triangle market news & information

Hue Condo Update Part II

Triangle Real Estate Market News

Friday, 15 January 2010 18:27

The Hue is now writing contracts as of last week.  Just got notice today that they are getting very aggressive to hit their numbers and are paying all closing costs for buyers plus a fridge, washer & dryer - from email below:

Effective immediately, Hue is paying the following buyer's nonrecurring closing costs:

Property Tax Proration thru June 30, 2010
2 months of Home Owner Association fees
HOA Move-in fee
Lender and other fees as follows:
Commitment fee
Appraisal & Credit Report
Flood Certification
Title Insurance
Legal Fees
Recording/Transfer Fees
Stamp/Revenue Taxes

They are also promoting the first time home buyer tax credit - which could be another $8,000.  I'd be cautious on this - as you have to close on the unit by June 30th, 2010 - and with some many pieces to fall in place, this might not happen in time...but it could be another real sweetener.

If you have any questions about Hue, just give me a call at 919-669-7993 or send me a note.

Hue Condo Update

Triangle Real Estate Market News

Saturday, 09 January 2010 15:41

The Hue Condominium project, which has been in a holding pattern for a while, had a breakthrough this week and the development is ready to start writing contracts.

The developer and sales team have made progress has been made on a couple of fronts– some financing options for buyers have finally been developed including an FHA option at 3.5 percent down.  Buyers will be unable to close until they hit the communities presale requirement, but the developer is moving forward with an early occupancy program, where a buyer can move in as soon as next month and rent the unit from the developer and part of your rent will apply towards your down payment. 

I have been told Hue still has a very solid number of reservations – and the sales team has continued to generate interest from buyers due to the excellent location and price points (now under $150,000 for a studio) but has been unable to move forward with contracts and closings due to the tight lending environment.

If you have any questions about Hue, just give me a call at 919-669-7993 or send me a note.

Raleigh Luxury Home Deal of the Day

Triangle Real Estate Market News

Thursday, 07 January 2010 19:49

One of the upsides to the downturn in the real estate market over the past couple of years are some of the deals on the market. I am amazed at some of the price reductions I have seen on many properties - and one of my favorite homes in Raleigh which has been on the market for about 200 days has just had another price reduction.

If you are looking to purchase a Inside the Beltline and have between $950,000 and $1 million to spend, this is the best property on the market right now.  At just under 6000 square feet, built in 2008, this home is stunning. It is located in the always in demand Lacy Elementary, Martin Middle School and Broughton High School district. 

The original list price on this home was $1.4 million - with the last price reduction, it is now under $1 million.

If you'd like me to send you the details, just give me a call at 919-669-7993 or send me a message...

Triangle Luxury Home Sales

Triangle Real Estate Market News

Tuesday, 05 January 2010 19:00

With all of the focus on the lower end of the real estate market - first time home buyer tax credits etc. -  I decided to check on the other end of the market.  I did a quick scan this morning of the high end luxury home listings in the Triangle to see what is on the market and what has sold over the past 12 months. 

For my criteria, I pulled all residential listings in Triangle Multiple Listing Service priced above $2.5 million.  For those of you not in the area, a $1 million home in the Triangle is still a "Million Dollar" home.  Above $2.5 million is an extremely small sub section of our market.

Just some quick and interesting statistics:

• There are currently 37 homes offered for sale at $2.5 million and above (38 if you count the $160,000 townhome with the incorrect price of $16,000,000.)
• There is 1 home under contract at $2.5 million and above
• There were 9 homes sold that were listed at $2.5 million and above over the past 12 months
• These 9 homes sold for an average of 83.4 perecent of the list price
• The high sale for the past 12 months was $3.18 million
• The highest priced home in MLS is currently $9.85 million (Orange County, 202 plus acres, 15,000 plus sf)