Are you are considering a move to the Raleigh Durham Cary Area? Or, are you a real estate investor who is interested in the Triangle for your next real estate venture? Either way, you are in the right place and I have some great information and great news for you. Read on --
Below are a few articles and information that may be helpful in making your "moving" decision. Please feel free to read through the information and contact me if you have any questions or if you need additional information.
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SmartMoney says Raleigh gets "free pass" during housing slump
SmartMoney recently took a look at real estate markets to find out why some markets are doing better than others. The November issue of SmartMoney magazine, in an article entitled Home Prices: Now for the Good News, reports on 25 markets which are doing better than the national average. On their website SmartMoney.com they have highlighted seven of those markets. Here is an excerpt from their comments about Raleigh and Wake County. "North Carolina´s capital seems to have gotten a free pass where the housing slump is concerned. Prices have been buoyed by job growth in the Research Triangle, home to dozens of tech firms. Total sales in the first quarter of this year were the fifth highest on record." To read the more of the article click here.
While the SmartMoney article focused on suburban housing which offers amenities such as golf courses and country clubs, there are a lot of housing options available in Raleigh including downtown condos and family-friendly neighborhoods with good schools.
Raleigh continues to build despite national economic chill
The Raleigh Convention and Civic Center opened its doors this summer. One of its most impressive features is the "shimmer wall" facing a main artery through downtown that depicts an oak tree and contains almost 80,000 aluminum louvers that shimmer in the wind. In October the Royal Bank of Canada opened its new headquarters in downtown Raleigh. The 33 story mixed-use building includes 139 condominiums which are expected to be finished soon. Approximately one third of them have been purchased by investors while the majority have been purchased by residents who are excited about living downtown. About 97% of the office spaces have been preleased, exceeding the developer´s expectations.
Now, more than ever, real estate is looking like a good investment, especially in the Raleigh, Wake County and Triangle area. Many people have pulled out of the stock market and are using that money to invest in real estate. Real estate does not drop 60% of its value in one day like some stocks have! We continue to hold our own in the Triangle area and we have seen little change in the average price of housing.
Apex grows while keeping its small town appeal
The Wake County town of Apex is growing along with many areas of Wake County and the Research Triangle. The community of Apex has recently gained attention for preserving its small town feel while welcoming and managing growth. Family Circle magazine recently highlighted Apex for its all around appeal for families. And in 2007 it was named by Money magazine as the 14th best small town in the country. The Raleigh News & Observer recently wrote about Apex and the new cultural center and retail shops opening there. To read the entire article and find a link to an audio slide show about Apex click here.
Downtown growth continues although slowed by credit crunch
This past week a Florida developer broke ground on a redevelopment project in downtown Raleigh which will consist of the kind of mixed-use development the city wants to encourage. The 21 acre Blount Street Commons project will include the renovation of several large Victorian era homes near the Governor´s Mansion. The final project will likely include over 400 homes and 110,000 square feet of shops. The area being redeveloped is near state government buildings, including the legislature and the Museum of Natural Sciences which will soon undergo a major expansion. The new $221 million Civic Center at the south end of downtown is expected to be completed by the end of the year. Some projects in the downtown area have been slowed down by the current nationwide credit crunch. Three new hotel projects near the soon to be finished Civic Center have been delayed. However, the new Marriott near the Civic Center will be open this summer providing some additional room capacity. Raleigh´s exciting downtown vitalization is going to offer lots more opportunities to live, shop and play.
Kiplinger names Raleigh one of the Best Cities to Live, Work and Play
And the good news keeps coming! In the upcoming July 2008 issue of Kiplinger´s Personal Finance magazine, Raleigh is named as one of the 10 Best Cities to Live, Work and Play. From Kiplinger.com: "Our formula highlights cities not just with strong past performance, but also with all the ingredients for future success." In choosing Raleigh as the #2 city, Kiplinger acknowledges that Raleigh and the Research Trirangle have already gained a reputation as an up and coming area and it notes that downtown growth in Raleigh will further vitalize the city. "Raleigh is a work in progress, but 2008 should be the turning point." You can feel good about buying real estate in an area with that kind of promising future! (read more)
Bizjournals ranks Raleigh #1 for Young Adults
The Bizjournals recently ranked Raleigh the #1 spot for young adults. From the Bizjournals article of May 12, 2008 "It's clear that having a high percentage of young adults can be an indicator of economic success. It tells marketers where to concentrate their efforts, entrepreneurs where to start businesses and college graduates where to look for work." Raleigh was the only market out of 67 Bizjournals examined to rank in the top 10 in all 3 of their major categories; job growth, population growth and the percentage of young adults with college degrees.
The jobs, social climate and other opportunities in Raleigh have continued to attract educated, young workers and this is attracting more jobs to the area. This synergy means that our real estate market is going to continue to be strong. While housing sales have slowed, our housing prices have remained stable due to the realistic prices which existed before the current slump and our continuing vibrancy.
Slow, steady growth continues in Wake County housing prices and job growth
The rate of job growth has slowed in Raleigh and Wake County but it continues to grow. According to the News & Observer, the Raleigh area added 18,100 jobs in March 2008. That is a 3.6 percent increase in job growth since March of last year. While the national unemployment rate was 5.1 percent for March, the unemployment rate for the Triangle (Raleigh, Durham and Chapel Hill) was 4.2 percent.
And while housing sales for the month of March 2008 were down 29% compared to last March, the average sales priced increased 2% to $259,301. Unlike other areas where housing prices are falling, the house prices have continued their slow, steady climb. There were more houses available in March 2008 (9,058) compared with March 2007 (6,928) so the good news for those purchasing real estate is that there are more houses available to choose from. For more information follow this link to the March 2008 Raleigh NC Market Trends Report
Seniors move to Raleigh and Wake County to work and play
Seniors are moving to North Carolina in increasing numbers. According to the US Census Bureau more than 22,000 people 60 and older relocated to North Carolina between 2004 and 2005 from other states. Some of them come here to be near family members. Many move to North Carolina, and particularly Raleigh and Wake County, because of the climate and social and employment opportunities. MarketWatch (November, 2007) named Raleigh/Durham, NC one of the Top 25 places for retirement jobs. The factors they considered in naming their top 25 were: general employment growth, prevalence of key retirement job opportunities, presence of age-friendly employers, unemployment rate, housing costs, general cost of living and health-care services. And if you are moving here to play instead of work there are lots of options for that too. To find out more, follow this link seniors
Forbes Ranks Raleigh #1 for Business and Careers! AGAIN
For the second straight year, Forbes has ranked Raleigh #1 on its Best Places for Business and Careers list. The upcoming April, 2008 edition of Forbes magazine will contain the ranking of the ten top cities and Raleigh, North Carolina tops that list.
The following is from Forbes.com. "Topping the list for a second straight year is Raleigh, N.C. Business costs are 14% below the national average, and the area boasts one of the most educated labor supplies in the country, with 38% of the adult population possessing a college degree and 12% holding a graduate degree. Raleigh's secret is out, though, as people have been flocking to the area."
With job opportunities, a solid housing market, great schools and an exceptional quality of life, you can´t go wrong buying a home in the Raleigh and Wake County area. (read more)
Forbes names Raleigh one of the 10 best cities for Bargain House-Hunters
When you consider buying a house in this real estate market you want to choose an area where the prices are good, but not because there is a "fire sale" going on. You want to invest in an area where there is still value and where you will eventually be able to sell your house, whether you are a real estate investor or a home-buyer who may have to make another move. Forbes.com has released a list of its 10 best cities for bargain house-hunters. They suggest the following to house buyers:
They'd be smart to look for markets where job growth is strong, foreclosures are relatively low and inventory is high. With these factors in place, buyers can still dictate terms of sale and negotiate prices, but aren't as exposed to the economic and lending risk problems that have sunk many markets around the country.
Good places to look? Salt Lake City and Raleigh, N.C., where there are plenty of sellers slashing prices, but not because of a lending meltdown.
Raleigh and Wake County are areas where you can take the risk to invest because the rise in house prices has been slow and steady. To read the rest of the Forbes.com article click here.
America´s Best City for Singles: Raleigh, North Carolina
Many of the newcomers to Raleigh and Wake County are singles drawn here by the excellent job opportunities and real estate values. Rachel Ray´s Magazine EveryDay awarded Raleigh the designation of America´s Best City for Singles in its February 2008 edition. The article starts by stating "When we started searching for the country´s best single scene, we expected to find it in a big city. The unlikely winner: small (but bustling), brainy (but fun), Southern (but worldly) Raleigh. The population is nearly 60 percent single and there´s enough Southern hospitality to charm even the most cynical bachelors and bachelorettes." We couldn´t have said it better ourselves! The article mentions that the single population is 10% higher than the national average and that almost half of the citizens 25 or older hold a bachelor´s degree or more. That is nearly 20% higher than the national average. The article goes on to talk about places to meet other singles, places to date and the late-night scene. To read more of the article, click here.
Raleigh and Wake County real estate prices continue to rise despite national trend
Raleigh and the Triangle area are once again going against the trend in home sales. Home prices in the Raleigh-Cary region in the 3rd quarter of 2007 were up 7.17 percent from the previous year. Durham prices were up 7.78 percent. At the same time the national median housing price was down 1.9 percent.
While there is speculation that house prices in our area will decline or stagnate, as they have elsewhere, there are several factors that may insulate us from the huge de-escalations seen elsewhere. One of the biggest factors is that we still have job growth. Another factor in our favor is that our real estate growth has been slow and steady over the years and our prices reflect true value. National housing expert and Yale economist Robert Shiller said "If the nation as a whole goes into a big decline, there would likely be a fall in Raleigh, but the Research Triangle Park area is one of the places I'd worry the least about." read more
Raleigh and the Triangle attract new companies and new jobs
The Triangle continues to attract new jobs, including jobs created when companies set up headquarters or branches in the area. Optimal Technologies US Inc. is moving its headquarters from Calgary, Alberta, Canada to downtown Raleigh in December 2007. They chose Raleigh after considering other locations including Austin, Texas and the Silicon Valley in California. Three major corporate relocations or expansions were announced in Wake County in 2007 which created an estimated 2,100 jobs. Raleigh and Wake County offer excellent investment opportunities for businesses - or families - seeking a new home. read more
Family Fun
Wake County and the Triangle Area offer lots of activities for families. With our mild winters it´s possible to enjoy the outdoors for most of the year. Umstead State Park is situated between Durham, Raleigh and Cary. It offers hiking, camping and picnic facilities. There are a variety of county and city parks, hiking trails and bike paths throughout the Triangle. And families seeking indoor activities will enjoy the Museum of Life and Science in Durham, the North Carolina Art Museum in Raleigh and several museums in downtown Raleigh including the Museum of Natural Sciences. To see an article from the New York Times travel section featuring these and other kid-friendly activities in the Triangle area click here.
Wake County Voters Approve Bonds
Wake County voters recently committed to quality growth in their communities by approving $187 million in county bonds. Voters were responding to the needs of a growing population by providing infrastructure and educational opportunities for its citizens. Wake County offers abundant opportunities in the way of parks, nationally recognized schools and the arts. People interested in buying homes in Raleigh or other communities in Wake County will appreciate all of the qualities that have made the Triangle area such a popular place to live. read more
Improving mortgage conditions and availability of sound real estate values
Improving mortgage conditions, good value and real estate availability provide excellent opportunities for buying real estate in Raleigh and Wake County in the coming months. With improving mortgage options, the availability of houses in Raleigh and Wake County which are not overinflated in price, and the projections for continued growth and prosperity in the region, there are some attractive real estate investment opportunities in Raleigh. read more
One of the Best Places to Grow a Small Business
Bizjournals recently named Raleigh one of the top 10 cities in the nation to grow a small business. Their study looked at 75 markets to identify those most conducive to creating and developing small businesses. The article states that "The highest scores went to areas that have prosperous economies, are expanding rapidly, and are densely packed with small businesses. " read more
Best Places to Live for 2007
Two Wake County towns have been named in Money Magazines Top 100 Best Places to Live for 2007. Apex (14) and Holly Springs (22) were both in the top 25. read more
Raleigh Market Defies Trend
According to the National Association of Realtors "Overall housing levels are historically strong, but sales remain sluggish compared to the recent boom." However, the Raleigh/Cary housing markets are not sluggish at all and are defying the trends in other parts of the country. read more
Forbes Votes Raleigh-Cary Nation's Best for Jobs!
In choosing Raleigh-Cary No. 1, Forbes praised the area for having " low unemployment, strong income and job growth, and high incomes." Raleigh-Cary, Forbes said, is an area with "good weather, a relatively low cost of living and a highly educated population" - thanks to the three major universities in the Triangle - Duke University, the University of North Carolina at Chapel Hill and North Carolina State. read more
What is it about Wake?
The August heat can be unbearable, highways clog at rush hour and even the water supply has run low -- and yet people continue to pour into Wake County. The county's estimated population stood at 746,336 in July -- up nearly 19 percent from 2000. The state demographer estimates that by 2015, the population will hit nearly 982,000, surpassing Mecklenburg's and making Wake the state's largest county. read more
Morrisville - Suburb Becomes a Retail Magnet
As Morrisville's population boom attracts stores and restaurants, larger chains take note. With the biggest retailer of them all making plans for the northern edge of town, Morrisville is on the brink of a full-fledged explosion in shopping options. read more
Raleigh Now Hiring
Survey after survey shows that at least half of all workers nose around for another job. That's in addition to about 30,000 Triangle residents who wish they worked, but don't. Here's the good news for such job seekers: 2006 is shaping up to be the most promising hiring year since the recession hit in 2001, local employers and recruiters say. The recovery was bumpy, but now companies in a broad range of industries are finally staffing up. read more
Study Sees Raleigh-Durham Real Estate Appreciation Among Highest in U.S.
A study released July 25 predicts that the Raleigh-Durham area will post one of the nation's five highest home value appreciation rates over the next 12 months. Research released by Veros Real Estate Solutions projects that home prices in Raleigh and Durham will rise about 8 percent over the next year, tying Tampla, FL, for the fourth-highest rate. read more
Schools' Solid Rep Drives Growth
When Sherry Ward was deciding where to move to in the Triangle with her 7-year-old son, she had a Goldilocks moment. Houses in Orange County were too expensive. School scores in Durham County were not high enough. And then there was Wake County, with more affordable homes and better-than-average schools. It was just right. "I decided this would be a great place for a boy to grow up in," said Ward, a former high school principal in Georgia. Parents such as Ward are contributing to an enrollment boom in Wake's public schools... read more
Task Force Tackles Growth
RALEIGH -- By the end of the meeting, even the kitchen sink had come up.
A diverse task force of business and government leaders met Tuesday morning to discuss how to handle Wake County's expected growth over the next 25 to 30 years. In a three-hour brainstorming session, the 60-member group discussed everything from how you'll get to work to where your children will go to school to how the water will get to your kitchen faucet. Now they will begin to set priorities. read more
Triangle Housing Sales May Keep Pace
RALEIGH -- The Triangle largely will be spared from a national slowdown in home sales that's expected next year, housing experts agreed Monday. Job growth and moderate mortgage rates should keep Triangle closings -- on a record pace this year -- steady into 2006, according to speakers at an annual housing forecast conference sponsored by the area home builders associations. "The idea of a housing bubble is not especially relevant around here," said ... read more
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