OPENING THE DOOR TO NEW POSSIBILITIES. COME JOIN US THIS WEEKEND!
OPEN HOUSE AT NEW CONSTRUCTION HOME FOR SALE
1036 Kent Street Durham, NC 27707 Lyon Park Area
Saturday, October 11, 2008 2:00pm-4:00pm
Tour this new construction home and learn about financing for 1st time buyers. Low monthly payments!
About this home:
1036 Kent Street. 3 bedrooms, 2.5 baths, 1258 Square Feet. This one and one half story bungalow style home features a large open living and dining area and a first floor master bedroom suite, and includes a total of three bedrooms, two full bathrooms, a half bath, and an L-shaped galley kitchen with a breakfast bar that opens to the dining room. The second floor offers two bedrooms and a shared full bathroom, the laundry area, and abundant easily accessible storage. The Arts and Crafts inspired exterior offers a side to side gable roof and a front shed dormer, a covered front and rear porch, and an exterior storage room.
For more information about our homes and our commitment to affordable and fair home loans, visit our website at www.self-help.org/homes-for-sale.
Directions From Durham Freeway (147) North: take Exit 13 (Chapel Hill Street). Turn right at end of exit ramp onto West Chapel Hill Street. Take left turn at third traffic light onto Kent Street. Home is at the corner Kent and Halley.
From Durham Freeway (147) South: take Exit 13 (Chapel Hill Street). Turn right onto West Chapel Hill Street. Take left turn at second traffic light onto Kent Street and follow directions as above.
From downtown, take West Chapel Hill Street. Cross Durham Freeway and follow directions as above.
Click on the map to print directions from your location.
Credit Suisse has reported that a second wave in the foreclosure crisis may be on the horizon. Option ARMs, which I've probably ranted about enough (see Wachovia Reigns In Pick-A-Pay Parts I and II), are scheduled to start resetting en masse around 2009, with the most reset volume coming in 2010-2011. A particularly onerous feature of these loans is that even if your first scheduled reset is five years, the loan can reset sooner once your negative amortization reaches a certain point.
The payment shock is expected to be much more severe for option ARMs than for subprime ARMs. You think a 10% increase in your payment was bad, wait til you see the projected 80% increase that will happen with some option ARMs. According to an article at BusinessWeek's website, the good news is that a combination of action by the lending industry and the government could help prevent some of the damage.
Self-Help was featured in a local paper, the Raleigh News & Observer, over the weekend. Our mantra when selling homes and lending money is to use common sense and always look at the big picture. It's kept us afloat so far, and hopefully will allow us to continue to do good things for the people and communities that need our services. As an organization, we usually go out of the way not to blow our own horn, but I'm glad the N&O decided to do a story on us. I think it's good for people to know that not all lenders have acted irresponsibly, and that it is possible for a lender to succeed by caring about people as much as it cares about its bottom line. As my fellow real estate agents know, the end of a long day feels much more rewarding when you know you have really helped someone achieve the dream of homeownership.
A blurb from the article:
"One year into the credit crunch and mortgage meltdown, a Durham financial institution that banks on neighborhoods at risk is still doing business as usual.
How so?
Common sense, said Martin Eakes, co-founder and CEO of Self-Help, a Main Street nonprofit that has, according to its Web site, provided $5.24 billion to 60,130 homeowners, small businesses and nonprofit enterprises since it started the practice in 1984.
And it's still buying, rebuilding, selling and lending for and to just the sort of people in just the sort of places who are caught up in the sub-prime lending mess. Yet, with much of the country's banking, developing and real-estate industry in crisis, "Financially, we're doing fine," Eakes said in an interview this week.
Not that he doesn't feel depressed and keep his fingers crossed.
"So far, our borrowers are doing pretty well, but I'm anxious for them a little bit," he said; but, "I'm depressed for those communities we have helped to build up." "
We toured our sustainable design home at 1020 Kent Street a few days ago. The more visible sustainable and energy efficient elements are now being installed as the home is completed. We were there as the light fixtures went up and the carpet went down. Here are some photos from our visit:
Here's a view through the back door into the house. Bedrooms to the left, kitchen and living room to the right. You can see through to the front door. The concrete stained floors look great, although they are covered with paper to protect them as construction is completed.
The bedrooms all feature Flor Fedora carpet tiles. The tiles are partially made of recycled materials, can be easily arranged into alternate patterns, are low VOC, and don't trap dirt like traditional carpets. Here in the master bedroom, we did taupe tiles with a brick colored border. The 2 additional bedrooms are solid taupe.
The light fixtures have a modern feel and are equipped with energy saving compact florescent bulbs.
The back porch will be a great place for cookouts and hanging out. It opens to a cleared area and a brick planter.
The driveway form is complete and ready for concrete. We want to preserve as much permeable surface as possible, to prevent drainage and erosion issues. Most of the driveway will be two concrete strips with a strip of grass between. At the top and bottom of the driveway are concrete crosswalks, allowing access to the front and rear doors.
We are nearing completion of our sustainable design house at 1020 Kent Street in Durham, NC. This home has really challenged us to think about how we create energy efficient, affordable homes. Aside from the fact that we've come out with a great house, we've also learned some things that we will be carrying forward into our future new construction.
I've posted some photos below, along with a list of sustainable design features. The interior is starting to take shape, and I hope to have lots of pictures soon. I think the interior will turn our to be very modern and stylish, in addition to being energy efficient. The cabinets and countertops went into the kitchen this week, and we'll also be putting in glass shelves for the kitchen. The kitchen will be a real centerpiece when combined with the stained concrete flooring in the living areas and the open design of the home.
Here's a short list of our sustainable design features:
Location on a 0.11 acre infill lot in an urban neighborhood, with existing infrastructure and utilities. The location provides easy access to public transit, shops and services, and recreational and employment opportunities.
A space-efficient 1180 square foot plan with 3 bedrooms, 2 baths and an open layout.
Exterior walls that use 2 x 6 framing insulated with open cell sprayed foam insulation. The sprayed foam insulation will also be used in the ceiling, resulting in an air tight and highly insulated building envelope.
ENERGY STAR qualified shingles that reflect sunlight, in order to reduce the cooling load.
Passive solar design elements, including numerous south-facing windows, a generous roof overhang and a vegetated shade screen.
ENERGY STAR certified 7/8" thick insulated LoE2 glass windows filled with argon gas.
Extremely energy efficient 15.0 SEER-rated heat pump system.
ENERGY STAR certified dishwasher, refrigerator, range hood, bathroom exhaust fans, and ceiling fans. Also, fluorescent and compact fluorescent bulbs will be featured in many rooms.
Water conserving features such as low-flow faucets, drought-resistant landscaping, and a 55-gallon rain barrel.
Vanguard MANABLOC manifold plumbing system to provide water quickly and efficiently, reducing water use and water heating costs.
Indoor air quality improvements through the use of zero volatile organic compound (VOC) interior paint, low VOC exterior paint, well-planned moisture management and fresh air exchange, and a carbon monoxide detector.
Stained concrete flooring in the main living spaces and tile flooring in the bathrooms for durability and improved indoor air quality.
Universal design elements such as a wheelchair accessible entrance ramp and ADA compliant doorways, hallways and rooms.
Recycling center built into the kitchen.
Salvaged, reclaimed brick used to build garden planter, porch border and steps.
Certification that the home meets or exceeds ENERGY STAR standards for energy efficiency, and SystemVision standards for comfort, durability, energy efficiency, health, and safety.
A SystemVision guarantee that the heating and cooling portion of the homeowner's monthly utility bills will not exceed approximately $30 per month.
Besides the sustainability factor, the other great thing about this house is that it's priced at $120,000. We can also recommend state and city loan programs that significantly reduce the monthly mortgage payment.
Here are some pictures of the house. These are a few weeks old - the builders have been working so hard on site that it's a challenge to get in and take new pictures. That's a good thing, as they plan to finish the home in the next few weeks.
Here are some photos from the ribbon cutting and open house we had at our new construction homes in downtown Goldsboro. At the ribbon cutting, we celebrated the sale of our first home in Goldsboro. We had an overflow crowd - it has been a long time since new homes have been built downtown. Add in the fact that they are affordable for first time homebuyers, have incorporated historic exterior details, and are energy efficient, and I think we have the beginnings of something special.
Everyone is very excited - the city and county government, Seymour Johnson Air Force Base, local business owners, local colleges, and other community developers all showed up to support this. Our new homeowner cut the ribbon with the mayor, we blessed the house, and had a great party to celebrate!
It looks like a $7500 tax credit for first time homebuyers will be a part of the housing stimulus package being signed by President Bush today. Please pass this along to any first time homebuyers you work with who are closing on a home between April 9, 2008 and July 1, 2009.
They can take a $7500 tax credit on their 2008 or 2009 tax return. Tax credits are more fun than deductions because the credit is a dollar for dollar reduction in tax liability – ie if you owe less than $7500 in taxes, the government will erase the tax liability and send you a check for the difference. If you owe more than $7500, the credit will reduce your tax liability by the credit amount.
One note – this is basically a loan from the government. They want people to have the money now, but it will have to be repaid starting in 2010 (at a rate of $500 per year, or in full when the house is sold – no interest). There are also income requirements. You can see complete info here:
Join Us For An Open House in Historic Downtown Goldsboro
Wednesday, July 23 4-6pm 404 S. John Street Light Refreshments Served
New Construction Priced From $94,000
Special Financing - up to $35,000 towards purchase of home. The City of Goldsboro wand the state of North Carolina want to help you purchase a home!
Hardiplank Siding
Energy Efficient Construction
3 bedrooms, 2+ baths
Appliances Included
Historic District - beautiful construction details
Please join us as we celebrate the completion of three new homes in historic downtown Goldsboro. These homes are beautifully constructed and very affordable. Hardiplank siding, energy efficient construction, 3 bedroom/2 baths, appliances included, and more - all starting at $94,000!
We have partnered with the city of Goldsboro and the state of North Carolina to provide special financing for first time homebuyers - up to $35,000 towards the purchase of the home, making mortgage payments truly affordable.
We look forward to seeing you and your clients at this open house to learn more about this opportunity. These homes are available to owner occupant, first time homebuyers. Please contact Tamara Heyward at 919-956-4423 for more information.
These Homes Will be Available To Tour at the Open House
The Bentley 1258 sq. ft. $102,000
This one and one half story bungalow style home of 1258 square feet features a large open living and dining area and a first floor master bedroom suite, and includes a total of three bedrooms, two full bathrooms, and an L-shaped galley kitchen with a
breakfast bar that opens to the dining room. The second floor offers two bedrooms and a shared full bathroom, the laundry area, and abundant easily accessible storage. The Arts and Crafts inspired exterior offers a side to side gable roof and a front shed dormer, a covered front and rear porch, and an exterior storage room.
The Juniper 1096 sq. ft. $94,000
This single story bungalow style house of 1096 square feet features a large living room and separate dining room as well as a private master bedroom suite. This house includes a total of three bedrooms, two full bathrooms, a laundry area and U-shaped kitchen with a breakfast bar that opens to the dining room. The Craftsman inspired exterior offers a double gabled roof, and a wrap-around front porch with a side gable.
The Monique 1190 sq. ft. $99,000
SOLD! This two story Queen Anne style house of 1190 square feet features a spacious living and dining room area and a private master bedroom suite with a walk-in closet. This open floor plan includes a total of three bedrooms, two full bathrooms and a powder room, a laundry room and U-shaped kitchen with a breakfast bar and opens to the dining room. The historically inspired exterior offers a main hip roof with a shingle accented front gable, a covered front and rear porch, and exterior storage room.
1513 Chapel Hill Road Durham, NC 27701 Lakewood Area $85,000
Saturday, June 28 12pm-4pm
If you are a first time homebuyer on a budget, or are working with first time homebuyers you will want to attend this open house. If you think FHA financing is your only option, come learn about our preferred financing options!
This 3 bed, 2 bath home features new carpet and paint throughout. The bedrooms are spacious and a large living area provides room for the family. The location is near upcoming new construction that will enhance the neighborhood. Live near Duke University and downtown Durham.
A developer representative will be on hand to answer questions about the developer's affordable construction, upcoming development on this street, and financing options.
Purchase of this home is available to first time, owner occupant homebuyers only. No investors, please.
About The Developer Building Homes...Building Community...Building Trust. The Durham Community Land Trustees is a non-profit, community based organization committed to providing permanently affordable housing... and promoting community revitalization in the neighborhoods in which it operates. www.dclt.org
This week, the American Dance Festival is in full swing as it celebrates its 75th anniversary. There are also several events for Father's Day, including an interesting looking luau at The Melting Pot.
Tamara Heyward
Here's a view through the back door into the house. Bedrooms to the left, kitchen and living room to the right. You can see through to the front door. The concrete stained floors look great, although they are covered with paper to protect them as construction is completed.
The bedrooms all feature 
The light fixtures have a modern feel and are equipped with energy saving compact florescent bulbs.
The back porch will be a great place for cookouts and hanging out. It opens to a cleared area and a brick planter.
The driveway form is complete and ready for concrete. We want to preserve as much permeable surface as possible, to prevent drainage and erosion issues. Most of the driveway will be two concrete strips with a strip of grass between. At the top and bottom of the driveway are concrete crosswalks, allowing access to the front and rear doors.
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