Posts Tagged ‘real estate’

3080 D. Colony Rd. Durham NC 27705

Colony Hill condo. Water and sewer included. Pool, tennis and club included too. 5 minutes to Duke and 14 to UNC. Spacious and convenient location. Smoke free home. Graduate students most welcome as are fellows and residents. Quiet peaceful setting among the trees, yet minutes to dining, entertainment and walking trails in Duke Forest. All appliances included. Sorry no pets.

Call today to schedule a tour: 919-493-7633

Visit us online

Apply for this home


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925 Junction Rd. Durham NC 27704
Very nice home on a very large lot. Owner prefers multi year term. New paint and
new carpet through out. Spacious sun splashed formal living room. Huge
combination family and dining room with sliding doors to rear deck. Additional
storage room and shed. Fireplace for looks only unless tenant wants to have gas
logs serviced. 3 bedrooms, and 2 full baths.
Sorry no pets and no undergrad students.
We require a 600 credit
score, clean background check and debt to income ratios adequate to cover rent.
Call us at 919-493-7633 to schedule a visit.
Visit us on line at www.MLSullivan.com

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Here’s how the numbers shape up December 2016 vs. December 2017 in the Triangle Real Estate Market:

December 2016 closed sales

2992 closed sales, 50 average days on market, average list price $282,750 average sale price $278,673

December 2017 closed sales 3020 closed sales, 48 average days on market, average list price $296,281 average sale price $292,381

2016 total units sold: 37,351, average days on market was 49, average list price was $273,795, average sale price was $269,991.

2017 total units sold: 39,301, average days on market was 44, average list price was $290,843, average sale price was $287,641.

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2293 closed transaction/Average days on market 77/Average list price $247,219/ Average sale price $241,844


2494 closed transactions/Average days on market 73/Average list price $256,592/Average sale price $251,931

That’s a healthy jump comparing 2014 vs 2015. If you are considering selling your home, as a thank you we will provide a one year HSA Warranty at closing. If you purchase a home with us, as a thank you we will provide a one year HSA Warranty at closing too. **call for details/subject to lender approval.

As always thank you for your referrals. We list, sell and lease residential real estate from the VA border in the north to Fuquay-Varina in the south and from Clayton in the east to Mebane in the west.

A market analysis is always free and at no obligation.  HAPPY SPRING.

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Beware of the HOA

Ok, so I’ll admit it, my relationship with the animal that is the HOA management company is a bit of Jekyll and Hyde or love at times and dislike immensely at other times. I understand that the role of the HOA is to step in where government can’t get the job done, but of late I’ve seen a whole lot of abuse.

Most management companies charge buyers a fee at settlement so that the management company can update their records with the new name, address, telephone number and email of the buyer purchasing the property.  I think all of this is important information to have on hand when managing a community. The fees charged range from $45 to $200.  In my opinion anything over $50 is outrageous and gouging. Especially since many HOA management companies never really get around to actually updating the information. This leaves me questioning; exactly what is it that the HOA management companies are charging for?  I think that if buyer information isn’t being updated that’s tantamount to theft or willful negligence.

There is an association here in Durham that rigorously enforces that trash cans be removed from curbside the day of collection.  That’s fair and right; what isn’t fair and what isn’t right is that this particular HOA management company has Durham Neighborhood Services; a city department funded by taxpayers, come onto private property and drive the neighborhood’s private streets and tag unit owners and tenants who neglect to bring their cans in by sundown on the day of collection. If its private property the city has no business enforcing HOA rules; the duly paid property manager needs to do their job and get out there and can patrol for trash cans.  I did manage to set the city enforcer right on this one with a digital photograph of the “private road” sign after he insisted to me that he would never venture onto private property to enforce city code.

Finally, there is the strong hand weak hand paradigm which I see as pervasive in associations and their management companies. In my neighborhood typically parking infractions bring down an iron fisted strong hand on the transgressor. However, leave your trash cans out at the curb 365 days a year and you are treated with a feather light weak hand. Replace doors with permission but wait a brief time to paint them; hard handed chastisement; yet replace a front door with a non-conforming door, neglect to get permission; stall and delay in finally getting permission; refuse to remove the non-compliant door; weak hand so much so that years later the offending door is still up and no one is doing anything about it.

So what’s the solution for those buying real estate in communities with an HOA and HOA management company? Educate yourself; know that if an association was formed decades ago that the covenants and rules of governance might be weak, outdated and inadequate. Like anything else, time has a way of healing and adapting to deficiencies. Read the neighborhood covenants and rules and review the manager’s contract. If time permits, attend a board meeting or review meeting minutes before buying. Drive the neighborhood at different days and different times; observe lawns, gardens, garbage cans, parking and what you observe happening day to day. Once you buy, send your information to the community manager and insist that they acknowledge that your information has been updated; failing to do so may cost you thousands of dollars. Lastly, once you close on your property, get involved with the board of directors, know your stuff and don’t be afraid to be a squeaky wheel. Many boards and managers are acutely aware that their residents are complacent and operate from that premise.

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Day to day I’m out showing and there isn’t much to show!  Add to that the stress of having to deal with REALTOR/Agents who don’t enter complete data into multiple listing; such as room dimensions or incorrect tax data and boy is it a struggle.

My promise to you…my team and I will take the time to properly represent your home in our marketing.  This includes but is not limited to entering proper tax, home owner association and directions to your home, (we know our right from our left.) We will go above and beyond and enter room sizes (not required) and the floor where rooms reside.  This is VERY important to  buyer clients; some folks need bedrooms, bathrooms and living space on specific floors.  Why not make their life easier and their agent’s life easier and supply complete, correct information?  We promise to do so with each and every listing.

So here’s some current market data….

The real estate market here in the Triangle heated up in 2014…

By the numbers 2014 vs. 2013


30,886 total sales

69 average days on market

$250,051 average list price and $244,892 average home sale price


29,545 total sales

72 average days on market

$242,554 average list price and $236,662 average home sale price

If you’ve been waiting for the market to rebound to sell, now might be the time.  Call me or email me. I’d be delighted to meet, generate a competitive market analysis and help you weigh your options.

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Still looking good…

February 2013 vs. February 2014 closed residential real estate statistics for the entire RTP region, from Triangle Multiple Listing:


1656 closed sales, 3 bedrooms, 2.5 baths, 2107 square feet, $216,967 list price, $210,960 sale price, 111 days on market.


1693 closed sales, 3 bedrooms, 2.5 baths, 2141 square feet, $233238 list price, $227635 sale price, 97 days on market.

In my opinion the inflation in average list and sales prices comparing 2013 to 2014 is startling. I expect with inventory down that we’ll continue to see this upward tick in prices.  Condos and townhouses are recovering much more slowly.

Know someone who’s thinking about buying, selling or leasing real estate?  Refer them to us. 

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Offered at $129,900

614 Ruby St. Durham, NC 27704

To learn more about this terrific Durham, NC home and all of our listings, visit www.TeamMichaelSullivan.com or our Facebook page.

In a word, charming! Just starting out and looking for your first patch?  Here it is.  Looking to simplify life?  Here it is.  614 Ruby St. offers, a large front porch, a fully fenced rear yard, a large storage shed, worry free vinyl siding and a terrific Northgate Park neighborhood location.

Inside you’ll find hardwood flooring in the living room, dining room and both bedrooms. All appliances remain with this home; refrigerator, stack washer/dryer and range. The kitchen offers ample cabinet space and just steps away there is a rear deck for warm weather enjoyment.

Want to see inside or learn more?  Call us 919-608-2372 or email MSullivan@fmrealty.com

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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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Happy New Year just a few days late. Below is a comparison of 2013 closed sales versus 2012 and 2011 closed sales for the entire Triangle Region as recorded in Triangle Multiple Listing.

2013 Averages-29514 total sales 3 bedrooms, 2.5 baths, 2165 square feet, $242,609 list price, $234,712 sale price, 86 days on market

2012 Averages-23886 total sales 3 bedrooms, 2.5 baths, 2171 square feet, $234,017 list price, $226,437 sale price, 118 days on market

2011 Averages-19765 total sales 3 bedrooms, 2.5 baths, 2142 square feet, $231,660 list price, $222,896 sale price, 136 days on market

The Triangle market has worked to clear listing inventories which right now are hovering at just under a three month supply. This stress on product inventory, primarily in the detached housing market is pushing prices higher. Condominiums still present a bit of a problem with tightening restrictions on lending criteria from Fannie Mae and Freddie Mac.*

If you or someone you know is thinking about buying, selling or leasing real estate, please refer them to me.  Thanks.

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