Tuesday Raleigh Mortgage News – 11/24/2015
Downtown Raleigh residential changing, Wake Forest stepping up, and more
Gentrification has been in full swing for a few years now in Downtown Raleigh, and not everyone is happy about it. The affordable housing market in that area will certainly get smaller over the coming years. This is just another sign of a fledgling city, and whether some people like it or not, it’s happening… One town that is working to attract more to its city limits is Wake Forest. Their hope to attract companies to the area is smart, and a great investment in its present and future. Speaking of the future, I never thought I’d see an apartment complex in Holly Springs sell for $50+ million, but it’s 2015 and the Triangle is VERY desirable to outside investors. Don’t miss your opportunity to buy while prices (and mortgage rates), are low!
As always, for a rate quote, or more information on anything mentioned here or elsewhere, feel free to contact me with any questions/queries.
5 Stories in the Triangle Mortgage and Real Estate Headlines (and more)
1. Downtown Raleigh neighborhoods are seeing big changes, racially and economically
“Downtown Raleigh has been undergoing a transformation for years, turning into a place where people want to be after 5 p.m. Some new apartments are renting for $2,000 a month, and homes are being built, renovated and sold in neighborhoods once considered undesirable. And as downtown’s rebirth pushes farther out, more neighborhoods are being gentrified.” Read more from the N&O here
2. Wake Forest takes larger role in economic development
“In Wake Forest, the chamber operates independently and handles economic development efforts to recruit new businesses. The town pays the chamber about $100,000 a year for the service. Now, the town will take over economic development. The economic development director will work full time to recruit businesses and oversee town policy that affects business and growth. The economic development coordinator will work part time help businesses that relocate to or open in Wake Forest.” Read more from the N&O here
3. NC investor group to buy Holly Springs apartments for $51 million
“A 2-year-old apartment community in Holly Springs has been sold to an investor group of mostly North Carolina residents in a deal was valued at nearly $51.2 million, or $152,277 per unit. The acquisition of the Villages at Pecan Grove in Holly Springs is the fifth apartment deal of the year so far in the Triangle to break the $50 million barrier.” Read more from the TBJhere.
4. Home Prices Continue to Outstrip Inflation
“Home prices continue to rise faster than the rate of inflation and the increase speeded up again in September. The S&P/Case-Shiller U.S. National Home Price Index (HPI), recorded a slightly higher year-over-year gain in September, up 4.9 percent compared to the 4.6 percent annual increase posted across the nine U.S. census divisions in August. The 10-City Composite increased 5.0 percent over the 12 previous months in September compared to 4.7 percent change in August while the 20-City Composite’s year-over-year gain was 5.5 percent versus 5.1 percent.” Read more from Mortgage News Daily here.
5. Goose Island Rare Bottles are about to be the Subprime Mortgage Crisis of the Beer World
Just making sure you’re paying attention. Read about the craze here.