Triangle, North Carolina.  Water Shortage Causes More Building Problems.  Raleigh has implemented stage 2 mandatory water conservation measures.  These measures prohibit water use for flushing and bacteriological testing of new water main extensions.  Power washing has also been banned.  Companies can purchase reuse water from other municipalities to take care of these needs if they can find sources and ways to transport it.  The city will also stop issuing new landscape establishment permits. 

Another contractor water need problem that almost no one would ever think of is that of washing bricks.  After they are placed they need to be power washed.  Local contractors are busy beating the bushes for sources of reuse water for this purpose as well.  As with most things dark problems often product some bright side effects.  “Green” factors coming to the fore are such things as waterless urinals, new types of landscaping materials, low flow fixtures and double flush toilets.  The water situation is serious and many businesses are stepping up to provide solutions to many of the needs and problems caused by it.

John Fish (919) 696-3474   Email: Marvmax@mindspring.com   Website: www.johnfish.com

Wendell, North Carolina.  Wendell Falls To Open In Spring Of 2009.  When fully developed, in six or seven years, Wendell Falls will have 4,000 homes and 10,000 or more residents. That’s three times the size of the 5,000 that currently call Wendell home.  Chicken Little permitting the first 335 lots are to go on the market this fall.  The price range of single family homes is targeted from $240,000 to $450,000.  Townhomes and top-end homes of up to $1 million will also be a part of the community in a few years.

The entire project is being made possible by a privately financed five-lane interchange underway at U.S. 64/264.  A new facility that will service the area is the year-round Lake Myra Elementary School that will go on-line in the summer of 2009.  Another important addition planned for the area is a WakeMed facility.  Eastern Wake County is the fastest growing part of the entire county.

John Fish (919) 696-3474   Email: Marvmax@mindspring.com   Website: www.JohnFish.com

Triangle, North Carolina.  Further Definiation Of 2007 Home Sales In Triangle.  Here are the Triangle home sales by zip code in the Wake, Durham, Johnston and Orange counties portion of the Triangle counties during 2007:  22924 - 1,  23917 - 1,  23924 - 1, 23927 - 1,  23964 - 1,  23968 - 1,  24598 - 1,  27207 - 1,  27215 - 8,  27217 - 2,  27231 - 1,  27243 - 6,  27244 - 2,  27253 - 6,  27258 - 1,  27278 - 20,  27298 - 3,  27302 - 21,  27312 - 24,  27330 - 10,  27332 - 4,  27343 - 1,  27344 - 7,  27379 - 1,  27501 - 24,  27502 - 53,  27503 - 2,  27504 - 11,  27505 - 4,  27509 - 3,  27510 - 3,  27511 - 46,  27513 - 51,  27514 - 22,  27516 - 26,  27517 - 29,  27518 - 17,  27519 - 74,  27520 - 67,  27521 - 3,  27522 - 16,  27523 - 5,  27524 - 9,  27525 - 14,  27526 - 65,  27527 - 39,  27529 - 59,  27530 - 1,  27534 - 2,  27536 - 8,  27537 - 6,  27539 - 34,  27540 - 64,  27541 - 1,  27542 - 2,  27545 - 38,  27546 - 9,  27549 - 12,  27551 - 1,  27557 - 4,  27559 - 1,  27560 - 34,  27563 - 3,  27565 - 18,  27569 - 7,  27571 - 8,  27572 - 4,  27573 - 9,  27574 - 5,  27576 - 10,  27577 - 20,  27581 - 1,  27583 - 3,  27587 - 109,  27589 - 2,  27591 - 16,  27592 - 17,  27596 - 25,  27597 - 22,  27601 - 8,  27603 - 53,  27604 - 51,  27605 - 5,  27606 - 21,  27607 - 19,  27608 - 19,  27609 - 17,  27610 - 112,  27612 - 43,  27613 - 48,  27614 - 42,  27615 - 54,  27616 - 74,  27617 - 18,  27701 - 22,  27703 - 47,  27704 - 41,  27705 - 30,  27707 - 37,  27712 - 19,  27713 - 48,  27801 - 1,  27803 - 2,  27809 - 1,  27816 - 1,  27822 - 2,  27856 - 1,  27858 - 1,  27873 - 1,  27880 - 1,  27882 - 1,  27891 - 1,  27893 - 3,  28318 - 1,  28323 - 1,  28334 - 13,  28339 - 8,  28352 - 1,  28359 - 1,  28382 - 1,  28394 - 1,  28521 - 1,  28551 - 1

John Fish (919) 696-3474   Email: Marvmax@mindspring.com   Website: www.JohnFish.com 

Triangle, North Carolina.  Triangle Home Sales.  If you look at the home sale stats for the Triangle through the first nine months of 2007 as total figures rather than broken down by quarter, they don’t reflect the national market and they don’t reflect the national market’s effect on the Triangle either overall or during the third quarter in particular.  They do indicate that the numbers for the fourth quarter and for the year, as a whole, will not make the pleasant reading of past years.  As reported in this blog several times, the Triangle has been one of the best home sale markets in the country during the bursting of the price bubble in several of the overpriced markets and through the problems of sales to underqualified buyers.  The latter problem has yet to play out to buyers, to the real estate market, to mortgage lenders and politically.  Unfortunately, now that the fat is in the fire the politicians who talk the most and know the least want to play politics and throw out the baby with the bathwater; especially in the mortgage lending business.  More of that another time.  Going through the Triangle MLS record of sales of single family detatched homes in the Triangle during the first three quarters of the year vs. 2006 (rounded to the nearest percent) revealed the following: $100,000 to $199,999 - 6,974 vs. 8,264 = -16%, $200,000 to $299,999 - 4,947 vs. 4,963 = even, $300,000 to $399,999 - 2,406 vs. 2,378 = + 1%, $400,000 to $499,999 - 1,397 vs. 1,328 = + 5%, $500,000 to $599,999 - 674 vs. 576 = + 15%, $600,000 to $699,999 - 375 vs. 374 = even, $700,000 to $799,999 - 198 vs. 177 = + 11%, $800,000 to $899,999 - 130 vs. 106 = + 18%, $900,000 to $999,999 - 75 vs. 55 = + 27%, $1,000,000 and up - 169 vs. 113 = + 33%.  This does not split out new homes sales vs. resales.

The sales of Condos and Townhomes during he same period were: $100,000 to $199,999 - 2,993 vs. 2,932 = + 2%, $200,000 to $299,999 - 838 vs. 591 = + 29%, $300,000 to $399,999 = + 5%, $400,000 to $499,999 - 61 vs. 54 = + 11% and $500,000 and up were 54 vs. 69 = - 22%.  This also, does not split out new sales vs. resales.

The eight country Triangle area consists of Chatham, Durham, Franklin, Harnett, Johnston, Orange, Person and Wake Counties. 

John Fish (919) 696-3474    Email: Marvmax@mindspring.com   Website: www.JohnFish.com

Raleigh, North Carolina.  During 2006 the sale of second homes purchased as an investment fell in the U.S. by 28.9%.  Translated into a number that is equal to 1.65 million sales.  By the same token vacation homes sales hit an all time high of 1.07 million or an increase of 4.7%.  On the surface this would not seem to be either reasonable or possible.  However, the chief economist for the National Association of Realtors, David Lereah, says that the reason for this is the fact that “The demographics favor vacation-home sales because large numbers of consumers are in the prime buying ages.”  He further states that “Buyers want recreational property for personal use - investment is a secondary consideration.” 

When you consider the marvelous vaction homes that are available along the coast and in the mountains of North Carolina you might want to do some serious investigating into the possibility of finding one for you and your family.  Also, if you are looking for investment property in Raleigh and other areas of the Triangle that should do well above average during the next few years (especially in the $600,000 to $5 million range) I think you will find I can provide it for you.  In this case I am speaking of well positioned land.  If you have an interest call me or send me an email.

John Fish (919) 696-3474   Email: marvmax@mindspring.com   Website:  www.JohnFish.com

Clayton, North Carolina.  Hallmark greating card company, based in Kansas City, has signed a lease for Johnston County warehouse space.   It will occupy nearly a half-million square feet of space vacated by Winn-Dixie.  This will be one of three distribution centers for Hallmark.  The warehouse is close to both I-40 and I-95 making the facility ideal for Hallmark’s needs.

John Fish (919) 696-3474   Email: marvmax@mindspring.com   Website:  www.JohnFish.com

Durham, North Carolina - Motricity, a privately held Durham company, provides technology that assists people in music and ring tones on mobile telephones, graphics and buying and receiving games. Despite their fast growth and the demand for their products, the need to reduce costs has put them in a cost cutting mode that has included the laying off of employees. Enter billionaire investor Carl Icahn. Carl believes in the company to the tune of a $50 million investment in its future. Carl likes the company’s management team and said “They are well positioned for dominance in mobile content, a sector for which we forecast strong growth in the coming years.”

John Fish (919) 696-3474   Email: marvmax@mindspring.com   Website: www.JohnFish.com

Triangle Housing Market.  Pick the information you like best from the following list and do with it what you will.  On the one hand the sale of exiting homes in Triangle declined for the third consecutive month in December.  Comparing year to year December figures, the number of sellers reducing their listing price increased 7 1/2%, buyers closed on 13% fewer homes and unsold inventory was up 6%.  On the other hand total sales for the year were up 4% to 30,259.  The average sales price increased 5%to $235,300.

John Fish (919) 696-3474   Email: marvmax@mindspring.com   Website:  www.JohnFish.com

Knightdale North Carolina.  Knightdale has a population of 8,372 and is projected to grow to 10,078 by 2011.  As with all other projections of Triangle area growth, that will probably turn out to be very conservative.  The Knightdale growth drum roll should really get load later this month with the opening of the next section of Interstate 540.  The new section will take traffic from Capital Boulevard to the U.S. 64/264 Bypass.  A quick review of some of the subdivisions and commercial project that are planned or already underway in Knightdale will give you some idea of what is happening.

* Churchill Subdivision - 544 units planned, 152 built or under construction.  * Langston Ridge Subdivision - 226 units planned, 0 units under construction.   * Mingo Creek Subdivision - 488 units planned, 281 built or under construction  * Princeton Manor Subdivision - 446 unit planned, 209 built or under construction  * Widewater Village Subdivision - 258 units planned, 258 built or under construction  * River Estates Townhomes - 47 units planned, 47 built or under construction  * Widewaters Commons Apartments - 332 units planned, 332 built or under construction.    COMMERCIAL -  * Crosland Commercial - 195,000 commercial square feet planned  * Shoppes at Midway Plantation - 420,699 commercial square feet planned  * Village Park Commons - 430,650 square feet planned.

If you would like more information about Knightdale, or any other area of the Triangle, call me or send me an email.  The living and investing possibilities in the Triangle are well worth investigating.

John Fish (919) 696-3474   Email: marvmax@mindspring.com   Website: www.JohnFish.com

Wake Forest, North Carolina. The Hasentree subdivision was launched with much fanfare a few months ago.  In the interim the infrastructure has been put in place and now “the show begins.”  Hasentree is on a 934 acre tract directly off of N.C. 98 three miles or so West of Wakefield.  The Tom Fazio designed golf course is well along, should be completed by early next year and be playable by next summer.  Construction on the 11,000 square foot family center is ready to get underway and construction on about $30 million in new homes should start within 30 days.  Homes will range from the $800s up to as much as $5 million. 

There are some 600 lots in Hasentree.  While most are one acre in size some will be smaller. Of the 934 acres, 433 acres will be open space which includes the 198-acre golf course, undeveloped buffers and trails. Of the approximately 600 lots, 80 were sold this Spring and another 40 will be released in the Fall. 

As the developers, Creedmoor Partners, are the areas premiere developers of up-scale subdivisions, anyone looking for a lot on a fine gold course, in a top quality subdivision would do well to investigate Hasentree NOW!

For a Hasentree package, call me, John Fish, at 919-696-3474 or send me an email at marvmax@mindspring.com.  Also, don’t forget to look for me and Max on my Web site:  www.JohnFish.com.

John Fish (919) 696-3474   Email: marvmax@mindspring.com  Website: www.JohnFish.com