This week, the American Dance Festival is in full swing as it celebrates its 75th anniversary. There are also several events for Father's Day, including an interesting looking luau at The Melting Pot. See all of this week's events Use the searchable event calendar
A friend and reader of the Durham Luxury Real Estate blog forwarded an article to me about branding in real estate. The analysis was primarily intended for large national developers but it made some points worth considering in our effort to improve the marketing of luxury properties in Durham. This blog has taken the point of view that one of the reasons, if not the primary reason, that the luxury home market in Durham is not more vibrant, is that the Durham "brand" has not caught up with the emerging reality. This is not a unique observation. During the last couple of years the Durham Convention and Visitors Bureau has headed up an effort to brand Durham as the city "Where Great Things Happen." The group that developed this slogan and the the graphics associated with it represented a b...
Durham Public Schools has just published the May edition of their Parents Video Newsletter. On tap this month - graduation schedules, Summer Reading Club and other summer camps, and score reporting for end of grade reading tests. See the video here.
By Mike Jaquish, 919-880-2769 Cary, NC, Real Estate
(Realty Arts)
I'm usually on top of these "Top 10" and "Top 25" things. They tend to be a little frothy, and a little fun, and a little promotional, and this one got past me. Leesa tells us about Kiplingers rating Raleigh the #2 city in the USA, based on common parameters. But earlier yesterday my favorite Durham Blogger, Bull City Rising, broke the news that WRAL divulged the results a few days early. The story was embargoed information, with release scheduled for May 29th. LOL "Stuff Happens." If you are going to read just one Durham blog, I suggest you start with BCR's work. He is always articulate, on top of local happenings, and outright entertaining. And quick to point out the worldly foibles all around us, with solid plugs for his beloved Bull City. They have a great advocate there. Kudo...
Two articles at the Wall Street Journal Online illustrate, once again, why the three rules of real estate are location, location, location. Holman W. Jenkins, Jr. writes an interesting op-ed on why the proposed mortgage bailout working its way through Congress will not actually solve the foreclosure problem. Mr. Jenkins theorizes that the foreclosure crisis was created by speculation on the "drive ‘til you qualify" method of home buying. Most of the foreclosures in this country are concentrated in just a few areas, with the biggest grouping running from Sacramento to Las Vegas and Phoenix. His idea is that speculators bought up homes in developments on current or planned major commuter routes. As prices closer to urban centers continued to rise, buyers would continue to move further fr...
I was showing homes in Durham last weekend and it brought me back to the days when I lived in Chapel Hill in the early ‘90s and spent quite a bit of time in Durham. One of the things I've always liked about Durham is that they have a fantastic restaurant scene and I frequently visit the area with my husband Mauro. I've written a few articles about restaurants in the area but none that focused exclusively on Durham. That said, I thought I'd bring up a few treasures that can be found in Durham. Nana's Restaurant - 2514 University Drive 919.493.8545 My husband and I ate here a few years ago on his Birthday. It's the kind of restaurant that you go to on special occasions or for a business dinner. It's a beautiful restaurant enriched by local art and the cooking creations of award winn...
TMLS has released the market trends report for the first quarter of 2008. Here are the highlights for Durham County:Job growth continues, although it has slowed throughout the Triangle. From Feb. '06 through Feb. '07, job growth was 3.1%. From Feb. '07 through Feb. '08, the growth fell to 1.2%. This slowdown tells the tale of the Triangle housing market better than just about any other measure. Our real estate market has traditionally been fueled by people relocating to the area for work or school. When there are fewer jobs being created, there are fewer reasons for people to come here. Inventory is up, sale prices are down. Inventory has increased by 6%, and sale prices are down 5%. The average sale price in the first quarter was $194,400. Property is still appreciating. This is probab...
Durham Community Land Trustees One of our favorite clients is the Durham Community Land Trustees (DCLT). For the past twenty years, they have been building homes that are affordable to the majority of Durham residents. That's no small feat, given that their target area is neighborhoods near Duke University, where real estate prices have increased faster than prices in other areas of Durham. I think it's worth it to revisit why the land trust model has a place in our market, especially given the number of first time home buyers that are now losing their homes in this tough real estate climate.DCLT's goal is to provide permanently affordable home buying opportunities to first time home buyers. However, their approach encompasses more than just providing a home. They educate and support bu...
Over at www.DurhamLuxRE.com where I blog on the luxury home market in Durham you can access a report that I wrote that tries to show the Durham luxury market in the context of the whole Triangle. Durham sometimes struggles with a lingering reputation as the downtrodden industrial city that surrounds Duke. This might have been true at one time but no more. Included in the report is a brief review of how the transition took place and some of the truly fabulous things that are unfolding. There are also descriptions of the key upscale neighborhoods in Durham and what makes them special. Studying the upscale market and how upscale homes in Durham have been marketed has been interesting and a little discouraging. Most listing agents, who should really be called marketing directors to reflect ...
By Jodi Bakst, Team Jodi - Chapel Hill Real Estate, Durham Real E
(Team Jodi Realty)
North Carolina will have a new live entertainment theater like no other. This venue is specifically designed to present the biggest shows on tour. The Durham Performing Arts Center (DPAC) puts you close to the stage, with no seat further than 135 feet. The DPAC will feature world-class performers, spacious seating, state-of-the-art sound and lighting and convenient parking. DPAC allows you to experience live performances in an entirely new way. The new venue is slated to open in December 2008. Season Tickets are currently on sale.After years of discussion and planning, the design phase of the DPAC was completed in February 2006. Construction began in September of 2006 and will finish in November 2008. A 10th anniversary production of Rent will begin the season next January, foll...
And the other shoe drops. Wachovia has just reported a $393 million first quarter loss, and plans to cut 500 jobs. Much of the loss is attributed to Wachovia's expansion into the mortgage industry, just as this sector was about to collapse. I reported on Wachovia's ill-timed acquisition of Golden West Financial and its flagship Pick-A-Payment loan product over the weekend.The Pick-A-Pay loans were portfolio loans for Wachovia, meaning that the lender kept these loans in house instead of selling them to outside investors. Wachovia received the benefit of the higher interest rates on these loans, but also had all of the risk if borrowers defaulted. In their earnings report, Wachovia noted that the number of mortgage defaults on their loans nearly doubled in the first quarter. With the inf...
When I saw the television ad for Wachovia's Pick-a-Payment mortgage, my jaw hit the floor. I saw the commercial at least a month ago, but couldn't formulate a coherent blog entry until now - I was that irritated.In the midst of the fallout over shoddy lending practices, Wachovia chose to push THIS? For those who have never encountered a pick-a-pay loan, let me explain. The real name for this loan is an option ARM. Each month, the borrower gets four payment options: 1) Pay the fully amortizing principal and interest payment (basically as if you were paying on a 30 year fixed mortgage).2) Pay a set amount higher than the amount in 1), which pays off the loan in 15 years.3) Make an interest only payment.4) Make a minimum payment that doesn't cover principal or interest.Numbers 1) and 2) ar...
The Triangle Multiple Listing Service has published the newest market stats, based on MLS activity. If you don't want to read the fine details, I'll summarize: there isn't much good news here.Still with me? OK, let's dive in...Durham is feeling the effects of the housing downturn, as is the rest of the Triangle. The downtrend is now hitting segments of the market that we hoped would not be affected.February Home SalesSales in February were down almost 27% compared with February 2007. That puts Durham in the worst position of the major Triangle counties:Durham County -26.7%Johnston County -3.2%Orange County -16.7%Wake County -15.6%Breaking sales down by price groups offers some explanation as to why Durham is down so much more th...
Post written by:Dawn Grasty, A "New Day" in Triangle Real EstateBroker, Prudential Carolinas Realtyphone: 919-210-5418email: dgrasty@nc.rr.comweb: www.dgrasty.com Is it possible to control growth in order to maintain the beauty of SW Durham? As a resident of southwest Durham, I am incredibly proud of our area's beautiful tree-lined streets. I love that the developers of some of the earliest subdivisions in SW Durham understood the importance of maintaining mature trees, including green spaces and parks in our neighborhoods, and of maintaining buffers as well. I want to be sure that this natural beauty is maintained. I have visited so many new subdivisions in other areas that are built on clear-cut lots, and it's enough to make you cry. Our wooded areas support many species of nesting b...
With the 2008 Tax Revaluation in Durham County, our office has had quite a few large portfolio of properties come in for representation on the appeal. We have literally done hundreds of properties already. Many people do not realize that they can appeal their taxes if the market value is lower than the assessed value. A good barometer for yourself - is "Would you sell/market the property at the assessed value and expect a reasonably informed buyer to purchase it at that price?" If the answer is yes, it is possible that you won't have a supportable appeal. In any case, an appraiser is well equipped to provide you with a supportable opinion of value using market data. The appraiser will also have no bias or attachment to the property. Keep in mind that when it comes to selling - o...
Virtual Sidekick has changed the structure and purpose of our company's blog, to do more for the community! Instead of the usual company blog to announce new products and company news, we have worked to make our new blog a complete resource for area real estate agents, buyers and sellers. We've affectionately coined this new approach Real Estate 360° - a 360° look at Real Estate. This new blog is still in its infancy, with much more content and news on the way. We've lined up some great resources we think will be very helpful to buyers, sellers and agents, and are working with some area professionals to create a constant flow of up-to-date content for our local area. From time to time, Real Estate 360° will also host various public service ventures, such as our current National Home Buy...
Post written by: Dawn Grasty, A "New Day" in Triangle Real Estate Broker, Prudential Carolinas Realty Phone: 919.210.5418 email: dgrasty@nc.rr.com Web: www.dgrasty.com The Durham Performing Arts Center is Coming Soon! Today at the Durham Chamber of Commerce's annual luncheon, the new Durham Performing Arts Center was introduced to the community with a performance of songs from these plays: The Color Purple, Rent, Legally Blonde, & Fiddler on the Roof. The Durham Performing Arts Center (DPAC) promises the best direct-from-New York BROADWAY hit shows each and every season. Tickets for these inaugural plays, scheduled for next spring (2009), as well as other information, including becoming a "friend" and volunteering are available on their new web site. Opens December 2008…tick...
Post Written by:Dawn Grasty, A "New Day" in Triangle Real EstateBroker, Prudential Carolinas RealtyPhone: 919.210.5418email: dgrasty@nc.rr.comWeb: www.dgrasty.com The construction of Parkwood began in the 1960s, and continued into the 1990s, including detached homes, townhomes, and condos. Parkwood is located in SW Durham, just one traffic signal west of the intersection of highways 54 and 55. It's proximity to RTP, I-40, the Durham Freeway, and easy access to Raleigh, Chapel Hill and downtown Durham have helped make it a top selling Durham neighborhood since it's inception. Sales Data for 2007 show that Parkwood has maintained steady appreciation and yet remains an affordable housing option in Southwest Durham.You'll see that the entrance to Parkwood isn't flashy. There are no high-tec...
Broadway, here we come. Construction is still underway at the new Durham Performing Arts Center in downtown Durham, but several major Broadway shows are already headed this way. "The Color Purple" will premiere in May 2009. Tickets are already available at http://www.dpacnc.com/. A few more shows were also confirmed for the inaugural season:"Legally Blonde The Musical" "Rent" "Fiddler on the Roof" The word is also floating around that "Wicked" might make a stop in the Bill City for the second season at the DPAC.
