The November 2022 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 November 2022 Market Report:
Challenging Times in a Market Full of Contradictions
There is little doubt the luxury real estate market is facing some interesting challenges that even have experts contradicting each other in their predictions and assumptions.
Statistics in many luxury markets still show that they are favorable to sellers – so why are homeowners remaining hesitant to list their homes? For the fourth straight month, the number of new listings entering the market has fallen, with increases in inventory levels mainly attributable to stale listings lingering on.
Both sellers and buyers are sitting on the fence, with neither side wanting to jump into this unconventional market unless presented with the right opportunity. The average days on market have increased compared to last year, but relative to pre-pandemic averages, homes that have sold recently are still selling twice as fast.
Outside influences, some of which are not typically identified as being impactful on affluent buyers and sellers, are also causing disruptions to their spending habits: such as concerns over a potential recession, interest rate increases, and a volatile stock market.
Mortgage companies are offering creative alternatives, but even a slight dip in recent rates isn’t driving buyers to purchase despite statistics from the National Association of Realtors (NAR), the National Association of Home Builders (NAHB), and Realtor.com, showing demand still outweighs supply in many price points, property types, and locations.
All indications are that those who need to buy and/or sell are continuing to do so, but for those whose criteria are more based on ‘wanting to buy,’ there is hesitancy as they hope inventory choice will improve and/or prices will become more favorable.
NORTH AMERICAN LUXURY REVIEW Will Prices Fall?
This is a big question, and yet the jury remains cautious as to what extent prices will fall and which locations, property types, and sizes will be most affected.
Since July 2022, there has been a slight, but continued decline in the median sold price for single family homes dropping from $1,311,000 in July to $1,275,000 in September; however, in October, the median price climbed back up to $1,313,525.
In contrast, in the attached luxury property market, the median sold price increased from $832,375 in July 2022 to $890,500 in September, only to drop to $878,500 in October.
These are not dramatic swings, but they show there is some volatility in the luxury market.
Interestingly, a recent article by Nasdaq1 speaks to an increase in the ultra-wealthy currently investing in luxury real estate.
“As the value of the dollar remains volatile, we’ve seen more new clients looking to park their money in a low-risk, luxury asset whose likelihood of appreciation is higher, forged by historically beautiful surrounding neighborhoods, sprawling acreage and square footage, and newly renovated constructions.”
According to their article and The Trend Report 20222 by Coldwell Banker Global Luxury, they foresee the value of luxury properties will continue to appreciate. Both site the historic gains in this segment of the real estate market and explain that prices will oscillate by month or quarter, but how the appreciation is clearly recognized by investors and homeowners as being a long-term decision.
“Prone to behaving cautiously, the affluent have begun to signal that they are looking for more stable long-term investments to protect their wealth and give them peace of mind.”
Luxury Market Still Offers Opportunity
While there is much debate about how things will play out over the next six months, like all markets, there is always an opportunity for those who are ready. There are niches in every market: whether moving to a location that affords a better cost of living, recognizing luxury pockets or property types that are next in the demand cycle, or simply biding one’s time in anticipation of finding a property that is below market value.
But more importantly, according to a survey conducted by Coldwell Banker Global Luxury for their Trend Report, it seems that luxury real estate remains an important asset for the affluent.
“Regardless of an affluent buyer’s financial profile, there is still significant confidence in the luxury real estate market. According to our survey, nearly 90% of respondents believe in the stability of owning property. Even if some buyers have dropped out of the real estate game due to fatigue, frustration, or even hesitation this year, they may be primed to return as inventory levels improve.”
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
LOCAL MARKET UPDATE - November 2022
Per the November report from Triangle MLS:
"New Listings in the Triangle region were down 24 percent to 2,637. Closed sales were down 32.9 percent to 2,754. But inventory levels went up 111.3 percent to 6,590 units.
The Median Sales Price increased by 8.4 percent to $400,000. Days on Market was up 154.4 percent to 28 days. Sellers were encouraged as Months' Supply of Inventory was up 150 percent to 2 months."
In Chatham County, there was a 46.8 percent decrease in new listings in November. The year-to-date number of closed sales decreased between 2021 and 2022, dropping from 1,449 to 1,199. But the median sales prices increased by 1 percent. In November, Chatham County’s inventory levels went up by 73.8 percent to 252 units.
In Durham County, closed sales decreased 14.7 percent year to date. The median sales price increased 7.5 percent, moving from $381,220 to $410,000. The average sales price increased by 8 percent to $439,399. In November, the Durham County median sales price was just about the same as the median sales price of all MLS listings.
In November, the number of listings in Orange County decreased by 31.5 percent. The number of closed sales also decreased by 43.5 percent, while the median sales price rose by 7.1 percent to $410,748. Sellers were encouraged as Months' Supply of Inventory was up 85.7 percent to 1.3 months. In November, the Orange County median sales price was below the median sales price for all MLS listings.
The number of November listings in Person County decreased by 37.8 percent, down to just 23 units. However, there was no change in the number of closed sales compared to October. Additionally, the median sales price increased by 3.7 percent, from $233,000 to $241,700. Inventory increased by 8.3 percent, while the November Person County median sales price was notably higher than the median sales price for all MLS listings.
In Wake County, there was a decrease of nearly 9 percent in the number of new listings year to date compared to last year. The number of closed sales during the same year to date timeframe decreased by nearly 17 percent. The median sales price rose by 10.6 percent to $470,000. Compared to the median sales price for all MLS listings, the Wake County median sales price was higher for November.
Click here to learn more about Central Durham neighborhoods.
#1 Top Listing Team | November 2022
We are humbled that Carl Johnson Real Estate is the Coldwell Banker HPW company wide top listing small team (1-4) for the month of November 2022. We couldn’t have done this without you – our buyers and sellers and those that refer us – we’re so grateful for your trust in our experience, knowledge, so this shoutout is to you. Thank you! You know who you are.
At Carl Johnson Real Estate, we do things differently. We take the time to sit down with each of our buyer clients to discover what type of home would best match their lifestyle and increase their quality of life. We support our seller clients with Carl's very own real estate marketing company exclusively created to market the details of listings that identify the buyer looking for a home just like that listing.
It is no accident then that Carl of Carl Johnson Real Estate was also nominated for Best Realtor, Realtor Choice by the Orange Chatham Association of Realtors, OCHAR, in 2021 and 2022. Or that readers of Durham Magazine voted Carl Best Realtor, 2022 Readers’ Favorite.
It is because we put you – our buyer and seller clients – first. Whether you are looking to buy or sell a home, we want to be here for you. Call us TODAY and we can start the conversation on how we will help you reach your real estate goals.
Click here to visit the 4RE Marketing website and see samples of our work.
Will mortgage rates decline in 2023?
Earlier this year, Barry Habib, founder and CEO of MBS Highway, a platform that helps to interpret mortgage rate forecasts, accurately predicted that inflation would rise and thus mortgage rates would go up, too. But he’s optimistic about where rates are headed in 2023. “Because we see a slowdown, and we see the inflation comparisons start to become more favorable, you’ll start to see that inflation number move lower, lower, lower, lower. And as a result, mortgage rates should move similarly on a downward trajectory–probably giving us around 5%, below 5% within the next six months. Good news for home sellers. With lower mortgage rates, there will be more competition in the housing market and more buyers vying for their homes. Good news also for home buyers who have a bit more purchasing power and get more bang for their buck.
Before considering selling or buying a home, call Carl Johnson to start a conversation about your best options in any market and how we do things differently for all our clients.
Are you getting ready to list your home for sale? Read our resource section on Seller First Impressions CLICK HERE to learn how the best possible response from showings!
Megan Tillotson and Isabella Reilly of Durham Magazine compiled the following list of developments and updates in and around bustling downtown Durham. See that list below.
1) YONDERLUST,109 N. Gregson St.
– Linton Holdings LLC filed plans in June 2021 to transform the nearly century-old building beside Maverick’s Smokehouse & Taproom into a two-story retail and residential development
– Room for a cafe and retail stores on the first floor; will include an outdoor gear shop
– Four one-bedroom apartments on second floor
– The main floor is approximately 3,750 square feet, and the upper floor is 2,780 square feet
– Durham-based Linton Architects project
– Estimated opening in fall 2022
2) BRIGHTLEAF DISTRICT
– Includes Brightleaf Square at 905 W. Main St., 910-914 W. Main St., 815 W. Morgan St., 810 W. Peabody St. and 112 S. Duke St. In total, includes nearly 215,000 square feet of mixed-use space
– Charlotte-based Asana Partners purchased the historic property in late 2019. Several tenants opened or expanded last year: One Medical, a primary care practice, opened in Brightleaf Square; BioLabs North Carolina occupies more than 32,000 square feet at 810 W. Peabody St.; Oerth Bio, an early-stage agriculture biotech company headquartered at 112 S. Duke St., doubled its space to almost 15,000 square feet; and Jeni’s Splendid Ice Creams opened across from Brightleaf Square this summer. Tenants slated to open in Brightleaf Square in late 2022 to 2023 include Emmy Squared Pizza and recently announced Niko, a new concept from Durham restaurateur Giorgios Bakatsias.
– Renovations will take place to update Brightleaf Square’s tree-lined, brick courtyard, including extensive landscaping, additional seating, and lighting and facade improvements to create an active environment for customers and office users.
3) THE GREGSON, 204 S. Gregson St.
– Developer is Baltimore-based real estate company Wexford Science & Technology, which also developed The Chesterfield building. Nine levels with 218,000 square feet of state-of-the-art lab and office space
– On-site multi-level parking garage
– Expected delivery: 2025
4) FORMER DURHAM POLICE DEPARTMENT HEADQUARTERS,
505 W. Chapel Hill St.
– 4-acre parcel owned by the City of Durham; originally built in the 1950s as the offices of the Home Security Life Insurance Company and most recently occupied by the DPD, the building became vacant in late 2019
– During its Aug. 1 meeting, the City Council rejected two requests for proposal responses for its disposition and redevelopment. The development teams were asked to include five defined priorities for the site: providing 80 units of on-site affordable housing; generating significant revenue for the city from the sale of the land and future tax revenues from on-site development; delivering a mixed-use project; preserving the existing Milton Small Building; and delivering an activated street-level experience.
– While both teams submitted development programs aligned with these priorities, City Council identified market conditions resulting from COVID-19 including elevated construction costs and a transitioning commercial office market resulting in financial offers that did not satisfy expectations. City Council members reiterated that affordable housing was a priority for the site. Based on these factors, Council members decided to hold the site and reissue another solicitation for proposals at a later date.
5) THE GROVE, 512 Gordon St.
– 62 townhomes, 1,285-2,675 square feet
– Three- and four-story units, contemporary design with 16-foot ceilings, most with rooftop terraces facing downtown. Multiple options for home offices.
– Features first urban pedestrian malls in the state $400,000s–$1million+
– Broke ground in early 2020
– Homes in the first phase are complete and occupied as of October 2021
– Pre-sales are underway for the remaining units in the neighborhood
6) CITY PORT, 600 S. Duke St.
– 43 studio, one-, two- and three-bedroom condominiums
– 5 condos remain for sale
– 400-square-foot studios to 1,200-square-foot units, priced from the low-to mid-$400s
– One block from the American Tobacco Campus expansion
– Construction completed in September 2021
– Joint venture of Center Studio Architecture, White Oak Properties and CityPlat
City Port Phase II, 505 Yancey St.
– Adjacent to the first phase of City Port
– Site plan will be submitted in fall 2021
– Focus on offering affordable condominiums with enjoyable outdoor space and parking for each unit
– Estimated delivery in 2023
7) J.J. HENDERSON SENIOR APARTMENTS, 807 S. Duke St.
– $31.2 million project; rehabilitation of the existing apartments built in 1979
– Durham Housing Authority is co-developing the property with its instrumentality, Development Ventures Incorporated, as well as California Commercial Investment Group and Florian Companies
– Estimated delivery in 2023
– MHAworks leads design
8) THE TERRACES AT MOREHEAD HILL, 411 Cobb St.
(713 Willard St. – model unit)
– 25 townhomes
– Phase 1, which consisted of seven luxury townhomes – five with Promenade-style floor plans located on Willard Street and two larger, duplex-style townhomes, called The Verandas, on Manor Way – is sold out.
– Construction for Phase 2 (identical to Phase 1) is underway and pre-selling. Delivery is expected January 2023.
– Phase 3 includes 11 townhomes: six Promenades and five terrace-style townhomes. Delivery is estimated late spring 2023.
– All units feature private rooftop terraces and a two-car garage. Elevator-ready, with views of the Durham skyline. Along a newly constructed street with brick borders and benches. Minutes from the Durham Bulls Athletic Park, the American Tobacco Trail and the American Tobacco District.
9) AMERICAN TOBACCO CAMPUS EXPANSION – PHASE 1, 601 Willard St.
– Former site of University Ford
– Development by Capitol Broadcasting Company and Hines in partnership with USAA Real Estate
– 700,000-square-foot mixed-use project on 8 acres bordering the west side of American Tobacco Campus
– Phase 1: 8 acres that includes 350,000 square feet of leasable space in two Hines T3 (Timber, Transit and Technology) creative office buildings; 350 multifamily units in a 14-story, high-rise residential building; and 100,000 square feet of experiential retail, like a theater/ draft house, prepared foods grocer, shops and restaurants
– Activated central plaza and intimate pedestrian alleyways that will be programmed with events and experiences
– Construction is expected to begin in early 2022
10) ASHTON PLACE, 310 Jackson St.
– Adjacent to the Willard Street Apartments, this 51-unit, 52,000-square-foot affordable housing project is designed specifically for adults age 55 and older
– Studio, one- and two-bedroom units
– Community gathering areas, bike storage, fitness facilities, tenant storage and a business center
– The project is a partnership between DHIC and Self-Help Ventures Fund and is being developed on city-owned land with a 9% low-income housing tax credit and a commitment of funds from the city
– Construction slated to begin summer 2022
11) THE NOVUS, 400 W. Main St.
– Close to 2 acres of land
– Austin Lawrence Partners project that will be constructed in two phases
– Demolition of the existing building expected to start by end of 2021; construction expected to begin in early 2022
– Existing South Bank building was demolished and construction is underway
– Phase 1 will encompass a mixed-use high rise
– Residential portion to include 54 condominiums and 188 apartments; 450 parking spaces Ground-floor retail space totaling nearly 23,000 square feet
– Construction of new building slated for completion in Q3 2024
12) THE JAMES, 320 W. Morgan St.
– 312 mixed-use apartment units, 32-story tower
– 13,000 square feet of retail space
– Craig Davis Properties project
13) YMCA REDEVELOPMENT, 218 W. Morgan St.
– 295 mixed-use apartment units
– 120,000 square feet of office space
– New 50,000-square-foot YMCA Construction slated to start in spring 2023
– Expected delivery: 2025
14) THE VEGA, 214 Hunt St.
– Lambert Development project at the prior site of Vega Metals
– Seven stories consisting of 57 one-, two-and three-bedroom condos ranging from approximately 900–2,300 square feet; each home has Durham Central Park or city views via a 10-foot folding glass door
– Amenities include a resident club room with terrace overlooking DCP, fitness center, personal storage unit for each home, secure refrigerated storage for grocery or other delivery, private parking with assigned spaces and optional car charge spaces. Air filtration system will provide a healthy living environment for residents, via extensive collaboration with NORESCO. All common areas will substantially exceed code and conventional standards for indoor air quality, and hospital-grade filters will be utilized in the amenity and fitness rooms.
– $500,000 to $1 million+
– Commercial space on lower levels
– MHAworks leads design; Resolute Building Company leads construction, which began in July 2021
– Occupancy is planned for spring 2023
– Total area: 1.8 million square feet, 27 acres, bordered by Duke Street, Morgan Street, West Corporation Street and Roney Street
– Existing space: 595,000 square feet of office space; 325,000 square feet of lab space; 15,000 square feet of retail
– Future space: 780,000 square feet for labs and offices; 35,000 square feet for retail; 300 residential units
– Tenants now include Duke University, Duke Clinical Research Institute, Google, ThermoFisher, Spreedly, Cherry Bekaert, Tune Therapeutics, Life Edit Therapeutics, Kimley-Horn and Associates Inc., Longfellow Real Estate Partners, 321 Coffee, The 360 Approach, Duda|Paine Architects, Beer Durham, Measurement Incorporated, Bull City Veterinary Hospital and Edward Jones
– 200 Morris – Duke Clinical Research Institute leases the entire building; Google is a subtenant in the building. 5,729 square feet of retail available on first floor.
– 300 Morris – 28,737 square feet of Class A, state-of-the-art lab space ranging in size from 6,000 square feet to 70,000 square feet. 6,618 square feet of retail available on the first floor; LEED Gold Building. MHAworks leads design.
– 518 W. Morgan St. – 189,585 square feet available as the next lab/office building to be developed in the district, will break ground later this year– – – Morris Green Park – parklet along Morris Street programmed by Elevate, Longfellow Real Estate Partners’ proprietary tenant services and hospitality offering. Includes public art featuring Raleigh artist Sarahlaine Calva’s work, fitness classes, weekly food trucks, seating and power connectivity
– Public parking garage on Roney Street
– Courtyard between 200 & 300 Morris buildings includes seating, signature lighting, Wi-Fi, water features and lawn games. Public art includes Raleigh artist Matt McConnell’s 100-foot sculpture and Charlotte artist Sharon Dowell’s two-part series along Morris Street. Raleigh artist Anna Payne Rogers Previtte’s mural is showcased in the 300 Morris lobby.
16) BECKON, 311 Liggett St.
– Six-story building with 263 apartments and around 6,000 square feet of retail space.
– Studio, one-, two- and three-bedrooms.
– More than 10,000 square feet of amenity space, including a sky lounge, coworking spaces, resort- style pool, indoor/outdoor resident lounges, 2,000-square-foot fitness center with yoga studio, hammock garden, dog spa, dog park, bike storage and resident parking garage
with car-charging stations
– Smart community with keyless entry, smart thermostats and lighting controls, community- wide Wi-Fi, secured package room and cold storage area for at-home grocery delivery
– JDavis Architects is the architect, Vignette Interior Design is the designer and Stewart is the civil engineer and landscape architect
– Broke ground in January 2021
– Estimated completion in early spring 2023
17) WASHINGTON STREET MIXED-USE, 501 Washington St.
– 311 mixed-use apartment units; 492 parking spaces
– 8,000 square feet in retail space
18) THE PULLMAN BUILDING, 703 W. Trinity Ave.
– Four condominium units
19) DURHAM RAIL TRAIL, Abandoned Norfolk and Southern rail bed
– 1.76-mile-long, multi-use trail from north Durham to the Ellerbee Creek Trail network and downtown, as well as through residential neighborhoods northeast of downtown, ending at Avondale Drive
– City staff continue to strategize on engaging historically under-represented communities in alignment with the city’s Equitable Community Engagement Blueprint
– Construction completion estimated for 2024
20) THE GEORGE, 512 West Geer St.
– Raleigh-based Beacon Street Development
– Seven-story building; five residential floors over two levels of gate-secured parking, 40-residence boutique condominium
– Will offer one-, two-, and three-bedroom penthouse residences
– Amenities: Street-level lounge; a creative workspace, including a private conference room; fitness studio with full set of cardio and strength offerings; indoor/outdoor penthouse lounge on the seventh floor overlooking Historic Durham Athletic Park; gated-secured parking; bike storage; and small pocket park.
– Scheduled to break ground Q1 2023
– Residences anticipated Q3 2024
21) WASHINGTON STREET TOWNHOMES, 802 Washington St.
– Three 3,000-square-foot condominiums (three bedrooms, four baths) with private decks, sky room
– $1.7 million
– Durham Performing Arts Center architect Phil Szostak of Szostak Design
– Breaking ground fall 2022
22) GEERHOUSE, 620 Foster St.
– 2.2-acre site near Durham Central Park
– Phase 1 to include 220 new multifamily rental units, averaging 785 square feet with a unit mix of 20% studio units, 50% one-bedroom units and 30% two-bedroom units
– Unit sizes ranging on average from 566 to 1,144 square feet
– Phase 2 to include an expanded Motorco Music Hall, plus 13,000 square feet of new retail space
– Amenities include: Landscaped courtyard with water feature, major amenity rooms with west-facing terrace, ample garage parking and linear park through the site connecting Foster Street to Rigsbee Avenue
– Delivery expected December 2023
23) 710 RIGSBEE AVE.
– 51 apartments, 2,000-square-foot restaurant with 700-square-foot patio
– Elmwood Development project; architect is Richmond-based ArchitectureFirm; engineer is Coulter Jewell Thames; interior designer is Murphy Waldron Interiors
– Opening anticipated Q3 2023
24) 318 W. CORPORATION ST.
– 82 apartment units; studio, one-, two- and three-bedroom apartments
– 2,000 square feet of commercial space; four- and five-story brick building
– Construction began in September 2021; opening anticipated in early 2023
– Elmwood Development project; architect is Richmond-based ArchitectureFirm; engineer is Coulter Jewell Thames; interior designer is Murphy Waldron Interiors
25) ATLAS DURHAM, 614 Rigsbee Ave.
– 171 modern range of apartment units
– Studio, one- and two-bedroom floorplans to fit a variety of budgets, leasing now Apartments feature 10-foot ceilings, valet trash service, Ori home organization and Fetch package delivery
– 6,300 square feet of street-level retail
– Quick walk to Dame’s Chicken & Waffles, Fullsteam Brewery, Motorco, Durham Food Hall and the Durham Farmers Market
– Private terraces, 22 different amenities including open social spaces, study pods and a bark park
– Purchased by multifamily real estate firm Collett Capital in 2022 from local joint venture of Paul Smith of Southern Urban and Scott Harmon of Center Studio Architecture
26) 120 BROADWAY ST.
– A Lock7 Development 24-townhome community project
– Contemporary-style two- and three-bedroom units, each with a terrace and one- to two-car garage
– 12 of the homes will have the option for retail use on the ground floor, ideal for someone who works from home
– Slated to break ground late summer 2022
– Delivery in spring/summer 2023
27) 106-108 BROADWAY, Broadway & North streets
– Former Leyland Post property purchased by Center Studio Architecture
– 27 studio and one-bedroom condominium units
– Plans are to begin construction in mid-2023
– Expected delivery: mid-2024
28) 608 MANGUM, 608 N. Mangum St.
– Six townhome units
29) ARRAY DURHAM, 521 N. Mangum St.
– 18 studio and one-bedroom condos from the mid-$200s
– Four units still available, remaining units start in the low $300s
– 500- to 700-square-foot designs
– Expected delivery: Q1 2023
– Joint venture of Center Studio Architecture, White Oak Properties & Urban Durham Realty
30) AURA 509, 509 N. Mangum St.
– Development by Dallas-based Trinsic Residential Group – Carolinas
– Purchased a $3.2 million, 1.3-acre site
– $60 million+, 264,000 square feet project
– 182 units averaging less than 800 square feet each
– Eight-story, podium-style construction (concrete parking deck with five levels of wood-frame construction) with approximately 200 parking spaces across three levels of parking
– Construction began in September 2021 Delivery of first units: Q1 2023
– General contractor is John Moriarty & Associates, architect Cline Design Associates and civil engineer is Coulter Jewell Thames
31) 501 N. MANGUM ST.
– Developer is Dallas-based Trinsic Residential Group – Carolinas
– 205 unit, 18-story high-rise
– Breaking ground summer 2024
– Estimated opening fall 2026
32) 102 W. MORGAN ST.
– Developer is Dallas-based Trinsic Residential Group – Carolinas
– 228 units
– Breaking ground Q1 2023
– First units estimated to be available Q2 2025
33) THE WILLOW DURHAM, 601 N. Roxboro St.
– Two five-story buildings
– Ground-floor garage and services areas totaling 7,000 square feet per building
– Seven condominiums per building
– Plans include units of 1,855 square feet, 2,410 square feet and 3,320 square feet
– Amenities: a pocket park, three balconies per unit, dedicated laundry room, modern mail room with refrigerated delivery, guaranteed parking space per unit as well as dedicated first-story storage for each unit
– Starting in the $900,000s
– Four of the seven Phase 1 condominiums have been sold
– Completion of the first building slated for Q4
2023; second building scheduled for Q2 2024
34) ELLIOT SQUARE, 601 N. Queen St.
– Developer is Raleigh-based real estate company Chappell
– 37 townhomes
– 18 delivered, remaining 19 expected to deliver between November 2022 and February 2023
35) KRESS CONDOMINIUMS, 162 W. Ramseur St.
– On the corner of West Ramseur and South Mangum streets, current site of a 0.15-acre parking lot next to the historic Kress building
– Development by Raleigh-based real estate firms White Oak Properties and CityPlat
– Six-story building with 26 residential units, including rooftop units, all with balconies
– 2,000 square feet of ground-level retail
– Plans to install CityLift Parking, which will park cars and bring them to residents using an automated lift system taking up less space than a traditional parking deck
36) 300 & 500 E. MAIN ST. APARTMENTS
– Mixed-use buildings with total of 305 affordable residential apartments, 248 market-rate apartments, 41,340 square feet of commercial space and more than 1,600 parking spaces
300 E. Main St.
– Includes a roughly 753-space parking deck with 110 affordable housing units serving 30%-80% AMI with a mix of studio, one-, two- and three-bedroom units
– 3,900 square feet of commercial space that will target nonprofit and/or socially responsible organizations and a 10,243-square-foot child care location with two pre-K classrooms, allowing the county to serve children from birth to 5 years old
– Queen Street side of building will include a structural public art installation that will also serve as a screen wall for the parking deck
– Construction of the parking deck is underway as of September 2021, completion estimated in November 2022
– Anticipated affordable housing completion estimated for spring 2024
– Estimated overall completion at end of 2024
500 E. Main St.
– Redevelopment will include a parking garage with approximately 847 spaces along with 195 affordable housing units serving 30%-80% AMI with a mix of studio, one-, two- and three- bedroom units along Ramseur Street
– 248 market-rate units along Main Street will be handled by developer ZOM Living, which has an office in Raleigh, with a mix of studio, one-, two- and three-bedroom apartments (ranging in size from 555 to 1,450 square feet) and 13,000 square feet of street-level retail space that includes plans for a grocery store
– A linear park between the two buildings will provide a landscaped pedestrian walkway connecting South Dillard Street and South Elizabeth Street
– Construction began in August 2022
– Parking deck opening anticipated in February 2024
– Market-rate housing units slated for completion in Q3 of 2024
– Affordable housing units slated for completion in Q2 of 2025
37) VENABLE CENTER CAMPUS, 464 E. Pettigrew St.
– Joint-venture partnership of Trinity Capital, SLI Capital and Kane Realty
– Mixed-use: 202,000-square-foot, eight-floor office space in The Roxboro office building with 221 apartments in another building, in addition to the already existing Venable Center Campus
– Duda|Paine Architects completed design for The Roxboro office building, which includes ground-floor retail space, in February 2021; construction is now complete
– The multi-family portion has been delivered and is currently leasing
38) CAMDEN DURHAM, 425 S. Roxboro St.
– 420 apartment homes
– A budgeted cost of $145 million
– Construction began in early 2021, slated for completion by mid-2024
– First units are scheduled for delivery in spring and summer of 2023
– Average unit size will be around 900 square feet and most units (about 75%) will be either studios or one-bedrooms with the remainder two-bedrooms
– 6,000 square feet of retail space
39) HERITAGE SQUARE, 606 Fayetteville St., 401 E. Lakewood Ave.
–10-acre site located in the Hayti District
– Multistory Class A office, purpose-built laboratory space and residential units
– Joint venture between Chicago-based developers Sterling Bay and Harrison Street
40) THE RAMSEY, 510 E. Pettigrew St.
– New York-based Park Grove Realty and DiMarco Group are building a 385,158-square- foot, 241-unit apartment complex on 2.5 acres
– Studios, one-, two- and three-bedroom apartments
– Amenities: pool, fitness center, interactive fitness and yoga room, grill area, gathering spaces, private meeting rooms, individual work spaces, fire pits, dog wash station, dog park, enclosed structured parking, bike storage, bulk storage, community market, private wine tasting room and wine lockers
– Broke ground in July 2020; project completed in June 2022
– Units now available for rent, and leasing staff is available on-site for tours
41) BORDEN BRICK, 704-706 Ramseur St.
– Approximately 12,000 square feet of retail and adaptive re-use, with more than 10,000 square feet of outdoor space
– Four tenants, which will include Lonerider Spirits, with tentative plans for a Tex-Mex restaurant, cocktail bar and more
– Alliance Architecture project
– Completion estimated for early Q4 of 2022
42) ELIZABETH STREET APARTMENTS, 544 Liberty St.
– Land owned by Durham Housing Authority with a 99-year ground lease
– Development partner is Charlotte-based developer Laurel Street Residential
– New construction of 72 units
– 35 one-, 28 two- and 9 three-bedroom apartments with unit sizes ranging from 700 to 1,500 square feet
– 9% Low-Income Housing Tax Credit project
– Available to households earning up to 80% of area median income
– Construction slated to start in 2022; completion anticipated by mid 2024
43) GOLDEN BELT CAMPUS, 800 Taylor St., 807 E. Main St.
– Mixed-use: adaptive re-use renovation
– 320,000 square feet of rentable space
– LRC Properties and Alliance Architecture renovated Mill No. 1 and have welcomed occupants including, but not limited to: 25
artist studios, Durham Art Guild, Hi-Wire Brewing, J. Lights Market & Café, Strata Clean Energy, Camargo Pharmaceutical Services, Kalisher, WillowTree, Two Roosters, Cugino Forno, MetaMetrics and Urban Tails Veterinary Hospital.
– A trellis walkway now connects Mill No. 1 to the Golden Belt side of campus, which includes 37 residential lofts, office and lab space, and retail tenants such as Moshi Moshi Salon, Dogstar Tattoo Company, The Cotton Room/Belt Line Station and Yaya Tea
– The Mill Stage features free music programming during the summer in conjunction with Third Friday Art Walk each month.
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Fun Winter Crafts for Kids
This month I am sharing some fun ideas for kids’ winter crafts projects. They are great ways for the little ones to use their imaginations and create items that can be displayed or given as gifts. Pass these ideas onto your family and friends who have kids, too. They will appreciate it!
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Carl was honored to be asked to sing for this annual event. Watch him sing the national anthem a cappella at the Durham Regional Association of Realtors® 101 Year Inaugural Holiday Luncheon Installation of 2023 Officers & Directors, Thursday November 17, 2022 at the Washington Duke Inn & Golf Club. Click video below to watch and listen to Carl sing.
Did you know Carl has over 35+ years of experience in marketing making him a unique broker that is able to help you reach your goals! CLICK HERE to learn more.
During December, families gather to celebrate time together and rituals steeped in tradition. As you get ready to celebrate this special time of year, I would like to share a few tips with you on ways that you can honor your family's legacy this month.
Many people open their hearts to those in need during the holidays, whether it is donating to an organization with a monetary gift, a physical donation or volunteering for an event. Doing so as a family will not only benefit the recipients but will also create a wonderful memory for your family to remember.
I hope you enjoy this information and have fun sharing it with your family and friends this season!
From my family to yours, best wishes for a happy, healthy holiday season and a wonderful New Year!
Read more about the great location of Central Durham and its neighborhoods to learn more about how Carl can help you in the NC market!