Outer Banks Deals

My friends at Coldwell Banker Seaside Realty tell me that deals abound in the Outer Banks. Bank owned and foreclosed properties are on the market. While this is a definite letdown from the high flying market there over the past few years, it is a great opportunity for those who want to invest in properties on the coast. Interest rates are extremely favorable, which sweetens the pot even more.
Check out the The Doshier Team online at http://www.thedoshierteam.com/. Give me a call if you want an introduction to this great group of agents.

Durham Event Calendar

Here's the latest Durham Community Event Calendar. The Soul Power music series is underway at Duke, with Mavis Staples and the Blind Boys of Alabama taking the stage on February 8. Also at Duke, "Chicago, the Musical" will be onstage February 5. Also check out late night tango, Carolina shag, downtown art exhibits, and Duke women's basketball.
Events Calendar

Downtown Events

The Millionaire Inside

CNBC is airing an episode of its series "The Millionaire Inside" tonight. The topic: Debt Makeover. A panel of "money mentors" will advise four people/couples on strategies to overcome their current debt situations. I encourage all to watch and comment.
I'm especially interested in Kristopher & Sophia, a Nevada couple that made huge money in real estate, only to lose it all and find themselves $600,000 in debt.
The show airs Tuesday, January 29 at 9pm and 12am EST on CNBC.

Free House!

I hear from the local listservs that the owner of 1704 W Markham Street

(the Tate house) is giving this house away - if the recipient will move it from its current location. The owner will provide $5000 towards moving costs. The home, located across the street from Duke University's East Campus, has been slated for demolition, so this is a chance to save a little piece of Durham. The owner wants to find a new owner for the home by February 8. If you are interested, contact Carrie Mowry at Preservation Durham at Carrie@PreservationDurham.org.

How Many Homes Did Your Agent's Dog Sell Last Year?

Love this video from 1000WattConsulting. Real estate brokerage is about serving the client. 'Nuff said.

I am not a lead

60 Minutes Explains Subprime Mortgages

60 Minutes aired a piece tonight on the effects of the current issues on the subprime mortgage market. The focus of the story is Stockton, California, which is apparently ground zero for the subprime implosion. They did a good job of explaining the far reaching impact of foreclosures in layman's terms. Check the video here:
http://www.cbsnews.com/sections/i_video/main500251.shtml?id=3756665n

Just Listed - Beautiful Hope Valley Contemporary

Modern architecture in one of Durham's most established and prestigious neighborhoods - this home is a rare opportunity. Completely rehabbed over the past year, this Hope Valley home offers uninterrupted wooded views, rejuvenated landscaping, and custom touches both inside and out. Interior features include refinished hardwood floors, vaulted ceilings, clerestory windows, spacious rooms, stainless steel appliances, mood lighting controls, and a newly updated powder room. An over abundance of windows allow natural light to penetrate with ease. For wine lovers the basement offers a setting for any collection. See the rest at www.3443Rugby.com. Offered at $526,900.

Update on the Old East Durham Open Home Tour

The Old East Durham Open Home Tour is set for this Sunday, January 27, from 1-4pm. Start at the Preservation Durham office (200 N. Mangum Street) or at 201 S. Driver Street. Attendees will have the chance to see homes currently for sale, and will also have a chance to visit with neighborhood homeowners that have rehabbed homes and have volunteered to show off the fruits of their labor. Be sure to collect an information packet, which includes info on homes for sale in the area, a neighborhood contact list, info on home and renovation loans, tax credits for historic property, and more.

New Restaurants Coming to Durham

Durham, which already holds its own in the foodie category, will soon be home to two more restaurants. Papa Mojo's Roadhouse will kick off its grand opening on February 1. Papa Mojo's plans to feature the music and cajun culinary traditions of Louisiana, with a menu pulling local ingredients as well as items sourced in the Bayou. Sounds like fun. The restaurant is located at 5410-Y Hwy 55.
You know your city has arrived when Ruth's Chris Steakhouse comes to town. Expense account holders rejoice - the iconic chain will be opening its doors later this year in the Southpoint area.

East Durham Gains New Energy Part II

Uplift East Durham and Preservation Durham are hosting an Old East Durham Open Home Tour this Sunday, January 27 from 1-4pm. From the Uplift East Durham blog:
"We are inviting potential home buyers to take a look at available homes and meet neighbors in the area. If you're a neighbor that wants to share your community with people looking for a home, tell them about this event. If you're a potential buyer that never considered our area, come see what a fabulous community we are. This neighborhood has fast access to lots of major highways, shopping centers, culture, the heart of the city and historic homes!"
Contact Aidil Ortiz Collins at 919-260-4807 or aidiloc@gmail.com for more info. I'm requesting a list of tour homes, and will post here if I receive it in time.

East Durham Gains New Energy

Local journalism fixture Jim Wise has been writing a series of articles about East Durham in The Durham News. The area east of downtown (and one of the quickest connections to Research Triangle Park) has long been characterized by crime and vacant housing. It is also listed on the National Register of Historic Places and holds the last concentration of historic, turn of the century homes in Durham.
The neighborhood has good bones - ie, good strategic location and housing stock - but has been plauged by significant changes in the area economy and stalled redevelopment plans. According to Jim's articles, it looks like the redevelopment machine is starting up again, fueled by a group of new residents drawn to the area's character and the potential of its historic homes.
As neighbors in western and southern Durham become more expensive, the east side may become a haven for those looking for affordable and conveniently located homes in the city. If all goes as planned, moderately priced new construction will rise soon near the old Victorian and Queen Anne architecture. Durham is a city of great wealth and opportunity, but also one where the stubborn roots of poverty have taken hold. A change on the east side will make the entire city a better place - you know, weakest link and all that.
Read Jim's articles:
Better Homes and Advocates
City also getting involved in E. Durham makeover

What to Do in Durham This Week

I'm always amazed by the sheer number and diversity of things happening in Durham. I get this calendar of events every week from the Durham Convention and Visitors Bureau. To be honest, it's usually so overwhelming, I just take a quick glance and bail out. However, the fact that I work all the time is no reason to deprive others of the chance to experience all the great things to do here.

Over the next few weeks, you can check out everything from a cooking class at Four Square (comforting seafood, sounds divine) to a Nelson Mandela Art Exhibit. Join the list and have the calendar delivered to your Inbox, or just check it out here - I'll make a serious effort to post it every week.

Housing Update from the N&O...

And another misleading headline, of course. The N&O writes another somewhat balanced article about the housing market, buried under a headline designed to instill fear in the hearts of buyers and sellers all over the Triangle. A synopsis: December sales were down (bad), the decline follows several years of the strongest sales and appreciation in our history (not so bad). There is too much inventory on the market, but building permits are down - the decrease in building permits (ie new construction) will help as we work the inventory back into balance. Sellers that price their homes to move and buyers with good credit will probably be OK (I think I'm moving past broken record territory on that one).
Word is that some local brokerages are no longer speaking to the N&O, claiming to have been intentionally misquoted so that the local story lines up better with the national media slant on housing. Not having been interviewed by the N&O myself, I can't vouch for the accuracy of the accusations. But given my observations on the doom and gloom headline proclivities of the N&O when the story doesn't warrant it, I can't completely discount what I'm hearing.

2008 Market Forecast...

Actually, no. If the last year of following the local and national real estate market has taught me anything, it's that just about every prediction about the market has been off base, if not downright wrong. So I'll tell you what I know and what I've observed, but I'll leave the grand prognostication for those that need to sell newspapers and television advertising.

• Real estate is cyclical. The market goes up and down - conventional wisdom states that the cycle is about 7 years, and that over a long period of time, the value of real estate consistently goes up.
• The best way to protect the value of the roof over your head is to stay there. In Durham, depending on neighborhood, you need to stay there 5, 7, maybe 10 years to experience meaningful appreciation (and in some cases to break even). In the meantime, you'll get all of the really great benefits of homeownership - tax deductions, building equity by paying down your mortgage, and the intangibles of owning your piece of the globe.
• There are new factors at play. The global marketplace and the invention of so many new mortgage products have created a lot of unexplored and unintended consequences. A foreclosure on Main Street USA affects not only the homeowner, but also a host of people and organizations, local, national, and international. Is real estate still cyclical? Yes. Do we know how long this cycle will last? No.
• The local market is still healthy. Regardless of what you read in the N&O, the bottom is not falling out of the Triangle real estate market. As always, this market is about balance and slow, steady growth. There are a lot of homes on the market right now. Buyers have wonderful selection. Sellers need to price right and make needed repairs and updates before selling. (BTW, this is no different than the typical market in the Triangle). Buyers and sellers need to pay attention to financing. We still have buyers getting wonderful loans, but they must have good credit and a downpayment to access this financing. That is not the sign of a weak market, that is the sign of a stable and realistic market.
• Our phones are ringing. We're listing homes for sale (check the last few posts). Buyers are calling and want to buy homes. The market is there, and so far, is healthy. I'm not forecasting, just observing.

Just Listed - Spacious Northern Durham Home

We've just listed this home in Northern Durham. It's just off Hwy 501, so it's a straight shot to I-85, Hwy 147 (the Durham Freeway), and downtown. This home has a great floor plan at almost 2400 square feet - the rooms are big, and there's space for congregating, as well as enough room for everyone to have their own space when needed. The lot is over an acre, and partially wooded - space to hang out, with natural landscaping as well. My favorite part of the house is the living room - it's centered by a wood burning masonry fireplace and opens to a huge screened deck. 3 bedrooms, 3.5 baths, priced at $232,500. See more info at www.158LinTilley.com.

Just Listed - Trinity Park Arts and Craft Bungalow

Derek Mangum just listed this Trinity Park home at 1320 N Gregson. He says it's a "keeper"; lots of the original details have been preserved, and strategic updates have been made. Gregson is a busy stretch of road...BUT it has a wonderful herb garden and an additional lot included - lots of room for outdoor gathering away from the street. 2,628 square feet plus over 400 square feet in a unfinished basement for $299,900- a great price in Trinity Park! Check out more pics and info at www.1320Gregson.com.

Just Listed - New Construction in Willowhaven

We just listed this new construction home at 535 Continental in the Willowhaven neighborhood. It's a great custom build by T.O.W. Inc - their homes are always quality, with details you don't see even in much pricier homes.

This is a beautiful open floor plan, and has almost a wall of windows across the back of the house (southwest side). I was out there during the late afternoon a few days ago and saw the beginning of a sunset from the back deck - gorgeous!

See more details (and a pic of that sunset view) at http://www.535continentaldrive.com/.