Raleigh-Cary home prices rose during second quarter.  During the second quarter prices of existing single-family homes in Raleigh-Cary rose at a rate of 7.1% compared with a year earlier. This makes the average price of a resale home in Wake County $270,242.  Durham resale prices rose at a rate of 5.4% during the same period which makes their average resale home price $213,671. This is according to Office of Federal Housing Enterprise Oversight (how’s that for a mouth full!).  Nationwide prices rose 3.2%.  The Triangle Multiple Listing Service says the inventory of unsold homes in Wake, Durham, Orange and Johnston counties was 12,641 in July which is an increase of 19% from a year ago.  This data doesn’t reflect the the subprime problems and volatility of the mortgage markets of the last few weeks.   

Buyers coming into the Triangle should we aware that what they read in the newspapers and magazines and what they see on the web doesn’t necessarily reflect the “real world”.  There most certainly are some “good deals” available in housing in most price ranges.  While Forbes.com says the Raleigh housing market is a seller’s market, it is - - and it isn’t.  Throughout most of the Triangle seller’s are certainly more price flexible than they were three to six months ago.  Just how flexible depends on the particular city and the particular subdivision.  As always, it also depends on how quickly a seller needs to sell, if they have any kind of moving package from their employer and what their financial condition is.  So, if you are coming to the Triangle and think you can a considerable knock off from the list price you are probably going to be disappointed.  If you come here thinking you might have to “pay through the nose” for what you buy because it is a “seller’s market” that probably isn’t going to be the case either.  The bottom line is this, if you have an agent with at least five years of experience and who knows the Triangle, let him or her lead you and you will get the best price and on the best terms.  If you want an agent with a lot more years than that in the business, call me or send me an email at the number or address below.

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

North Carolina.  Forbes.com rates N.C. as third best state for business.  Rankings and ratings, rankings and ratings.  Sometimes it seems like it’s all just grist for the conversation mill.  However, to companies looking for a place to locate a facility in and to people looking for a place to live and for a job to meet their families needs, it does matter.  As I previously reported, Forbes.com said Raleigh is the number one city in the U.S. to sell a home.  In February they named Raleigh as the best metro area for business careers.  Their latest rankings have North Carolina as the third best state for Business behind only Virginia #1) and Utah (#2).  They note North Carolina’s rising incomes and low labor costs as primary factors in the ranking.  Also, they indicate that they expect North Carolina’s incomes to increase at about 3.8% annually during the next five years, the second fastest rate in the nation.  So, yes we have our problems but overall Raleigh and the state are looking pretty good by about any measuring stick you would care to use.

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

Raleigh, North Carolina.  More Ft. Lauderdale Flights.  Last week JetBlue said that starting in January they would add non-stop service to Ft. Lauderdale from RDU (Raleigh/Durham International).  Southwest evidently likes that idea and has announced that, starting Feb. 4, they will start a daily non-stop flight to that city as well.  Delta is the carrier out of RDU that currently provides such service.

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

Raleigh, North Carolina.  Post card display reveals North Carolina’s past.  Today’s Raleigh News and Observer has a interesting article by A.C. Snow about post cards.  He laments that, by and large, post cards from friends are mostly a thing of the past.  He also talks about a local gentleman who has more than 8,000 post cards he has collected from people and places all over the state and covering a lot of North Carolina’s past.  There is currently a display of many of them at the Wilson Library at the University of North Carolina at Chapel Hill. 

All of which brings to my mind letters vs. emails. While emails make it easy to keep in touch with friends and family they are also mostly a “down and dirty” kind of communication where you get past the pain of communicating as quickly as possible.  Thus, much of what is personal disappears from them.  Like anyone who has ever enjoyed the surprise of receiving a letter from a friend or loved one and savoring its contents I still find it the most enjoyable way of staying in touch.  I should say, of hearing from someone else because the whole truth of the matter is that I “speak with forked tongue”.  A letter FROM me is more apt to be “Dear Mary, How are you?  I am fine? We are fine?  I hope you are fine.  How’s the family?  Write soon. Love, John”  While I write a lot the one form of writing that has always been the most difficult for me is writing to family and friends.  I can never seem to think of things to say that I think anyone else would find interesting.  Who wants to hear about the drum beat of my everyday routine?  I have always appreciated good prose and my appreciation for those who can write well, particularly a good letter, knows no bounds. Now I know that Ralphie’s anticipation of checking the mail box day after day for his Little Orphan Annie secret message decoder was not quite the same thing - but close.  And yes I did have one and yes I did I do remember listing to Little Orphan Annie and to Pierre Andre’s great voice and yes Ralphie’s family was remarkably like mine, and yes I had a little brother and yes I had my Scut Farkus - so there!

The number of people on my list of those who can write an exceptional letter totals - - two.  The first is a friend of mine in the Chicago area who I have not written to (my fault) in years and who, therefore, I have not had a letter from for years.  His way of talking about the things that are of interest to him and to both of us is truly unique.  I have kept his letters and still get them out from time to time to remind me of what a real letter is all about.  The second are letters I have received from my wife at times during the past when my job kept us too far apart and for too long.  She is a lady with considerable interests and with a sense of order that I admire greatly.  Thus, I am quite certain that the daily routine of her household duties has many times just about driven her up a wall.  That didn’t keep her from doing them well and it still doesn’t.  However, her ability to write about them in an interesting way has always been a true marvel to me.  I can never recall a “mechanical” letter from her.  The display of post cards and thinking about what a fine letter is all about also makes me marvel at what an extraordinary job Ken Burns did the Civil War TV series.  That, however, is another story.

What does all this have to do with real estate?  Not one foreign thing!  Have a great day.

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

Raleigh/Durham, North Carolina.  Media eyeballs new terminal.  While only half of it is done; yesterday the media got a preview of coming attractions at the new terminal under construction at RDU International airport.  The half-billion dollar 900,000 square foot facitity will house 60 airline counters and dozens of kiosks.  The kiosks will be grouped in three ticketing islands.  The terminal’s rolling roofline has a “straight out of the Jetsons” look.  When the building is completed in 2010 it will have 32 gates.  However, it will open in two phases.  The north passenger concourse, the first to open, will have 17 gates and most of the security, check-in and baggage claim areas. 

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

Raleigh, North Carolina.  A rainstorm … one drop at a time!  Chinese water torture is where a person in tied down and driven mad by dropping water in the same place on his/her forehead - one slow drop at a time.  At my house we played a version of that game Wednesday evening.  To say that we need rain in like saying the Grand Canyon is a big hole in the ground.  The heat during the day was a blistering 105 degrees! During the afternoon the TV stations warned of a line of thunderstorms that were going to come through the area at about supper time with high winds, tremendous lightning and frog strangling rain.  They were right!  The lightning was unbelieveable, the winds were incredible, the rain fell in torents - - - in some places.  At our home we heard the thunder, saw the lightning, experienced the winds and - - - our deck didn’t get wet.  If the Chinese had wanted to drive us mad they would have had to bring their own water!  Come to think of it, “Chinese, if you want to bring water to my house - y’all come!!!”

Yesterday I talked about saving water in the kitchen. Today, let’s talk about saving water in the bathroom.  We don’t want you getting stinky but shortening your shower by one or two minutes can save up to 700 gallons per month.  Attention SiFi fans. The Triffids will march on your home for that much water!  I know we love those pizza pan size shower heads but come on! While you are at this business of saving water, install flow restricting shower heads.  My wife uses a soap that makes her so slippery that if I grabbed her when she was latered up she would bounce around the bathroom like air coming out of a balloon.  With that kind of soap you may need more water.  Incidentally, water restricting shower heads can save another 500 to 800 gallons per month. 

Now, you are standing in the tub stark naked.  The water is pouring out of the faucet and you are gingerly flicking your big toe in and out of the stream waiting for it to get warm before turning on the shower.  No, I am not suggesting that you get in the shower and play soldier.  Your screams would be heard a block away and probably get someone in your house arrested.  I am suggesting that capturing that water in a bucket or two would save 200 to 300 gallons a month all of which could be used on your lawn or plants without getting the authorities on your case.  As to nosey neighbors, that’s something else again.  I know it sounds like a lot of bother but we are supposed to be adults and responsible citizens and from time to time we need to act like it.  Turn off the water rather than letting it run while you wash your teeth.  That saves another 3 gallons a day.  If you wouldn’t get a saving from that either way  your breath is probably not kissing sweet.  Now, about your toilet (how’s that for a bridge). Bill Cosby does a routine about toilet bowls when one is tipsy that will leave you gasping for breath - - and not from the aroma.  But, I digress.  Fill a plastic bottle with pebbles and water a put it in the tank.  You use less water with each flush and this, depending on how many times a day you trot to the pot, will save 10 or more gallons a day and 500 or more gallons per month.  When you need to replace a toilet or if you are building a new home, I would suggest you get information about the water saving types of toilets.  We installed three in our home about three years ago and they work very well.  Let me put that another way.  The parts work as well as any other toilet which isn’t saying all that much.  The mechanics of toilets hasn’t changed much since they were invented - but that’s a post for another time and if you have a toilet you know what I am talking about. 

A couple of other ways to save goodly amounts of water are: (1) Wash your car with a bucket or two of water and give it a quick hose rinse.  That can save up to 150 gallons per wash.  (2) Run only full loads in your washing machine and dishwasher.  That can save from 300 to 800 gallons per month.

How does the joke go about government spending?  “If you save a billion here and a billion there, after awhile it amounts to real money!”  If you add up all the water saving that is possible in from the above mentioned items, it amounts to a rather staggering amount for your home.  If you multiply that by your block, your subdivision, your city, your county on a daily, weekly, monthly basis - it’s a bunch!!  In those part of the U.S. where water conservation is GREATLY needed it isn’t hard to see what a difference this could make.  Is everyone going to do it?  No!  But if even a few do it will help.  I hope I haven’t been whistling in the wind.

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

Raleigh, North Carolina.  Record Heat Bakes the Area.  It appears that August may turn out to be both the hotest August and the hotest month in Raleigh’s history.  That is an honer we could well do without.  Raleigh, Wake County, most of North Carolina and indeed many other states are having moderate to severe dought and water problems.  Water conservation is the name of the game and there are many things that everyone can do to help “take the heat off” of the situation.  

With regard to saving water, taking care of mundane matters can be very helpful.  So please, no “everybody knows that” comments.  The more you look into this matter the more ways you can find to help and the more interesting it gets.  You may well know these things but do you practice them and do you know the water amounts involved?  Let’s start with a couple of ”biggies”.  If you are in the process of building, or getting ready to build, a new home permeable pavement and pavers can really help take a load off of storm drains and help reduce polution that goes into lakes or reservoirs when it does rain.  Rain on the roof runs down the drive into the street, down the storm drain and carries with it, into the lake, tar, oil, asphalt, and other poluting things.  Pavers allow much of this water to percolate into the soil which keeps the lawn in better condition and cleans the water the way nature intended.  Single-unit washer/dryers are front-loading machines that both wash and dry clothes.  They save both water and energy compared to separate units.  At this point I have not checked into Consumer Reports to see what, if anything, they have to say about such machines.

Kitchens, bathrooms and laundry rooms within a home are the where our real water savings come from.  Depending on how a garage is used, it can also be an area where considerable water savings can be had.  Today, lets start with the kitchen.  Whoever draws the short straw and has to wash the dishes, wash them by hand.  Use the least amount of detergent you can as this helps to minimize the rinse water needed.  Don’t let the water run when you rinse.  If you have two sinks wash in one and fill the other with water for rinsing purposes.  If you have only one sink use a spray device with short spritzes.  Doing this can save from 200 to 500 gallons a month!  When you are cleaning your veggies don’t let the faucet run.  Wash them in a filled sink or a large pan.  This saves another 150 to 250 gallon per month.  Running water is often used to defrost frozen foods.  Don’t do it.  Either place them in the frig overnight or defrost (where possible) in the microwave.  This is good for another 50 to 150 gallon saving.  Use the garbage more and the garbage disposal less - if at all.  This saves 50 to 150 gallons a month.  Add it all up and these water savings range from 450 to 1,050 gallons.  Oh yes, you might take a look at what your cost per gallon is and see what amount of dollars you would save as well.  TIP - my wife freezes a substantial amount of our garbage in plastic bags all during the week.  It takes care of most of what would otherwise go down the disposal, gets rid of the odors, the bags go easily into our main garbage bags during pickup day and most certainly helps give a breath of fresh air (or at least fresher air) to our garbage pickup people.  Tomorrow, water saving in the bathroom.

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

Raleigh Rated #1 Residential Real estate market.  Forbes magazine has rated all the residential real estate markets in the U.S. and listed the top five seller’s markets.  Raleigh, North Carolina was rated number one, followed by San Francisco, Austin, San Antonia and St. Louis.  Based on the criteria they used.  Matt Woolsey, who wrote the article says, “Strong in-migration stemming from local economic strength is another factor keeping demand high.  New houses being built isn’t a problem if ne people are moving to town.  This scenario is playing out in Raleigh, N.C., the No. 1 city on our list.  Moderate growth and disciplined building over the past five years prevented the market from developing a significant glut.  Additionally, a strong local economy has helped contribute to the city’s healty 1.6% vacancy rate.  What’s more, the rate of home sales against home inventory was healthy in Raleigh; in this category, it ranked fifth best of big cities, according to Moody’s metrics.  Even though the market has low vacancy to begin with and displayed strong construction restraint during the housing boom, Raleigh still has the eighth-best rate of tightening.”  It looks like you can’t pull the Woolsey over Matts eyes.  Sorry, I just had to do that.

Stacey Anfindsen, who puts out the Triangle Area Residential Realty Report says, “There were 19,486 deed transfers during the first half, a decrease of 1% compared to the same period in 2006.  The number of deed transfers during the first half was the second highest amount on record.  Of these transfers, +/-12,500 are identified as home sales (closings). Falls Leke/North Raleigh (FLNR) was home to the most amount of total house closings as well as the most amount of re-sale closings.  Hedingham closed the most amount of re-sale homes, followed by Kildaire Farms, Stonehenge and Wakefield Plantation.  The average re-sale price after six months is $228,235.  The average price at the end of 2Q ‘06 was $213,600.  That is an increase of 6.85%.”

Stacey goes on to say, “The current supply of housing within the county (Wake) is 3 months.  The current supply at the end of June, 2006 was 3 months. The current supply of housing in the United States is 9 months. ”

Of course since the end of June we have had the subprime lending bomb go off and tightening of credit and lending standards.  In my opinion the real shame of what has happened and what is continuing to happen is a government that looked the other way while this situation was being created and now doesn’t really know how to cope with it now that it has. This most certainly includes the Fed.  Furthermore, the loud bellowing of politicians who don’t understand the lending and credit markets has the potential to have a serious impact on the future of the mortgage and real estate markets.  Of course, the banks love it because they would like to have control of both.  There is nothing as pervasive as greed. So, what else is new?  As always one should know what dog is barking and why before deciding what the threat REALLY is.

John Fish (919) 696-347    Email: Marvmax@mindspring.com   Website: www.JohnFish.com  

Clayton, North Carolina.  Clayton bypass ahead of schedule.  That a road project should be completed on schedule, let alone ahead of schedule, is almost unthinkable.  Yet, it might happen.  The 9 1/2 mile bypass around Clayton that will connect U.S. 70 and I-40 may be finished as much as a year ahead of schedule.  Completion of the project was to be at the end of 2009.  However, the dry weather in this area has made it possible for the road’s contractor to go forward more rapidly than expected.  Completion is now thought to be around July of next year and, weather permitting, perhaps even more quickly than that.

The bypass should provide multiple benefits.  For travelers in Clayton and on U.S. 70 in that area less traffic congestion.  For travelers going to the coast from much of the Raleigh area a saving in time of up to 15 minutes.  For western Johnston County a strong surge in commercial projects and housing.  As to traffic, in 2005 U.S. 70 carried 49,000 cars per day between Clayton and I-40.  By 2025 the new bypass is projected to carry 85,000 cars each day which is nearly a 60% increase.  Gulliver’s travels must have been easier (giants and Lilliputians not withstanding).

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

Raleigh, North Carolina.  New Million dollar plus homes inside the Beltline.  Homes under construction of $1 million and above inside the beltline, by subdivision, are: Anderson Heights - 4, Budleigh - 2, Bloomsbury - 1, Coley Forest - 1, Country Club Hills - 1, Dairyland - 2, Glenannneve - 1, Hayes Barton - 1, Lakestone Place - 1, White Oak - 1, Woodrow Park - 1.  Here are four that you might want to jot down as homes to see.

First of all, 2010 White Oak Road.  If you are interested in unusual designs and if you like to entertain this could be your cup of tea. As I just did a post on elevators, this home has one. (MLS 926831).

Golfers should see Jim Dargan’s latest effort at 512 Orange Street in Country Club Hills.  It isn’t finished but if you wait until it is it might be too late.  It overlooks the 13th and 14th holes at Carolina Country Club.  It is a Carter Skinner plan. (MLS 944962)

I did a post on the eleventh of this month about the Greek Revival style of home (Scarlett O’Hara’s Tara).  To see one somewhat like it go see 2319 Lake Dr.  It doesn’t have as grand a porch as Tara’s but the interior conveniences are well beyond what Tara had to offer.  And yes, it does have an elevator.  (MLS 943869)  

A home under construction you might want to keep an eye on is on Duncan Ray is building at 1108 Cowper Dr. in Hayes Barton.  It has a stucco on block exterior.  (MLS 889284)

To see any of these homes (or anything else you have in mind) call me or send me an email at the number and/or email address below.

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