By Carl Johnson
Research Triangle Park is home to a bustling, tech hot spot, however, new development projects are transforming RTP into an even bigger community center filled with good eats, shopping, residential buildings, hotels, and office spaces. The two developments providing these outstanding amenities are Hub RTP and Boxyard RTP.
Hub RTP is a $1.5 billion, 44-acre project spearheaded by the Research Triangle Foundation, KDC, MAA, and White Point Partners. Located at the intersection of Davis Drive and I-40, it is centrally located between Raleigh, Durham, and Chapel Hill and will offer two million square feet of retail, office, residential, and hotel space and 14 acres of green space. In fact, an outdoor recreational feature will be created from an existing stormwater creek and will connect to the RTP trail system.
Hub RTP’s tagline sets the stage for what’s to come for the amazing property.
“Blaze a trail at the epicenter of all things new, next, and groundbreaking.”
This new development is where the best parts of city living meet acres of greenspace and will provide a top-of-line experience for the evolving business threshold that already exists.
“Hub RTP will enhance the already impressive roster of top-tier companies within Research Triangle Park. With thoughtfully designed, sustainable buildings surrounded by naturally preserved greenspace, the mixed-use community will serve as a premier destination to attract and retain top talent,” said Larry Wilson, KDC division president. “With extreme flexibility to accommodate any sized user in the office and life science market, KDC is grateful for the partnership with the Research Triangle Foundation on this transformative project.”
As Hub RTP reaches further stages of development, we will learn more about what specific restaurants, retailers, and companies will be joining the new community.
Located on Park Offices Drive off Highway 54, Boxyard RTP is where you can find local eats, handcrafted goods, and live entertainment in the heart of RTP. The newly opened development is constructed from 15,000 square feet of cargotecture and includes the following amenities: an indoor/outdoor gathering space, dog park, and performance stage for everything from concerts to workout classes.
Whether you’re grabbing a coffee before and attending a fitness class or wining and dining to live music, Boxyard RTP is your go-to destination for work or leisure.
Currently, there are three food vendors open: Beyú Caffe, Buzzy Bakes, and Lawrence Barbeque, however, there are six new ones coming soon, including Carburritos, Fullsteam Brewery RTP, and Bulkogi.
Boxyard RTP started a pop-up initiative to give women- and minority-owned businesses a boost at the new dining and retail community. So if you’re looking to shop locally and support small businesses, check out Thirteen West, Trellis Beauty, Wonderpuff, and Medicine Mama’s Farmacy.
With these two major developments arriving at RTP, the Research Triangle Foundation has decided to move its headquarters to the Frontier RTP campus.
This move, according to RTF, will allow them “to maintain closer contact with its tenants and partners, placing it adjacent to both the Hub RTP development project and the recently-opened Boxyard RTP.”
RTF’s decision to move indicates the importance and prominence of Hub RTP and Boxyard RTP in the Triangle. These developments along with the presence of top tech firms are making RTP an even more desirable area to live in.
If you have any questions or are interested in moving to the Triangle area, I will help you find the home of your dreams: Call Carl at (919) 880-0904.
Click here to read about what companies are coming to the Triangle.
August Market Update
Per the August report from Triangle MLS:
"With housing prices soaring and record-low inventory throughout much of the country, many prospective buyers have opted to rent for the time being, only to find conditions much the same in the rental market. Indeed, competition for rental properties is strong: the national median rent has increased 11.4% since January, and rent growth this year is surpassing the average growth over the same months from 2017 – 2019 in 98 out of the 100 largest cities in the nation, according to Apartment List. For the 12- month period spanning September 2020 through August 2021, Under Contract Sales in Triangle area were up 8.2 percent overall."
In Chatham County, there was a 3.8% percent increase in new listings in August, while the year to date new listings, compared to last year, decreased from 1,183 to 1,165. The number of closed sales increased from 925 to 1,063, a 16.8 percent increase. Median sales prices also increased by 16.3 percent. In August, Chatham County median sales price was slightly above the median sales price for all MLS listings.
In Durham County, new listings decreased by 0.5 percent and closed sales have increased 2 percent year to date. Median sales price has increased 16.1 percent from this time last year, moving from $285,304 to $331,100. Average sales price increased by 18.5% year to date. In August, the Durham County median sales price was slightly higher compared to the median sales price of all MLS listings.
The number of listings in Orange County has increased by 8.1 percent, from 1,479 new listings year to date last year to 1,599 new listings this year. There was a 14.8 percent increase in closed sales. Additionally, median sales price increased by 27.4 percent, from $325,000 to $414,100. In August, Orange County median sales price greatly exceeded the median sales price for all MLS listings.
The number of listings in Person County has increased by 13.1 percent, from 314 new listings year to date last year to 355 new listings this year. There was a 13.7 percent increase in closed sales. Additionally, median sales price increased by 11.7 percent, from $195,000 to $217,750. In August, Person County median sales price was below the median sales price for all MLS listings.
In Wake County, there was a decrease of 4.7 percent in the number of new listings year to date compared to last year. The number of closed sales increased 4.3 percent from 14,743 to 15,381. Median sales prices also increased by 14.7 percent year to date, rising to $383,000. Compared to the median sales price for all MLS listings, Wake County median sales price were slightly lower for August.
Click here to learn what companies are moving to the Triangle!
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By Carl Johnson
When it comes to home improvement projects and renovations, kitchens and bathrooms are almost always at the top of the list. Although determining which project to prioritize can be a tough decision, there are various factors to consider that can help you chose which one works best for you.
In an article by Mosby Building Arts, they suggest breaking down the decision by asking yourself four essential questions:
1. Where or what is my house lacking?
By considering what your home is missing, you can prioritize your needs vs. wants and decide what is truly making your home feel incomplete. For example, if you love to cook and entertain but have a small, outdated kitchen, prioritizing a kitchen remodel might make the most sense for you.
2. Where do I spend the most time?
You should spend your money on where you spend your time. Whether you’re living alone, with a partner, or with kids, everyone has a different space that means the most to them. A luxury bathroom in the owner’s suite with a new bathtub and shower could be the perfect getaway for a relaxing night. Or, an updated kitchen could become a central family hang-out space or entertaining space.
3. What do I need right away?
It’s important to realize that although a bathroom is typically smaller than a kitchen, that doesn’t mean that the renovation is any less elaborate. They both deal with tiling, cabinets, and flooring, as well as the installation of various appliances and fixtures. Therefore, consider your particular circumstances (for example, if you are older/disabled and need a walk-in shower for easier accessibility) to determine which upgrade you need to prioritize.
4. What is my budget?
When deciding if you should do a kitchen remodel or a bathroom remodel, you must determine how much you are willing to invest into your project. Ultimately, you want to make sure that the upgrade is adding to your home’s resale value, and working with a trusted building company can help ensure that your building goals will align with your budget and add return on your investment.
Experts typically have found that a kitchen is more effective for home resale, however, research is now showing that the coronavirus has changed the top-selling points in home listings.
In 2019, the most popular home features and amenities in home listings were granite countertops, hardwood floors, and stainless steel appliances. Now, after almost 20 months of living in a global pandemic, the top features listed in homes are garages, walk-in closets, and full bathrooms.
According to blog author Andra Hopulele, the focus of potential buyers on spaces instead of features makes sense after spending so much more time inside due to the pandemic.
“At home, the bathroom transcended its primary function, becoming the only truly private room in a perpetually full home. And, in order to venture outside, the car became indispensable. So, naturally, a garage or a parking space became equally vital,” wrote Hopulele.
Ultimately, both renovations will add value to your home, therefore, the decision on whether to update your kitchen or bathroom comes down to which project will benefit you the most.
If you need a referral for a design-build company or want an expert opinion from a real estate agent, contact Carl at (919) 880-0904 or Carl@CarlJohnsonRealEstate.com.
CLICK HERE to learn about more home improvement projects that can add value to your home!
By Carl Johnson
The pandemic has transformed remote working into the new norm and people no longer want to put up with the high taxes and expensive cost of living in bustling metro cities like New York and California. As a result, companies are moving to mid-size metros, “with lots of job opportunities, high quality of life, low cost of living, and a bustling startup scene,” says Michael Haley, Wake County Economic Development’s executive director.
The Research Triangle Park is one of America’s largest and most successful research parks. Many companies view the region as “relatively young and untapped,” says Jason Caplain, a partner at Bull City Ventures, and they are relocating or expanding to the Triangle. The presence of these top tech companies will bring growth to the Triangle by creating a multitude of high-tech jobs.
In March, Fujifilm Diosynth Biotechnologies announced their $1.5 billion investment for a new vaccine plant in Holly Springs, which will create 725 good-paying jobs and will become the largest biopharmaceutical manufacturing facility in North America, according to CEO Martin Meeson. Additionally, Google promised up to 1,000 jobs with its selection of Bull City as its new cloud computing hub.
In an interview with ABC11, the Greater Durham Chamber of Commerce said they are “committed to helping lure companies that are also invested in equity and inclusion or diversifying their workforce -- that Google fits right in.”
In late April, Apple announced that they will be building a $1 billion-plus campus and engineering hub in the RTP that will generate thousands of high-paying jobs. Along with the new campus, Apple will also be giving back to the Triangle community.
“In addition to the new campus, the company will invest $100 million to support schools and community initiatives in the Triangle and will put more than $110 million toward infrastructure in 80 North Carolina counties,” states an article by WRAL.
How will the presence of these tech companies impact the housing market?
In the July 2021 local market update from the Triangle Multiple Listing Service (MLS), steady growth in sales is evident throughout the region. A report from CBRE Group, Inc. found that in 2020, 23% of new Raleigh residents moved from New York City and 32% of new Durham residents came from New York. This migration from bigger cities will increase as tech companies continue drawing new talent from major metropolitan areas to the Triangle market (Triangel Business Journal).
However, real estate experts believe that this will definitely increase property values.
"We are seeing a lot of affordable housing go outside the city limits, which is good because the tax rates are lower out there," says Matt Horton, director of marketing for Coldwell Banker Howard Perry and Walston.
As the population grows from the presence of these big tech companies, home buyers will find the greatest value in smaller towns outside the Triangle urban center.
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