Raleigh, North Carolina.  Ten Story Hotel For Glenwood South.  The 134-room Powerhouse Plaza hotel would have a roof top bar and 85,000 square feet of offices.  It would also have ground floor restaurants and shops.  The location is the southern half of the block that is bounded by Jones, West, Harrington and Land streets.  Powerhouse joins the rush to build downtown area hotels to service the convention center which will be completed later this year.  Others are the 136 room hotel being built by the Reynolds Corp. and a 200 room hotel by Winston Hospitality.

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

Raleigh, North Carolina.  City Radar Targets Impact Fees.  The Raleigh City Council is planning to vote, probably in May, to vote on the doubling of impact fees on new homes.  The Budget and Economic Development Committee voted unanimously (a surprise to no one) to put raising impact fees on the April 15 agenda of a public hearing with the City Council and the Planning Commission.  This would increase fees on an average single-family home from $1,200 to about $2,500.  All brought to us by the same Mayor who has been blind to the areas water problems until VERY recently (along with the Governor).

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

Raleigh, North Carolina.  New Aquatic Center In Buffaloe Road Athletic Park Will Cost $24 Million.  Of that total $8 Million has been allotted for the 13 acre Center.  It has not been determined where the balance will come from.  The Center will include a 6,800 square foot outdoor pool with swimming lanes and an indoor 50 meter competition pool.  There will also be water slides, locker rooms and seating for about 400 people.  The location of the Center is close to I-540, has ball fields and other recreation amenities.  The last city pool was built in Pullen Park in 1992.

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

Raleigh, North Carolina.  Chief Executive Magazine High On NC. The magazine says North Carolina is the third best state in the nation for business.  The magazine surveyed CEOs who gave the state high marks for a business climate not overpowered by regulations and for low tax.  They also were very positive about the state’s quality of life.  Last year the magazine rated the state number four.

Cary, North Carolina.  FROM DAVIS TO DAVIS.  Davis Development of Stockbridge, Georgia paid Craig Davis of Cary $5.3 million for 21 acres at the intersection of Weston Parkway and Chapel Hill Road.  The property is zoned to permit 325 apartments, 45 townhouses, 155 condos and 40,000 square feet of shops.  The price Georgia Davis paid Cary Davis for the property was 14 percent more than Cary Davis paid for it in 2001.

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

Apex, North Carolina.  Mixed-Use Community in Apex.  In mid-December ground was broken for the Regents At Old Mill Village in Apex.  It will have a total of 1,300 condos, townhomes and single-family homes.  North Hills Homes, an award-winning custom home builder, is the builder of Regents.

The Townhomes are three story and provide six floor plans.  David Wagner, President of North Hills Homes, says that buyers will have more than 1,000 different options to select from.  Oh yes, you can have an elevator as well (optional).  The two, three and four bedroom homes range in size from 1996 to 2175 square feet.  Prices start from the mid $290s. The units have ColorPlus Hardiplank siding, a first floor office or bedroom with full bath, granite countertops, gas fireplaces, optional double master suites, brick accented exteriors and a two-SUV garage.

Amenities include a 13 acre park, paved walking trails, greenways, two large lakes, a two acre dog park, a Village Center, private elementary school and retail shops and restaurants to the tune of 220,000 square feet.  The whole design concept is that of providing a small town atmosphere.  The Villages will connect to the current downtown Apex historic district.

If you would like to get an idea of where the Regents is go west on US 64, left on Laura Duncan Rd. which turns into North Mason Street, go several hundred feet and turn left into the Regents at Old Mill Village.  If you would like more information call me or send me an email at the telelphone number or email address shown below.

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

Rolesville, North Carolina.  Granite Falls To Offer 182 Homes.  The community will consist of Granite Falls, Granite Ridge and Granite Crest.  Granite Falls homes will range in size from 2,872 to 4,000 square feet and be price from the $340s.  Buyers will see homes of three or four bedrooms, generous sized great rooms, main level master suites, guest suites and a study.  There will be nine foot smooth ceilings on both the first and second floors.  Tile flooring and surrounds will be found in the full bathrooms while the kitchens will feature solid-surface counter tops and tile backsplashes.  Other features are heavy moldings throughout, structured wiring, extensive hardwood flooring, and the yards will be fully sodded.  Three car garages are optional as are finished attics and basements. 

The community will include the Granite Falls swim clud and athletic club with outdoor swimming pool, cabana and snack bar.  The swim club should open in the summer of 2008.  The pricing of the townhomes in the Granite Ridge neighborhood starts in the $140s while the single family homes in Granite Crest start in the $240s.  These areas will have an eight lane 25 meter indoor pool and a 30,000 square foot fitness center.  Perry Builders will be offering the community.  To get to Granite Falls from I-540 take Rolesville exit 18, left onto US-401 North, left onto W. Young Street, left ont Granite Falls Boulevard and righ into Granite Falls on Granite Park Drive.  For more information call me or send me at the number or address given below.

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

Raleigh, North Carolina.  State And Local Governments Always Want More.  The 2007 North Carolina General Assembly gave county governments the option, with the approval of local voters, to put a property tax of .4 on the sale of property.  On a $200,000 home that would be an additional $800.00.  Sixteen counties jumped at the chance and put the proposition to the test.  Each one was resoundingly defeated.  Other than being just another burden on tax payers backs it doesn’t make sense for a lot of reasons.

* A transfer tax makes housing just that much less affordable for young families and for those trying to get out of the apartment trap so they can build equity rather than pour their shelter money down the drain every month.  * A transfer tax is no guarantee that property taxes won’t rise as well.  A transfer tax is not a reliable source of revenue since it is subject to ups and downs in the real estate market.  * The tax singles out one group, those who own property, to pay for the infrastructure and services that benefit everyone.  * The tax picks the pocket of those of have worked for their hard-earned equity by further reducing the nest egg they use pay for their children’s college expenses and for retirement.  * It’s not a tax on newcomers and growth. It would be paid by property sellers; the people who have lived in their communities for a long time, have paid their property taxes, sales taxes and other taxes and fees.

The 800 pound government gorilla is trying its best to become a thousand pound gorilla.  For those of you who just can’t wait to vote for the next president might I suggest that you take a good hard look at what they propose and how they propose to pay for it! 

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

Triangle, North Carolina.  December Inventory of Unsold Homes Increased.  The December unsold home inventory number was 12,894.  That was 25% higher than a year ago.  Residential building permits in Wake County for November and December were down by the same percentage.  The average sales price in December was up 1% for the Triangle to $237,628.  In Wake County, where two-thirds of the Triangle sales come from, the average sales price was down 2.4% to $252,168.

More Condos And Stores For Five Points.  A 4.75 acre parcel brings $3.98 million.  The property, close to Five Points and across from High-Park Village Shopping Center, was purchased by St. Mary’s Associates.  Plans they have for it call for a 23,000 square foot three-story building that will contain ground floor retail space.  It is also to have 40 condos that will face Whitaker Mill Road just east of Bernard Street.  Along Bernard Street there will be 20 townhouses.

Crescent Arbors Apartments sold.  The 180-unit complex was purchased for $18.4 million.  A partnership from Beachwood, Ohio was the purchaser.  The sale price was 15 percent above assessed value.

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

Raleigh, North Carolina.  Indiana Group Buys Shopping Center.  Equity Investment Group Buys Creekside Crossing Shopping Center.  The Fort Wayne investors paid $10.3 million for the center which is located at Wake Forest and Six Forks roads.  The per square foot price for the 60,440 square foot center is $171.  That’s 4.2% more than Jefferson Pilot Life Insurance, the seller, paid for it in 1999.

ATLANTA PARTNERSHIP BUYS TWO APARMENT COMPLEXES.  Julian LeCraw & Co. paid $30.3 million for northwest Raleigh’s Waterford Point apartments and $30.8 million for the Cornerstone Apartments at 200 Terrastone Place, between N.C. 55 and Davis Drive.  The seller of the Cornerstone Apartments, Fairfield Cornerstone LLC, receive 12% more than the paid for it.  Fairfield was also the seller of the Waterford Point apartments. The increase they enjoyed on those units was 17%. 

In 1919 Americans were buying more than 25 million 78 rpm records per year.  Like Topsy, from then on it “just growed.”

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

Raleigh, North Carolina.  North Carolina Appropriations For Higher Education 2007-08 Fifth Highest In Nation.  The $3.7 billion, not including capital improvements, given to colleges and universities put North Carolina spending fifth in nation and ahead of five larger states: Georgia, Illinois, Ohio, Michigan and Pennsylvania.

TRIANGLE HOME SALES DECLINE IN DECEMBER.  Sales of homes in the Triangle declined by 19% in December.  There were 2195 closings in December of 2006 and 1780 in December of 2007.

MEETINGS OF NOTE COMING UP IN RALEIGH.  On Tuesday, Jan. 22 at 4 p.m. a program called “The State of Venture Capital” will take place at the Briar Creek Country Club.  The speaker will be Mark Heesen, president of the National Venture Capital Association. See www.cednc.org/nvca .   On Tuesday, Jan. 29 there will be a seminar called “FInancing Your Business Through the SMA (Small Business Association).  It will be at the Wake Tech western campus, 3434 Kildaire Farm Road in Cary.  The time will be 6:45 p.m. to 8:45 p.m.  For more information call 919-335-1019.

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