Raleigh Real Estate

Commentator, Actor, and Financial Genius Ben Stein to speak in Raleigh

2008-08-14T12:59:00.001-07:00

The News & Observer announced today that Ben Stein, the actor, comedian, financial commentator, is coming to Raleigh to speak at the Greater Raleigh Chamber of Commerce meeting on Sept. 16. This event will be held at the new convention center in downtown that is set to have its grand opening ceremonies on Sept. 5-6.

Stein will speak on "Business, Economics and America," according to a news release from the chamber.

The event should be very good and very informative. Stein, who is known for his "deadpan humor" is very blunt and to the point with his business and economic commentating.

The event starts at 5:30 p.m. at the convention center and admission is $85 per person.

At the same event, the Chamber will highlight its accomplishments for the past year, recognize its leadership and present the A.E.Finley Distinguished Service Award.

Tickets are available at www.raleighchamber.org.

Gas at 3 month low; How low can it go?

2008-08-13T12:56:00.000-07:00

Did you hear the good news? Gas prices are down to the lowest level in 3 months. GAS PRICES ARE DOWN TO THE LOWEST LEVEL IN 3 MONTHS!!!

The average price U.S. consumers paid for a gallon of gas hit a three month low as the cost dropped 7.1 cents last week to $3.81. Yes, this is still $1.04 a gallon higher compared to a year ago, but it is moving in the right direction, primarily due to the lifting of the Executive Order by President Bush to drill off the coast.

This has caused a $33 drop in crude prices that we should expect to continue to fall over the coming weeks. According to the Energy Information Administration (EIA), every $1 price drop in crude oil results in a 2.4 cents off the price for a gallon of gasoline. If this is truly the case, then gasoline should fall about 79 cents from its peak according to the EIA. Of course, the national price has only fallen 30 cents, but common sense would dictate that the prices will decline slower then they rise due to unforeseen circumstances.

In the EIA's survey, the highest price for gas was on the West Coast at $4.06 a gallon, down 8.3 cents last week. This is the only region to remain above $4 a gallon with San Francisco having the highest big city price at $4.18, down 7.9 cents.

According to AAA Automobile Club, the average price in North Carolina has dropped dramatically over the past month from a high of $4.006 a gallon to $3.879 this month. Of course, this time last year, the price in North Carolina was $2.82 a gallon.

Schools Results-A mixed Result

2008-08-07T11:31:00.000-07:00

The News & Observer reported that North Carolina schools have shown improvement with state testing performance. The article announces that there are more public schools meeting the state testing standards, "but it's uncertain whether the improvement is due to better teaching or to a change in how schools are evaluated."

Released results show that 82 percent of schools met the state's goal during the past academic year on the state's ABCs of Public Education program. An increase from 71.9 percent the previous year.

Due to this gain, many teachers in these schools will qualify for bonuses, even though the Board of Education decided to cut the size of bonuses to be paid by as much as 30 percent.

Other positive news released today include a higher graduation rate to 70 percent, up from 69.5 percent.

The negative in this report may be more telling as to the true nature of education in North Carolina. Apparently, only 39 percent of schools in North Carolina met the standard under the federal No Child Left Behind program, down from 45 percent the prior year and could drop even further this fall when the results from the reading tests are factored.

By the way, both the state and federal programs utilize the same tests, but the results are evaluated differently. For more information about the ways these test scores are evaluated, please refer to the article linked.

Most districts in the Triangle saw gains in the percentage of schools meeting state expectations.

In Orange County and Chapel Hill-Carrboro, every school met the state's goal of improvement.

Johnston County saw 90 percent of schools meeting expectations, up from 79 percent.

Durham County was up to 70 percent, up from 50 percent the previous year.

In Wake County, there was a slight drop in the percentage of schools meeting state requirements, dropping a percentage point from 85 percent to 84 percent. These figures could change as Knightdale Elementary School's results are being reviewed amid questions of irregularities of testing there.

Downtown Manager wants Empire off Downtown Deal

2008-08-05T10:35:00.000-07:00

Once again, Raleigh's city manager is requesting that Empire Properties be removed as the developer for the Lafayette project. Russell Allen, city manager, is asking the City Council to reopen bidding for the development on a half-acre, city-owned site bordering Salisbury, Lenoir and South streets. If the council agrees with Allen, this will end the deal between the city and Empire Properties for the project, known as the Lafayette.

Last month, Allen asked that bidding for the site be reopened because Empire Proprieties had yet to get financing for the deal. The council ruled against the city manager by extending the deadline to Nov. 1 for Empire to find the money needed.

That extension included a provision where Empire Properties would share the cost to widen Salisbury Street, work that is being done as part of the Lafayette deal. Greg Hatem, CEO of Empire Properties has refused to sign the extensions under these terms, stating that he should pay for his portion of the street project once he purchases the land. Empire's share of the road widening would be approximately $50,000. He currently has the option to purchase the Lafayette property from the city for $1.44 million.

Hatem, like many developers has found it difficult of late to raise money for large projects considering the economy and the credit crunch. The developer has suggested that he may scale back the project, which is originally designed to be a 22-story tower with condominiums, retail and a hotel.

North Carolina Ranks 2nd for Business Climate

2008-07-29T07:40:00.000-07:00

In a study by the marketing firm, Development Counsellors International, North Carolina received second billing behind Texas as the best business climate.

The study interviewed 281 corporate executives and is conducted every three years. DCI explained that North Carolina received such high ranking due to its strong labor market, low operating costs and its pro-business climate.

DCI President Andrew T. Levine stated, "With the battle for business more intense than ever, states and their economic development organizations need to pay close attention to the results of this survey. Whether accurate or misguided, perceptions about a location's business climate often play a crucial role in site selection decisions and where companies invest money and create jobs."

To round out the Top Five states, Georgia is third, followed by Tennessee and Florida, which were tied for Fourth.

Finishing last on the list was California as respondents cited taxes, high costs, and an "anti-business" regulatory environment.

Steven W. Nelson, a local Realtor in Raleigh exclaims that "it is no surprise to me that the Top Five were dominated by Southern states. Being born in Kalamazoo, Michigan, I experienced first hand the deterioration of the business climate there as the Labor Unions garnered too much power throughout the state and the elected officials continued to raise taxes to pay for social reform." He went on to say that it reminded him of the Ann Rand novel, Atlas Shrugged, where the producers decided to quite producing and let the economy collapse upon itself.

Development Counsellors International is a leader in marketing places. With more than 350 past clients since 1960, they have served cities around the globe to better market to enhance economic development and travel marketing.

Executive Townhouse with Great Location

2008-07-17T19:23:00.000-07:00

JUST LISTED!!!

This great townhouse is very conveniently located near Crabtree Valley Mall and the I-440 Beltline. This gorgeous home, built in 2006, has all the upgrades to include Corian countertops, wainscoting in the dining room and the stairs, wrought iron on the stairs, and plantation shutters in the family room. This home also has hardwood floors, and tile in this fabulous 3 story home. Not only does the family room have plantation shutters, but is also pre-wired for surround sound and a warming spiral staircase from the foyer. This home has 4 bedrooms and 2 full and 2 half baths and has nearly 2500 sqft. The master bedroom has cathedral ceilings and the bath has a separate garden tub and shower as well as a large walk-in closet.

The garage and a bedroom are located in the basement along with the utility room. The garage has epoxy flooring for long life and stain resistance. Additionally, the garage has plenty of storage room for the family bikes. The basement bedroom can be a game/entertainment room or a private bedroom for the teenage or the in-laws.

The kitchen is immaculate with plenty of counter space and an island bar for family breakfast. The kitchen also has a large pantry and is connected to the dining room. The deck overlooks the large and spacious common area shared by the surrounding neighbors. It is a great place to spend time with the children or the pets as there is a walkway completely around the common area.

Backyard Large common area for family and the pets to play, complete with a sidewalk that circles the common area.	Bedroom 2 Large bedroom with a sitting area and a good closet. This bedroom will be great for a guest room or for the teen.
Bedroom 3 Spacious bedroom on the second floor that has a good closet and place for a student's desk.	Bedroom 4 Spacious bedroom in the basement that could be an office, game/entertainment room or an in-law suite.
Deck Nice wooden deck that overlooks the common area with plenty of great foliage for your viewing. It makes for a great spot to spend the evenings with a glass of wine.	Dining Room Cozy family dining room with wainscoting whose window overlook the common backyard.
Family Room Spacious family room that has a gas fireplace, pre-wired for surround sound, and plantation shutters will be a cozy family gathering area to create family memories.	Finished Basement The finished basement includes an oversized garage with plenty of storage space, a bedroom that could have many different uses, and the utility room with a half bathroom.
Fireplace In the family room,the gas fireplace will make for cozy evenings for the entire family.	Garage Oversized garage with epoxy flooring, this garage has great storage space for all of the family toys.
Gourmet Kitchen Large kitchen that comes with Corian countertops, a large pantry, and an island bar, great for family breakfasts. This homes comes with all of the white appliances in the kitchen, including the refrigerator.	Master Bathroom The master bathroom comes complete with a large, garden tub and an oversized separate shower. This bathroom has 2 separate vanities for his/her use. Additionally, there is a large walk-in closet and a linen closet.
Master Bedroom A cathedral ceiling adorns this spacious room. It has plenty of room for a king-size bed and all of your special furniture.

For more information on this beautiful home, please visit 2741LaurelCherry.com.

Announcing a new listing

2008-06-30T14:42:00.000-07:00

A great home in a starter community close to Raleigh, this home offers much potential and many amenities for the 1st time home buyer or an investor. With 3 bedrooms and 2 baths, this home has the basic needs for a young family. However, this home also offers the added benefit of having a great sun room/den in addition to a large family room with a wood fireplace. This is a must see home for the investor or young family.

This home also offers a great backyard that will be great for barbecues, pool, or extended decking system. Additionally, the children will benefit from having a great yard to play as it is very clear and flat for many activities.

Little River park is approximately 1 mile from this home and offers a picturesque waterfall, a great swing set, and numerous picnic sites for the family to enjoy. Visit this great park when you visit the home as it is a quaint park with many trees.

For more information about this home and to view all the photos of this home, please visit the website link above or email me with your questions.

Raleigh Named 2 Best Place to Live in the U.S.; Meanwhile, NC economy to grow by 2.2% in 2008

2008-06-03T19:22:00.000-07:00

Raleigh does it again!!! Once again Raleigh has made the list of Best Places to Live in the July issue of Kiplinger's Personal Finance magazine. This year, Raleigh placed 2nd behind only Houston on the annual list.

Kiplinger reports that Raleigh is "a work in progress" as the city has long been known for being a good place to work, but the big city culture has been absent in the community. That's changing according to Kiplinger, "Raleigh is increasingly becoming a more exciting place to live, and the excitement of living there is catching up with the benefits provided by the local economy."

Kiplinger credits the downtown renaissance as the key to the future of the city and specifically mentions the new convention center and the RBC Plaza as milestones for the city.

In essence, the main reason that Raleigh made this list of the Best Places to Live is due to low cost of living, a high percentage of workers with university degrees, and strong economic growth.

Kiplinger's says its list encompasses cities "offering strong economies, abundant jobs, reasonable living costs - and fun things to do."

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Despite all the "gloom and doom" reports that can be seen in the national and local media, North Carolina's economy is expected to grow this year by a modest, but positive, 2.2%, according to UNC Charlotte economist John Connaughton's quarterly forecast.

His forecast for this year, though, calls for a rate lower than the state's 2.4 percent expansion in 2007 and 4.3 percent growth in 2006. Additionally, North Carolina is expected to add 34,700 jobs, an increase of 0.8% over 2007.

Connaughton expects eight of the state's 11 economic sectors to experience growth during 2008. The sectors with the strongest expected growth forecasts are:

Agriculture, with a projected real growth rate of 7.7 percent.
Mining, 5 percent.
Services, 4.8 percent.
Wholesale trade, 4.3 percent.
Government, 4.1 percent.
Transportation, warehousing, utilities, and information, 2.7 percent.
Retail trade, 2.6 percent.

Three sectors - durable goods manufacturing, nondurable goods manufacturing, and construction - are expected to experience an output decline during 2008.

Positive growth will benefit the housing market as the more jobs, the more potential buyers will be in the market for homes. Additionally, many sectors of the economy experience growth, it should result in higher wages and more stable incomes to allow homeowners to buy more home as well. If the national real estate market improves as it is expected, then it will benefit the Triangle even more as many people are moving to this area, but cannot sell their homes in other parts of the country, reports Steven W. Nelson, a local Realtor for Keller Williams Realty.

"I am seeing the market pick up with more phone calls to list their homes, the only issue now is to have more of these homes actually selling again as they did in 2006," continued Steven W., "It will get better in time and right now is the time to position your home to sell it. People are still buying, but it is making listing agents work harder to market their homes to get them sold."

What's new in downtown Raleigh!

2008-04-01T20:46:00.000-07:00

It is an exciting time to be living in Raleigh and Wake county to see all the development that has been created and continues to be developed within our county and city limits. There is the portion of the population that is against the city growing as it is, but growth cannot be curtailed when people want to move here and the opportunities are bountiful. Downtown Raleigh is experiencing a revival of sorts that has resulted in new developments and a greater complexity to this area from new buildings being erected to older buildings being remodeled and updated to unique housing products that put Raleigh in the same league as major cities such as New York and San Francisco to name a few. There is no doubt about it, Raleigh is growing and for many, it is exciting to see what is happening.

One of the more popular condo projects in the downtown area is 510 Glenwood in the Glenwood South area. This was one of the earlier projects that was completed in 2000 and its most famous resident to local Caniacs was Bates Bataglia, the former Hurricane hockey player. Within this development there are 3 restaurants at street level which adds convenience to this location. Additionally, you have a number of great restaurants and bars on this section of Glenwood, all within walking distance. In fact, this project was so successful that an offspring has arisen at 222 Glenwood. Conveniences is not as great for this building, but it will still be a hot property as young professionals and empty nesters flock to the downtown living.

Another exciting project that is nearly complete and has already been sold out for a number of months is the RBC Plaza will stand 540 feet and will be the tallest in downtown Raleigh. The 33 stories structure will be home to RBC Centura's U.S. headquarters as well as 139 condos situated on the top 11 floors. Residents will enjoy an open plaza area and pool on the 23rd floor overlooking Raleigh with a fitness center on the same floor. The units were priced from the $200,000 and began at 800 sqft up to 2,000 sqft. Definitely a destination hot spot, this edifice will stand out within the Raleigh Skyline and should always be a great purchase with great appreciation.

Finally, a project that has garnered major attention, both positive and negative is the new Convention Center, which will open in the 2nd quarter of 2008 and already has a number of events planned. It will be a 500,000 sqft convention center with 922-space underground parking garage. The new center will be able to house events and trade shows with participation from 50 to 5,000 people. Accommodations for these guest can be handled at the new 400 room, 4-star Marriott that is being built next door to the convention center. It will have 15,000 sqft of meeting space, a restaurant/tavern, coffee shop, and an indoor connection to the convention center.

As you can see, there are many exciting things happening in Raleigh which is making Raleigh a destination city for more people to move and visit here. Future articles will continue to bring in other new and exciting developments that is happening here. If you have a particular area of interest that you would like to know more about, you can email me or post a comment and I will address it in a future article.

What are you waiting for? It is a great time to buy real estate in Raleigh

2008-03-03T07:44:00.001-08:00

Too many potential buyers are on the sideline waiting to make their next home purchase, but the question is why? Are you concerned that the market has not yet bottomed out? Are you concerned that you will buy a home today and it will be worth less in six months? Are you concerned about being upside-down with your home (owing more then the home is worth)? Fear not, I will attempt to answer these and many more questions for you.

When asked, the potential buyers today have many different reasons why they have not made the final decisiont to buy a home today. Usually, I find that they still do not have a down payment or they need to get their credit scores higher before purchasing. It is a rarity that someone specifically states that they are concerned that the market has not yet bottomed out. Others have told me that they are waiting to see what happens with the mortgage industry. Others have noted that they have homes to sell in other parts of the country before they can buy a home in Raleigh or the Triangle area. This is usually the number one reason why buyers are still on the sideline. They have a home to sell first.

Let's talk a bit about the market and whether or not it has "bottomed-out" This is a term that has been overused in the media as a means to sell newspapers or get viewership. There is not a bottom in these terms. The market is what it is and it will adjust based upon supply and demand. If there is a higher demand, the price will go up. If there is low demand, the price will go down. Plain and simple.

It is a simple rule, but also a complex one. How do we determine if the demand is there? First of all, we realize that real estate is local. What is happening in California, Florida, and Nevada does not directly impact our market in Wake and the surrounding counties. They are having issues because the supply is higher than the demand and thus, the price has dropped dramatically. In the Triangle, we have not seen this trend as much. Currently, we have a surplus of supply in most areas and price ranges, but this is more due to buyers waiting to buy than to the buyers not being there. Our potential buyers are paying too much attention to the national media and this is causing them to sit on the sideline and wait. This waiting has caused the Triangle to experience a shift from a seller's market to a buyer's market, which is a direct result of the supply and demand rule of economics.

In the Triangle, we have not seen prices fall dramatically as many other markets around the country since we did not see the dramatic appreciation that these parts of the country saw. We showed steady growth and should see appreciation again this year. This year's appreciation will not be as great as it has been in the past, but it should still be positive. As for the supply, we currently have 17,919 single family homes for sale in the Triangle MLS. This is by far, the largest number of available homes than at any other point in our history. I feel that this is the result of 2 major trends. First of all, we have a larger population than we have ever had in terms or residences and single family properties in Wake and the surrounding counties. With the record number of single family homes, it stands to reason that we will have larger number of them for sale at any given time in the past 5 years. Secondly, we are begining to see more distressed homeowners in our area that have to sell before the bank takes their homes. Currently, there are 171 foreclosure homes listed in the Triangle MLS, this does not take into account the numbers that are in the begining stages of foreclosure or will be within a few months.

Some potential buyers are concerned about buying a home and having it depreciate when they look to sell it. This is not a major issue in our area. Usually this only happens when an individual gets a mortgage for 97% to 100% of the home's value and then, due to personal life changes, has to sell within a year or two. Real estate is not designed to be a short term investment tool, but rather, a long term one. With a 97% loan-to-value ratio, a home can still see appreciation of 3% to 5% and still owe more when they sell due to closing cost. Closing cost can be as much as 7-8% of the home's value. Unfortunately, there is not much that can be done for these folks with the exception of trying to get the greatest home value for them.

What is the best way to get the greatest sales price? Simply, marketing, marketing, and marketing. The better the marketing is for your home, the more traffic that will result from this marketing. The more traffic you get into your home, the more interested buyers you will have in your home. Thus, the greater sales price you should obtain.

You may be concerned about buying a home at this point and concerned that you will overpay for your home. A very simple way to look at this from a purely financial way. Many economist expect our economy to recover within six months or after the Presidential elections. The first thing the Federal Reserve does when the economy improves it to raise the prime rate, which will cause the mortgage interest rates to increase. So, hypothetically, you could purchase your home in six to nine months for maybe $10,000 less than that home may be selling today, but actually have a larger payment due to the higher interest rates that are being charged by the banks. Last week, the rates for a 30 year fixed mortgage was about 5 7/8%, this week, they were reported at 6 1/8%. Can you really afford to wait to buy your next home?

Do you have Real Estate questions? Concerned about your real estate investment in Raleigh?

2008-02-11T07:41:00.000-08:00

I have noticed that over the time that I have been writing for this blog, all of the articles have been about what interest me. What I felt was important about the Triangle real estate market? Unfortunately, I have not opened this forum up to other people with questions about the real estate market. Often, I have attempted to answer some of the questions that people have been asking me, but most of the time, this blog has been about what interest me.

Therefore, I am opening up a new segment with my blog to answer any and all of the questions you may have about the real estate market in the Triangle. You may want to know how the current market resembles the national real estate market.

If I do not have the answer already, I will research the answer and write about it here. Therefore, I would ask that you send all of your questions or concerns about the current real estate market to me. You can click on my website to write me or call me with your questions. Both my email and phone numbers are published on this page. But, to make it easier for you, you can email me at SWNelson1968@yahoo.com.

I look forward to hearing from you and your questions.

Mayors Conference warns of doom and gloom

2007-12-05T08:51:00.001-08:00

A report released by the U.S. Conference of Mayors suggests that the mortgage crisis may impact the overall economy in 2008. With an escalating mortgage crisis, the report suggests that another 1.4 million U.S. homes will be foreclosed while driving the nationwide property values lower by 7 percent next year. Add to the lower property values, it will result in lower property tax revenue to many states to include California and Florida where home values had soared over the past few years.

The forecast, prepared by the economic consulting firm Global Insight, was released as the non-partisan mayors group began a special meeting in Detroit to address the foreclosure crisis and its connection to problems such as neighborhood blight and crime.

The consultants have forecasted that the U.S. homeowners would see property values fall by $1.2 trillion in 2008 with almost half of those overall losses occurring in California, which translates to a 16% drop in property values and costing the state nearly $3 billion in property taxes.

Furthermore, the report stated that the weakening U.S. property market would reduce home values by some $676 billion and another $519 billion in losses could be tied directly to the financial problems facing borrowers that are unable to meet their escalating monthly mortgage payments.

The problem came as a result of the property value booms of 2004 and 2005, which resulted in higher housing values. With the low cost of borrowing money that we prevalent during this period, private investors wanted to increase their profit returns by offering more sub-prime loans which have a higher risk for the investor, but also a higher rate of return than the conventional loans. The investors felt that their investments were safe due to the increasing value of homes. The resulting downshift in property values has made their investments into these high risk loans a liability for the homeowners and the investors. This has resulted in these new homeowners owing more on their homes than the homes are valued.

The representatives of the Conference of Mayors are expected to call upon mortgage investors and loan servicing companies to make a collective effort to work out new payment terms to avoid defaulted loans from these new homeowners.

The report also warned that they U.S. economy would grow by only 1.9% in 2008 with both hiring and consumer spending stagnated.

The effect on the Raleigh-Cary market will be decidedly less than many areas around the country due to the economic factors and housing prices being much better than the rest of the country. Additionally, the housing prices have continued to increase in this area for the time being. However, it is expected to be a much tougher real estate market in 2008 than it was in 2007 as these market conditions will finally hit the Triangle market, but to a lesser degree than the rest of the country.

It has been bantered about that the doom and gloom about the real estate market should subside after the 2008 Presidential elections. Traditionally, election years generate more apathy and concern about the economy as a whole, despite any actual figures that may counter the cause of concern. For instances, the 1992 election year brought national concern about the economy and the Clinton’s came into office due to the economic climate. The actual figures though suggested that the economy had recovered from its minor setback experienced the year before.

In conclusion, the economy will continue to climb and fall in cycles and there is nothing that can be done about it despite Congress’ claims to fix it. Usually, they are the cause of these declines in the economy and are not the ones to fix the problems. As Americans, it is imperative that we stay the course and continue to do what is right and just for ourselves, our families, and our communities. Everything else will take care of itself.

As long as we have a portion of our society looking to make a quick buck there will be trends that will make money for some, and eventually hurt the majority. Such is the example of the Dot.com era on the 1990s. Caution should be applied to any investment that is made and it better be money that you can afford to lose.

Rail, Bus, or Other? What is the solution to Raleigh’s Future Transportation Needs?

2007-11-08T13:23:00.000-08:00

The 29 member commission panel convened to discuss the future of Raleigh transportation needs. The group consisted of business, neighborhood and environmental leaders from Wake, Durham and Orange counties to include members of the Special Transit Advisory Commission (STAC), N.C. Capital Area MPO and the Durham-Chapel Hill-Carrboro MPO. This commission has been charged with studying the future transportation needs of the Triangle area and to recommend solutions to these needs.

Leaders of the Special Transit Advisory Commission informed city and county officials that a new plan for transportation improvements would be presented by February. It is estimated that this comprehensive plan will come with a price tag of more than $5 billion over the next three decades. Furthermore, this plan is expected to choose between to major options to include a mixture of bus and rail service to be phased in over the next 30 years. To accomplish this lofty goal, STAC will meet on November 15, 2007 and December 4, 2007, where they will use their goals and the technical analysis to finalize and prioritize a recommendation for regional transit based on elements of the transit scenarios.

During the next few months, STAC will investigate and give recommendations that will include transit corridors, operational technologies, estimated costs, an analysis of the costs and benefits of projects, and phasing. This will be a great undertaking and the leaders of this commission will include George Cianciolo – STAC Co-Chair; Smedes York – STAC Co-Vice-Chair; Bo Glenn – STAC Co-Vice-Chair; Philip Boyle – Leading & Governing Assoc., STAC Facilitator; and David King – Triangle Transit Authority.

Some of the options that this illustrious group will be considering are the initial Triangle Transit Authority (TTA) plan and some newer, fresher ideals.

Commuters from Selma to Burlington could ride to work on trains that come into the Triangle each morning and reverse directions in the afternoon. This plan would include the N.C. Railroad Co., which owns a 317-mile rail corridor from Morehead City to Charlotte. This plan would add commuter trains to the same tracks being used by Amtrak and other freight carriers.
Buses, streetcars or light-rail trains could circulate continually through Research Triangle Park (RTP) and the Triangle’s downtown centers. Additionally, Raleigh-Durham International Airport (RDU) are making plans to extend a transit link from the airport to RTP.
A variety of special buses that could be deployed to get the edge on traffic congestion. This option includes a number of different scenarios to include an unusual bus that has become popular in Europe, Curb-guided buses.

The curb-guided buses utilizes a typical rubber-tired bus that you would normally see on city streets, but equipped to also travel on a narrow path lined with concrete curbs. These bus ways are a few inches wider than the actual vehicle and the buses are fitted with small horizontal wheels to hug the inside of the curb in much the same way as a train travels on a rail. These buses could travel on both streets and these special rails.

There is no doubt that Raleigh is growing at an alarming rate and something has to be done today to ensure that traffic will be bearable in the near future. At the current rate of growth, the Triangle will have outgrown its current infrastructure soon. It is time to make real planning for the future a reality. The results from this commissions study will impact the future of Raleigh in a major way. The previous plans set forth by the TTA were not adequate and lacked in foresight and viability. A typical light rail system as experienced in similar cities such as Portland, Oregon will not suffice for this area, especially without a stop at RDU.

COST vs. BENEFIT

The cost of nearly any transportation plan that is generated from this commission will far exceed the $5 billion mark. Can we afford to purchase this type of mass transit system? However, the question should be, can we afford not to invest into a mass transit system? The plans could be a simple as updating and expanding existing roads, but funding for roads have been limited of late.

There is no doubt that we need to be innovative in our thinking and use means at our disposal to improve our transportation needs by using existing rails to establish commuter trains. Also, we should attempt to utilize the buses that we currently have in operation.

According to the TTA’s website, ridership rose by a greater percentage than the national average due largely to the increase in gas prices. Despite a large increase in 2006, the TTA lost around $2 million and will most likely show a loss for 2007. Furthermore, the capacity numbers were 8 % capacity in the past and is slightly above that number now. Should more money go towards a light rail system if the buses are not being used? This is the reason we need to find new and innovative ideals to improve the transportation needs of this area.

The benefit to the real estate market in the Triangle will be great depending on what is actually done, when it is done, and how they plan to pay for it. The wrong product will not benefit homeowners if they do not use the product due to its ineffectiveness to satisfy their commuting needs. Obviously, if they their final plans take 30 years before any benefit will be seen, then the short-term benefit to homeowners will be minimal at best. Finally, if property taxes are increased considerable to pay for these projects, then it can actually negatively affect the home’s value by making this area less desirable for people moving from the Northeast who are basically attempting to escape the high property taxes there. It is a fine line, but the correct plan will benefit the real estate market and the economy of the Triangle immensely.

Support North Carolina Veterans

2007-10-30T11:34:00.000-07:00

Over the 200+ years that the United States of America has been in existence, many brave people have both fought and died defending this great nation against all enemies, both foreign and domestic. It is only fitting that we pay homage to these great warriors for the cause of freedom and liberty. With such a great nation comes great sacrifice. Even those who have survived wars in our past have sacrificed greatly both physically and emotionally. As my father-in-law, who passed away in 2004, many veterans of wars do not wish to speak of the horrors of war that they experienced.

My father-in-law, the late William Roger Soles, was an air navigator in WWII and his plane was shot down over the South Pacific. He had to tread water until he reached a Japanese controlled island where he spent a couple days in hiding until he and the crew he fought with were rescued by a U.S. submarine. He did his job and did it well as many brave soldiers have done before him and since. It is always a great time to remember these brave soldiers and honor them and their memories.

On November 10th, the North Carolina Veterans Parade and Ceremony will take place in downtown Raleigh. Whether or not you agree with the wars or conflicts that these brave veterans fought, it is altogether fitting and proper that we should honor these brave men and women. At a time such as this where we have warriors overseas defending and protecting our rights, we need to be even more vocal about our support for them and their cause.

The parade begins at 9am followed by a formal ceremony at the Capitol at 11 am. For more information about this great event, you can visit the website by clicking on the title of this article. Look for me as I plan to honor these veterans with my presence and adoration for their tireless work to defend our nation.

Real Estate Trends in Raleigh, Triangle, North Carolina

2007-10-22T11:39:00.000-07:00

The real estate market trends in the Triangle market to include Raleigh, Cary, Wake Forest, and rural Wake County as well as surrounding counties such as Durham, Franklin, Harnet, Johnston, Orange, Chatham to name a few, has surprised many in the face of the national media attention to the disasterous situation of the real estate market. In fact, some areas of the country are still doing very well to include Manhattan. However, the national media outlets have spelled doom and gloom to such an extent that many would be home buyers are timid at best, to get into the market with homeownership. When one looks at the actual numbers of the market, you cannot miss the positives that still exist in our market. Across the board, 2007 is not even the worst real estate market that we have seen in the past 5 years. In fact, 2004 was a much more challenging year for real estate in the Triangle with fewer sales, few new homes being built, and days on the market, just to name a few. Armed with statistical information, it is easy to explain the advancement of our market in these challenging days that we are experiencing.

JOBS

Job growth in both of the Metropolitan Statistical Areas in our market had a better than average workforce growth compared to the prior year. The U.S. workforce grew at a .67%, while North Carolina grew at .91%. However, both the Durham M.S.A. and the Raleigh/Cary M.S.A grew by greater numbers at 1.8% and 1.4% respectively. This means more people potentially looking for housing in this market than across the state and the nation.

Inventory

Inventory. Currently there are 13,410 active listings within the four main counties that comprise the Triangle. This is an increase of 23% compared to Oct. of 2006. There are currently 4,996 new home listings, which is an increase of 21% from 2006. This means that there are 8,414 re-sale listings, an increase of 25% compared to 2006 inventory levels for re-sale homes. To get more specific, there were 24 (compared to 23 in 7/07) price points/geographic area that had lower inventory and 74 (compared to 45 in 7/07) price points/geographic areas that had higher inventory levels.

Showings

Showings. There were 72,106 showings in September of 2007. This is an 8% increase from the 66,803 showings in September of 2006. This reflects the highest number of showings in September was the highest amount within the past four years. This means that more people are looking at more homes than last year. Buyers are more selective due to more options.

Pending Sales

Pending Sales. There were 2,351 listings taken off the market in September with a status changed to pending or closed. 1,942 of these listings were in the main four counties, which is a 14% decrease compared to pending listings of September 2006 and the lowest amount within the past four years. Total pending sales were down from Sept. 2004 (Sept/07-2351; Sept/04-2604).

Closed Sales

Closed Sales. There were 23,247 closed sales in the four county market during the first nine months. This is a decrease of 3% compared to the 23,983 closed sales during the first nine months of 2006. There were 2,583 closed sales during the month of September, a decrease of 3% compared to September 2006. The closings for the first nine months in 2004 and 2005 were less than this year with 19,843 in 2004 and 22,260 in 2005.

The average sale price during the month was $248,500, an increase of 4% compared to Sept. 2006. Average sale price for Sept. 2006 was $239,100, compared to $214,200 in Sept. 2004. So, prices are continuing to increase despite the tougher market. This is where many markets across the country have sagged considerablely due to much tougher markets than we are experiencing in Wake county.

Days on Market

Days on Market. The average days on market for closed sales during the first nine months has been 73 days. The average at the end of Sep. 2006 was 72 days and the average at the end of Sept. 2005 was 85 days. The average days on the market at the end of Sept. 2004 was 90 days. The average for a re-sale home was 59 days versus 61 days in '06 and the average for a new home was 107 days versus 100 in '06.

Current Supply

Current Supply. The current supply of all housing within the four main counties is 5 months. The current supply at the end of September 2004 was 4 months. Compared to previous years at the end of September, 2005 had 8 months of supply and 2004 had 11 months of supply. There are 14 (compared to 25 in 9/06) price points/geographic areas with a current supply of 2 months or less. There are 11 (compared to 4 in 9/06) price points/geographic areas with a current supply of 10 months or more.

I have thrown out many figures and statistic and many people reading this article may be scratching their heads by now. I am no different to some extent. The bottom line with these figures is the fact that we have had a more challenging market in years past than we have today. The real estate market has shifted towards a buyer's market which has been a strong seller's market for the past 2 years. However, homes are still selling and for higher prices than last year. Whether buying or selling, you can still have success and see a positive return on your investments. Buyers have an advantage in that they have ample options and are often times waiting to make an offer until they have viewed all the homes available. For them, they can often get everything they want in a home where last year, they often had to settle for getting as much as they could.

For sellers, be optomistic that the market is not as bad as it could be. You can still sell for more than you bought the home as a general rule, but it may take a few extra days and a price reduction or two to get it done. You will most likely have more showings that do not result in offers as the buyers are looking at all of their options and taking their time to make their decision. Homes are still selling and buyers are still buying.

For more information or a valuation on your home, please call me and I will be happy to assist you. If you think you may be ready to buy, call me and we can discuss you ability to buy and get the process started.

International Real Estate Buyers Looking to the US market

2007-09-25T06:45:00.001-07:00

International Real Estate Buyers looking to the U.S. market

Why are they looking and could this be the answer to our woes?

The real estate market in the U.S could be in for a rebound due to foreign buyers looking for investment properties and second homes in the U.S. The National Association of Realtors reported that overseas investors are interested in U.S. real estate bargains. In the past, the U.S. has not been top on the list of regions for UK and European buyers as they have selected regions such as Brazil, India, and Eastern Europe.

The National Association of Realtors reported in the “2007 NAR Profile of International Home Buying Activity” that during the past 12 months, one in three Realtors have worked with an international client or prospect and nearly one in five sold a home to a foreign buyer.

The sub prime market concerns and falling housing prices in the U.S. may make this a prime location for deals to be made. Consider the affect of the dollar versus the Euro and more home can be purchased for the same amount in Europe. This coupled with a decline in housing prices in many cities across the U.S., it is now prime for these foreign investors.

“About six years ago, when the euro was introduced, it started at something like 79 U.S. cents to the euro,” says Stefan Bolsen, head of Engel & Volkers Florida. With weaker performances from the U.S. dollar and the sluggard real estate market, it is like “buy(ing) in the U.S. at 2004 price levels. Considering the exchange rate, people from Europe (are) purchas(ing) at a 2002 price point. That is very, very attractive,” says Bolsen.

Additionally, the tightening credit market in the U.S. is unlikely to discourage these buyers as the NAR reports that foreign buyers are four times more likely to pay cash for their homes (28percent to 8 percent), and likely to spend more on average for the homes when they do purchase ($299,500 versus $221,900).

When asked, Steven W. Nelson, a Raleigh based Realtor feels that this will help the housing market to recover throughout the U.S., but will not be the only cause. “In fact, we are simply in a cycle which tends to run every 6-8 years and this too shall pass,” stated Steven. “Too many people are short-sighted and fail to look to historical reasoning for the markets. The financial markets and the real estate markets work in much the same way. You cannot continue unchecked with large appreciations without having a correction.”

Many pundits feel that the market will get worse before it gets better. However, it is expected to rebound to some extent by the Spring of 2008. “With this said, Raleigh is still the #1 sellers market in the U.S. and it will only get better,” stated Steven.

When asked if it is a good time to buy, Steven responded by saying “it is always a good time to buy. If you need to buy today then it is a good time to buy. The positives about buying now consist of the number of options on the market and that across the nation, it is a buyer’s market, so often you can buy more home than you could last year. If asked by a potential buyer, I would simply say that, it depends on them.”

For more information about this article, please contact Steven.

Real Estate Tip of the Week-Get the House Ready

2007-09-14T11:12:00.000-07:00

A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well-maintained.

From experience, REALTORS® also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained. In readying your house for sale, consider:

how much should you spend
exterior and curb appeal
preparing the interior

How much should you spend
In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive "polishes" and "touch-ups" to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen. Your REALTOR®, who is familiar with buyers' expectations in your neighborhood, can advise you specifically on what improvements need to be made. Don't hesitate to ask for advice.

For Your Home

Our home improvement section features how-to tips and important information about repairing and remodeling your home.

Maximizing exterior and curb appeal
Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior and interior appeal. Tips to enhance your home’s exterior and curb appeal:

Keep the lawn edged, cut and watered regularly.
Trim hedges, weed lawns and flowerbeds, and prune trees regularly.
Check the foundation, steps, walkways, walls and patios for cracks and crumbling.
Inspect doors and windows for peeling paint.
Clean and align gutters.
Inspect and clean the chimney.
Repair and replace loose or damaged roof shingles.
Repair and repaint loose siding and caulking.
In Northern winters, keep walks neatly cleared of snow and ice.
During spring and summer months consider adding a few showy annuals, perhaps in pots, near your front entrance.
Re-seal an asphalt driveway.
Keep your garage door closed.
Store RVs or old and beaten up cars elsewhere while the house is on the market.
Apply a fresh coat of paint to the front door.

Maximizing interior appeal
Enhance your home’s interior by:

Giving every room in the house a thorough cleaning, as well as removing all clutter. This alone will make your house appear bigger and brighter. Some homeowners with crowded rooms have actually rented storage garages and moved half their furniture out, creating a sleeker, more spacious look.
Hiring a professional cleaning service, once every few weeks while the house is on the market. This may be a good investment for owners who are busy elsewhere.
Removing the less frequently used, even daily used items from kitchen counters, closets, and attics, making these areas much more inviting. Since you're anticipating a move anyhow, holding a garage sale at this point is a great idea.
If necessary, repainting dingy, soiled or strongly colored walls with a neutral shade of paint, such as off-white or beige. The same neutral scheme can be applied to carpets and linoleum.
Checking for cracks, leaks and signs of dampness in the attic and basement.
Repairing cracks, holes or damage to plaster, wallboard, wallpaper, paint, and tiles.
Replacing broken or cracked windowpanes, moldings, and other woodwork. Inspecting and repairing the plumbing, heating , cooling, and alarm systems.
Repairing dripping faucets and showerheads. Buying showy new towels for the bathroom, to be brought out only when prospective buyers are on the way.
Sprucing up a kitchen in need of more major remodeling by investing in new cabinet knobs, new curtains, or a coat of neutral paint.

Moore letter demands explanation from Countrywide chairman

2007-09-14T10:53:00.000-07:00

The Triangle Business Journal reports that State Treasurer - and gubernatorial candidate - Richard Moore has sent a letter to the chairman of mortgage lender Countrywide Financial, accusing the company of unethical and unsustainable business practices.

Specifically, Moore's letter says the California company wrote subprime mortgages for customers who it knew couldn't afford them and rewarded employees for having done so.

But when those mortgages started to go into default, Moore writes, the company's stock sank - hurting consumers as well as the value of the $11 million the state pension fund has sunk into shares of Countrywide (NYSE: CFC).

"As an owner of this company and a large institutional investor, I ask that you provide me with an explanation of why the company implemented and continued this business model in the face of mounting evidence that the product was unsustainable," Moore wrote.

Moore, who as state treasurer is the fiduciary of North Carolina's $75 billion pension fund, is locked in an already heated battle with Lt. Gov. Beverly Perdue to become the Democratic nominee for governor in 2008. Perdue hasn't formally declared her intent to run, but both candidates have raised more than $4 million, according to documents filed with the State Board of Elections.

Countrywide, the country's largest mortgage lender, has been battered by the downturn in the country's subprime market. Shares of the company were trading up 7 percent Thursday at $17.84 but are still down 58 percent this year.

When asked, Steven W. Nelson, a local Realtor for the Ida Terbet Team said, "The subprime mortgage market has been playing on the edge for some time and it was just a matter of time until it would blow up in their face." Steven went on to say that this is a simple adjustment period that we have seen the financial markets all the time with the latest being around 2000 when the dot.com businesses began to unfold and the suspect accounting of some major corporations began to unfold such as an Enron. It is unfortunate for those who have been caught in the subprime market, but "the bottom line is, these homeowners are the one's who signed their name. The number one rule in life is not to borrow more money than you can pay back."

He went on to say that it is a good thing that many of these mortages have failed since it eliminates a segment of the mortgage business that are truly "bottom feeders."

For a solid mortgage broker, Steven suggest that you contact him and he will arrange a meeting with one of his great lenders who are honest, above all else. If you find an honest mortgage lender, then you are on the right page.

To Fear or Not to Fear:Will Year Round Schools Work in Cary?

2007-04-20T08:33:00.000-07:00

Should the Year round School be feared? This is the question that is plaguing many citizens of Wake County as it appears that more schools may be converted to year round. Which type promotes the best educational advantage for our children? What reasons, if any, should a school system decide to implement year round schooling? These are just a few of the tough questions that are plaguing many citizens of Raleigh, Cary and surrounding Wake County. It will be only with a true discussion of the many options for our educational system in Wake County where these and other questions will be answered. It does not take an expert in public education to carry a discussion on these topics, just someone with an open-mind and the resources to find the answers.

Year round schools should not be feared as it does not affect the overall purpose of the public school system. The mission of Wake County Public School System remains the same: The Wake County Public School System will educate each student to be a responsible and productive citizen who can effectively manage future challenges. Furthermore, the goal has not changed to have 95 percent of students in grades 3 through 12 will be at or above grade level as measured by the State of North Carolina End-of-Grade or Course tests, and all student groups will demonstrate high growth. With the ultimate goal and missions of the school system being unchanged, the calendar in itself, should not give us cause to fear.

Some arguments for Year round schools are as follows:

· Students tend to forget a lot during the summer, and shorter vacations might increase retention rates.

· Schools that are not being used in the summer are inefficient.

· Short breaks can provide time for students to receive enrichment education.

· Remediation can occur when it is most needed during the school year.

· Students get bored during the long break of summer.

· It’s easier to schedule vacations because not everyone wants to travel at the same time.

· Other countries around the world use this system.

· More students can be accommodated at one school through multi-tracking.

Where these arguments seem to be very logical, the other side of the proverbial aisle has their own list of arguments against Year round education. They are:

· Studies have been inconclusive to its academic benefits.

· Students are going to forget information whether they are out of school for three weeks or 10. Therefore, teachers will be performing four beginning of the year reviews instead of just one.

· Summer programs such as youth camps suffer.

· Student summer employment will be virtually impossible.

· Many schools are older and do not have air conditioning.

· Band and other extracurricular programs could be hurt because of problems scheduling out of school practices and competitions.

· If the entire school district does not go year round, parents could have students at different schools on different schedules.

· With multi-tracking, parents could have students at the same school on different schedules.

The question remains, which type promotes the best educational advantage? It has been argued both ways that one is better than the other for educational advantages for the children. However, there are not conclusive studies that show Year around Schools or the traditional school calendar is better for the students as a whole. All of the arguments are simply surface comments on both sides of this divisive issue. Year round school may be better for some students where others will fare better with the traditional schedule. However, it is impossible to please everyone by giving each student exactly what is optimal for each, individual student. It has been shown that children are very resilient and can easily adapt to their environment. Thus, whether or not a student is pre-disposed to a specific type of school calendar, then can learn to adapt and yes, thrive in a different environment than what they would normally prefer. Additionally, it is a great personal skill to be able to adapt to ones surroundings.

If there is not any measurable educational advantage to change to a year round schedule, what would be a good reason to do so? The only true advantage to this change is to ease overcrowding of the school system. If a school system, such as Wake County, is experiencing exceptional growth, then a year round schedule would be advisable. Of course, many parents will want to fight it, but isn’t change inevitable? With a multi-track design, the students are separated into 4 groups. During any 12 week period, students will spend 9-weeks in school and 3-weeks of vacation. At any time, only 3 of the 4 groups will actually be in the classroom. This allows for the enrollment in existing schools to increase by as much as one-third, or the class size can be decreased by the same amount. This will ease overcrowding in the schools and free up money for new construction.

In conclusion, there are not any easy answers to the overcrowding schools that Wake County is currently experiencing. Parents will remain divided on this issue no matter how it ends. But, let us remember the important part of this picture, the children. They deserve us to work together to come to a better agreement on this issue. For the parents with more than one child in a year round school, the school system should make sure that all of their children are on the same track. Parents should have an option to choose the track for their children to better assist the parents in scheduling vacations and summer camps. And always remember, our concern should not be about the school schedule, it should be about how well the school system is educating our children. Let us focus our efforts in better educating our children and less on when they go to school.

Greenways & Trails: A great way for families to grow together

2007-04-20T08:27:00.000-07:00

The Town of Cary has historically supported and developed opportunities for all pedestrians the use of its parks and surroundings. Within its parks, there are numerous miles of natural walking trails established by the community. Complimenting these trails within the parks is a system of greenways that Cary continues to develop and nurture for future growth and enjoyment.

A greenway is a linear parcel of land set aside to preserve open space. They are generally located in floodplain areas or along wooded streams corridors that are unsuitable for development. Often these corridors that harbor Cary’s greenway trails provide access to these pristine areas that would have otherwise been lost. Since 1980, the Town of Cary has been building greenways to bring open spaces within easy walking distance of our homes. Greenways are an environmental, economic, and recreational resource for all to enjoy.

Town of Cary greenways and trails are open from sunrise to sunset. For some of those greenways located outside of parks, the Town of Cary does not provide off-street parking for all of its trails. Keep in mind when trying to locate a greenway trail that parking is not always provided and parking of streets is required to access many trails. The Town of Cary asks that you be considerate of private property nearby when parking.

The Greenways have been developed by Raleigh and Cary to enhance the lives of the residents in many ways by providing a recreational amenity for walking, jogging and bicycling in a natural setting remote from traffic. They also serve to preserve pristine open space to enhance Cary’s quality of life while linking the neighborhoods with parks, schools, community centers, and other neighborhoods. In addition, these greenways help control storm water runoff, curb erosion, and minimize flooding which can damage your property as it improves Cary’s water quality by buffering streams, filtering pollutants, and recharging the groundwater. Added to all of these, it adds value to your property by merit of its proximity.

If you have any questions about the Cary Greenways and trails, you can contact the Town of Cary at 919-469-4601 or visit their website at www.townofcary.org.

Texas firm closes on Crabtree land acquisition

2007-02-20T14:00:00.000-08:00

Houston-based Weingarten Realty Investors has closed on its $19 million purchase of a 12-acre plot of land Crabtree Valley Mall where the Kidd's Hill shopping center used to be behind.

Crabtree Avenue Investment Group, which sold the property, confirmed Tuesday that the deal is complete.

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Triangle Business Journal reported Dec. 29 that General Partner Mark Tipton and his investors at Crabtree planned to sell the land to Weingarten, which in turn planned to begin construction on a mixed-use project on the site by summer.

Weingarten plans to build a high-end, mixed-use development comprising 250,000 square feet of retail and restaurant space, 150,000 square feet of office space and between 400 and 600 residential units.

Crabtree initially spent $12 million to buy the land in 2002 and demolish the 25-year-old Kidd's Hill Plaza shopping center. But after the demolition, work stalled on the project. In the middle of 2006, Tipton put the land on the sale block with a price tag of $20.4 million.

Steven W. Nelson, a local Realtor with Keller Williams Realty said that this acquisition will be important for this area that has begun to struggle with its development. "At the time that Crabtree group had purchased the property with the plans of demolishing the shopping center, it lead to an uproar from a large contigency who frequented a local restaurant in the center. It was a landmark and its demolishion caused major bad press for the group." He went on to ask the question whether or not that lead to the ultimate demise of the project. "Occasionally, the people win these types of battles over development plans.

Housing Starts Sink 14.3% To Lowest Point in 10 Years

2007-02-20T13:52:00.000-08:00

By Jeff Bater and Brian Blackstone
From The Wall Street Journal Online

Home construction fell to its lowest point in nearly 10 years during January in an unexpectedly large decrease that erased hopeful gains posted in two prior months.

A separate report showed wholesale prices fell last month, after two strong months of gains, suggesting that underlying inflationary pressures remain broadly contained and are in line with the Federal Reserve's expectations. Core prices, however, which exclude volatile food and energy costs, rose slightly, suggesting there is potential for inflation. A third report showed a drop in consumer sentiment in a mid-February reading.

Top 7 Tips for First Time Homebuyers

2007-01-26T10:37:00.000-08:00

by Eric Bramlett

Purchasing your first home is a big step, that comes with some very serious decisions. Many homebuyers are intimidated by the process, and continue renting much longer than they should, or need to. However, if you break the homebuying process down into these simple steps, and follow these important tips, you will find the process less intimidating, and much more manageable.

1) Before You Begin, Ask Yourself One Question

Will you live in your next home for at least 3 years? If the answer is "Yes," you should probably purchase, rather than continue renting. With average appreciation, you'll break even on your closing costs after 2 years, and start making money at year three. Every year after that will put more money in your pocket! The most expensive aspect of real estate is buying & selling, so the longer you can live in the home the better. However, purchasing makes sense if you can make as little as a 36 month commitment.

2) You Don't Need a Down Payment!

It always surprises me how many people want to purchase a home, but don't because they believe that a hefty down payment is required. Zero down programs are very common, and are quickly becoming the norm, rather than the exception to the rule. Because your new home is collateral for the loan, there are many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn't a requirement, either. Because real estate typically appreciates in value, it's often easier to be approved for a 100% mortgage than it is to borrow 100% for a car!

3) Get Pre-Qualified

Pre-qualification is a very important step, and the step that first time home buyers dread the most. Qualifying to buy a home is pretty easy and requires relatively little work for you. Pre-qualification is what gives you buying power and allows you to make an offer on your dream home when you've found it. More importantly, pre-qualification will let you know how much your new home will REALLY cost - in monthly payments. A $150,000 or $300,000 home doesn't mean a lot to most buyers - but $1200 per month and $2500 per month are tangibles that everyone can understand. After your lender pre-qualifies you, ask them for a "payment table" that shows you a rough estimate of TOTAL monthly payment based on purchase price. Pick your payment, and you know the price range to shop in.

4) Consult a Real Estate Professional ASAP

Many first time home buyers avoid contacting a Real Estate Agent because they dislike high pressure sales. However, Real Estate Agents have an advantage over traditional salespeople because they have access to the Multiple Listing Service, which is a database that lists roughly 99% of the homes for sale in a given market. This means that your Real Estate Agent doesn't have to sell - he/she merely presents your options. The most important qualities to look for in your Real Estate Agent are his/her knowledge of your specific market and their willingness to help. Interview a few agents and choose one that will help guide you through the process. You'll find the help & insight will be invaluable - and you'll be glad you contacted your Real Estate Agent sooner, rather than later.

5) Make a List of "Must Haves" & "Wants"

Many new home buyers mistakenly think that they will "just know" when they "walk into the one." While some buyers DO fall instantly in love with a home, this is not the norm. You'll find your search is easier, and you will be more confident in your decision, if you take a systematic approach to your search. The best way to organize your search is to make two lists: Your "must haves" and your "wants." Your "must haves" are the absolute necessities in your new home - in fact, you don't even need to view a home if it doesn't have every "must have." Great examples of your "must haves" are price, school district, size, etc... Your "wants" are the qualities that you would like for your new home to have, but it's not a necessity. Great examples of "wants" are color, flooring, kitchen appliances, surround sound, and type of exterior. By taking the time to articulate what you need and want in your new home, you will know exactly what to look for when viewing prospective homes.

6) Pick Your Favorite Neighborhoods

You can always make changes to your house, but you can never change its location. Most home buyers already have a good idea of where they would like to live because of school districts, work, or other factors. However, neighborhoods can be pretty different, even in the same area of the city. Ask your Real Estate Agent to email you a list of homes in the specific area of town you're interested in. Take a drive through the different neighborhoods on the list your Real Estate Agent sends you, and choose your favorites. Pay attention to area amenities, how well the yards & common areas are kept, and if you see a lot of "for lease" signs - which can be an indication of a heavy rental area, and lacking in "pride of ownership." After you have picked your favorite neighborhoods, and you know your "must haves" and "wants," you can literally make a list of EVERY home available that meets your criteria, and view those homes.

7) Make Your Decision!!!

Homebuyers often hesitate after they've found the right home because they're not confident about their decision, or their decision-making process. Your home is probably the largest investment of your life, and it's normal to feel butterflies in your stomach before putting your first home under contract. However, if you do your due diligence - and you have if you followed the steps above - then you will have your bases covered. If you've found a home that meets all of your "must haves," most of your "wants," is in the right neighborhood, and in your budget - it's the home for you! Don't wait and let another buyer take YOUR home!

Buying your first home can seem very intimidating, but can be extremely exciting. If you think that buying a home is right for you, it probably is. Make sure and follow these important tips and you'll know you made the right decision when you find your first home.

About the Author: Eric Bramlett is the Broker and co-owner of One Source Realty in Austin Texas. Visit Eric's Austin Texas Real Estate Guide, visit his Austin Texas Real Estate company's website, & his Austin Condos & Lofts Guide. He has seen considerable success in real estate, and looks forward to many more years in the business. Eric currently invests, renovates, and develops real estate in the Greater Austin Texas Market. He spends his time working with select clients, helps his new agents get started in their real estate careers, helps his experienced agents progress their careers to the next level, & when he has time...he takes his dogs to the lake.

Slow Housing Market gives buyers Advantage

2007-01-26T10:07:00.000-08:00

By JAMES R. HAGERTY and RUTH SIMON
January 25, 2007;

Amid a continuing glut of homes for sale in most of the country, buyers should have plenty of choices and lots of bargaining power in the spring selling season -- typically the busiest time of the year.

Many builders and real-estate brokers, for their part, hope the housing market will start recovering this year as buyers respond to price cuts and other sweeteners offered by increasingly nervous sellers. In some markets, agents say, buyer traffic has picked up in the last month or two.

But any recovery is likely to be gradual. Donald Tomnitz, chief executive officer of D.R. Horton Inc., a home builder, told investors this week that the market, which began slumping in 2005, may bottom out by mid-2007, but that "we don't see any rapid improvement thereafter."

Given all that, sellers should expect buyers to take their time and be tougher negotiators. David Lee, who recently moved to Wenham, Mass., to take up a post as an associate professor of physics at Gordon College, has rented a home for his family and says they plan to be "quite picky and choosy" as they look for a home to buy. Dr. Lee doesn't feel any pressure to decide quickly because he figures prices won't rise in the near term and could fall further.

A quarterly survey of housing conditions in 28 major metropolitan areas by The Wall Street Journal showed that the inventory of unsold homes at the end of 2006 was up substantially in nearly all of the markets from the already plentiful level of a year earlier. The biggest increases were in the metro areas of Miami-Fort Lauderdale, Orlando, Tampa and Jacksonville, Fla.; Phoenix; and Portland, Ore. (Unlike the other cities, Portland had a lean supply of homes a year before.)

The survey also includes recent pricing trends -- nearly all negative -- based on surveys of real-estate agents by Banc of America Securities in New York, a unit of Bank of America Corp., as well as data on late mortgage payments and job-creation prospects from Moody's Economy.com, a research firm in West Chester, Pa. Employment figures have a huge effect on housing demand.

Home-price trends vary greatly from one region to another and even within metro areas. For instance, housing demand remains weak in the Detroit area, sapped by auto-related job losses, while the chic urban zones of San Francisco and Manhattan -- where space for new construction is extremely limited -- generally have stayed firm, though price appreciation is far slower than a year or two ago.

The good news for home sellers is that unemployment remains low in most areas, wages are growing and energy prices have fallen from their recent peaks. What's more, mortgage interest rates are still low, allowing people with good credit records to obtain 30-year fixed-rate loans at around 6.2%.

But many lenders are growing more cautious about how much debt home buyers should be allowed to take on and more inclined to ask for proof of income. This tougher attitude will exclude some marginal buyers from the market, hurting demand, even as a rising number of foreclosures throws more supply on the market. DataQuick Information Systems, a research firm in La Jolla, Calif., said yesterday that mortgage lenders sent 37,273 default notices to California homeowners in the fourth quarter, up 145% from a year earlier and the highest in more than eight years.

Meanwhile, home builders still have lots of unsold homes that they will unload by further cutting prices and dangling such incentives as help with closing costs or kitchen upgrades. Discounts on new houses, in turn, will make it harder for some sellers of previously occupied homes to attract buyers.

Some of the biggest gluts of new homes are in Florida, Phoenix and the outer suburbs of Washington, D.C., says Ivy Zelman, a Cleveland-based housing analyst for Credit Suisse Group. Many of the gluts are due to frantic building of condominiums over the past few years. The supply of condos listed by real-estate agents is up 86% from a year earlier in the Las Vegas metro area, 43% in Washington, D.C., and 21% in the Northern Virginia suburbs of Washington. In Florida's Miami-Dade and Broward counties, the listed condo supply has more than doubled from a year earlier.

In Miami-Dade, the number of existing condos on the market is enough to last 27 months at the current sales rate, says Jack McCabe, a real-estate consultant in Deerfield Beach, Fla. The oversupply will grow, he says, as about 8,000 condos are expected to be completed this year and 12,000 in 2008.

"It's going to get bloody down here," Mr. McCabe says. He estimates that condo prices in Miami-Dade fell between 8% and 10% last year and will drop 20% in 2007. Eventually, he predicts, hedge funds and other investors will step in to buy surplus condos in bulk at huge discounts.

10,000 Condos for Sale

In California's San Diego County, developers have more than 10,000 condos available for sale in new buildings, projects under construction or properties being converted from rentals, says Peter Dennehy, a senior vice president at Sullivan Group Real Estate Advisors, a consulting firm based there. He says that supply is enough to last more than 20 months at the current sales rate. That number excludes several thousand condos being offered for resale by speculators and others.

Mr. Dennehy estimates that condo prices have fallen at least 15% to 20% in the county over the past year, though it's hard to measure price changes because sellers often give incentives such as free upgrades or help with closing costs that aren't reflected in the price.

In the Boston area, lower-priced homes in blue-chip neighborhoods are moving pretty quickly. But ones that are overpriced or located on main streets are languishing, says Sam Schneiderman, broker-owner of Greater Boston Home Team. "It's got to be a really good deal," he says. "An OK deal doesn't quite cut it. Buyers are holding out."

The glut in inventories is likely to increase in some markets as sellers try to take advantage of what they hope will be a stronger selling season. Some sellers pulled their homes off the market late last year, intending to relist them in the spring.

At the Coldwell Banker Residential Brokerage office in Scottsdale, Ariz., near Phoenix, listings are up roughly 30% since the end of December. The office expects listings to increase further in late February and early March as sellers who pulled their homes off the market before the holidays relist them.

Some of last year's strongest housing markets now are showing signs of cooling a bit. In the San Francisco Bay area, the median price paid for new and resale homes in December was $612,000, up just 0.5% from a year earlier, according to DataQuick. But prices fell in parts of the Bay Area; they were down 6.3% from a year earlier in Sonoma County and down 5.1% in Solano County, DataQuick says.

One of California's weakest markets last year was the Sacramento area. Anthony Graham, an analyst at Trendgraphix Inc., a provider of housing data, says sellers of previously occupied homes there have had trouble competing with the huge discounts and incentives offered by builders.

Mr. Graham expects average home prices in the Sacramento metro area to fall between 6% and 8% this year, but believes the market will begin to recover modestly by the fourth quarter, assuming that home builders continue to cut their production. Greg Paquin, president of Gregory Group in Folsom, Calif., which gathers data on new home construction throughout the state, also thinks Sacramento is stabilizing after last year's price cuts. "Buyers who were on the fence are starting to say, 'Hey, this is a pretty good deal,' " Mr. Paquin says.

California's Central Valley, which includes such cities as Bakersfield, Fresno, Merced and Stockton, may take longer to absorb excess new-home inventory and bring prices down to more affordable levels, Mr. Paquin said. He said that area may not bounce back until next year.

In Manhattan, big bonuses recently doled out by Wall Street firms will help support the market in this year's first half, says Jonathan Miller, chief executive officer of Miller Samuel Real Estate Appraisers in New York. But a rash of new condo developments will help moderate prices. He expects price increases this year to average 5% to 6% in Manhattan. On Long Island, he believes prices are likely to be flat to slightly higher this year.

In New Jersey, "I'm optimistic that home sales will begin to rebound in the spring," says Jeffrey Otteau, president of Otteau Valuation Group Inc., an appraisal and research firm in East Brunswick, N.J. "However, that would signal the end of the decline -- not a return to higher prices."

Mr. Otteau figures home prices fell an average of about 10% in New Jersey last year. For 2007, he believes homes costing less than about $600,000 are likely to rise modestly, around 3%, while homes above that level are about flat. In the luxury end of the market, prices may edge down again this year, Mr. Otteau says.

In the Chicago area, some homes that have sat on the market are finally moving, says Barbara O'Connor, an agent with Baird & Warner. But some sellers have had to accept far less than they had hoped for. Jody Andre, a restaurateur, put her three-story Victorian-style home in the Edgewater neighborhood on the market in August at $679,000. She later lowered the price to $634,900 but still got no offers. "This is a hot neighborhood and a lot of people couldn't understand why the house didn't sell," says Ms. Andre, who accepted a $605,000 offer last week. "I waited too long to put it on the market," she says.

Buyer Traffic Picks Up

The end of the year is normally a slow time, but in some parts of the country traffic has increased in the last month or two, helped by unseasonably warm weather. In Philadelphia's Center City, buyer traffic began to pick up in November and has continued to climb over the last two months, says Mike McCann, an associate broker with Prudential Fox & Roach, Realtors.

A recent open house for a three-bedroom home priced at $469,000 drew 17 parties, Mr. McCann reports. In the summer and early fall, he says, "we didn't want to do open houses because it was a wasted day." Sales are also increasing, but negotiations are taking longer and many offers are contingent on the buyers selling their current homes, Mr. McCann adds. Prudential Fox & Roach is also seeing more people asking to get pre-approved for a mortgage, a sign that they may be ready to buy.

In Atlanta, where the housing market began to soften in August, business started picking up again in December, says Lewis Glenn, president and chief executive of Harry Norman, Realtors. "There's more negotiation," and builders are cutting prices and offering concessions, such as buying down the borrower's mortgage rate, he says.

In Scottsdale, some sellers are cutting prices by 10% or more, says Dale Pavlicek, sales manager for the Coldwell Banker Residential office there. "There are a lot of vacant homes on the market," he says. Sellers who bought in the past year or two are barely breaking even or are coming to the closing table with money to pay off their mortgage and other costs, he adds.

Houston remains one of the nation's more buoyant housing markets, supported by job growth in the energy industry. Rob Cook, chairman of the Houston Association of Realtors, says the supply of homes on the market is enough to last about six months at the current sales rate -- what he calls a "balanced" market. Prices are rising only modestly, though, because Texas has plenty of room for new construction. "We just keep expanding out farther and farther," Mr. Cook says.

North Hills' final phase to begin due to bank's backing

2006-12-08T12:08:00.000-08:00

Developer John Kane is using loans from RBC Centura and three community banks as he continues to pay prices that began reaching skyward once news of his 45-acre North Hills East project was digested by property owners.

Leading the financing for the $24.2 million that Kane Realty Co. has spent to acquire 43.5 acres is RBC Centura with a loan of $16.75 million. Deed of trust records show that three small banks pitched in a total of $5 million. Those banks are Southern Community Bank & Trust in Winston-Salem, Bank of Granite in Hickory and Capstone Bank in Raleigh.

Kane is now close to his land goal that he needs to build a $700 million extension to his North Hills project, which could dramatically change the skyline of North Raleigh. The new extenstion could be as much as 35 stories, which would make it by far the tallest building in North Raleigh.

Last month, Kane Realty agreed to purchase an 84-room Comfort Inn on Six Forks at the inflated price of $4.5 million, which has a tax value of $1.8 million. Now, the last remaining purchases for his sizable development are the old Bennigan's restaurant and a couple of small office buildings. Wake County tax records shows that Kane has paid an average of $556,658/acre for this development, far above the going rate.

Steven W. Nelson, a local Realtor with Keller Williams noted that these inflated prices may increase the value of the land dramatically over the next few years, but warns, it will not be near the value of what Kane is paying. "Unless he personally plans to purchase your residence to include into North Hills, you will not get the premium that he is paying currently. This is the price he has to pay for buying the land in stages instead of purchasing it all before he began to redevelop the area. Once people saw what he was doing with North Hills, it became nearly impossible for him to buy land at market value."

Nelson added that he couldn't blame the local homeowners who attempted to earn the greatest return from their home investments. "If the Waverly Place in Cary decides to build a similar enviroment as North Hills, then you can expect that the area directly surrounding Waverly will see the same returns", Nelson added. "However, he doesn't expect that development to be able to capitalize as North Hills has due to location. North Hills has one of the greatest locations for a development of its kind. It is close to the beltline which means that people from all over the Triangle can get to it in relatively short time, depending on the time of the day and peak traffic times.

Nelson went on to say that he feels that it is about time that the area that Kane Realty is purchasing for additions to North Hills be updated and redeveloped. This area has been stagnate in its growth potential and its relatively difficulty in accessibility. Being that the land is adjacent to a major thoroughfare without proper stop lights to make the ease of vehicle access, it has been dying a slow death. With this new development, I am sure that new traffic lights will be installed to allow for vehicles to get in and out more efficiently.

Raleigh-Cary-#1 Place for Women Entreprenuers

2006-11-28T12:33:00.000-08:00

The Raleigh-Cary area has been ranked as the No.1 place for women who wish to start a new business according to a recent survey. The surevey, conducted by AllBusiness.com, announced on Tuesday the results of its annual "Best Metros for Women Entrepreneurs" national study. AllBusiness.com is a a website for small and medium sized businesses.

The study revealed that Raleigh-Cary was the top-ranking "large metropolitan area" -- which includes cities with populations of 500,000 or more -- and the top-ranking metro overall.

Durham also fared well in the study, placing 10th among "medium sized" metros, or those with between 175,000 and 500,000 residents. Jacksonville, N.C., ranked 10th among small metros, or those with between 50,000 and 175,000 residents.

No other North Carolina metros were ranked in the survey.

The study, which surveyed 700 female executives for small and mid-sized businesses, indicated that women placed the most importance on six community attributes: low crime rate, low property tax rates, high household income, modest real estate prices, rapid population growth and pedestrian friendly.

The study then used federal and local government data to identify which cities best exhibited those six traits, along with the traits of economic growth and business incubation. The results were separated by population into small, medium, large and overall categories.

Steven W. Nelson, a Realtor with Keller Williams noted that this did not surprise him in the least. "I know dozens of women who have started their businesses in this area and are thriving. In fact, I currently am associated with the Top Real Estate agent in the Carolinas, Ida Terbet and previously worked for another female owned real estate office."

Ida Terbet has been a liscenced real estate agent in North Carolina for 20 years and had produced $110 Million in sales for 2005. She has about 15 buyer's agents and 7 staff personnel on her team. "Ida continues to show that women can thrive in business and that the Triangle is a great place for women entrepreneurs. If ever in doubt, look to those who have succeeded," continued Steven.

Raleigh Christmas Parade to modify it's route

2006-11-13T07:28:00.000-08:00

A Raleigh tradition is about to get a new direction. The 62nd annual parade will be taking a right turn that has not been done in the past. It will follow the usual route up Hillsborough Street towards the Capital, then take a right onto Salisbury, a left onto Morgan Street. Finally, it will take a right onto the newly opened Fayettville Street and travel for 3 blocks on Fayettville St.

The event will be the first major parade on the newly opened street. Many city officials have touted the wide road as a perfect place for such an event. Additionally, the parade will broadcast live on WRAL TV at 9:30am.

With as many as 25 marching bands, 40 floats, and 50 other groups, this parade is considered a local tradition that brings as many as 250,000 viewers considering those who trek downtown for this event and those who view in on TV. The Greater Raleigh Merchands Association, who has sponsored this event since its inception, will also be hosting a VinterFest at Moore Square after the parade. Addmission to the WinterFest is $5 and the proceeds will benefit high school musicians. Many of the feathured artists will preform.

For more information about the parade, visit the Merchants web site at www.RaleighChristmasParade.org

Steven W. Nelson, a local real estate agent for Keller Williams speaks highly of the event as a way for the community to come together to "enjoy and embrase the sentiments of the holiday season."

Ground has broken on Raleigh's newest and best condo development

2006-10-30T07:03:00.000-08:00

Developers broke ground on the most elaborate and upscale condo development in the Triangle to date. RBC will have its U.S. corporate offices in this building that will also include 139 one-, two- and three-bedroom condominiums from the $200s.

Raleigh developers Highwoods Properties and Dominion Partners and tenant RBC Centura Bank celebrated the start of construction on the 33-story tower at the corner of Fayetteville and Martin streets. The $100 million project is to include about 275,000 square feet of offices, 17,000 square feet of retail space including a bank branch, 139 sky-high condominiums and 560 parking spaces

"This 33-story tower will represent many things to the renaissance of our community," said Highwoods CEO Ed Fritsch. "Well over $100 million of new investment. Job growth. Luxury living in a growing urban mecca. More retail. More banking services. ... And a skyline that will redefine our city for ever."

The facility will include a 23rd floor pool and plaza, fitness center and clubroom, ten-foot floor-to-ceiling windows, covered secure parking, on-site banking center, and concierge services. "This is unprecedented living in downtown", commented Steven W. Nelson, a real estate broker with Keller Williams Realty. " I cannot wait for the doors to open to bring clients to view what will soon become the priemre downtown address".

The building is scheduled to be finished in Fall, 2008 as it will also include the U.S. corporate offices for the RBC Centura bank. At 33 floors, it will be the largest building in downtown Raleigh with the tallest set to open around the same time at Crabtree Mall on Glenwood, just outside the beltline.

"It is an exciting time for the Raleigh real estate market with the influx of condominium projects that are on the scale of many major metropolitan areas in the country. I feel that this will only continue the trend in this market," stated Mr. Nelson, "Now is the time to move into this area to take full advantage of this booming real estate market."

When asked about the real estate bubble, Mr. Nelson simply stated that the bubble would not be bursting anytime soon in the Triangle. "Most of the signs of the real estate bubble can be seen in larger cities that have seen huge appreciation growths in the past couple of years. Ralegh and the Triangle have not had this similar growth, but has experienced a steady 3-5% growth each year."

Other major condominium developments in Raleigh include the Soliel Center at Crabtree Mall, the Bloomsbury Estates, The Essex, and many more. For more information about The Plaza Condominiums, visit the web site www.RBCplazacondos.com.

Raleigh Largest Office building is For Sale: Asking price to exceed $100 Million

2006-10-09T13:25:00.000-07:00

Raleigh largest office building could soon be on the market for a record price tag of nearly $100 Million. With office buildings in the Raleigh area selling for record highs, the Wachovia Capital Center in downtown Raleigh may receive the highest sales price of any single building property in town. The building is located on the newly opened Fayettville Street on 1.2 acres with an adjacent parking garage.

DRA Advisors, the New York firm who owns the building is looking to capitalize on the current strength of this market and the record price/square foot sale of its property on Six Forks Road, the Colonade I. It sold for $27.6 million or $217 a foot. This is the highest price per square foot ever reached in Wake County to date. DRA hopes to either compete with that figure or surpass it with the Wachovia Center.

As Rex Thomas, president of the Grubb & Ellis/Thomas Linderman Graham real estate firm in Raleigh puts it, "Every building is selling at record prices."

The Wachovia currently has 544,482 square feet of leasable space and is 90% occupied with long-term tenants. These tenants include three of the Triangle's largest law firms, three of the largest Triangle accounting firms, along with the Cardinal Club on the 28th floor. The Cardinal Club is a social club and is part of the ClubCorp group of properties.

"Despite being considered commercial property, it is a huge shot in the arm for the residential real estate market by association," stated Steven W. Nelson, a residential real estate agent for Ida Terbet Team at Keller Williams. "Despite the slow down by other major cities, Raleigh's real estate market continues to shine and has plenty of room to grow in the near future." He adds that there will eventually come a time where the appreciation values will top out, but at this time, many years of growth remain for this "somewhat untapped" market.

Adding to the office mix in Raleigh is the advent of the newest and soon to be largest building in downtown Raleigh that will be the headquarters of RBC Centura. This building, whose ground breaking was in September, is expected to cost $100 million and will include about 275,000 square feet of offices, 17,000 square feet of retail space and 139 residential condominiums as reported by the Triangle Business Journal in its October 6, 2006 edition.

Investment brokers with CB Richard Ellis will be marketing the building for DRA Advisors while Spectrum Properties is the leasing and property managers for the Wachovia Capital Center.

Big Bad Ball: A Huge Success

2006-09-27T06:32:00.000-07:00

The 5th Annual Big Bad Ball was a great success with many people coming together to enjoy the atmosphere and the nuiances that is the Capital City Club. A black tie event, the Big Bad Ball saw many distinguished guest bid on silent auction items, eat great food, drink fine wine, and support a great cause, Hospice of Wake County.

Karl Swink, general manager of the Capital City Club of Raleigh commented that the event went very well and initial figures place the proceeds at or very near last year's record mark of $120,000.

With silent auction items such as dinner with Mayor Meeker of Raleigh, cruises, and autographed UNC & NCST basketballs, the funds raised through the silent auction were dramatic. A hockey stick autographed by the members of the Stanley Cup Champion Carolina Hurricanes raised around $1600.

"Due to the (NCST) football game on the same evening of the event we probably lost a little bit on the silent auction since many of the big spenders were at the game", stated Brian Propst, Chairperson of the Young Executives. The Young Executives created this event as a philanthropic endeavor to benefit the local Hospice chapter.

Steven W. Nelson, a local Realtor, member of the Capital City Club and officer with the Young Executives expressed his pleasure with this event. "It is a great way to reach out to the community. We have all had people who have been faced with end of life decisions and Hospice has been there for many of them. I personally have an aunt who spent more that three years on Hospice care before she passed and they were tremendous in their servicing of her personal needs during the fleeting moments of her life. I cannot think of a better organization to support." An angel sponsor, BBB committee member, and the Philanthropy Chair for the Young Executives, he has spent much time over the past 8 months to assist this event.

Much thanks should go to the two people who were most instrumental in bringing this great event the success it has seen this year. Brian Hollingsworth of Deloitte Touche is the Chairperson of the Big Bad Ball Committee for the last 3 years and has worked tirelessly to secure the major sponsors and coordinate the events of the evening. Additionally, Jessie Gani, Members Relations Director at the Capital City Club is a resource to the club that will be hard to replace if and/or when she ever leaves. "She is unbelievable", stated Steven when talking about her importance to this event.

For more information about this great event and its sponsors, you can check out there website.

Two area Utility companies among nation's best

2006-09-05T09:21:00.000-07:00

The two major area utility companies, Progress Energy and Duke Energy Carolinas have been ranked among the best by Site Selection Magazine's Top Utilities.

Site Selection announced its findings in the September 2006 issue which listed 11 of the countries utilities based upon job creation and capital investment in their prespective areas.

As one of the largest utilities, Progress Energy operates in the Carolina and Florida and according to Site Selection, covers 54,000 square miles of service territory, maintaining 11,000 miles of transmission lines and 99,000 miles of distribution lines with about 8700 employees.

To earn its stripes, Progress Energy help attract 10,178 new jobs and $1.52 billion in facility investment, according to Site Selection. London-based GlaxoSmithKline, which has dual U.S headquaters in Research Triangle Park and Philidelphia are planning to expand its Wake County pharmaceutical plant, adding about 200 jobs and approximately $92 million in capital investment.

Duke Energy Carolinas saw more than 5,400 jobs created in its service territory last year and $1.15 billion in capital investments in the Carolinas. Among the largest announcements was Cree's 300-job, $300 million plant investment in Durham County and Dell's 1,700-job, $100 million investment in Forsyth County.

When asked, Steven W. Nelson, a local real estate agent with Keller Williams revealed that this is "simply another sign that the Triangle is the place to be for business and raising a family. The greatest problem facing Wake County at this time is the influx of students which makes it nearly impossible to build schools fast enough to keep up with the new students moving into the area. It is not a bad problem to have" He went on to say that the increased interest in this area for relocating or expanding business will mean that the housing market will continue to be strong and home prices continue to rise.

For more information about the area and relocating to the area, you can contact Steven W. Nelson through his website at www.StevenNelsonHomes.com.

The Jimmy V Golf Classic comes to the Triangle

2006-08-25T07:19:00.000-07:00

"Don't give up...,don't every give up", were the famous words spoken by Jimmy Valvano at the Espy Awards in 1992, just months before he succombed to the cancer that had invaded his body. To this day, we still remember his words of inspiration at a time when many people would fail to see any positives at all. "I remember watching those words from him and try to live my life by those words today," spoke Steven W. Nelson, a local real estate agent and Jimmy V volunteer. "At the time, I had had little exposure to cancer in my life and family, but that was before meeting and marrying my wife, who lost both parents to cancer."

This weekend is the 13th annual Jimmy V Celebrity Golf Classic at the Prestonwood Golf Club in Cary. Celebrities from all walks of life will be in attendance and many spectators will be in awe of them, but the real cause celeb, will be the moneies that will be raised and the cancer research that will be performed.

Over the last twelve years, the Jimmy V Foundation has raised more than $5o million for cancer research and the Golf Classic has been responsible for $12 million of those dollars.

Pam Valvano has called the Jimmy V Celebrity Golf Classic a "Magical Weekend" which is has grown to become. With more than 100 celebrities, 100 local and national sponsors, and more than 1200 volunteers, the event has become a place for many people to renew friendships, and meet new people, while raising a little money to fight and eliminate cancer in our world.

"We’ve learned that what makes our event so unique is how personal the weekend has become. That’s why we believe that “Cancer is about people.” It’s about our parents and our children, our neighbors and our friends. It has touched our clients, it has touched our co-workers, and for some of us, it has touched that face in the mirror. Beyond all of the science and the statistics, the medicine and the treatments, are the people, their challenges and their triumphs. The cures for cancer will be found in laboratories and research hospitals, but the battle against cancer is fought in neighborhoods like ours. We have all been affected by this disease. By participating in The Jimmy V Celebrity Golf Classic you CAN make a difference in this fight!,"reports their website.

"It is a high calling to try to eradicate this terrible disease that has personally touched my wife's life by loosing both parents, and two aunts to cancer. In fact, while Jimmy Valvano was fighting his battle with cancer, my wife's mother was doing the same with her bout with breast cancer. It touches us all in one way or another, so we need to all work to cure it", added Steven. This year, Steven plans to donate his time and energies to help fight this illness by volunteering as a Marshal for the event, while working with his organization at the Capital City Club of Raleigh to sign up even more volunteers. They will be seen on the 8th hole on the Highlands course.

For more information, you can visit their website or call for tickets. "Life is about more than selling the next home or widget", finished Steven, "It is about people and how we treat them. We are all in this world together and need to work together so that all of us can prosper, not just in business"

Cary's Annual festival to see 60,000 people

2006-08-25T06:41:00.000-07:00

The town of Cary is expecting as many as 60,000 people to attend the 30th annual Lazy Daze Arts & Crafts Festival this Saturday, the 26th of August. The festival entails 350 arts and craft booths, food and entertainment and is scheduled from 9 a.m. until 5 p.m.

The event will feature artist from all over the country and will be held on Chatham and Acadamy streets in downtown Cary.

Free shuttles will be provided at the Cary Towne Center near the Sears store and will run every 15 minutes ending at 5:30p.m. The Cary Towne Center is located on Walnut Street and Maynard Road.

All money raised by this event will benefit the Lazy Daze grants which extends grants to nonprofit organizations throughout Cary. Since its inception 30 years ago, Lazy Daze has distributed more than $350,000 in grants.

"This is simply another way for the good people of the Triangle to give back and help worthy causes", stated Steven W. Nelson, a local real estate agent. "This is the best of both worlds, people can shop 'til they drop and know that they are giving to worthy causes at the same time."

For more information, you can contact the Town of Cary via their website, www.townofcary.org.

Raleigh/Cary Population Soars

2006-08-23T08:52:00.000-07:00

The Raleigh-Cary Metropolitan Statistical Area has grown yet again according to the U.S Census, which places the population at more than 949,000. The 12th fastest growing area in the U.S. for the 12 month period ending July 1, 2005, the population expanded by 3.8% to 949,681.

The area has grown by 18% since a population estimate of 804,139 in 2000, which ranks the area 10th in the nation in growth in that period of time.

The Raleigh-Cary ranks as the 51st largest MSA in the nation for the second year in a row after moving up from 54 in 2003.

Steven W. Nelson, a local realtor, stated that this continued growth will translate into a continued growth in the real estate market in this area. "As we continue to grow, the result will be a real etate boom that will continue to grow steadily. We haven't experienced the double digit growth in real estate prices like many major cities in the U.S., but the steady growth is more sustainable and less likely to result in a bursting of the real estate bubble in Raleigh."

During this same time, the Triangle's other major MSA has seen sustainable growth that has resulted in a 7% increase since 2000 with a population in Durham of 456,187. It ranks 103rd in the nation.

NC Ranked 4th is US-Workforce Training

2006-08-14T08:58:00.000-07:00

Expansion Management magazine announced the results of survey that concludes that the Southeast has the most well trained workforce in the US. The survey, which consulted more than 80 "prominent corporate site consultants", declared the results were as follows:

1. Alabama
2. Georgia
3. Texas
4. North Carolina
5. South Carolina

Having a ready supply of educated and trainable workers is still the No. 1 priority for any business executive who is considering opening up a facility," Expansion Management Managing Editor Bill King says. The ability to have a ready made workforce is a major factor in relocating or expanding into a state. Many times, this can be the deciding factor when it has already been narrowed down to a few locations.

Work-force training programs were judged not only in terms of their financial value, but also in terms of ease of usage and applicability. The results of this survey were published in the July-August addition of Expansion Management magazine.

This is major for the Raleigh area for future growth as more firms look to expand operations into the Southeast in order to take advantage of the economic climate and the lack of labor unions in the state, noted Steven W. Nelson, a local Realtor for Keller Williams. "As more firms move to the Southeast, property values in the area will also reflect this growth."

Cary's Waverly Place? Will it be the next North Hills?

2006-08-07T06:51:00.000-07:00

The Triangle Business Journal reports that the "beleaguered Waverly Place retail complex" may be transformed into a version of the North Hills mixed use development that is off Six Forks Road in Raleigh. The owners of Waverly Place, a Durham development firm, is making final adjustments to its plans to redevelop this once thriving retail center. Todd Zapolski, president of Zapolske & Rudd, the firm that owns the shopping center, reports that he is a few weeks away from filing plans for the center. However, he would not divulge any plans until he has spoken with Cary town leaders.
Zapolski confirms that they have been talking with a few different architecture firms and they are "trying to do interesting things." "The challenge has been keeping the good people there knowing we're going to have to do major surgery."
Currently, the center has about a 43 percent vacancy rate. Built in 1987, the 181,500 square feet of retail space was very architecturally appealing, but not very shopper friendly. Its design was intended to encompass and revolve around a multi-story office building which was never built. Some major renovations and remodeling is needed to draw customers into such a competitive retail environment.
The Kane Realty Corporation has truly developed a "Midtown district" that inspires people to come to live and work, shop and dine, while enjoying the relaxing environment. Since its insception, the North Hills has attracted some of the most prestigious stores from other areas of the city to relocate their operations here. In many situations, their entire operations such as Cameron Clothing Store which had been at Cameron Villiage for years until recently when it moved into North Hills as a second location. Then a month ago, closed its Cameron Viliage location and expanded its North Hills location. Other notable tenants include Jolly's and Liles. Jolly's also moved from Cameron Villiage and is a premire jewelry store that caters to the very refined and exacting jewelry shopper. Liles is an upscale men's clothing store which relocated into North Hills about a year ago.
It will still be determined the extent to which the Waverley Place can redesign itself and if it compares to the ambiance that is North Hills.

Raleigh Picked #4 by Forbes Magazine

2006-08-02T11:43:00.000-07:00

Raleigh North Carolina has benefited with outstanding growth that has seen the area grow from the days of Aunt Bee and Mayberry to a major metropolitan city that is booming with great opportunity for all. With a growth spurt that has been ongoing for the last 15 to 20 years, the Triangle is now rivaling the likes of Charlotte and Atlanta with size and scope. The Triangle has experienced growth in the technology field with IBM, SAS and Redhat.

With this growth has come national attention to include recognition from Forbes Magazine as the 4th best place to live in the country. Additionally, they have recieved national attention with the Stanly Cup victory by the Carolina Hurricanes.

Stay tuned for more advancements within the Raleigh and the Triangle market.