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BobbleHead
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http://www.mihomes.com/

We have house at the Bexley @ Weston. LOVE it, and loved M/I Homes.

10/24/2006 4:34:09 PM

ncsuapex
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http://www.wral.com/businessarchive/10121227/detail.html



Triangle Housing Market Continues To Grow In Sales, Value
Statewide, N.C. defies national trend as sales, prices rise in 2006.

POSTED: 12:20 pm EDT October 20, 2006
UPDATED: 8:24 pm EDT October 20, 2006

RALEIGH, N.C. -- Looking to sell your home? The housing market continues to be a good one across the Triangle.

Sales of existing homes in September increased 4 percent across the Research Triangle metro area, and housing prices climbed 3 percent compared with the same month in 2005, according to new data from the North Carolina Association of Realtors.

Statewide, existing home sales were up 5 percent, to 108,373, and prices increased 2 percent, to $214,309, when compared with the first nine months of 2005. Sales did drop 4 percent when compared with September of 2005.

Nationally, sales are off more than 12 percent through Aug. 30, according to the National Association of Realtors.

“We’re bucking the national trend in a lot of ways,” said Michael Walden, an economics professor at North Carolina State University.

Declining interest rates and the fact that North Carolina is a “growth state” with an increasing population are among the factors helping increase sales, Walden said.

“Interest rates are still affordable when they are under 8 percent,” Walden said, “and we’re under 6 percent.”

Walden also noted that the state had avoided a “housing bubble” in which market speculation would drive prices to unsustainable levels. A more moderate increase in prices, thus avoiding a bubble, “is really helping us now,” he added.

Across the Triangle, the 3,098 homes were sold in September for an average price of $229,687, the N.C. Association of Realtors said.

Other markets also reported increases, including Rocky Mount (124 homes sold, up 10 percent), Wilson (108 sold, up 33 percent), and Fayetteville (414, up 2 percent).

Sales dropped 19 percent in Pinehurst, to 130, and 6 percent in Goldsboro, to 104.

“More than anything else, the numbers for September indicate that the market is at a more sustainable pace,” said Tim Kent, executive vice president of the N.C. Realtors Association, in a statement. “In North Carolina, in particular, we live in a climate where we have strong job markets in the urban areas and offer great value in our coastal and mountain regions. We are blessed with a healthy supply of housing stock.”

10/24/2006 4:44:09 PM

pwrstrkdf250
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the triangle always has a steady positive trend


RTP, the universities, high rankings in magazines, etc etc

10/25/2006 8:20:47 AM

wolftrap
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I'm pretty sure the triangle real estate market was doing quite poorly when we arrived in '87. Granted that was a long time ago.

The problem with these sprawling cities is you can always build further out to increase the supply. Everyone drives everywhere anyway, right?

The exception would be Chapel Hill - they seem to have decent zoning laws.

10/25/2006 10:42:13 AM

pwrstrkdf250
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look at pricing in the tringle (inside the beltline for example)

they've always had steady positive with occassional large positive jumps

10/25/2006 10:49:42 AM

theDuke866
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^^, ^

ITB is kinda like oceanfront...they're not making any more of it.

10/25/2006 11:02:53 AM

pwrstrkdf250
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Quote :
"I found a good deal on 43 acres in halifax county

approximately $75K in timber on the property currently

I may end up buying this"


this is what I'm into

buy property

log it, mine it, do what you have to do but get paid and let the land pay for itself
take out farming and hunting leases to pay the taxes every year and sit on the land for 20 or so years

replant the pine and in 25 years sell the trees and the property

10/25/2006 11:16:52 AM

Skack
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Quote :
"Mortgage rates near 2006 low
Long-term and short-term rates drop for a sixth straight week, reflecting a housing market slowdown."


http://money.cnn.com/2006/12/07/real_estate/mortgage_rates2/index.htm?section=money_topstories

12/7/2006 2:48:05 PM

David0603
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http://bankrate.com/brm/news/mtga/Dec0706_mortgage_analysisa1.asp

12/7/2006 4:20:38 PM

Skack
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Quote :
"Realtors: Home sales may keep falling in 2007
Industry group says 2006 decline likely to continue but should level off by the end of year; increase seen for interest rates."


Quote :
"Lereah also predicted that 30-year mortgage rates would increase to 6.7 percent by September. Those rates were at 6.11 percent last week, mortgage finance company Freddie Mac reported."


http://money.cnn.com/2006/12/11/real_estate/home_sales.reut/index.htm?section=money_topstories

[Edited on December 11, 2006 at 6:14 PM. Reason : l]

12/11/2006 6:14:26 PM

David0603
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What is the reasoning behind higher interest rates?

12/11/2006 6:17:38 PM

ImYoPusha
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stabilize the economy

[Edited on December 11, 2006 at 7:25 PM. Reason : thats more gooder]

12/11/2006 7:24:09 PM

David0603
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I'm confused by your response.

12/11/2006 7:37:47 PM

ImYoPusha
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this is really concise but, lower interest rates = people speding more money in their "day to day" lives or some shit. Somehow, high interest rates correlate with people spending money with a more frugal attitude

[Edited on December 11, 2006 at 7:42 PM. Reason : yep]

12/11/2006 7:40:20 PM

David0603
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So, are saying people spending less money is good for the economy?

12/11/2006 7:58:43 PM

ImYoPusha
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sometimes, yeah. but of course, more often that's not the case.

12/11/2006 8:01:06 PM

David0603
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So how would this act "stabilize the economy?"

12/11/2006 8:02:30 PM

ImYoPusha
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Quote :
"If interest rates are increasing and the Consumer Price Index (CPI) is decreasing, this means the economy is not overheating, which is good.
But, if rates are increasing and GDP is decreasing, the economy is slowing too much, which is bad.
If rates are decreasing and GDP is increasing, the economy is speeding up, and that is good.
But, if rates are decreasing and the CPI is increasing, the economy is headed towards inflation, and that is bad."



http://useconomy.about.com/od/interestrateindicators/p/interest_rate.htm


I honestly think you are trolling, cause if you really cared you would google "effects of high interest rates"

12/11/2006 8:07:53 PM

David0603
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If you looked at my previous posts you'd realize I am anything but a troll. I seriously doubt feds will raise the rates early next year, but we shall see...

12/11/2006 8:11:43 PM

pwrstrkdf250
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I'm actually looking into buying duplexes, triplexes and quads, if anyone knows of any good ones in their area let me know

1/8/2007 11:49:11 AM

wolfpack0122
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My company has sold/received more contracts to build homes in the last two months than we did in the previous year. So business is doing pretty well for us.

1/8/2007 2:00:38 PM

BobbleHead
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I have a few quads listed in Lillington NC, I also have Raw Land....Pwr, can you do anything with 856 acres?

1/8/2007 2:10:05 PM

pwrstrkdf250
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I don't want a quad that far out of town


if i get one I want it in the raleigh area


as for the big tract of land, I could probably sell that pretty easily

where is it located

1/8/2007 2:51:59 PM

JT3bucky
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well i think this kinda fits in this thread

plus you guys could give some easy help im sure

ok we listed our apartment for sale about 3 months ago. got a buyer this past friday...he decided he would go through with it and even wrote us a $2500 holding check. We had been looking to move for that same amount of time pending the sale of the apt. The next day we call a lady who had a good deal on an apt. we were looking into getting with the sale of our current apt. we call her and say we will buy. Guy calls up on Sunday and says that he no longer wants the home and will be going on monday to clear the check. Problem here is that the check had already been cashed we just didnt tell him that. Basically he went through with it that far that we thought he really wanted it...now we are stuck in a problem area.

anyways, anyone know of any good houses that might be in the NCSU area that are around or greater than 3 bed 2 bath under about 180k mark. I've used YSU and all of them but the markup for closing cost and all that crap is tremendous and we would rather do FSBO which i have also looked at those sites and found nothing really. anyone know of any better sites or perhaps where i can find foreclosed homes without going to the courthouse?

1/8/2007 2:56:54 PM

pwrstrkdf250
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did he already sign the offer?


receive the deed?

1/8/2007 2:58:21 PM

JT3bucky
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ne he just signed the check in the amount of 2500 bucks. thats as far as it got me thinks


I know that we did try and cash the check this morning but the guy had already cancelled it somehow via online or phone or something.

anyways the lawyer told us that if we sell the place for less that what we agreed upon with this current guy to someone else, the current guy is responsible for the difference. anyone wanna tell me how that works

for example say we were selling it to the check guy for 100k, well he backed out but another person comes through and we only get 90k for it, check guy is responsible for the extra 10k.

1/8/2007 3:03:23 PM

pwrstrkdf250
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legally he is responsible


the agent that brought him to you is also eligible for his compensation for bringing you a willing/able/ready buyer

but that doesn't always happen

1/8/2007 3:05:36 PM

JT3bucky
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the agent is my aunt

she could care less about making money off it, she just wants us to sell it and is helping out.


are there any forclosure sites or places i could find houses that arent on the MLS, maybe something that needs a bit of renovation or something...that would help out greatly.


but yea i guess he is responsible kinda like puttin a down payment on a car and not buying it.

1/8/2007 3:09:51 PM

BobbleHead
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I can tell you that you can search MLS, I found some townhomes under 100,000K that needed help, that is a $400/mo mortgage, just fyi.

1/8/2007 3:11:50 PM

pwrstrkdf250
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there was a site in the paper today

http://www.wakecountydistresssales.com

1/8/2007 3:17:55 PM

JT3bucky
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thanks guys

keep em coming if you have any more

1/8/2007 4:41:49 PM

Skack
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Quote :
"anyways, anyone know of any good houses that might be in the NCSU area that are around or greater than 3 bed 2 bath under about 180k mark."


Could you do low-$200's for a really nice house?

1/8/2007 4:49:11 PM

krazedgirl
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do any of yall own houses or townhouses that you rent out? after HOA and other fees do you come out with a positive cash flow each month? i'm trying to look into some properties and if i do a 15 yr i have a negative cash flow...and if i do 30 yr i barely break even....is there any reason why i should do a 15 yr vs a 30yr?

is something wrong with the picture? is there some online calculator somewhere

1/8/2007 5:32:49 PM

ImYoPusha
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sounds like you arent putting enough down.

which should be your biggest concern

1/8/2007 5:36:26 PM

Skack
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No, there is nothing wrong with that picture. Lots of people take a loss now in exchange for a modest profit 10 years from now, large profit 30 years from now, and a nice nest egg when they sell it. So what if it costs you a hundred bucks a month out of pocket for the first 5 years if the net effect is that you start to turn a profit and eventually own a valuable piece of property outright.

The 15 year mortgage is nice, but it will reduce your buying power if you're planning to make more purchases.

1/8/2007 5:38:24 PM

krazedgirl
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i'm putting 20% down.....

does it matter if i go with a 30 yr mortgage and generate positive cash flow out of the property or if i go with a 15 yr mortgage and have a negative cash flow each month but generate equity faster....

what if i plan on selling it again in a few years.....does it matter?

1/8/2007 5:42:51 PM

BobbleHead
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I can do a cash on cash return for you.

1/8/2007 5:51:48 PM

pwrstrkdf250
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Quote :
"Could you do low-$200's for a really nice house?"


there is a house on avent ferry for sale (right near ivy commons and avery close) that I just checked out

list price is 175k

needs to be updated, it's got some obsolescense, but it could be a 200k home with the right owner

1/8/2007 6:57:17 PM

Skack
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^ Yeah, that one looks nice. What's up with the trees being painted white? Is that a temporary thing for Christmas, or is it permanent? I couldn't tell when I was just driving by.

Here's a link btw: http://tinyurl.com/yn5pzc

Proximity to Centennial Campus is nice. Anyone seen any growth forecasts for Centennial over the next 5, 10, or 20 years?


http://tinyurl.com/yctj2l

I think I looked at this house a few years ago and it was in the mid $130's to low $140's range. It's not one of the ones with the beltline in the backyard, but the noise was still really bad.

[Edited on January 8, 2007 at 7:10 PM. Reason : .]

1/8/2007 7:03:54 PM

pwrstrkdf250
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it is an old lady, who apparently went crazy with white paint

I jsut need to find a duplex,triplex, or a quad around here that I like

[Edited on January 8, 2007 at 7:16 PM. Reason : ..]

1/8/2007 7:16:10 PM

JT3bucky
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yea i have looked at both of those, not really what im looking

the fairway ridge one is ok, but it just seems to lack the overall location and just whatever

somethings missing in it i dunno

the one off avent i havent been in but may do so in the next few days, we will see...just lookin for foreclosures and all now if i can find some, something like that instead of the MLs route.

1/8/2007 7:20:34 PM

krazedgirl
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is there a good free tool to calculate cash on cash.. so i can determine if certain properties are worth investing in...so i can learn and play around with some numbers

my other hesitation is if the property sits unrented, i can't afford 2 mortgages

1/8/2007 8:26:03 PM

Str8BacardiL
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Quote :
"Proximity to Centennial Campus is nice. Anyone seen any growth forecasts for Centennial over the next 5, 10, or 20 years?"
Here is the master plan for it. http://centennial.ncsu.edu/masterPlan/index.html

1/8/2007 8:38:07 PM

Skack
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^ Thanks.

Quote :
"it is an old lady, who apparently went crazy with white paint"


I guess you could paint them brown and probably nobody outside of 10' from the tree would notice.

Anyone have an idea of what the typical gross rent multiplier is here in Raleigh?

http://podcasts.yahoo.com/series?c=e&s=6121ba1876b99ab335e83d0a4fa61868&es=31&rs=1

I highly suggest listening to these free real estate podcasts for anyone interested in real estate investing. A lot of it is common sense, but I picked up a lot of good tips out of it.

1/8/2007 9:02:01 PM

robster
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driftwood manor is a pretty decent rental investment, especially if you are looking to start out with something small ... mortgage under 250 a month, as the condos run about 60-65k (2 bedroom, some with an office)

They are right off of western and blueridge, near the beltline. Very quiet area, and there are a few for sale currently, one below me.

1/9/2007 8:20:51 AM

drtaylor
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^^ i know what cap rate i underwrite with for commercial deals, but i'm not familiar with a benchmark residential grm for the area

i'd call a mortgage lender, they probably know, if you want somebody to talk to let me know

you can probably get a good estimate just looking at properties for sale with simlar stats in low ownership areas, but that'll take more time

if anybody needs a lender or realtor to bounce questions off of - after working with 100+ realtors and a dozen lenders i'm down to one or two that i recommend

1/9/2007 8:57:47 AM

JT3bucky
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^^I actually have one for sale right now in Driftwood now that u mention it, i could let it go.

its a 3 bedroom though, appliances stay and it has new carpet

75k takes it

1/9/2007 12:11:34 PM

BobbleHead
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Quote :
"is there a good free tool to calculate cash on cash.. so i can determine if certain properties are worth investing in...so i can learn and play around with some numbers

my other hesitation is if the property sits unrented, i can't afford 2 mortgages

"


I can do it for you, for free...it takes me about 5 mins to finish.

1/9/2007 2:25:22 PM

Stein
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Is there any website I can go to to get more information about these Driftwood Manor places?

I'm interested in buying something, but access to 440 and campus is important and the location of those seems to fit the bill.

1/9/2007 5:34:15 PM

Skack
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http://fmrealty.com/site/property/search.asp

^ Use this search tool and plug "driftwood manor" into the subdivision field. There are 6 for sale between $60k and $80k.

I looked at one there a couple of years ago that I was thinking of buying as an investment. It was a bottom floor that was on/below grade. The stairwell going down to the apartment was really wet and musty smelling. I don't want that to scare you off though...I'm sure each building is different and the pricing is good.

1/9/2007 9:22:52 PM

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