110 Creedmoor Rd. Stem, NC

Our newest listing has so much to offer.

April 2012 vs. April 2013 Durham NC Real Estate Trends

In the past month I feel like I’ve become an expert on appraisal problems.  Nearly every transaction that I’ve been working on has had an appraisal problem, value has come in too low.  This even after careful consideration of comparable sales when pricing or helping buyers make an offer on property. In residential sales the bank appraiser is the ultimate word on value and sellers caught short typically reduce their price. 

Additionally I consider April, May and June the danger months; this because the comparable sales used by appraisers fall in the winter doldrums. So, some advice, if you’re going to refinance your home wait until July, August, September or October, especially if you’re looking for maximum value, you’ll benefit from the spring bump.

Here are the numbers, April 2012 vs. April 2013, Durham County NC

2012 average sale

283 Closed sales

3 bedrooms, 2.5 baths, 2033 square feet, $201,335 sales price, 112 days on market, $95.86 per square foot

2013 average sale

324 closed sales

3 bedrooms, 2.5 baths, 1925 square feet, $198,100 sales price, 95 days on the market, $98.99 per square foot

 Interesting, a large bump in sales yet smaller homes, fewer days on market and higher dollar per square foot.

March 2012 vs. March 2013 Durham NC real estate trends

March 2012 vs. March 2013 comparison for Durham County, closed sales/all residential sales

 

2013

Closed Listings: 280

Average Sales Price:$202,742

Average Size in Square feet: 2023

Average Days on Market:  107

 

2012

Closed Listings: 257

Average Sales Price: $190,098

Average Size in Square feet: 2040

Average Days on Market: 131

I’m going to just say WOW, not for the number of sales or days on market which both are improvements but for the spice in pricing.  Let’s hope that this is a housing recovery.

2810 Dogwood Rd. Durham, NC 27705

2810 Dogwood Rd. Durham NC 27705

Designed by noted and acclaimed architect William Van Eaton Sprinkle, 2810 Dogwood Road has been lovingly updated by its current owners while keeping the property in character with its midcentury modernist roots.

Sited on 1.4 acres atop a gentle knoll 2810 Dogwood Rd. respects its geography. The homes red brick compliments the lush ever blooming green landscape and the sleek roof and window lines nicely juxtapose natural vertical elements. This harmony with landscape flows nicely into interior spaces.

This home has a genuine feel of relaxed elegance so reminiscent of the mid-twentieth century. At every turn, the formal living room, dining room, breakfast room, sun room, office, library, family room, bedrooms and exterior living spaces there are intimate niches ideally suited to conversation, thought or grander scale entertaining. Formal and informal spaces are generously sized and arranged in unexpected ways to promote flow and ambience. One of the homes three fireplaces is always close at hand and ready for use.

At 2810 Dogwood Rd. there is a beautiful integration of traditional elements and modern features. Throughout the home there are vintage built in cabinets made of knotty pine, darkened by age and highlighted nicely by gleaming oak hardwood flooring.  The baths have blended lovely marble floors with reclaimed wood vanities, décor sinks and fixtures and custom beaded glass tile tub walls. Each bath has a monochromatic color theme that soothes the senses and invites one to linger.

The kitchen in this home is indeed the center and heart of the house. Natural light spills in from the wall of windows in the adjoining sunroom. The floors have been taken back to their original oak, modern appliances have been upgraded and granite counter tops have been added to sleek Kitchen Maid cabinets. A bountiful amount of counter space provides nicely for any type of entertaining and meal preparation. Just steps away from the kitchen are secluded rear yard deck spaces for outdoor entertaining or the formal dining room with French doors that also opens to the backyard decking.

With four bedrooms, each arranged to be en-suite if needed and three and a half baths and just at 4000 square feet the configuration of this home is flexible and suited to nearly any circumstance.

Interested in learning more or a private tour, call Michael Sullivan, REATOR/Broker 919-608-2372 you can learn more at our web site, www.TeamMichaelSullivan.com

Stepping out of real estate and talking about…food

Bangkok54 Café, Hwy 54 Chapel Hill NC

If you’re looking for excellent, unpretentious and great Thai food, then look at Bangkok54. 

On my last visit I started with a fresh roll, two priced at $4.95. The rolls were just the right mix of boiled shrimp, pork and other delicate surprises wrapped in rice paper. The pineapple sauce with a bit of tang was a great juxtaposition to the cool wraps.

My entrée was Bangkok chicken. At first I was concerned about the potential for this to be too spicy hot for me. Make no mistake this dish is red, very red and one can see flecks of red pepper in the sauce.  The boneless chicken breast is deep fried and then covered with this amazing red sauce. The menu calls the sauce, spicy sweet chili and garlic sauce. It is indeed a pleasant surprise, the heat is minimal and offset nicely by the sweet and a pleasant compliment to the lightly battered chicken breast. The sauce is less thick than traditional sweet and sour sauce; it is more of a compote.

When you go to Bangkok54 and you should, be patient. Typically there is two wait staff in this storefront bistro which seats maybe 40 people. The staff is friendly but they run, checks can come slowly and meal tickets are tiny little yellow post it notes with the total written on them. There seems to be a decent selection of Asian beer and the un-sweet iced tea that I drink has a hint of something floral and didn’t require any sweetener.

The Un-Motivated

The unmotivated

I know that I’m tired. In the last two weeks I’ve shown upwards of seventy homes. Many of those homes are lovely and well-priced but not the right fit for the variety of buyers that I’m working with. I’ve written four offers and one has been accepted.  That’s a terrible average.  I have two times out been faced with unmotivated sellers and their agents.

Contemplating two properties, both have been on the market more or less for three years.  Both are overpriced.  Standard operating procedure is for me, as a buyer agent is to pull comparable home sales at time of offer. I did.  In both cases I couldn’t find justification for price; so we generated an offer accordingly. With the first offer another competing offer miraculously appeared.  The co-listing agent called around once my offer was in hand and shopped it. Legally right in NC to do so, with seller permission, however terms cannot be shared. Terms might have been shared, might not, I’ll never know.  So legally this is right, ethically it’s pretty crappy and leaves a sour taste.  Sadly, we didn’t get the house.

Concerning offer number two, again comps won’t support price and the seller rejects our offer. Playing Mr. Nice guy, I ask the listing agent if she can send me comparable homes sales to justify her price, poor little ole’ me just can’t find them. Her response, a rather snippy; look at this area, look at that area, you’re on your own buddy boy. Um, hello!  I did look at that area and this area, the translation; price cannot be justified. So, hence an unmotivated agent and seller and a home that is sitting on the market.

I empathize with listing agents.  I know it’s hard to look a seller in the eye and say, I know you believe your home is worth “x,” but the reality is it’s worth “y,” and here are comparable sales in your area that justify what I’ve just said. Real estate agents more so than any other field are loath to ruffle a seller’s feathers, after all we rely on them for our inventory and what if they go to someone else or fsbo or a limited service company or gasp, what if they ask us to cut our commission?

So, with this off my chest and after a quiet Easter, tomorrow I’m off to show homes.

For Rent: 3BR/2 1BA Single Family House in Raleigh, NC, $1,550/month

For Rent: 3BR/2 1BA Single Family House in Raleigh, NC, $1,550/month.