Raleigh home prices rise, more infill homes planned, and a new ITB condo project
Spring is coming? Hopefully the weather, but a booming real estate market? For sure. Home prices have certainly been higher in Raleigh, due to lack of inventory, and due to many positives signs we’ve seen in the city over the past few years. Luckily, mortgage rates are still low.
More information on a few new exciting projects are linked below. First, 1300 St. Mary’s has started major renovations and will be open in about a year. It’s a nice condo project on the corner of Wade Avenue and St. Mary’s Street, and is a great owner-occupied option to the ever expanding apartment market. Second, is the old Brookview site, which will add another dimension to downtown living. Hopefully more of the same to come!
5 Stories in the Triangle Mortgage and Real Estate Headlines (and more)
1. Home prices rise in Raleigh, fall in Durham-Chapel Hill in January
“Home prices increased in January in Raleigh and fell again in the Durham-Chapel Hill area compared with the same period last year, according to a new report from data analysis provider CoreLogic. Home prices, including distressed sales, increased 4.8 percent in the Raleigh market. In the Durham-Chapel Hill area, prices declined 0.1 percent. The Durham-Chapel Hill market has seen prices fall for seven straight months. Read more from the News & Observer
2. 6 Steps to Get the Best Mortgage Rates This Spring
“If you’ve got the itch to ditch your landlord and take the leap to homeownership, mortgage rates are still low by historical standards. But beware because they are expected to begin creeping higher throughout the year. “The cost of renting is really high right now. Rents have been rising and rising,” says Lawrence Yun, chief economist at the National Association of Realtors. “Renters are getting squeezed, and some want to convert to ownership.” Read more from U.S. News & World Report
3. Infill residential development planned for Raleigh’s ‘Tiny Town’
“Developers plan to build a community of new homes in the midst of an established neighborhood at the edge of downtown. The new houses will replace a cluster of small rental homes known as Tiny Town near the Oakwood and Mordecai neighborhoods. The rental community, called the Brookview Apartments, is under contract by residential developer Community Properties in a joint venture with builder Robuck Homes. Read more from the News & Observer
4. Work begins on Raleigh condo project
“Demolition work has begun on a project that will convert a 47,000-square-foot office building in Raleigh’s Hayes Barton neighborhood into 39 condominium units. White Oak Properties paid $2.79 million last month for the property at 1300 St. Mary’s, according to Wake County property records. The building sits at the corner of Wade Avenue and St. Mary’s Street just northwest of downtown. Roland Gammon, White Oak’s owner, said completion of the project will take about a year. The condos, which will range from studios to three-bedroom units, will be priced from $169,000 to $400,000.” Read more from the News & Observer
5. Demolition permits issued for historic downtown Raleigh warehouse
“The owners of a nearly four-acre block on the south side of downtown Raleigh have started positioning demolition equipment with plans to tear down the five buildings that make up a former service center for the Greyhound bus lines. But a vocal group of historic preservationists has issued a plea to Raleigh city leaders seeking suspension of the demolition permits that were recently issued to the D.H. Griffin Wrecking Co. until they have a chance to work out another potential deal to rehabilitate and reuse the existing warehouse buildings on the site.” Read more from the Triangle Business Journal