Tuesday Raleigh Mortgage News – 9/1/2015
Dillon warehouse project could be approved today, Cary’s healthy market, and Brier Creek is growing again
Happy September! The stock market has been down of late, but gas prices and mortgage rates remain low. As it has been for some time, this a great time to buy (or refinance) in Raleigh. The impending rate hike continues to be delayed, and property values are increasing steadily. If you want to know more, reach out!
By the time you’re reading this today, the Dillon project could be green lit and on its way to becoming a reality. It will certainly change the landscape of downtown, but whether you like it or not, it’s a strong sign of the consistent progress that downtown is enjoying (and enduring). While articles have been written about the lack of retail downtown, it’s impossible not to commend the turnaround of places like the warehouse district, that will certainly add to the vibrancy of the area, and expand the reach of potential retailers. Lack of retail in downtown areas is a nationwide problem, not just a Raleigh problem. Oh yeah, living quarters downtown are doubling. More people to buy stuff!
On the flip side of downtown… Cary is absolutely booming. Like it or not (and if you are interested in the above paragraph, you might not), it’s getting to the point now where a Cary address alone helps property value. Seeing is believing, but read the article below for some more statistics as to why this is happening.
Finally, the new homes arms race continues with M/I Homes making a huge purchase near Brier Creek. Like Ballantyne on the outskirts of Charlotte, Brier Creek has turned into almost its own city over the past 10-15 years. With this 114 acre purchase, expect the area to continue to grow in size and sense of community for many years to come. (More info below)
And for fun, here are 5 Questions with a producer of ‘Love it or List It,’ whose new season will feature much of the Triangle (not to be confused with my ‘5 Questions with’ series on runners). Speaking of… Runners: The Oak City Mile is coming Sunday, September 13th. Run down Hillsborough Street to your best mile time since high school! More info here.
5 Stories in the Triangle Mortgage and Real Estate Headlines (and more)
1. Raleigh could approve Kane Realty’s downtown tower project Tuesday
“After two months of negotiations, city leaders seem poised to approve a $150 million mixed-use tower project in the warehouse district that will change downtown Raleigh’s skyline. The Raleigh City Council on Tuesday is expected to consider a request by Kane Realty to rezone 2.5 acres between South West Street and South Harrington Street, allowing the company to build a 17-story commercial tower and nine story residential building. The proposal, referred to as the Dillon project, would include 200,000 to 300,000 square feet of office space, 250 residential units and 15,000 to 20,000 square feet of retail. It has garnered attention from Raleigh residents and the development community because Kane’s is the first major request from a developer to build a tower in the warehouse district.” Read more from the N&O
2. Report: Cary has the 8th-healthiest housing market in the U.S.
“Cary has the eighth-healthiest housing market in the U.S., according to a recent report by personal financial website WalletHub. The rankings are based on 14 metrics, including the percentage of homes with negative equity, average number of days on the market, foreclosure rates, building permit activity, home price as a percentage of income, job growth and population growth. Raleigh is No. 9 among large cities with a population 300,000 and above, and Durham is No. 19 among mid-sized cities with a population between 150,000 and 300,000.” Read more from the TBJ
3. M/I Homes buys 114 acres near Brier Creek for $10 Million
“National home builder M/I Homes has closed on its acquisition of a 114-acre assemblage of land in eastern Durham County near Brier Creek where the builder has proposed plans to build up to 500 new homes. The new neighborhood property, which has not yet been named, is adjacent to the age-restricted Carolina Arbors by Del Webb community that Pulte Homes is building. Both communities are located near the intersection of Leesville and Andrews Chapel roads at the border of Durham and Wake counties, less than seven miles from Raleigh-Durham International Airport.” Read more from the TBJ
4. New rules could further complicate closings
“Could home sale closings get delayed in the coming months, even more than they are now? Bankers, real estate agents and title insurers think they might. They are worried that the new federally mandated mortgage and real estate disclosure procedures scheduled to take effect nationwide Oct. 3 will lengthen the typical time span from sales contract signing to settlement. The new rules, which mandate longer document review times for buyers and impose an entirely new set of disclosures in place of the traditional Truth in Lending, Good Faith Estimates and HUD-1 settlement forms, are likely to take awhile for mortgage and closing service providers to get accustomed to using. Some industry experts warn that today’s 30-day to 40-day turnaround times could extend to 45 days or longer, depending on the number of complications that arise during the process.” Read more from the N&O
5. Money Pros: With interest rates low, is it a good time to refinance a home?
“Interest rates on 30-year fixed-rate mortgages have dropped to levels near all-time lows — they fell to below 4% and have now risen to just above that level. The same goes for 15-year fixed and adjustable-rate mortgages, or ARMs, which are near all-time lows of close to 3%. With the Fed warning it will raise interest rates, you would think there has been a pick-up in refinancing — and you’d be right.” Read more from NY Daily News