There's apparently lots of new residential options coming in downtown Durham over the next couple of years. I attended a Downtown Durham Inc luncheon a couple of weeks ago where many of the downtown developers presented their upcoming residential projects. In a nutshell - lots of apartments for rent, some great restaurants, very little for sale (those historic tax credits are very lucrative if you're a landlord, not so much if you sell the properties outright). If the new residences look as good on the ground as they do on paper, downtown will be a very attractive place to live. Rents range from live/work lofts at Golden Belt starting at $850 per month to spacious abodes at American Tobacco overlooking the Bull River for over $2000.

We'll be touring some of these projects in the near future; of course, I'll be posting my impressions here.

Downtown area Living Options - current and upcoming:

Mangum 506 - http://www.mangum506.com/

Trinity Lofts - http://www.urbandurhamlofts.com/

West Village - http://www.westvillagedurham.com/
Durham Kress - http://www.DurhamKress.com

Golden Belt - http://www.goldenbeltarts.com/

The Apartments at American Tobacco - http://americantobaccoliving.com/

Durham Kress - http://durhamkress.com/

Baldwin Lofts - http://baldwinlofts.com/

Rogers Alley - no site yet, mixed use project being developed by Greenfire Development

Heritage Square - no site yet, mixed use project being developed by Scientific Properties

New two bedroom plan available at Mangum 506

Due to popular demand, we have added a new 2 bedroom floor plan at Mangum 506. Unit 201 is a 1,176 square foot, 2 bedroom, 2 bath end unit with a private garage, downtown view, and a study. It's priced at $284,900. See the floor plan here.

You can see a list of available units here. Don't forget, contracts signed by December 15 get a free washer/dryer and refrigerator.

Wonderful piece by Dian Hymer in Inman News - excerpt below. One of the hardest things to explain to clients is the intangible nature of a real estate agent's job - all of the things we tackle that the buyer and seller never really know about - and shouldn't, because they pay us to handle the details and relieve their stress. But if clients don't know what agents do, how do they know they got their money's worth? That's the eternal question - if none of these things has ever happened to you when you bought/sold your house, your agent was probably on their game. If ALL of these happened to you when you bought/sold your house, we need to talk:)

1) You arrive at closing and discover that it has been postponed because your loan package has gone AWOL. Your agent has no idea how to contact your lender, and in fact has never checked with them for an update on your loan status. Ditto for checking in with the attorney and the seller's agent.

2) You arrive at the final walkthrough to discover that none of the agreed upon repairs have been completed. Your agent pushes you to close anyway - after all, that roof leak is really a minor thing. Plus, if you close today, your agent will get a gold star for sales at their sales meeting next week.

3) Your listing agent receives an offer on your home, but decides that you can wait until they return from vacation to hear about it.

From Dian's article:
"Most sellers in this market want and need an agent that will provide an aggressive and broad-based marketing plan. However, some sellers may not be aware of how important it is to hire an agent who is an adept communicator. Today's successful agents don't stop selling when they find a buyer for your home. They manage the transaction carefully and skillfully until the sale closes.
It's not enough for an agent to promise to hold your home open every weekend until it sells. In fact, this might do more harm than good. In a slow market, a listing can be overexposed to the market and become shopworn.
The stress level of selling can be intense, particularly if property values are declining. Buyers can be demanding. You need to have confidence that your agent is representing your best interests and negotiating on your behalf in a professional manner.
Negotiating a purchase contract in this market can be an arduous endeavor. It may take multiple counteroffers back and forth to hammer out a deal. And, the fall-out rate is higher today than it was a few years ago.
Selecting an agent who is a good negotiator, who is patient and who will explore all options before letting a deal fall apart gives you a leg up. It helps if your agent has a good working relationship with other agents in the area. One of these agents is likely to represent the buyer for your home."

Open House and Goodies From Mangum 506

We're hosting an open house for Mangum 506 this weekend during Art Walk in downtown Durham.

When: Saturday, 11/17 10am-5pm and Sunday, 11/18 1pm-5pm.

Where: Center Studio Architecture, 339 W. Main Street, downtown Durham.

No Five Points Martinis at this one (I know you're disappointed), but we have something better. For all contracts signed before December 15, 2007, the developer is offering a free appliance package. All units come with a range, microwave, and dishwasher standard (EnergyStar, of course). This offer also includes the refrigerator and washer/dryer, for free. The architect, developer, and marketing and sales team will be on hand at the open house to mingle and answer your questions.

Durham Documentary Adds Second Screening

I've been seeing ads and posters for this around town lately. Here's the lateset from Reyn Bowman at the DCVB:

"Due to sell out, an additional Friday screening has been added at 9:45 p.m. and a special screening for teachers, students and families on Sunday the 18th at 2 p.m. Admission free. Obtain tickets at the Carolina Theatre."

www.knowdurham.com

www.durhamstories.com

The Tax Man Cometh

I know, the title of this post is cliched. I couldn't help it, I only get to say this once every eight years - at least, when it applies to the Durham County property tax man. The county tax administration has been hard at work researching the market value of every property in Durham. And sometime in the next two weeks, you'll know what they think of your property. You'll receive a "Notice of Value Change" in the mail - read it carefully, because the new assessed value of your property will determine how much you will pay in property taxes starting in 2008. If you disagree with your assessment, you can appeal to the tax administration.

The county uses a three step process to determine the value of your property. First, they look at the physical characteristics of your home (size, condition, type of heating/air conditioning, type of roof, etc). Next, they evaluate your market area, looking at similar homes in your neighborhood. Finally, they look at sales of similar homes in your area to figure out what your home might sell for in today's market. The big question here is how the huge amount of economic development over the past eight years will impact property values. If you live near Southpoint Mall or downtown Durham, you may need to open your notice of value change with an adult beverage and some smelling salts nearby. Eight years ago, Southpoint was a field, and the downtown Durham real estate boom was in its infancy. The explosive growth in these markets will very likely mean higher tax assessment values for nearby homes.

See more information on the revaluation process here.

If you're wondering why I haven't made many posts recently, it's because I've been lured by the siren song of Durham's newest wine repository, Wine Authorities. (Actually, I've been swamped with work, but the wine story is a lot more fun.) Seth and Craig (aka Salamanzar and Grand Poobah) are my new best friends - they make wine unintimidating in a wonderful store that features affordable wines from family owned vineyards. And best of all, they have the Enomatic.

Interesting article from the Sunday N&O. They seem to be on a "Triangle" kick recently - first, with the re-launch of the Triangle.comwebsite, and now with an article about the Triangle's identity (or lack thereof). Perhaps it's just my line of work, but I find myself visiting all parts of our metro area regularly, and I love that they each have a distinct identity that goes beyond the accepted stereotypes. I have found great vegetarian Indian take out in "cookie cutter" Cary, seen magnificent homes in "gritty" Durham, and met a diverse group of friends in the "homogeneous" confines of Raleigh.

When people ask where I live, I say Durham, not the Triangle. But I don't doubt that Durham wouldn't be what it is without the other parts of the Triangle - same goes for Raleigh. Ask a resident of either what's great about their city. Somewhere in their description they will use one of these sentences: "Durham is ____ than Raleigh" or "Raleigh is _____ than Durham". Whether we enjoy and acknowledge what's different about our neighboring cities or not, we all influence each other in hundreds of tiny ways.