We all know this is common sense.  However,  many of my sellers need to be reminded of the things they need to put away when selling their home!   This is a great list for all homeowners!

Did you know there is a tiger rescue program right here in the Triangle?

Carolina Tiger Rescue is a not-for-profit organization in Pittsboro, North Carolina that exists specifically to provide a permanent home for unwanted and/or abused endangered animals. Carolina Tiger Rescue also rescues animals that are in need of help. From tigers, lions, cougars, and primates...Carolina Tiger  Rescue has them all!

Carolina Tiger Rescue is providing excellent living conditions for previously malnourished, abused and even abandoned big cats and other domestic and exotic animals.

I didn't even know that Carolina Tiger Rescue existed in this area and, even better, they provide tours on weekends. What a great way to enjoy a Carolina afternoon with the family. 

Event Details

“The Cary” – Downtown Theater
Public Input meeting
Tuesday, January 31, 2012 – 6:00 PM
Council Chambers in Town Hall
316 N. Academy Street • Cary, NC

If you are eager to share ideas about Cary’s Downtown Theater, mark your calendar for Tuesday, January 31st. The Town of Cary is hosting another Public Input meeting, this time in Council Chambers at Town Hall, 316 N. Academy Street, at 6pm.

The last meeting about Downtown plans was so well attended, a second session was added to that evening. This time around, planners have decided a change to a larger venue will allow all who are interested to find a seat.

The focus at this meeting will center around future plans for the recently purchased theater, to be called “The Cary”. Lots of discussion is swirling around the planned marquee that may include LED or neon lighting.

3 Options on the Table

There were three plans reviewed at a January 19 work session by the Cary Town Council:

1.  A standard marquee

2.A marquee with a vertical element

3.A light-enhanced marquee with a vertical element

The Town Council decided to move forward with option #3. Following input from the public meeting, staff will work with consultants on the selected forms and then make final design recommendations for materials and color to Town Council, who will consider a measure to adopt the plan at a later meeting.

If you have an opinion, plan to attend Tuesday night.

Having just written Cary Real Estate Market Show Signs of Recovery yesterday I am pleased to announce that Inman agrees with our local market assessment.  In fact Inman predicts that the Raleigh-Cary Real Estate Market will outperform all others in 2012!  I'm not surprised.  In 2006 when the bubble burst analysts predicted we'd be the last market in decline and the first market to recover!

 The assessment was based on a number of factors including:

•  above-average price appreciation
• a flourishing job market
• a high rate of sales in proportion to population
• a high level of home affordability
• low foreclosure activity(1 1/2% in my area)
• below-average share of distressed sales
• a low vacancy rate

Here's to a great year in real estate in the Raleigh-Cary Real Estate Market in 2012!

The real estate market in Cary is starting to show signs of recovery.

Inventory is now stabilizing and home sales are starting to level off rather than continue to decline. That said, here is a look at the current real estate market in Cary.

So, what is going on that's affecting the market?

1. Families relocating to this area are finally selling their homes in other areas in order to relocate.
2. Downward pressure on real estate prices has made areas closer to Research Triangle Park more affordable. The Median Priced Home in Cary is currently $220k.
3. Unemployment is hovering at 7.5%. There are a lot of people that have relocated to the area without jobs hearing about our great economy and strong job growth which has put pressure on the job market.
4. While we were one of the last markets to join the recession we have seen a downturn in overall market activity year over year.
5. LIFO market - we are expected to be one of the first markets to recover.
6. Anyone that purchased after the peak in 2006 will have difficulty making a profit if they were to sell today.

Here are the current market details through Q42011:

Inventory:
• Inventory is declining. New home inventory decreased 35%.
• Median Sales Price has declined 1% in Cary (I always tell clients that are relocating to the area that we did not see the huge price fluctuations we have seen in other parts of the country)
• Initial price in selling a home is very important. If a seller lists their property correctly the homes sold in an average of 57 days at 97% of list price. However, if a seller has to reduce the price of their home they are netting 90% of List Price and 172 Days on Market.
• The supply of homes in this area is 6 months of inventory which is considered to be a balanced market.
• Closings are down 26% Q42011 and 22% YTD.
• Average Days on Market YTD 2011 is stabilizing-87 DOM, 97 for the Triangle Area
• There are fewer buyers in Cary, and fewer pendings, than in Cary in the higher price ranges(400k+).
• Availability of new construction and builders willingness to negotiate on price is having a substantial impact on the resale inventory.

The real estate market has leveled off and stabilized. However we will face challenges well into 2012 for several reasons:

1.The housing market has stabilized in that we are seeing fewer foreclosures and distressed properties in the area. 
2. Consumer worries about the economy and when we will recover from the recession.
3. Instability of the dollar and the global markets.
4. Fluctuation and uncertainty of the US Stock Market.
5. Tightened lending requirements.
6. Families relocating to the area are having trouble selling their homes prior to relocating.
 
 

Related Posts:

2012 Cary Luxury Home Market Conditions

Preston Real Estate in Cary - 2011 Review

Frank Page was the founder of the Town of Cary and he admired the temperance movement which was gaining strength during the last part of the 19th century.  One of the leaders of that movement was Samual Fenton Cary.   So Frank Page named Cary for his hero Samuel Fenton Cary. 

Ultimately the temperance movement led to the 19th amendment to the US Constitution which prohibited liquor in this country from its ratification in 1819 until its repeal in 1893. 

Although Page named the town for his hero,  many residents thought it should be named for Page.  Some people who lived in the area called the town Page's Depot, Page's Junction, or Page's Turnout.  These names recognized not only the founder but also the town's railroad heritage. 

I'm glad I didn't live back then! That is a long time to go without!

Its' that time of year when we reflect on the real estate market in Cary and look ahead to the new year.  One of the markets I follow closely is the Cary Luxury Home Market Segment.

I recently received my Certified Luxury Home Marketing Specialist Designation(CLHMS) and as a part of the process I had to verify the price point for my sales in the Top 10% of the Cary market.  In the Cary market homes sold above $550k qualify as luxury homes.  Our local market specialist/appraiser, Stacey Anfindsen, defines the Luxury Home Segment as homes for sale over $500k. For this analysis I've included homes priced $700k and above because I think that provides a better picture of the true Cary Luxury Homes Market.

The luxury home market in Cary is improving and several neighborhoods shows continued signs of recovery.  Through 2011 there was even improvement in terms of contract pending and sales of housing priced at 1 million and up. The inventory decline outpaced the sales decline and the result was a drop in the supply. The current months of supply is the lowest level since 2007 and is a return to the historical norm for the segment.  The lowest supply based on 2011 closings is found in Cary/Morrisville/Apex closings were at the highest level since 2003. 

For the sake of this analysis I'm going to break down the homes into four price points:

• $700,000-$800,000
• $800,000-$1M
• $1M-$2M+ and
• $2M

All figures are bases on numbers pulled today January 29, 2012 for all of 2011 and are from the Triangle MLS:

Here are a few observations that relate back to my comments above:

·         At $174/square foot Cary's Luxury homes are less expensive than homes in other popular Luxury Home communities in the Triangle

·         I ran the same analysis in 2008 and the Average Price/Square Foot in Cary was $198 so prices in this segment have dropped

·         Of the 52 Homes that have sold above $700k YTD 28 of them were new construction down from 37 last year

·         Home sales in Preston, Cary's Country Club community, were up 17% in 2011

·         Top Selling Cary Luxury Home neighborhoods include Preston with 11 Sales & Copperleaf with 17 Sales above $700k

·         New construction neighborhoods selling include Copperleaf and Rennaisance at Regency

·         Homes in the 2M+ range are found in Chapel Hill, Wake Forest, and Raleigh but fewer in Cary

·         Lending restrictions have had a significant influence on the $700k-$800k price point. Sales in 2011 are off by 43% compared to 2008

·         A decrease in new homes for sale and sellers that have not sold taking their homes off of the market has influenced the inventory in the Triangle Luxury HomeSegment

If you have any questions regarding this report or would like more information on the Cary Luxury Home Market please feel free to email me or visit Tracy Santrock's website for more information.

Last year I wrote a blog post called Cary NC Continues to Thrive.   I did so because I'm amazed at the low taxes in our area and the resources and planning that go into making Cary the Best Place to Live in the US! In 2011 the growth and prosperity has continued and this area is becoming the poster child for recovery from the Great Recession.

So, what's happening in Cary?

While other areas continue to struggle with their economies Cary's unemployment rate has been stable with companies continuing to bring jobs to the area. Which companies are continuing to grow?

• 117 new jobs at Lord Corporation
• 200 new jobs at Research in Motion
• 70 new jobs at Bologics
• 500 new jobs at SAS

Newcomers are still Relocating to Cary:

We all know that residential growth is much slower than in previous years due mostly to these continuing tough economic times. That said, people are continuing to come to Cary.

• Our growth rate is stable at 3%
• Cary now has140,000 residents and is the seventh largest municipality in the state.
• Cary issued more single-family permits in 2011, more than any other municipality in Wake County, including Raleigh.

Town of Cary Safety:

• Cary is considered to be one of the 10 safest cities in America.
• The safest in North Carolina and the safest in the southeast.
• Of communities 100,000 and greater, Cary is the third safest place in the nation. This is the 13th consecutive year on the list.

Cary's Major Sports Venues are Active: Cary Tennis Park, the USA Baseball National Training Complex, and the WakeMed Soccer Park

• USA Baseball hosted several national and international events including the USA collegiate team contests result
• The tennis park hosted state and national junior tournaments as well as the ACC tournament. In addition, the North Carolina Tennis Association recognized Cary's Parks department as the outstanding Parks and Recreation Department of the year.
• The WakeMed Soccer Park hosted the NCAA Women's College Cup, the ACC men's and women's championships, 10 RailHawks matches, several cross country matches, and many more events

DoesCary have any parks and walking trails?

• Cary’s park system is recognized as one of the nation’s best and the Town is still planning for additional trails and greenways:
• The planning for a new trailhead park has begun along Old Reedy Creek Road, which will provide parking and access to trails within Lake Crabtree Park, and the Black Creek Greenway.
• Eight new greenways will be expanded or created to add to our existing 60 miles of greenways - all helping to make Cary one of the most recreationally friendly towns in America.

Cary Community Arts Center Opened in 2011

• The old Cary Elementary building has been transformed into the new Cary Community Arts Center which is now open.
• There are 16 teaching and activity spaces in the building.
• Specialized studios provide new classes such as wood-working, faux painting techniques, print-making and lithography in addition to expanded learning in ceramics, jewelry, glass-making, fiber arts, dance, youth and adult performances.
• The art gallery is provided for artists from Cary and beyond to exhibit works in a professional, historic yet modern setting.

So, Why Cary?

 In 2011, Cary was once again named one of the safest places in America as well as the healthiest of 100 housing markets in the country, one of the top 5 most inventive cities, and one of the top 4 small cities for quality of life. Cary was recognized as being in the top 5 small cities for economic potential while remaining home to the best company to work for - SAS Institute. I am also proud to note that Cary is the second biggest brain magnet in the US, meaning that it attracts some of the most educated citizens in the world..

 If you are thinking of relocating to Cary it is clear to see that there are many wonderful reasons to call the area home! It is also evident that, as the Cary area has grown during the past the town has also matured in the process. Cary will continue to be one of the Best Places to Live in 2012!

Related Posts:

Cary NC Real Estate --->Why I love Cary NC!

Cary NC Continues to Thrive

Cary NC achieves a decade of growth and prosperity

Why choose Cary NC for your next home? Letter to my prospective clients...

There are many municipalities in the Wake County area.  As a resident of the Town of Cary we maintain the lowest property tax rate in Wake County with the highest quality of life.As a citizen you always wonder if the Town is efficient and staying above water?  We all remember when Sonny Bono's town in California went bankrupt.  .

Here are a few interesting trends: 

• Cary has $20 million in required reserve, $39 million of four month worth of operating costs, and $17 million available for pay-as you-go capital.
• The Town of Cary has issued no new debt for capital since 2008.
• The Town of Cary current debt service is 11.6% of operating expenditures with the debt ceiling set at 15%.
• The Town of Cary delayed projects include $34 million in streetscapes, $13.5 million in Aquatics, $10 million in Land Banking, and $24 million for other high priority projects.

That said,The Town of Cary is doing an excellent job of managing the town resources.  If you are thinking of moving to the Town of Cary I'd love to help you find the perfect home!

Town of Cary Chamber of Commerce

Here are some of the interesting trends related to growth in Cary: 

• We are projected to have a population of 180,000 by 2025.
• Our median age will be approaching 40 by 2025.
• By that time over 4000 people will be turning 65 each year as compared to 3000 now.
• Cary’s population demographics show that we have the largest percentage of 40 go 49 year olds in Wake County and the smallest percentage of 20 to 29 year olds.
• Our average household size continues to get smaller.
• Our population is more diverse with over 19% foreign born. 7.7% are Hispanic and 13.1% are Asian.
• Our median household income has dropped in the last ten years from $95,000 to $88,000.
• Our population is well educated with over 60% achieving a Bachelor degree or higher and 24% achieving a Masters degree or higher.
• In this century our built environment will be renewed more than three times.

As you can see Cary continues to thrive and be a place many families like to call home!

Related Posts:

Cary NC Real Estate --->Why I love Cary NC!

Cary NC Continues to Thrive

Cary NC achieves a decade of growth and prosperity

Why choose Cary NC for your next home? Letter to my prospective clients...