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* The 2010 Parade of Homes – Same As It Ever Was?

Steve Nicewarner — Thu, 07 Oct 2010 17:33:48 +0000

As you can imagine, the Parade of Homes is a big thing in the real estate world. Last year, I took a look at homes offered in the Wake County Parade and asked “Where are all the starter homes?” Now that we are in the middle of the 2010 Parade, it’s worth taking another look at the distribution of Parade homes.

Here is the Wake County numbers for the 2009 Parade and this year’s

	By Count		By Percent
	Wake 2009	Wake 2010	Wake 2009	Wake 2010
$100,000 to $150,000	4	3	3%	2%
$150,000 to $200,000	10	19	6%	10%
$200,000 to $300,000	38	54	24%	29%
$300,000 to $400,000	30	53	19%	28%
$400,000 to $500,000	29	24	18%	13%
$500,000 to $600,000	8	11	5%	6%
$600,000 to $700,000	11	6	7%	3%
$700,000 to $800,000	9	7	6%	4%
$800,000 to $900,000	3	7	2%	4%
$900,000 to $1,000,000	9	2	6%	1%
more than $1,000,000	7	2	4%	1%
Total	158	188

First of all, it is worth noting that there is a 20% increase in the number of homes in the 2010 Parade. The second thing to notice is that there are fewer homes at the high end of the market – last year a quarter of the homes on the Parade were over $700,000, this year it is half that. Those homes all ended up in the $150,000 to $400,000 range this year, which saw an increase from 49% to 70%. While those aren’t exactly starter homes, it does show the movement away from McMansions and towards the market that most people can actually afford.

I can hear some of you now – “That’s interesting, Steve, but what do the numbers look like for our side of the Triangle?” Glad you asked.

	By Count			By Percent
	Wake 2009	Wake 2010	Durham	Wake 2009	Wake 2010	Durham
$100,000 to $150,000	4	3	1	3%	2%	2%
$150,000 to $200,000	10	19	6	6%	10%	14%
$200,000 to $300,000	38	54	11	24%	29%	26%
$300,000 to $400,000	30	53	5	19%	28%	12%
$400,000 to $500,000	29	24	8	18%	13%	19%
$500,000 to $600,000	8	11	3	5%	6%	7%
$600,000 to $700,000	11	6	2	7%	3%	5%
$700,000 to $800,000	9	7	2	6%	4%	5%
$800,000 to $900,000	3	7	1	2%	4%	2%
$900,000 to $1,000,000	9	2	1	6%	1%	2%
more than $1,000,000	7	2	2	4%	1%	5%
Total	158	188	42

The price distributions in Durham [by which I mean Durham, Orange and Chatham counties] pretty closely follows the pattern set by our eastern brethren. It’s easier to see in a graph

So there is a trend, however small, away from the mansion and McMansion properties towards home that are a bit more affordable. While I would like to see that continue with a little more effort towards marketing homes in the $150,00 area, it is a welcome sign.

Come To My Open House This Sunday!

Steve Nicewarner — Fri, 08 Jan 2010 02:50:13 +0000

I wanted to take a moment to invite all my readers to my Open house this Sunday at 1824 Birmingham Avenue. This beautiful home was built by master builder George Birmingham as his personal residence in 1939. It’s 1,600 square feet and four bedrooms make it a great starter home with plenty of space. The half-acre lot gives you plenty of space around you too! Plus it’s minutes from Northgate Mall, I-85 and just about anywhere in Durham you want to go.

We’ll be holding the Open House on Sunday, January 10 from 3PM until 5PM. I hope to see you there!

2009 Parade of Homes — Where Are The Starter Homes?

Steve Nicewarner — Tue, 06 Oct 2009 03:06:29 +0000

I’ve had a chance to go through the 2009 Parade of Homes booklet, and one thing really struck me. Where are all the starter homes? Being an accountant is a previous career, I went through all the homes on the N&O site. Here’s what I found

Less than $100,000 ——– 0
$100,000 to $150,000 — 4
$150,000 to $200,000 — 10
$200,000 to $300,000 — 38
$300,000 to $400,000 — 30
$400,000 to $500,000 — 29
$500,000 to $600,000 — 8
$600,000 to $700,000 — 11
$700,000 to $800,000 — 9
$800,000 to $900,000 — 3
$900,000 to $1,000,000 – 9
more than $1,000,000 —- 7

I certainly understand that these are supposed to be “show homes” that have all the bells and whistles. 47 of these homes, however, would require a jumbo loan to purchase [even with 20% down] and those loans have been almost impossible to get at a decent interest rate. In another words, they are houses that [almost] won’t sell.

The segment that has been driving the housing market, however, has been the starter home market with first-time buyers using the $8,000 tax credit. Homes in Hassentree and Colvard Farms are really beautiful, but I always thought at least one builder would have tried to promote to the market that is actually moving. Or am I missing something?

Great Durham Starter Homes #4

Steve Nicewarner — Sun, 27 Sep 2009 00:55:54 +0000

After a long hiatus, Great Durham Starter Homes is back. Today I wanted to look at a new construction home. Many first time homebuyers have little experience in home maintenance, so a brand new home allows them to live for a few years without having much maintenance while they learn the skills to take care of a home as it ages.

Stratford Lakes is a new townhome community on Martin Luther King Jr Parkway just west of Fayetteville Road [right next to the new Lowe's]. While Stratford Lakes offers several different floor plans ranging from 1200 to 2100sf, the floor plan we’re highlighting today is the Brooks plan. This townhome has two bedrooms and 2.5 baths and comes in at 1299sf. The community is convenient to RTP and the South Square area and is just minutes away from downtown Durham and Southpoint. Surrounded on three sides by lakes, Stratford Lakes puts you right in the center of everything while letting you live in a quiet community.

The basic new construction model is offered starting at $144,350 [features and upgrades will, of course, increase this price]. Centex is also finishing up a home with this floorplan which they are offering for sale at $149,990.

If you are interested in seeing this home, or any other home offered in the Great Starter Home series, please call or email me and we will find a time that works for you. Remember, the $8,000 tax credit requires that you close by November 30 so the time to take action is now.

Great Durham Strater Homes #3

Steve Nicewarner — Fri, 21 Aug 2009 02:34:03 +0000

Foreclosures are all the rage in the media these days. If you were to believe the television and the radio, someone could buy a foreclosure, move into it without any major work and have thousands of dollars of instant equity.

While most of us know there is more to the story, sometimes you can actually find that needle in the haystack. This week’s Great Durham Starter Home might just be that needle.

Front View of 3612 Abercromby

Our starter home this week is in the Abercromby section of the Villages of Cornwallis. The Villages of Cornwallis is a development with a mix of condos, townhomes, duplexes and single-family homes near the intersection of NC-55 and Cornwallis Road in Southwest Durham. That puts you just minutes away from Southpoint Mall, RTP and NC Central. downtown Durham and Chapel Hill are both a short trip away.

This home offers 3 bedrooms, 2 baths and almost 1600 square feet of space in an established community. It has a tremendous amount of light in almost every room and has the potential to be a really memorable home with the right owner. It is a foreclosure, owned by HUD, but to my untrained eye, it appears to need little other than new carpets, paint and some appliances.

HUD is offering this property at $102,400. At that price, it would make a great personal residence, and also has some potential as an investment property. for more details on this property, click here. To arrange a showing, please email me, and we will arrange a time.

Don’t forget, the $8,000 tax credit expires on December 1! Time is running out on this great opportunity to buy your first home.

[Disclaimer: I am not a home inspector and none of the above should be taken as a guarantee of condition. I would encourage any buyer, foreclosure or not, to have their home inspected before making the purchase]

Great Durham Starter Homes #2

Steve Nicewarner — Mon, 17 Aug 2009 00:58:05 +0000

Pin Oak Dr - Front View

For this week’s starter home, we’re moving to the Five Oaks development on Old Chapel Hill Road. This two bedroom, two bath townhome is convenient to Chapel Hill, the South Square area and Interstate 40 and just a few minutes more to downtown Durham and Southpoint. The vaulted ceilings in the living room make the space seem even larger than its 1180 square feet.

Also, as part of the Five Oaks community, you would have one of the better clubhouse facilities available. The Five Oaks pool club has its own swim team as well as excellent tennis courts and a fitness room.

For more details on this listing, which is currently offered for sale at $137,000, click here. If you are interested in looking at this home, please email me and we will arrange a showing. The clock is ticking on the $8,000 tax credit, so don’t delay!

Great Durham Starter Homes #1

Steve Nicewarner — Fri, 07 Aug 2009 02:45:22 +0000

With the deadline for the $8,000 tax credit fast approaching, I wanted to launch a semi-regular series highlighting some of the great starter homes available in the current market. hopefully, this will be a weekly post until the credit expires on December 1. Needless to say, if you want to take advantage of the credit email me today. You know how these things are — December 1st will be here before you know it.

The first home is our series is in Woodcroft, so it has the best of both worlds. Just minutes from Southpoint Mall, RTP, Duke and UNC, but still far enough away to be your secluded refuge. With beautiful hardwood floors on the first floor, this would be a great home to show off to your friends. With two bedrooms and a large bonus room that could be used as a third, this home even has some room to grow with a growing family.

Offered at $153,000, this home is a great gateway into home ownership. To see more details about the property, click here. to arrange a private showing, please email me.