The new terminal will be called Terminal 2. While total completion is three years away the first segment of the terminal is set to go into service this Fall.  Terminal size will be 920,000 square feet.  It will have 60 self check-in kiosks, seven security lanes, automated baggage screening, handling capability for 1,600 bags an hour (twice the current capacity) and 32 boarding gates - up from Terminal C’s current number of 25.  Of the 32, 19 will open in Phase I and another 13 in Phase II.  There will be 26 shops and restaurants in Phase I and and additional 17 in Phase II.

In the airline industry, during the past 30 years it has been a rare thing for almost any airport to have a surplus of facilities to work with.  With regard to RDU, how long this will be the case with the new terminal will greatly depend on the overall health of the airline industry.  In my opinion it will work to this areas benefit whatever happens.  The RDU airport is as important a source of business for the Triangle and for the Triangle’s future as any facility I can think of and that is why it is necessary to talk about it in a real estate oriented blog. 

BULLY FOR BERGER - PHIL THAT IS.  In my last blog I mentioned that North Carolina’s Senate Minority Leader Phil Berger, is against the that $857 million debt that the State Legislature wants to attach to the $21.3 spending plan that comes up for a vote this week.  I indicated that when push comes to shove, I didn’t hold out much hope that he would actually line up against it.  Well, evidently he or his people have their computers set up to monitor anyone who makes a comment about him because I received the following email:  “Mr. Fish, I read your entry in the RaleighDurhamRealEstateBlog; at the time I was asked to comment, I did not have a chance to read the budget.  I have now read the entire 237 pages and the additional 165 page “Money Report” supplement to the budget; the debt being incurred is a big issue as is the total spending and lack of reform in education, transportation, criminal justice and mental health.  My vote will be “No.” Phil Berger.”   A politician responsive to a voter?  What’s the world coming to? (and let’s hope there is more of it).

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

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

The inventory currently listed on MLS shows three homes.  The first is: - 989538 - 7217 Ryehill Drive.  A brick and cultured stone 2-story home by Homescape Building Co.  It has 5 bedrooms, 5 1/2 baths, screened porch with flagstone patio, a 18 x 15 master, 20 x 15 Family room, 26 x 15 Bonus room, granite counter tops, city water and sewer, and 3 car garage.  This 4530 square foot beauty is  priced at $819,900.   The second home - 986893 - 6848 Piershill Lane is also by Homescape.  It has 5729 square feet and comes in at $1,289,000.  The exterior is brick with stone accents.  The 17 x 15 kitchen features granite countertops and Wolf appliances.  There are 5 bedrooms, 3 full bathrooms and 3 half baths.  The main floor master is a spacious 22 x 15.  There is a laundry on both the first and second floors.  Other areas of interest include a 15 x 14 Keeping room, a 22 x 21 Family room, a 22 x 21 Bonus room and a media room with wet bar.  There is a two car garage and a one car garage.  The third home - 1001149 - 7213 Ryehill Drive is by Rice Builders.  The exterior is a sophisticated blend of shake, stone and fibre cement.  It has 5 bedrooms and 4 1/2 baths.  Features include a private first floor guest suite, a kitchen with large island and walk-in pantry, a second floor master with sitting area, screened porch, 18 x 14 Bonus room, lush landscaping and 3 car garage.  THis 3924 square foot dream home is priced at $739,900 and is scheduled for completion in September.

Wake Forest, North Carolina - THE GROVES AT HASENTREE - Anyone who reads my blogs or knows the North Raleigh/Wake Forest areas knows about the endless stream of dream homes in the gated Hasentree subdivision.  The Groves at Hasentree is comprised of two phases.  Phase I will have 39 custom homes and Phase II will have 30.  Homes Sizes will be from 3,000 square feet and be priced in the $800s.  Hasentree currently has 160 member families and is now closed to outside memberships.  Of the homesites that surround the subdivision’s Tom Fazio golf course, only 35 remain.

Cary, North Carolina - MADISON PLACE.   The last six townhomes at Madison Place are now being offered.  They are built by Impact Design-Build.  They feature four bedrooms, 3 1/2 baths, basement rec room, gourmet kitchens, 2 car garages and up to 2900 square feet.  Prices range from the $320s to the $350s.  Madison place is located between Preston and Carpenter Village in Cary.

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

DRILLING FOR OIL - It’s O.K. - - but not in my backyard or off my coastline!  There is an endless discussion about the pros and cons of offshore drilling.  Whether we should or shouldn’t in offshore North Carolina waters, for example, would hardly be a necessary topic of conversation if either the oil companies or the federal government would undertake to produce the almost limitiless supply of oil that is available in the oil shale deposits in Wyoming, Colorado and several other states. 

THE SAD RAPE OF PROFESSIONAL SPORTS HAS RUINED MY TASTE FOR ALMOST ALL OF THEM - In the past opera divas were the prima donnas that got all the press.  They fail miserably as experts at that trade when compared to today’s professional athlete.  The macho dudes have now taken center stage with actions any adult should be ashamed of.  No sport seems to be immune.  Add up the drugs, steroids, childish actions, gambling, absurd lifestyles and even more absurd incomes and you have a brew not fit to drink.  One of the more polite examples (which is simply legal cheating) is that of baseball where in almost any game you watch obvious errors are called hits or reversed to hits if initially called an error.  If that’s what show biz is all about - who needs it!?  

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

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

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

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

So, what has this to do with real estate.  Nothing and everything.  If it was nothing it would be worth mentioning just because of how interesting it is.  However, there are a multitude of diverse programs in many different fields now in progress throughout the Triangle.  They draw talented people from all across the nation and all over the world to this area.  The kind of brain power this takes fuels the engine of the technology machine that is the Research Triangle.  All of these people need a place to live and that creates the need for more and more homes, townhomes, condos and apartments.  Just today a met a gentleman who is in the business of designing golf courses.  There is a never ending supply of interesting people doing interesting things.  That’s what keeps my juices boiling and I hope that these things are a source of fasination and interest to you as well.

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

The psychology of buying or selling a home depends on who the “players” are and what their needs and motivations are. The buyers may be a couple needing a home because they want to get away from apartment living, because they are being transfered in from another area, because they are first time buyers and want a home of their own, they are empty nesters who want to downsize, they have a growing family and need more space, they are enjoying the fruits of their success and want to buy or build their “dream home”, they want to move to a location that lets them do things they really like - hiking and biking in the mountains, swimming or lounging at the beach, etc., or they may be investors looking to start or increase their real estate holdings.  Sellers most often have the very same considerations. 

Enter the real estate agent.  To start with, regardless of the reasons the buyers or sellers have for buying or selling a home, he or she (the agent) has to deal with the Offer To Purchase And Contract form.  In North Carolina, prior to the state adopting Buyer’s Agency, this contract was highly leveraged in favor of sellers.  They were considered to be the parties most at risk in such transactions and as such were given more consideration.  When the state adopted Buyer’s Agency, as one of the agency types available, changes were made in the form that decidedly favored buyers.  Changes recently made in the form both lengthened it and again shifted it in favor of the sellers.  The form and “flavor” of the form have to be taken into consideration and most certainly help dictate the way Brokers advise their Buyers and Sellers as to how an offer should be structured and subsequent responses to it by both sides.

Sellers quite often have a strong sentimental attachement to the home they are selling which can make establishing a sale price difficult for the listing agent.  When an area, the state or the nation enters an economic decline pricing is often forced on the seller that makes subsequent negotiations even more difficult.  The fact remains that the existing market in any given area is affected by both local and national factors and will to a great extent determine what a home is (or should be) listed for and most certainly what it eventually sells for. 

All of this comes to mind because of an offer I recently made to a Seller’s Agent in behalf of a buyer.  The offer was at a price below the listing price and was based on a lot research done to determine a fair price for the buyer to pay and one that the home would appraise for.  It was one of the realtively few times when I felt that a home under consideration by one of my buyer clients was well over priced.  None-the-less, the seller was having none of it and made it plain we were relatives of the original robber barrons and that no negotiations were in order.  It may well be that the listing agent had little choice in what the home is listed for and did all that was possible to get the home properly priced.  Whether that is the case or not, the market will determine how soon the home sells and at what price.  The selling price may well be further modified by what an appraiser for a buyer’s lender has to say.  So, sellers if your listing agent presents you with a market analysis that is not to your liking you should most certainly make him or her back up his or her conclusions but understand that you are best served by not letting emotion rule the situation.  Furthermore, once a price is determined you would be well advised to be prepared to negotiate price and terms as well.  A plane that nevers gets off the ground “ain’t goin nowhere!”.

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