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Posts Tagged ‘Durham’

January’s statistics compare January 2013 to January 2014 and are for the entire Research Triangle Region. These are sales reported to TMLS or Triangle Multiple Listing System.

January 2013 closed sales, all averages
3 bedrooms, 2.5 baths, 2153 square feet, $222,294 list price, $214,984 sale price, 109 days on market.

January 2014 closed sales, all averages
3 bedrooms, 2.5 baths, 2166 square feet, $243,141 list price, $236,237 sale price, 93 days on market.

I think that these numbers indicate a dramatic shift in the local market.

If you or anyone you know is thinking about buying, selling or leasing real estate, please call me or refer your friends to me.

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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.

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18 Marchmont Court
The Commons at Colony Hill offers single family living with townhouse amenities. The HOA maintains the grounds; owners maintain their dwellings, still how wonderful to have the grass cut. How wonderful to be prepared with a whole house generator.
18 Marchmont Court is in a word, SPECTACULAR. The main level and second level are floored in beautiful Ebony hardwood. The center staircase offers custom millwork which is elegant and one of a kind. The office/study on the main level offers a light filled sanctuary with warm custom crafted paneling. Additionally there is a main level owner’s suite with a luxurious attached bath.

WOW, describes the kitchen in this home with its expansive center island, Marble counter tops, a Gen Air range, Sub Zero refrigerators and a Copper Farmer’s sink. Additionally the finely crafted cabinets offer abundant storage and elegant display options.

This home offers and elevated verandah with exterior kitchen equipped with a sink and gas grill. The verandah is accessed only from the main level of the home for safety and security.

There is a full basement with two additional bedrooms, full bath, family room and a tucked under two car garage. The second floor offers a reading niche at the front of the home and three bedrooms. There are two full baths, each with ceramic tile at the second floor too.

18 Marchmont has so much to offer in terms of craftsmanship and value added features. An HSA Warranty is offered with this home for peace of mind. 18 Marchmont Court is 5 minutes to Duke, 10 minutes to Chapel Hill and 20 minutes to RTP. This home deserves a personal tour. Call or email me today to arrange your visit.

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Around the Town
Have you been to DPAC? DPAC, Durham Performing Arts Center.

The Bull City did it, they defied the odds, they build a state of the art performance venue, downtown. It is beautiful too. DPAC boasts 2800 seats, claims to be the largest indoor theater venue in the state and in its first years of operation earned a profit of one million dollars. There is also a $1 city tax on each ticket sold so Durham collected $303,770 in found revenue. A total of 85,000 people attended events at the DPAC in its first full year of operation.

As a season ticket holder myself, if you haven’t gone to DPAC, go! It is worth the time. The venue is safe, well lit, parking is very easy and the whole experience is exceptionally well done. This season brings… “Billy Elliot,” “Celtic Thunder,” “Joe Bonamassa,” “Young Frankenstein,” “Lion King,” “In the Heights,” “Blue Man Group,” “Shrek,” and “Hair,” to name just a few. Visit DPAC for a complete run down of shows and events.

While you’re downtown don’t miss eating at Piedmont, Revolution, Metro Eight, Dos Perros, Tobacco Roadhouse, Nanas, Magnolia Grill, Pops, Rue Cler and many other fine establishments. The Urban Spoon can keep you up to date on where to go and how to make reservations. Another very cool blog to keep you in the “know” is Bull City Rising, make a point to check in and often.

Have a real estate need? Phone or email me, Michael Sullivan today. I can help. 919-608-2372 or MSullivan@fmrealty.com

*DPAC states Business NC August 2010 page 22

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