For years a visitor to the Triangle wouldn't hear much about Chatham County. It was missing from area maps and rarely mentioned in the local news and weather. I think that´s because it has been a rural county without a large center of population. Things are changing fast now because of Chatham´s location surrounded by Orange, Durham and Wake Counties, completion of major roads, and the growing population of the Triangle. Much of Chatham County is still very rural but North Chatham has seen quite a bit of growth in the past few years with the development of large planned neighborhoods like Briar Chapel.
Why move to Chatham County?
During the past 10 years or so the planning departments in Chapel Hill, Carrboro, and Raleigh have been requiring developers to cluster homes and leave areas of green space to help protect the environment. The result of this is most new home neighborhoods have small ¼ to 1/3 acre lots.
Growth has been limited in Chatham because of the lack of sewer services to the county. New improvements in waste treatment systems such as spray irrigation have made development of large golf course neighborhoods with big lots a cost effective way for developers to go. It also offers new home buyers something that is in short supply in the Triangle, a new home on a large lot. Over the past few years so much land was approved for development that there is now an over supply of homes and there are some real deals to be found.
When I saw this sign while driving from Chapel Hill to Chatham County I thought the pro-development town council had put it up. I quickly realized a prankster had added DEVELOPERS PARADISE. This was right before our market entered the recession.
Schools
The school test scores vary across the county. In the North Chatham area the scores compare favorably with the rest of the Triangle. If you focus on the North Chatham schools, Perry Harrison and North Chatham Middle and Elementary you will see that they are similar to the scores of the Chapel Hill schools which have the reputation as the best in the state. A new high school is planned for North Chatham in the next few years. There is also the Woods Charter School, grades k-12 with an excellent reputation but a waiting list. Chatham County ABC's Test Scores
Tickled Pink is A fundraiser to provide direct support to cancer patients and their families through UNC's Comprehensive Cancer Support Program (CCSP) at the new N.C. Cancer Hospital.
The Chapel Hill office of Coldwell Banker HPW turned fall decorations pink, including a pink pumpkin patch, as part of an initiative to Turn the Town Pink for the month of October to show support for the Tickled Pink fundraiser.
Every year the Chapel Hill office of CBHPW volunteers to wait tables, set and clear tables and help clean up for the 300 guest benefit ladies luncheon at the Pope Box at Kenan Stadium It is a community service event for our office and a non networking event. No business cards and no name tags!!
Julie Amos-Sermons, a very energetic CBHPW agent, was the event co-chair and worked hard all year to make the sold out ladies luncheon a success.
CBHPW agent Barbara Pater is ready to serve!
Ladies were Tickled Pink to buy the donated flower arrangements.
Well, we are on to our next project, a turkey giveaway, for the holidays.
Marianne Marianne Howell Wright, Broker Coldwell Banker HPW "Making a Difference in our Community"
"Ask the Experts" condo forum is tonight! The Chapel Hill office of Coldwell Banker HPW is having an informative forum tonight for HOA boards and management companies (anyone with an interest is invited) to explain how the current lending guidelines are affecting condo sales. Many agents in the office have horror stories about condo sales that had delayed closings or didn't close at all causing all sorts of problems for the buyers and sellers (and of course the agents!) We will have a mortgage lender on hand to discuss the approval process and required documents. Tom Holt , a local attorney, will be available to answer questions and discuss the legal steps necessary for associations to review and make changes to HOA documents. We should have a good group. Please come!
Briar Chapel does a great job keeping in front of the public. Thursday night Vanguard Homes in Briar Chapel had a reception for those who have contributed to their success in the neighborhood. I've shown their homes and have interested buyers so I stopped by. The company is recoverin g from a hard time and is actively building again.It was a nice event with good food and wine. I met several new homeowners who are really happy with the neighborhood and another couple who are just getting started with the building process.
Saturday I was busy with the Southern Ideal Home Show representing Chapelwood, a new 55+ neighborhood my company is marketing. I was surprised when I showed up at our booth and saw it was right next to Briar Chapel's booth.
It was a great busy day at the show. I had to leave a little early because I was going BACK to Briar Chapel for one of their invitation only monthly events. The first show of the Artist Series at Briar Chapel, was presented in partnership with the Chatham County Arts Council Gallery with a reception and show for award-winning artist, illustrator and designer Murry Handler.
It was a wonderful reception with food by the Pittsboro General Store. Murry's work is shown in the Briar Chapel information center and in several model homes. Stop by and take a look. Chatham Arts Council has a goal of bringing art to the people by showcasing artists work throughout the community. Sunday I was back at the Chapelwood booth again right next to Briar Chapel.
It's a date! One night while at dinner in a popular Chapel Hill restaurant I overhead a 30's something guy at the next table (the tables are REALLY close there) telling a friend that his favorite place to take a date was McIntyre's books in Fearrington Village.
I thought that was kind of surprising so I continued to listen, paying attention to my husband at the same time. It seems that a book store is free and at McIntyre's there is always something going on.
After visiting the bookstore there are shops to explore, good food to eat and cute animals; goats, donkeys and the famous Belted Galoway cows .
I guess Fearrington for a date really does make sense because when ever I have family or friends visit, Fearrington is always on our list of things to do.
Shop for gifts at the Dovecote
Interesting...
Roost- For your garden
When recently I got a cute new listing in Fearrington I made a date with my husband to go to the bookstore, have lunch and walk around the Village.
My husband loves books but he wasn't too excited about the rest of my plans. It turned out to be really fun and he said our lunch at the Belted Goat was much better than he would have ever expected.
Briar Chapel Entry with it's distinctive sculpture
Street scene Vanaguard Homes
View from the Briar Chapel Clubhouse across the commons
The whole family will love the pool. Look at the slide!
One of the most exciting new neighborhoods in the Triangle is Briar Chapel located in Chatham County just outside of Chapel Hill. As one of the first of the Triangles first certified EcoBrokers I've had a special interest in neighborhoods that provide a true green built and designed environment. Briar Chapel is a green built mixed use neighborhood of 1589 acres with 900 of the acres dedicated to open space which will never be developed. Twenty four miles of interactive walking and biking trails wind through the rolling hills and woods of the neighborhood. There are parks, ponds, a winding creek and lots of opportunities to enjoy nature the way we live now-with a sensitivity to the environment and nature. Two green built schools will be included in the neighborhood. Woods Charter School opened in the fall and includes grades k-12. The groundbreaking for the new middle school was a couple of weeks ago. I've been watching the progress of Briar Chapel since it was approved in February of 2005. My husband and I drove through several times during the development and were amazed at the scale. We thought it was interesting that rocks and boulders were recycled with an on site gravel quarry. We were at Briar Chapel for the grand opening (actually we tried to take a look the week before but were chased away by a surly landscape contractor) and I have shown the neighborhood to several interested buyers. The neighborhood is finally starting to look like a place to call home. On my last visit there were a group of boys riding bikes and people out and about on the trails. The clubhouse is finished and beautiful I took lots of pictures of the neighborhood and homes to post that will give you a better idea of what Briar Chapel looks like now.
Raleigh Rental~ A European Cottage~Near NC State and Downtown ~Pullen Park Terrace
Rent the front of this 2 family house. Pets may be allowed with a
2BR/2BA Single Family House
$975/month
Bedrooms
2
Bathrooms
2 full, 0 partial
Sq Footage
1,360
Parking
1 dedicated
Pet Policy
Cats, Dogs (any)
Deposit
$975
DESCRIPTION
Cute European Brick Cottage ~rent the front of this 2 family home with 2 bedrooms and 2 baths. New paint, 2" blinds on all windows, fenced yard, half of 2 car garage.Near NC state across from Pullen Park. No undergraduates, pets subject to approval. Credit check.
I've been waiting for these numbers about the Chapel Hill, Orange, and Chatham Counties real estate market and I'm not surprised with the findings. I'm not sure why but things seemed to have picked up since the first of the year maybe because of the low rates. There is mortgage money available for those with good credit and a little money. FHA loans require 3.5% down now but that can be a gift and that's often how first time buyers buy. A buyer with good credit and 20% down can pretty much write their own ticket and close in 30 days. There are some deals out there. I'll pass on the market conditions as they change hopefully for the better. ORANGE COUNTYCHATHAM COUNTY
Greater Chapel Hill Association of REALTORS MARKET STATISTIC REPORTS Fourth Quarter 2008
Fourth Quarter 2008 Market Summary
The turmoil in the national financial markets during the third quarter of 2008 produced a bunch of scared consumers which in turn produced a bunch of scared employers. The employed workforce failed to grow in four of the last five months of 2008. The last time this happened was during the 2000 v. 2001 time period. The annual average of the employed workforce was flat compared to 2007 and there are almost 200k more workers in our market compared to 1990. The combination of a lower amount of employed workers and the inability of inbound transferees to sell their existing residences continues to produce even lower levels of house buyers. This cycle, as reported during 3Q/08, continues to produce lower residential closings and increased residential inventory.
Fourth quarter showings were down 43% in Durham, 29% in Orange and 31% in Chatham compared to fourth quarter 2007. The three counties bucked the overall trend and had decreased inventory compared to fourth quarter 2007. Orange inventory decreased 1%, Chatham inventory was flat and Durham inventory decreased 8%. The majority of the Triangle inventory decrease can be attributed to the new home market. Area builders have marching orders to sell inventory and not to replace at previous levels. The three county market had a drop in resale inventory. During the fourth quarter, Durham resale inventory dropped 3%, Orange resale inventory dropped 5% and Chatham resale inventory increased 3%. Current sellers have been very reactive to market conditions. The number of sellers who have dropped price from original list has increased significantly in each county. Those sellers who have not found a price acceptable to current buyers have produced a dramatic increase in the number of expired and withdrawn listings.
Lower showings typically produce a lower amount of pending sales. Listings with a status change from active to pending decreased 23% in Chatham, 30% in Durham and 29% in Orange. The number of expired and withdrawn listings has increased dramatically in each market. These are sellers who have yet to adjust to current market conditions or do not have pricing flexibility.
The result of the above has been a decrease in the amount of closed sales. Durham annual closings are off 26%, Orange closings were off 29% and Chatham closings were off 25%. Fourth quarter closings were off a minimum of 30% in each county. The average days on market for closings increased to 113 in Chatham, increased to 111 in Durham and increased to 83 in Orange. The average for TMLS was 100 days.
The dramatically lower amount of closings has produced a higher current supply. The current supply of housing in TMLS is at 7 months. Per the National Association of Realtors, the national current supply of housing is 11 months. The current supply in Durham is 6 months, the current supply in Orange is 7 months and the current supply in Chatham is 12 months.
Data regarding house prices produces mixed signals. The average list price was flat in Orange and Durham and up 5% in Chatham compared to fourth quarter 2007. The average closed price during the fourth quarter was down 2% in Durham, down 8% in Orange and down 5% in Chatham. On average, sellers in each county continue to sell for more than they paid. The average seller has gained 3% per year of ownership in Durham, 5% in Orange and 4% in Chatham. I would expect that these numbers would decrease as each county struggles to move inventory.
All segments within the three counties have been affected. Annual closings in the Chapel Hill/Carrboro High School district were off 26%, the average sales price decreased 7% and the median sales price increased 1%.
As I stated in the last two quarters, many agents that I have spoken with have stated that they have buyers who are able, but not currently willing to purchase a residence in our market. Consumer confidence is at all time lows and the layoffs seen nationally have begun in the Triangle. When this "dam" will break is anyone's guess, but I would state that increasing employment, not decreasing employment is the main breaker. In the mean time, only serious sellers with pricing flexibility need to have their house listed for sale. There were segments of the Triangle market for which there were no buyers during 2008.
There is some good news in the national real estate market that could bode well for our sellers. The National Association of Realtors reported its pending sales index had increased for the first time in many months. Areas that had increased activity were ones that were able to cut list prices on houses by a significant amount to induce sellers. While significant price cuts may not occur in our market during this year, a freer flow of inbound transferees will certainly help. STACEY ANFINDSEN
Wexford, located in Orange County, NC, is one of several Carrboro neighborhoods with a Chapel Hill address. Other neighborhoods with this same confusing address issue include established neighborhoods like Sunset Creek and Lake Hogan Farms, and new neighborhoods like Claremont and Winmore. Carrboro and Chapel Hill share a school system Chapel Hill-Carrboro City Schools but have separate governments. The tax rate for the Carrboro properties is about .10 per hundred higher than Chapel Hill because of the smaller commercial tax base. The address is really a function of the post office which happens to be in Chapel Hill. This has even been confusing for closing attorneys.
In the early 1990's there were lots of new home neighborhoods in Chapel Hill and Carrboro. What made Wexford special were the larger lot sizes, all big enough for a side entry garage. The developers sold lots to some of the best custom builders in town and because of the quality of construction and details the neighborhood has aged well.
Even though some of the homes in the first phase are now 20 years old the street scape doesn't looked dated but instead the well kept yards and homes have become better looking with time especially when contrasted with the more "cookie cutter" like neighborhoods built since.
In the late 90's a new phase was developed with about a dozen homes and in the last couple of years the last phase of eight homes were built by Hampton Homes. The neighbors share a beautiful pond with gazebo, a pool and club house and tennis courts. There are three homes on the market in Wexford today, December 30, 2008.
140 West Franklin Street New Sales GalleryOpens in Chapel Hill
Have you noticed the number of condominium buildings under construction and pre-selling in Chapel Hill and Carrboro? Franklin Street is Chapel Hills Grand Strand and of all that's going up and planned, the development with the "best" address is 140 West Franklin Street. It has been years in planning and will be built on corner of Franklin and Church Streets. It's expensive real estate but if location is the key to success this development has it.
You might have heard about it as "lot 5". There will be 140 homes, 26,000 sq. ft. of retail space and a 30,000 sq. ft. plaza. The developer and town have been working together to make the development an arts and community gathering place.
I stopped by the new sales gallery, located at 126 West Franklin Street, last week to find answers to some questions from an interested client. Phil Patterson, who many will remember from his days representing Meadowmont, showed me around.
Touring the gallery I saw a scale model of the buildings which really helped me visualize the project from different viewpoints.
Next we took a look at a seating area surrounding a gas fireplace similar to what residents will have in their clubhouse which will be located on top floor of the building.
There is a bath vignette and also a full working kitchen showcasing appliances, counter tops,back-splash, cabinets and flooring.
There is something for every ones taste in the selection room where clients can work with the builders representative or bring their own designer.
Reservations are being taken for presales but make sure you take your buyers agent with you on your first visit. It won't affect the price you pay and representation is important especially with pre-construction purchases. Visit my website for more information about why you need an experienced in new construction buyers agent.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Air conditioning
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