According to the News & Observer, the Durham City Council approved several new housing developments during their March 20th meeting, enabling builders to construct hundreds of new apartments, townhouses and single-family homes.
Wesley Downs is a project by Lennar, which has been the nation’s second largest homebuilder for a decade. They have a project on 61 acres in Southeast Durham. The site plan calls for 124 townhouses and 102 single-family homes. The developer has promised to set aside seven units — 3% — as affordable housing for those making 80% of the area median income. Construction is expected to take one year. The project will be on city water and sewer.
But the best part is the price point, said Nil Ghosh, the attorney for the developer. The first townhomes will be sold starting in the $290s. That’s nearly a quarter below the current median home price in Durham. “I was shocked when they told me that. I can’t remember the last time I saw new construction in Durham starting with a two,” Ghosh said.
Local developer Jarrod Edens got approval for an even larger project in Southeast Durham. It’s a 78-acre site known as the Shady Grove assemblage. They can build up to 440 units. That breaks down to 320 townhomes and 120 single-family houses. Edens said they’ll set aside 5% of both the rental and for-sale units for affordable housing. He also committed to building a 5-acre public park with a large playing field.
The last project to get approval was an apartment complex already inside the city limits. The Crescent Communities project is on U.S. 15-501. It’s down the street from the art-filled mixed-use development University Hill, where the apartments complex average $2,100 a month. The city gave the Charlotte-based developer permission to build up to 400 apartments. In return for the density bonus, Crescent will offer affordable housing in other parts of Durham. They promised gap funding for 66 affordable housing units in Braggtown and a donation of eight vacant parcels to Habitat for Humanity. They’ll also pay for a new bus stop and sidewalks. The City Council unanimously supported the project.
Call Carl Johnson Real Estate to start a conversation. If you’re interested in buying a home in any of these or other new communities around the Triangle or an existing construction home. While it’s true that the builder’s agent will help you with the process of purchasing new construction. Get representation when purchasing new construction. You need your own real estate agent – someone like Carl Johnson who always protects your best interests. Give us a call to learn more about how we will help make the process as stress free as possible.
Call us TODAY 919-880-0904
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On March 21, 2023, the Triangle Business Journal reported that “in December, the Oxford Board of Commissioners approved a capital project ordinance for $5 million for the improvement and expansion of the Kerr Lake Water Treatment Plant in Vance County (that number was upped to $6 million in January due to an error in the initial approval).”
Why is this important to you? According to the TBJ, Triangle Business Journal, Oxford is one of the fastest-growing communities in the Greater Triangle. It sits in Granville County about 30 minutes north of Durham along Interstate 85 and is home to just under 8,800 people. Oxford is red-hot from a residential perspective as it attracts big investments for new housing developments. During one Oxford Board of Commissioners meeting last year, more than 800 new homes were approved. Developers and major employers often look at a city's or town's available water and sewer capacity when deciding where to invest.
"Capacity at that plant is exceedingly important for the City of Oxford, particularly as we've had a lot of discussions about prospective growth," Mayor Jackie Sergent said. And with the improvement and expansion of the Kerr Lake Water Treatment Plant approved, Oxford can grow now.
As the real estate market in and around Oxford shifts to accommodate that growth, it is important that prospective home buyers and sellers work with experienced REALTORS, because with the right price, the right marketing, and the right agent that puts YOU first … your home buying or selling experience doesn’t have to be stressful, even in a red-hot market. Give us a call at Carl Johnson Real Estate to learn more about how we can help get you to where you want and need to be in any market. Call us TODAY 919-880-0904.
And if you're in the area, don’t miss this brand-new gem, the Oxford Oaks Distillery in Downtown, 1267 College St., featuring a wonderful restaurant and distillery.
Per the February report from Triangle MLS:
Across the entire Triangle region, the median sales price went from $374,900 to $385,000, which is a nearly 3% increase compared to February of last year. New listings were down, though, by 12.5%, not unusual for this time of year. Also decreased was the number of closed sales, which were 2,431.
In Chatham County, year-to-date, there the number of closed sales decreased by just over 6%. The median sales prices also dropped, by nearly 21%. The average sales price decreased as well, to $605,928, while the inventory of homes for sale increased to 240.
In Durham County, closed sales have decreased 12.5% year to date. The average sales price increased by 2.9% to $418,917, while the median sales price fell to $383,067. New listings decreased to 402 or by 7.2%. The inventory of homes for sale went up by nearly 52% to 461 homes.
The number of listings in Orange County has decreased by 28.9%, from 121 new listings year-to-date last year to 86 new listings this year. There was a year-to-date 42.1% decrease in closed sales. The median sales price, also fell by just over 4%, from $425,000 to $407,450. The inventory of homes for sale rose to 105.
The number of listings in Person County decreased by 8.8%. There was 27% decrease also in closed sales. But the median sales price increased by nearly 4% to $249,000. The inventory of homes for sale went up by 58.3% to 38 homes.
In Wake County, the median sales price increased by 2.6% to $446,355. But there was a decrease of 19.4% in the number of new listings year-to-date compared to last year and a 14.4% drop of closed sales. The inventory of homes for sale rose to 1,797, which is a nearly 150% increase.
If you’re ready to buy outside these markets, Carl Johnson Real Estate can help you look for your dream property at the Crystal Coas. Give us a call at Carl Johnson Real Estate--919-880-0904—to learn more about how we can help get you to where you want and need to be.
To learn more about the Crystal Coast Communities CLICK HERE
According to an article by WRAL Tech Wire on February17, 2023, the Triangle real estate market is heating up: More people are deciding to move to North Carolina and to the Triangle than are deciding to move away.
Both the Durham-Chapel Hill areas and the Raleigh area were among the regions of the country that are gaining the most number of people. In the greater Durham-Chapel Hill statistical area, which includes Chatham County, where VinFast and Wolfspeed are planning to build massive manufacturing plants that will hire thousands of people, 53% of movers are moving INTO the region while only 47% are moving away.
Home buyers love the Triangle for a variety of reasons. Home prices are affordable. You’re never far from the mountains or the beach. Whether you’re a first-time home buyer looking in Durham-Chapel Hill area or an experienced buyer looking for a Crystal Coast property, at Carl Johnson Real Estate, we walk you through all the details of each and every purchase and always protect your best interests. Our goal is to create an agent-buyer team that has a full understanding of the processes involved in buying a property and what is needed to get the buyer into their dream home to improve their quality of life. Give us a call at Carl Johnson Real Estate to learn more about how we will help get you to where you want and need to be. Call us TODAY 919-880-0904
The February 2023 Institute for Luxury Home Marketing monthly trend report is out now! CLICK HERE to download the full report. We are happy to share this information to you from our personal resources! The following is per the Institute for Luxury Home Marketing February 2023 Market Report:
Real Estate Cycles – Norms, Exceptions, and Expectations Shaping 2023
As we move out of two and half years of one of the most dynamic luxury real estate markets and transition into a new cycle, there is still an underlying apprehension as to what 2023 will bring, especially in the upcoming spring market. For the most part, expert and media expectations of a recession causing major impacts on the market have quieted, and the talk is now of ‘correction’ rather than ‘crash.’ It has long been a common belief that the real estate market is cyclical, with predictable patterns emerging both in the short term as well as over multiple years. It is contended changes are not random, and most patterns involve cyclical trends that recur both seasonally and in the long term. However, there is also an expression “there are always exceptions to the rule,” and certainly, the last three years have seen outside influences impact the speed of change and some of the expected norms in traditional cyclical periods.
Understanding real estate cycles are important as they can provide reliable information about how and when to buy and sell, particularly when a market is moving through a transition. Typically, the short-term real estate cycle in North America happens over the four quarters of the year, when generally the overall market sees definite and distinctive ebbs and flows. In normal years, expectations are that the winter months will see the build-up of interest by sellers to list. This is in anticipation of buyers wanting to purchase in the spring market, which is usually the most prevalent time for buying and selling. Summer typically sees a decline in sales, and as inventory remains on the market longer, the negotiation power starts to shift to the buyer’s favor. Fall sees inventory levels that have increased significantly during September create the second busiest time of year, only for inventory and sales to decline as we head toward the end of the year.
Driven by economic forces, the long-term cycle usually overlays the short-term’s cyclical patterns and is responsible for providing a bigger picture of the status of the market (i.e., whether it’s buyer, seller, or balanced) and the overall direction of consumer demand. It is comprised of four main phases: Peak, Recession, Trough, and Expansion, and unlike short-term cycles, there is no exact science on when and how long each of these phases last. Historically, these cycles will be experienced consecutively as you cannot have a sustained expansion or peak without an eventual recession and trough. How strongly each of these phases impacts the market also varies considerably.
Current expectations are that the market will return to more normal patterns in 2023’s short-term cycle, so it’s highly likely a marked uptick in properties entering the market will occur this spring. Equally, it is anticipated that sellers will no longer expect over-asking or multiple bids; instead, their pricing will reflect an understanding that price growth has slowed with the need to counter increased costs associated with buying. In the long-term cycle, the market has entered into the Recession Phase, an expected transition as no market can indefinitely continue in the Peak Phase of high demand and increasing prices, so it naturally finds its tipping point. Typically, during a Recession Phase, we would see expect to see downward pressure on prices as supply exceeds demand. Our analysis of 125 markets in this report indicates that inventory levels are increasing, and so long as there isn’t a corresponding uptick in sales, the spring could well see a slight correction in prices.
Exceptions and Contradictions
However, one of the reasons that we will probably not see a significant decrease in prices typically experienced in a Recession Phase, is that inventory levels are still below historic norms, and demand for desirable properties remains relatively stable.
National figures will likely contradict local results as we expect to see a contrast in demand between markets that offer more affordability over those where prices have grown disproportionate to the demand of buyers.
While some markets may be more affected by the downward pressure on their prices, others are still reporting increases in prices. This disparity is likely to manifest in greater demand for markets that provide an opportunity for either more affordability or potential price growth. As stated by Dr. Lisa Sturtevant, chief economist for Bright MLS, “Prices could rise 5% or more in these more-affordable markets in 2023. On the other hand, high-cost markets where housing affordability is a challenge could be poised for price drops of 10% or more."
Equally, expect to see contradictions within the same market for different price points and the types of homes being purchased, with shifting demographic demand creating unexpected anomalies. Indeed in 2023, it is predicted that the millennial generation will become a strong investor in the entry-level luxury real estate market, while the mass affluent will continue to increase demand for second and third home investment purchases. Contrary to this, the very high-net-worth are looking for homes that offer more than just a luxury abode. Lifestyle has become their driver, and homes that offer unique experiences, access to adventure, and are filled with high-end amenities are more their concern than worries about higher interest rates.
At Carl Johnson Real Estate we use our experience and knowledge to lead our clients in the right direction. CLICK HERE to read more about Carl Johnson, REALTOR®, Broker, Owner, and Founder of Carl Johnson Real Estate. Carl is certified as an Institute for Luxury Home Marketing Specialist, CLHMS, which means he offers superior knowledge and experience in the luxury market. His CLHMS membership also provides him with access to an elite network of contacts and resources that help drive the perfect buyer to your high-end listing or find you your dream home! Using the most up-to-date marketing information, Carl positions your listing ahead of the market curve. Call 919-880-0904 for a consultation or CLICK HERE
Our Triangle economy will be one of best metro areas in the US for growth. That’s according to an article by WRAL Tech Wire on January 20, 2023. The American Growth Project report from the Kenan Institute of Private Enterprise at UNC-Chapel Hill forecasts that “the Raleigh and Durham area to experience the fourth highest GDP growth rate among the 50 most populous extended metropolitan areas during 2023. The region outpaces San Antonio, Salt Lake City, Dallas, Denver, Oklahoma City, and Nashville. Overall, the Kenan Institute continues to predict that a recession will come during the second half of 2023 or early in 2024,” the report notes.
What does this mean for you in the Triangle?
Positive GDP growth means our regional economy is growing. Businesses are producing and selling more products. The housing market figures into the GDP in two ways: with the construction of new single- and multi-family homes and the remodeling many undertake, as well as all the money spent on housing services, such a rent and utilities.
Positive growth will likely lead to an increase in pending home sales across the Triangle. As the market shifts and evolves, it becomes even more important that home buyers and sellers work with experienced REALTORS, because with the right price, the right marketing, and the right agent that puts YOU first …your home buying or selling experience doesn’t have to be stressful. Give us a call at Carl Johnson Real Estate to learn more about how we can help get you to where you want and need to be in any market. Call us TODAY 919-880-0904.
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