Local Real Estate Report
Research Triangle Park - Home builders in Durham and Wake county are anticipating increased demand for housing in the Triangle. In Durham alone the number of building permits issued increased 44 percent over this time last year. Builders such as Beazer, DR Horton and Toll Brothers have increased their inventory of building lots and have started sales in newly opened neighborhoods. Homes are being built in all price points, anticipating demand from first time home buyers and move up buyers. Examples of homes recently built can be found on http://www.carolinainvestmentnetwork.com/bin/web/real_estate/AR266340/HOME_SEARCH/Durham/1273939200.html . With this being the prime selling season in the Triangle, it will be interesting to see if the builders anticipated demand correctly. I will be following their progress and reporting the outcome in future articles.
With regard to foreclosures, I’m continuing to see the slow release of REO property to the market place. Clearly the banks are concerned about real estate values and are controlling the inventory in order to limit the losses they experience when going through the foreclosure process. Since last November I’ve seen a slight uptick in pricing. The demand for quality REO’s is currently higher than supply and banks are receiving multiple offers on their foreclosures. This is causing properties to be sold for higher prices than what we saw this time last year.
Charlotte – This week, several new listings came on the market in Charlotte that would be good rental properties with positive cash flow. To receive a Cash Flow Analysis, please send request by email.
To see these properties, click on the link below.
Please send all questions or comments to kevin@kevinmcvicker.com .