Raleigh, North Carolina.  Insurance Problems Can Bring Your Closing To A Halt.  Many things can delay or even completely derail the closing of a home.  Today I will only deal with the elements of just ONE area where problems can occur that could cause a home not to close.  That area is - insurance.  A local insurance company has provided a list of Last Minute Insurance Snags that Halt Closings.  Since most buyers never think of these things in advance perhaps this list will be helpful to you before or during the time when you are in the process of trying to close on a home.   1) - The buyer is not moving into the home until a later date, leaving the house unoccupied.  2) - Prior claims on the home scare the insurance company.  3) - The buyer’s prior claims scare the insurance company.  4) - The home is a “fixer upper” and has not been updated:  Plumbing, HVAC, Electrical, Roof   5) - The buyer’s credit does not meet requirements.  6) - There is a hurricane watch in the area.  7) - Buyer lives out of state and is purchasing a seasonal home in NC.  - Dog breed does not meet underwriting standards.  Exotic pets.  9) - Trampoline or pool on premises.  Pools are typically OK if fenced with locking mechanism.  If you have questions about any of these items you would be well advised to check them out with your lender well in advance.

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

Triangle, North Carolina.  Major Builders Still Confident About Triangle.  While they are scaling back from the number of homes they built in 2007 the 2008 numbers remain solid.  Centex Homes opened seven neighborhoods in the Triangle during 2007 and plans to open six in 2008.  Lennar opened five new neighborhoods in 2007 and says they will open three during 2008.  Pulte opened five new communities in 2007 and plan 3 new communities and 3 new neighborhoods at Carolina Preserve in 2008.  Their Harmony Reserve neighborhood will open on March 15.  Homes will start in the mid $400s.  While Toll Brothers has a grim outlook for the housing industry nationally they will proceed with the opening of six new neighborhoods in the Triangle during the next month.

RALEIGH - WEINSTEIN PROPERTIES BUYS THE TERRACES.  Brier Creek Apartment Complex Sold For $50.8 Million.  The 410 unit garden-style apartments will be renamed Bexley at Brier Creek.

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

Raleigh, North Carolina.  West Raleigh Condo Conversion Half Way Home.  The 106 unit Dutch Village Apartments complex was the target of Florida condo conversion investor Haim Einhorn.  His purchase price of $6.5 million was followed by $2 million in renovations.  Unit pricing started at $89,900.  To date 55 units have been sold for a total of $5.2 million.  As sales have picked up steam so have the prices.  The sale price of the last 10 units has averaged $97,700 per unit.

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

Wake Forest, North Carolina.  Purnell Road - Tobacco Road With A Gilt Edge.  A trip along the approximately nine mile stretch of Wake Forest’s Purnell Road is a deceiving one.  It ranges from a serene and pastoral countryside to some very tired and well worn homes and mobile homes, junk cars and the remains of a time long gone. However, the watchful eye notices splendid entryways into a world of fine homes.  The subdivisions behind these entryways feed the need for quality homes near the areas of shopping centers and businesses in Wake Forest and along Route 1.  Along Purnell and just off of it you will find such subdivisions as (the following are price ranges of homes currently listed in the subdivisions mentioned) Fairlake: $325,000 - $550,000   Forrest Ridge: $390,000 to $545,000   Kensington Manor: $460,000 - $677,000   Covington Ridge: $460,000 - $609,000   Hillcrest Farm: $475,000 - $715,000   Greycliff: $500,000 - $650,000.  Along the arteries between Purnell and Rt. 98 you will find:  Great Falls Estates: $428,000 - $550,000   Kimmon Place: $390,000 - $500,000   Caudle Wood:  $475,000 - $540,000   Glenmoor:  $$489,000 - $590,000   Keighley Forest:  $399,000 - $495,000.   This is not all of them and there is considerable room for more but if your need is to be in the far north Raleigh and/or Wake Forest areas and these prices are within your range, you will find beautiful homes, quiet surroundings and (for the most part) elbow room.  It should also be noted that things that add character and charm to an area for some are blaaagh to others.  But, like it or not, those things which are not attractive are rapidly be replaced by things that are (or are at least new).  Purnell Road is approximately 3 miles north of Rt. 98 and runs parallel to it.

For information about any of the subdivisions, the homes in them or about north Raleigh and Wake Forest contact me at the telephone number or email address given below:

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

Apex, North Carolina.  Pinnacle Plaza Sold To Mojac LLC.  The Raleigh LLC shelled out $2.25 million for the 18,375 square-foot shopping center.  The 4.26 acre center in Apex is south of Ten Ten Road and U.S. 1.  The price puts it at 9% above assessed tax value.

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

Raleigh, North Carolina.  Online Automated Valuation Models Are Not Appraisals.  With these evaluations what you see can be a long way from what you get.  Unfortunately, many people used to say that “It must be so because I read it in the newspaper.”  That was added to by “It must be so because I saw it on TV.”  That was further added to by “It must be so because I saw it on the internet.”  Honest mistakes and errors notwithstanding, that has never been totally true (or often times not at all) and never will be.  That doesn’t prevent far too many people from being media “believers.”

A case in point is the online Automated Valuation Models of home value being passed off as a way to accurately appraise the value of your home.  They are a value judgement, a guess and NOT an appraisal.  Appraisals are done by men and women who are trained and licensed to do so.  If the on-line evaluations were truly appraisals then banks could use them and not have to send out an appraiser when you apply for a loan.  That thought is truly absurd.  Of course, the loans that they have been making that have caused the lending and foreclosure problems we are currently having might cause you to say that to accept such online evaluations wouldn’t be any more imprudent than that.  Maybe so but that’s fodder for anyother post.

Can a web evaluation be helpful as a tool in helping a homeowner’s planning in the sale of a home?  Certainly.  However, to use such figures in place of an appraisal by a licensed independent appraiser would be to put the homeowner in position to get seriously burned.  The more information a potential buyer or seller of real estate has the better he or she is equipped to deal with the many processes involved and the less likely to make a mistake of consequence.  As to appraisals keep in mind that an appraiser has not only training and experience in making eveluations of a home for a bank but also has a very detailed list of factors to fill out and account for.  Is the area increasing in value or declining?  What have the sales of like homes in the area or comparable areas been during the last six months?  The list goes on an on. 

A comparable mistake some home buyers make is to not have an inspection of the home done when purchasing a home.  Such inspection, by a qualified home inspector, might cost from say $250 to $500 and some buyers think they can “save” by not having one done.  That cost is cheap insurance against problems the inspector might find that the sellers may agree to have fixed before closing or be serious enough to cause the buyers not to buy!  As a home is the most expensive purchase most people make during their lives the money spent to get expert advice about matters concerning the purchase is some of the best money they will ever spend.  With the cost of food, gasoline, insurance, and just about everything else continuing to climb and with spendable resources continuing to narrow I don’t blame anyone for trying to save a buck wherever possible.  However, the old saying still applies: Don’t be penny wise and pound foolish!

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

Triangle, North Carolina.  The Triangle Home Sale Numbers For 2007 Are In.  For those of you have need to know or are just interested, for whatever reason, here are the monthly single and multifamily home sales numbers for Wake, Durham, Johnston and Orange Counties for 2007.  

JANUARY - Wake - 1,250   Durham - 274   Johnston - 208   Orange - 94         FEBRUARY - Wake - 1,285   Durham - 295   Johnston - 217   Orange - 96         MARCH - Wake - 1,763   Durham - 386   Johnston - 304   Orange - 153         APRIL - Wake - 1,697   Durham - 400   Johnston - 294   Orange - 149         MAY - Wake - 2,056   Durham - 570   Johnston - 281   Orange - 209         JUNE - Wake - 2,225   Durham - 646   Johnston - 344   Orange - 228         JULY - Wake - 1,924   Durham - 483   Johnston - 311   Orange - 229         AUGUST - Wake - 1,872   Durham - 464   Johnston - 298   Orange - 199         SEPTEMBER - Wake - 1,327   Durham - 341   Johnston - 220   Orange - 102         OCTOBER - Wake - 1,456   Durham - 302   Johnston - 237   Orange - 93         NOVEMBER - Wake - 1,224   Durham - 256   Johnston - 209   Orange - 92         DECEMBER - Wake - 1,144   Durham - 290   Johnston - 202   Orange - 105         TOTALS - Wake - 20,692   Durham - 5,027   Johnston - 3,342   Orange - 1,873     

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

Triangle, North Carolina.  New Water Use Restrictions Hurt Local Businesses.  Starting Feb. 15 the screws will be tightened further on how Triangle residents can use water.  We are about to get to a place where you have to get primed to spit and need to get a permit to do that!  The effect on local and state businesses such as landscaping, nursery, power washing and auto washing is to a point where many companies are laying off most of their employees while others are shutting down entirely.  The landscaping business in North Carolina is currently valued at $8.6 billion annually.  The N.C. Nursery and Landscape Associate said last October that the drought had caused 15 percent of the industries workers in the state to be laid off and the drought has gotten more severe since then.  Car wash companies that can’t recycle the water they use will have to stop operations as well.  The power wash business is practically dead in its tracks.

Raleigh - Starting Feb. 15 watering the lawn with a hose and automatic irrigation will no longer be allowed.  No new landscaping establishment permits will be issued.  Only businesses in the commercial plant business will be allowed to use drip irrigation.  Using a can or bucket to water will be permitted if the water comes from inside the home or if the source is rain barrels or reclaimed water.  Cary - No irrigation system, sprinklers of any kind or automated watering device may be used.  Hand watering is still alright if a person is physically holding the watering device.  Clayton - No irrigation any day of the week.  This includes automatic systems and hand watering with hose or bucket.  No new grass seed or sod may be installed.  Durham - No watering or sprinkling of any lawn.  A hand-held container may be used to water vegetable gardens, ornamental shrubs or trees but ONLY on Saturdays between 5 am and 8 am and 5 pm and 8 pm.  Johnston County - County water customers can’t use automatic irrigation systems.  Hand-held hoses can still be used on weekends.  Orange Water and Sewer Authority - Underground irrigation such as drip irrigation, low-precipitation bubblers, micro-spray, a soaker-hose system with auto-shutoffs or hand-held hoses or watering cans is limited to a maximum of one-half inch of water applied to plant material during any given week.  Only companies that sell plants may use spray irrigation with OWASA drinking water. 

For some reason the photo I included with yesterday’s blog doesn’t open full size when clicked on.  I will see if I can correct that and perhaps add an additional photo or two.  Sorry bout that.

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

Raleigh, North Carolina.  Rose Hall - A Subdivision Well Worth Going To See.  Hidden away in what I would call upper-middle North Raleigh is a community of upscale homes called Rose Hall.  It’s a subdivision that has a look and feel I like and if you haven’t seen it I think you would like it as well.  It has 43 lots which will eventually contain the type of home you want to consider if you are looking for grand stairways, double master master suites, and just about anything else your heart might desire.  Currently the Multiple Listing Service provides information on eleven Rose Hall homes that are in various stages of construction.  Several are completed (or nearly so) and the others are far enough along to provide a very accurate picture of what they will provide as well as move in dates that are not very far down the road.  The areas builders are all well know to Triangle residents: Houseman Custom Homes, Mark Massengill, Builder, Spectrum Homes, J.M. Davis Custom Homes, Inc., Gulledge Building Co. Inc., Nancy Fields & Company, TA Blanton Construction, Richard Gaylord Homes, Inc. and James C. Fields & Co.  Lot sizes range from .94 to 4.15 acres.  Schools listed for the area - FOR THE MOMENT - are Brassfield Elementary, Wakefield Middle and Millbrook High.  If you are thinking about a home in Rose Hill - call the school board for assignements before making a decision!!  Rose Hill offers natural gas, community water and private septic, front entrance sidewalks, Cul-de-sacs and lots of trees.  Of the eleven homes currently listed, square footage ranges from 4252 to 7223.  Prices of those homes range from $999,000 to $1,399,000.  Ten of the homes have 4 full bathrooms and one has five.  Four of the homes have four bedrooms and seven have five bedrooms.  Below is a photo of the home at 11305 Moonsprite Way which is listed at $1,260,000.  It is an English Manor style home with 5 bedrooms and four full bathrooms.  The main floor contains a dining room, office/study, kitchen, breakfast area, keeping room, master bedroom and utility room on the main floor.  On the second floor are four bedrooms and the bonus room.  There is also a screened porch, 3 car garage, deck and patio.  If you would like more information on any of these homes call me or send me an email at the telephone number given below.                                                                                                

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

Raleigh, North Carolina.  Wake Forest and Perry Creek Roads To Be Widened.  The half-mile of roadway between Six Forks and the beltline I-440 interchange will be widened.  It will help relieve the traffic that nearly strangles that area during the morning and evening rush hours.  Traffic at that point is 50,000 plus vehicles every day.  The on-ramps will be widened and a second left-turn lane will be added on Wake Forest Road in each direction.

The city is also in the process of acquiring propety for the widening of Perry Creek Road between Capital Boulevard and Louisburg Road.  That 1.6 mile stretch will be widened to five lines.  The Department of Transportation says that the daily traffic between those two point is currently 17,700 vehicles.  Projections call for that rate to increase to 26,900 vehicles per day by 2035.  Just about in the middle of this stretch of road is the WRAL Soccer Center.  On most week-ends as many as 5,000 cars and vans line the road to get into the center.  Widening the road will certainly take some of the driving strain off of soccer moms.  You local highway heros take heart.  If these projects don’t relieve your driving pain and strain other projects are on the way that might.

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