium Markets (Raleigh-Cary, NC)
Worldwide ERC and Primacy Relocation, 2007 Report

#8 County for Business Recruitment and Attraction (Wake County)
#10 Large Metro for Business Recruitment & Attraction (Raleigh-Durham-Chapel Hill, NC)
Expansion Management, May/June 2007

Top 5 Cities for Young Singles (Raleigh, NC)
Kiplinger's Best Cities for Every Stage of Your Life list, June 2007

5-Star Knowledge Worker Metro (Raleigh-Cary, NC)
#3 Metro for College Educated Workers (Raleigh-Cary, NC)
Expansion Management, April 2007

#3 America's Best Jobs in the Hottest Cities (Raleigh-Durham, NC)
Business 2.0, May 2007

#7 Business Boomtown (Raleigh-Cary, NC)
Inc., May 2007

Top Ten Places in the South for the Creative Class (Raleigh-Durham, NC)
Southern Business and Development, Winter 2007

#3 Best City for African Americans (Raleigh, NC)
Black Enterprise, May 2007

#4 Hottest Job Market for Young Adults (Raleigh, NC)
Bizjournals, April 2007

#1 Best Place for Business and Careers (Raleigh, NC)
Forbes, April 2007

#8 Fastest Growing Metro in the Nation (Raleigh-Cary, NC)
U.S. Census Bureau, April 2007

#5 Best Place to Find a Mate (Raleigh, NC)
Men's Health, March 2007

#1 Best U.S. City for Jobs (Raleigh-Cary, NC)
Forbes.com, February 2007

Top 50 Hottest Cities for Expanding and Relocating Companies (Raleigh-Cary, NC)
Expansion Management, February 2007

Top Ten Tech Town (Raleigh-Durham, NC)
Wired Magazine, January 2007

#1 School District in the Nation for Certified Teachers (Wake County)
National Board of Certified Teachers, January 2007

Gold Rating (Wake County Schools)
Expansion Management's Education Quotient, January 2007

Over the past couple of years I've written a few posts  on the area accolades that I've included for your reference:

Raleigh NC Real Estate>>Triangle Continues To Receive Positive Press 

Raleigh NC Real Estate>> Why is the Triangle on Top?

Apex, NC & Holly Springs, NC Make Money Magazines 2007 Best Place to Live

Best Place to Live in the US - Raleigh, NC

Raleigh Ranked #1 by Forbes Magazine for Best Cities for Jobs

Best Place to Live for Retires in 2006 -Raleigh, NC #4 and #3 Best Place to Reinvent You Life

I was showing homes in Durham last weekend and it brought me back to the days when I lived in Chapel Hill in the early ‘90s and spent quite a bit of time in Durham.  One of the things I've always liked about Durham is that they have a fantastic restaurant scene and I frequently visit the area with my husband Mauro.  I've written a few articles about restaurants in the area but none that focused exclusively on Durham.  That said, I thought I'd bring up a few treasures that can be found in Durham. 

Nana's Restaurant - 2514 University Drive 919.493.8545 My husband and I ate here a few years ago on his Birthday.  It's the kind of restaurant that you go to on special occasions or for a business dinner.  It's a beautiful restaurant enriched by local art and the cooking creations of award winning chef Scott Howell.  Food & Wine referred to the menu as "a blend of Italy and the American South, with a few French accents." Nana's is considered one of the Triangles top dining destinations. When available, suggestions include the lamb with its delicate and subtle sauce and my personal favorite the seafood risotto. Throe is also a cozy little bar to sip on cocktails while you wait for your table.

The Fairview at Washington Duke  3001 Cameron Blvd.  919. 490.0999 This is my favorite destination for Christmas Brunch with my family.  It's a wonderfully intimate and sophisticated setting overlooking the Washington Inn & Duke Golf Course. The Executive Chef, Jason Cunningham serves delightful dishes such as the braised beef short rib with exotic mushrooms, roasted celery and plum-infused veal reduction. To top off the dining experience, there are over 250 varieties in the wine collection and they regularly receive the distinguished Wine Spectator Magazine Award for Excellence.  

Magnolia Grill - 1002 9th St. 919.286.3609 Bold, imaginative cuisine from nationally acclaimed chefs Ben and Karen Barker.  I find this restaurant to be a bit bright, stuffy, and expensive.  It's consistently considered by many to be the finest restaurant in the Triangle and voted to "11th place" in best restaurants in the US by Gourmet Magazine in 2006. The menu is innovated and seasonally directed.

Four Square Restaurant 2701 Chapel Hill Rd 919.401.9877 Bon Appétit calls Four Square "exciting" and remarks, "The plates going back to the kitchen were licked clean." Owned and operated by executive chef Shane Ingram and his wife, former pastry chef Elizabeth Woodhouse 

Watts Grocery 1116 Broad Street, near Club Boulevard 919.416.5040  Watts Grocery is actually an acclaimed neighborhood restaurant in Durham, NC.  The name is derived from the Watts-Hillandale neighborhood where Chef Amy Tornquist grew up and Watts Street Grocery, a favorite childhood stop for candy and snacks. But what's most distinctive is Amy's use of local ingredients, many raised, caught, smoked, pickled or cured within a two-hour radius of Durham, and how she weaves them into her cooking.  It's no wonder that Amy studied cooking at the internationally renowned La Varenne École de Cuisine in Paris. She honed her skills at the elbow of the late Bill Neal, founder of Crook's Corner and an icon of contemporary Southern cuisine.  What a fantastic destination for cuisine at its finest.  

Guglhupf Café - 2706 Durham-Chapel Hill Blvd 919.401.2600 I had lunch with my clients at this charming café.  Gugulhupf is a European bakery in Durham, named for an Austrian Bundt cake studded with rum-soaked golden raisins. Its German-trained artisan bakers have been turning out everything from ciabatta to Black Forest rye to Linzer cookies to the bakery's namesake cake since 1998.   I had the Westphalian ham on Black Forest rye!! Yummy!  Enjoy the striking architecture of the café and courtyard for outdoor dining.  

Café Parizade 2200 W Main St, Erwin Square 919.286.9712 Southern Living has consistently touted this restaurant.  The atmosphere has an expansive open copper covered kitchen, whimsical art and a well stocked bar. There is a good selection of appetizers to go along with your drinks and a dinner menu with specialties like fettuccini with fresh salmon and black pepper dill cream. Fresh homemade desserts and famous Leonia's Belgian chocolates tempt you in the background. 

Rue Cler Restaurant  401 E Chapel Hill St, Downtown  919.682.8844 opened in October of 2006 to great reviews.  Rue Cler's classic bistro cuisine combines the freshest ingredients and delicious French wines at a reasonable price during lunch, dinner and brunch. Food and Wine praises the hot, powdered sugar covered beignets they sell by the dozen. 

Pop's  810 W Peabody St, Brightleaf District, Downtown 919.956.7677
is a fabulous Italian restaurant in Durham. The atmosphere is charming with its wood burning ovens, thin crust pizza, calamari, and taste of Italy reinterpreted with a southern flair and devotion to fresh seasonal local ingredients. The casually sophisticated atmosphere appeals to both long time residents and young professionals. It is a sister restaurant to Nana's but comes with its own set of accolades. 

Foster's Market 2693 Durham-Chapel Hill Blvd. 919.489.3944 A casual atmosphere and great place to kick back and relax.  where you choose from gourmet sandwiches, salads, wraps, soups and daily specials. Whatever you do, don't leave without a piece of the crumb cake or one of the other tasty desserts.

 

Here are a few related articles that I've written on the Triangle restaurant scene:

Raleigh NC Restaurant Scene Recognized by Bon Appetit 

My favorite Triangle Restaurants - Bon Appétit 

Try A Southern Season if you enjoy the finer things in life 

NC BBQ-A world apart from Texas BBQ

 

Most people that come from out of town to visit the Triangle to consider relocation are interested in the Raleigh and Cary area. They don't hear much about Morrisville, NC.  I sometimes mistakenly even get calls for Mooresville, NC.  The location is central to RTP and easy for commuting into the Park.  Yes, given the central location to the Airport, there is some airport noise but given all of the other attributes that is usually overcome. 

There have been a few things holding Morrisville back from some of the other flourishing communities.  For example, if you are a resident in Morrisville chances are you head out of town for major shopping, fine dining or doctors' appointments.  All of that is changing with the new developments underway. 

Here's a look at some of the big development projects underway or coming soon:

• Park West Village, a controversial development at the site of the former Bristol-Meyers plant, is expected to be partially open in 2009. The developer should announce tenants within 30-60 days. 

 

• Shiloh Crossing construction is underway.  This will be a large mixed-use development - at N.C. 54 and Interstate 540. The anchors are a Super Wal-Mart and a Sam's Club, which has a targeted opening for October 2008.

• The Shoppes at Airport Boulevard and an ESuites Hotel are planned for Airport Boulevard between N.C. 54 and I-40.

• Morrisville Outlet Mall is looking over plans for redevelopment of that center. There had been talk of an upscale retail and hotel redevelopment at the site.

• Morrisville Manor, a senior housing development near Park West has been pushed out a year but the project is still planned.

• The Market at Perimeter Park, part of a 3 million square-foot office and commercial complex west of Airport Boulevard, will have shops and restaurants suitable for business lunching for the many office workers in the area.

• Time Warner Cable plans to build its $35 million headquarters in Perimeter Park-an existing commercial development off of Airport Blvd.

• In addition, Duke Realty plans to open the Duke Health Medical Office building at Perimeter Park.

 

If you have any questions on Morrisville NC Real Estate or need information on the neighborhoods feel free to visit my website at www.TriangleNCHomes4Sale.com or complete a contact sheet here on Activerain. 

 

 

I don't know about you but I'm really kind of tired of hearing about the "Doom & Gloom" of the real estate market. Frankly, my business is actually stronger than it was last year. For listings - if you dress it up, make it look good & smell good, and price it well it will sell here in the Triangle. For sales - I'm just working a bit harder this year because inventory is up and the pool of buyers has diminished from the "boom" years.   

Ok, so there is a bit of not so good news - The once red hot Triangle real estate market has cooled. Keep in mind I said cooled - not crashed.  There was an interesting article published in the News & Observer today which lead me to post on the Market Conditions.  The last report I wrote for Cary on Activerain was Year-End 2007 and the market has shifted quite a bit in this area from that time frame.  The article today focused on the fact that Sellers are having a hard time grasping that the market has changed and buyers in this market, especially coming from distressed markets, don't understand why they aren't able to knock off a minimum of 10% of the sales price when making an offer.  The two sides are far apart and one of the reasons why inventory continues to climb in this market. 

So, what are the main factors that are effecting the Cary NC Real Estate market?

1. Families relocating to this area are having a tough time selling their homes prior to relocating.
2. Tighter lending restrictions due to the collapse of the sub-prime lenders.
3. Downward pressure on pricing with the recent spike in inventory.
4. Job growth is lower than expected this year. To clarify - the job growth has all but dried up in 2008. 

Here are the current market details through April 2008:

• Inventory is climbing. Cary inventory is up 38% from April 2007.
• The supply of detached single family homes under $300k has climbed to 5 months vs. 2 month last year indicating a move to a buyers market.
• List prices are still continuing to climb at 6.51% (Sellers haven't quite realized that we are in a buyers market)
• Closings are down 15% through April 2008.
• Average Days on Market in April 2008 have leveled off at 104 DOM from 79 DOM in 2006 and 81 DOM in 2007
• % of Listings w/price drops in 2008 42% up substantially from years past.
• There are fewer buyers in Apex, and fewer pendings, than in Cary in the higher price ranges(400k+).
• The availability of New Construction and Builders willingness to negotiate on price is having a big impact on resale activity. 

It looks as if the market challenges in 2008 will continue for several reasons:

1. Instability of the US housing market in general.
2. Consumer worries about the economy.
3. Changes in lending practices.
4. Families relocating to the area are having trouble selling their homes prior to relocating. 

For more information on the area please visit my website at www.TriangleNCHomes4Sale.com or www.activerain.com/tsantrock for more information on the area.

Tired of betting on the real estate market in real life?  Worried about the risk in real estate?  Tired of HGTV and Flip this House? Need some new excitement in your life?Want to take some chances, flip a few homes, create a real estate dynasty without a penny out of your own pocket?   

If so you may want to check out a new game on the market by Red Marble Games called Build-A-Lot.   Aplayer gets cash, building supplies, a work crew and real estate to start with - plus development and cash flow goals.  The game becomes increasingly complex as it goes along, with home repairs, commercial real estate projects and house flipping involved.  And, make sure you perform the special favors for the local mayor!! Ha! Ha!

Ok, the download is free but your very own copy of the game will cost you $19.99.