The Market is on the Move!

The market is starting to open up and head North.  I am seeing this all over the Triangle but especially inside the belt line.  Those deals that have been sitting on the market for a year or longer are now under contract.  Some of the condos in downtown Raleigh that were selling for $400 a SF in 2009 are now at at $250 a SF but not for long.  I am starting to see a trend where prices are starting to inch upward.  Those good deals that are still on the market are going under contract.  If you are thinking of buying, the time is now!  If you are thinking of selling it may be smart to hold off 6 months if you can.  Either way call me today to discuss.

Check out this deal that just came on the market today at Founders Row.  Totally renovated and very cool located next to Moore Square.  Awesome place for $243,900.  Call me today, Patrick Lawson -919-669-3937!

Breaking News! Home sales jump 35% in the Triangle!!!!!!

By David Bracken - dbracken@newsobserver.com
By David Bracken The News and Observer

Tags: home sales | Triangle MLS | Triangle real estate
Triangle home sales jumped 35 percent in February compared to the same period a year ago as the market showed increased signs of life ahead of the spring selling season.There were 1,204 homes sold in Durham, Johnston, Orange and Wake counties in February, data from Triangle Multiple Listing Services show. That’s the most homes sold in the month of February since 2008.
Pending sales were up 30 percent and showings increased 9 percent.

Sales activity in the early months of this year is expected to provide a better gauge of the overall health of the market because the influence of the federal homebuyer tax credits is waning.
The increase in sales activity is a sign that the balance of supply and demand may be finally coming into balance. The number of homes on the market has been falling for months, and was 26 percent lower in February than it was during the same period a year ago.

The Triangle’s housing inventory increased just 3 percent from January to February — a time in which traditionally many people put their homes up for sale. The region currently has an 8 month supply of homes on the market at current rate of sales.

The average selling price also continues to fall. The average price of all the homes that sold in February was $216,600, down about 9 percent from the same period four years ago.
Read more here: http://www.newsobserver.com/2012/03/14/1930946/triangle-home-sales-jump-35-percent.html#storylink=cpy

New Construction in Downtown Raleigh!

Raleigh, NC is experiencing a surge in downtown construction as we enter 2012.  Not to be confused or compared to 2009 or just a few years ago when growth rates were double digits and the where at least 8 skyscrapers (30+ stories) green lighted for the downtown area schedule to construction.  All of these projects have been abandoned or on hold until our growth rate increase from the low single digits.  Don’t misunderstand however, there a dramatic pick up in Residential home and multipel housing development inside the 440 belt line.  Glenwood South will see three new construction projects, in fact these projects have already started.  Two large apartment complexes with somewhere around 250 units each.  These complexes are located just off Glenwood South on Boylan Ave.  On St. Marys street they have broken ground on yet another new complex.  At this time I am not sure if this will be a Condos or apartments complex, it will however be mixed use with commercial and residential property.  Check back for an update.  
On the corner of Oberlin and Clark in the historic shopping center of Cameron Village they have broken ground on yet another mix use apartment complex with somewhere around 150 units.  This was to be a 12 story condo building but the place changed to apartments.  This would be an ideal place to call home with incredible views of the Cameron Park and downtown area not to mention walking distance to anything you can imagine.

Image via Wikipedia

Downtown off of Moore Square in what was being called the Edison Building will be yet another 250 unit + apartment building mix use.  This was to be a two separate buildings.  A 33 and 44 story building but obviously the plans have changed.  The current projext will be on the south end corner of Davie and Salisbury St.
Please check back for further updates or just give me a call.  Patrick Lawson, 919-669-3937

More Good News for Raleigh, NC

Image via WikipediaHey all, the ship is starting to right itself.  Just report by Inman News.  Raleigh and Cary are on the raise.  It was just reported that Raleigh and Cary are experiencing a gain in home values of more than seven percent.  SEVEN PERCENT!!  Do not miss this train.  The RTP and the greater Raleigh area will be the first to take off when this economy starts to recover.  My office is located in the Five Points area of Raleigh.  As I drive and show property I see growth everywhere.  There are four major projects that are coming out of the ground now that I am aware of and several more on the books.  Clayton is on Fire!!  I can personally tell you, that this was not happening at the same time last year in 2011.  I am excited and I hope you are too.  Call me, Pat Lawson, 919-669-3937!

Another Great Opportunity in Downtown Raleigh!

Hey Guys!  I pointed out the great opportunity on 815 Whitaker Mill Rd and now it is gone!  Someone got a winner there.  Don't wait.  Here is another.  This one is more of a land deal on .76 acres on Capital Blvd.  Rent the property and wait until the market rebounds.  This is a bank owned property at 259K with a tax value of 412K. Hot Dog!

Should You Go It Alone When Buying from Home Builder? NOT

Do you know the sales person in the builder’s office or sales center generally do not have a Realtor License. Know why? Because that person works for the builder and not you!  He or she does not have a fiduciary responsibility to work for you and does not have to do the right thing. Another words, they wont get their license taken away! Think about it, and the next time you want to go it alone ask the sales guy if he or she has a valid Real Estate License or better yet, give me a call at, 919-669-3937!

http://www.realtor.com/blogs/2011/02/21/should-you-go-it-alone-when-buying-from-home-builder/

Your Restaurant Review, LaVolta

As you know, as your Downtown Raleigh Tour Guide, I do my best to keep you fed and updated on all the good menus in the downtown area! On that note: A few friends of mine traveled in from the Apex area for a night of celebration as Chip was about to turn 40, and a celebratory dinner and possible bar crawl was in order. The travelers stayed at the Raleigh Marriott City Center hotel (a review for anther time). I suggested that we meet at LaVolta Restaurant just across the street from the Marriott for a few appetizers before hitting the crawl. Boy am I glad I did. We sat in the bar area with about 10 of us. We ordered appetizers and drank the special drink which was Sangria. This was bit pricy at 8 clams a glass, but the glass was big and concoction was fabulous. I personally only had one and had to switch to Bud Light drafts to keep my wits about me. This Italian restaurant reminded me of something you would find in NY or Chicago, a very warm and comfortable feeling. The owner, who I believe is from NY made you feel right at home and came to the bar area and said hello. The staff was great given my 9 rowdy friends. Food was fantastic (we only had apps.) and the Meatballs ($5.95, two gigantic homemade meatballs) and Bruschetta ($6.95) were to die for. As a tip to you from your Tour Guide, make sure you ask for some bread when ordering the meatballs, you will thank me latter. All in all, this was a fabuous place to start or possibly finish a great night out with friends.

http://lavoltarestaurant.com/menus.html