newsobserver.com North Carolina: "Entrepreneurs who filed for incorporation in the last month represented a wide variety of industries with a heavy tilt toward service-producing businesses."
If history holds, about half of these (1,193) new companies will survive past the 2-year mark and continue to fuel the economy...go entrepreneurs go!
Thursday, December 15, 2005
More than Biotech and Basketball
newsobserver.com | Business: RTP may conjure notions of high tech college anchored towns to most people but it is also a increasingly bullish area for banking and real estate.
This N&O article is full of interesting stats some of which I have pasted below:
"Between 2000 and 2004, Wake County ranked No. 5 nationally in the number of new homes added -- 45,000, according the Census Bureau. The Triangle added more than 75,000 homes in that period, mostly in dozens of new subdivisions."
Measured in deposits, the Triangle banking market has increased 28 percent to $18.7 billion since 2002. But the number of branches is flat at 375, suggesting room for growth.
The Triangle added 22,775 jobs between January and the end of October, up almost 50 percent from the same period last year, according to the N.C. Employment Security Commission.
That may have contributed to a 47 percent increase in new apartment units in Durham, Orange and Wake counties 12 months ended Sept. 30, according to the Triangle Apartment Association.
In the three months ending Sept. 30, new single-family home permits in the Triangle were up nearly 20 percent from a year earlier, according to Market Opportunity Research Enterprises in Rocky Mount.
This N&O article is full of interesting stats some of which I have pasted below:
"Between 2000 and 2004, Wake County ranked No. 5 nationally in the number of new homes added -- 45,000, according the Census Bureau. The Triangle added more than 75,000 homes in that period, mostly in dozens of new subdivisions."
Measured in deposits, the Triangle banking market has increased 28 percent to $18.7 billion since 2002. But the number of branches is flat at 375, suggesting room for growth.
The Triangle added 22,775 jobs between January and the end of October, up almost 50 percent from the same period last year, according to the N.C. Employment Security Commission.
That may have contributed to a 47 percent increase in new apartment units in Durham, Orange and Wake counties 12 months ended Sept. 30, according to the Triangle Apartment Association.
In the three months ending Sept. 30, new single-family home permits in the Triangle were up nearly 20 percent from a year earlier, according to Market Opportunity Research Enterprises in Rocky Mount.
Wednesday, December 14, 2005
Ah the Lure of the Coast
newsobserver.com Business
Winston Hotels plans to build a 119-room Hilton in Wilmington.
To relay the advice off some of my Sneads Ferry real estate friends. When it comes to land around here, "buy all you can!"
Winston Hotels plans to build a 119-room Hilton in Wilmington.
To relay the advice off some of my Sneads Ferry real estate friends. When it comes to land around here, "buy all you can!"
Wednesday, December 07, 2005
$2.6M for 0.33 acres in Raleigh NC!
TTA ups offer $1M for 1/3 of an acre - 2005-08-31
I love stories like these in which land owners are able to retire from the sale of their property.
I love stories like these in which land owners are able to retire from the sale of their property.
Monday, December 05, 2005
Plant Poised for Picking
newsobserver.com | North Carolina:
"More than a year after Andrx ditched plans to make generic drugs at a big beige plant in Morrisville, brokers trying to unload the property are getting bids indicating its manufacturing days may be over."
Good article about the coming development wave on Morrisville.
"More than a year after Andrx ditched plans to make generic drugs at a big beige plant in Morrisville, brokers trying to unload the property are getting bids indicating its manufacturing days may be over."
Good article about the coming development wave on Morrisville.
Bank on Land!!
newsobserver.com | North Carolina: "Values up in core of Raleigh"
I recently invested in a piece of real estate in Raleigh, NC. Turns out there was a great story behind this deal.
The owner, a widow, was tired of managing the small rental unit by herself and agreed to sell it "for a market price." At the closing table she relayed the story of how she came to own it.
Back in the 60's her husband did a paper route on the side to earn extra cash. Upon visiting this house to collect his paper money he learned that the occupant had passed away. The house was going to be auctioned so he the made an offer...SOLD for $5,000.
For 40 years the woman and her husband have enjoyed a nice income from a property that was essentially purchased with paper route money!
According to this N&0 article Raleigh land is good bet...
I recently invested in a piece of real estate in Raleigh, NC. Turns out there was a great story behind this deal.
The owner, a widow, was tired of managing the small rental unit by herself and agreed to sell it "for a market price." At the closing table she relayed the story of how she came to own it.
Back in the 60's her husband did a paper route on the side to earn extra cash. Upon visiting this house to collect his paper money he learned that the occupant had passed away. The house was going to be auctioned so he the made an offer...SOLD for $5,000.
For 40 years the woman and her husband have enjoyed a nice income from a property that was essentially purchased with paper route money!
According to this N&0 article Raleigh land is good bet...
Saturday, December 03, 2005
Google Searching in Triangle
newsobserver.com | Technology:
"Brokers for Google are scouting spaces smaller than 5,000 square feet that would be available early next year. But it's not clear what the space would be used for."
"Brokers for Google are scouting spaces smaller than 5,000 square feet that would be available early next year. But it's not clear what the space would be used for."
540 Spurring Growth
Commercial - bizjournals.com
CARY - Triangle developers are lining up with plans to plant millions of square feet of office and retail space, hotels and scores of new homes on land at an Interstate 540 intersection that won't even open until August 2007.
CARY - Triangle developers are lining up with plans to plant millions of square feet of office and retail space, hotels and scores of new homes on land at an Interstate 540 intersection that won't even open until August 2007.
Tuesday, November 22, 2005
Carolina Caves for $9.1M
UNC nets $9.1M, gives Wachovia signage in Dean Dome - 2005-11-22:
In typical Carolina flare the high minded Tarheels agree to FINALLY soil the hollowed Dean Dome with signage paid for by the greedy capitalists. Stylish because they did it in a year when they probably needed it least, after winning it all last year, it is a minor story...
"The University of North Carolina at Chapel Hill said Tuesday that Wachovia has become the first company to score corporate signage in the Dean E. Smith Center. "
In typical Carolina flare the high minded Tarheels agree to FINALLY soil the hollowed Dean Dome with signage paid for by the greedy capitalists. Stylish because they did it in a year when they probably needed it least, after winning it all last year, it is a minor story...
"The University of North Carolina at Chapel Hill said Tuesday that Wachovia has become the first company to score corporate signage in the Dean E. Smith Center. "
Monday, November 21, 2005
Hock Sells for $100M Record
newsobserver.com | Business:
Area experts have recently been talking about the bullish outlook for triangle real estate. Seems they are tuned in pretty well...
"The price of about $294 per square foot is believed to be the most paid for a Triangle office building, topping the previous record by almost 70 percent, according to investment analysts."
Area experts have recently been talking about the bullish outlook for triangle real estate. Seems they are tuned in pretty well...
"The price of about $294 per square foot is believed to be the most paid for a Triangle office building, topping the previous record by almost 70 percent, according to investment analysts."
Monday, November 14, 2005
Trump Tries to Flip $125M Foreclosure
Trump takes the wraps off $125 million manse - 2005-11-14:
Talk about flipping a foreclosure. If he pulls this off it will be a new record.
"The Donald Trump marketing machine is preparing to sell what is arguably the priciest home in the nation. "
Talk about flipping a foreclosure. If he pulls this off it will be a new record.
"The Donald Trump marketing machine is preparing to sell what is arguably the priciest home in the nation. "
Wednesday, October 26, 2005
Tuesday, October 18, 2005
Developers are Actually Building Buildings
newsobserver.com | Business:
The lowest office vacancy rate in 3 years (14%) has developers breaking ground on new space...
The lowest office vacancy rate in 3 years (14%) has developers breaking ground on new space...
Monday, October 10, 2005
Toll Roads are on the Way to NC
newsobserver.com | Growth: "The first one will most likely be in the Triangle -- a 4.5-mile extension of the Durham Freeway to Morrisville, helping whisk software engineers and chemists in Cary to their labs in Research Triangle Park. The toll road could be open as soon as 2010."
Let's hope this Easley Muckety Muck is more effective than the others have been so far...
Let's hope this Easley Muckety Muck is more effective than the others have been so far...
Wendell Sheds Stale Persona
newsobserver.com | Local & State:
"As proof that this goal is no mere pipe dream, residents point to Wendell Falls, a massive 4,000-home development planned for 1,400 acres on its western edge near Lake Myra. In addition to more than doubling Wendell's population of about 5,000, Wendell Falls promises to radically alter the makeup of the town."
"As proof that this goal is no mere pipe dream, residents point to Wendell Falls, a massive 4,000-home development planned for 1,400 acres on its western edge near Lake Myra. In addition to more than doubling Wendell's population of about 5,000, Wendell Falls promises to radically alter the makeup of the town."
Triangle Rental Market Bullish
newsobserver.com | Real Deals: "The apartment vacancy rate in the submarket that includes Cary dropped to 7.6 percent in March, down from 14.4 percent in March 2002, according to the Triangle Apartment Association. The regional vacancy rate was 9.8 percent, down from 13 percent in March 2002."
Friday, October 07, 2005
Growth Growth Growth
newsobserver.com | Growth
These are obviously the projections that are bouying all the local builders expectations...
The Triangle -- especially Wake County -- consistently has grown more than expected over the past four decades.
These are obviously the projections that are bouying all the local builders expectations...
The Triangle -- especially Wake County -- consistently has grown more than expected over the past four decades.
Friday, September 30, 2005
Want to live in John Deere Signature Community??
Investor's Business Daily stock analysis and business news
John Deere and Orvis get into the "signature homes" game. Smart marketing is what it is...
John Deere and Orvis get into the "signature homes" game. Smart marketing is what it is...
Watergate building sold - 2005-09-29
Watergate building sold - 2005-09-29:
"The purchase price of about $90 million -- or about $455 per square foot -- is a bit above the average building sales price in Washington but less than the record prices seen in the past year of more than $600 per square foot. "
"The purchase price of about $90 million -- or about $455 per square foot -- is a bit above the average building sales price in Washington but less than the record prices seen in the past year of more than $600 per square foot. "
Thursday, September 22, 2005
Triangle Tops for Tech Business
newsobserver.com | Business
Here's yet another survey pointing to our great area...a good reason to be bullish on local real estate don't you think?
Here's yet another survey pointing to our great area...a good reason to be bullish on local real estate don't you think?
Tuesday, September 20, 2005
Running on Veggie Oil
newsobserver.com Growth:
This isn't a pure real estate story but I'm not a real estate only guy...I have inherited a foundness for diesel engines from my Dad...here's another reason to love them...
"'People are always asking me about it,' Fowler said. 'They want to know, 'How's the pickup? Does it run as good as a diesel?' I can honestly say it does.'"
This isn't a pure real estate story but I'm not a real estate only guy...I have inherited a foundness for diesel engines from my Dad...here's another reason to love them...
"'People are always asking me about it,' Fowler said. 'They want to know, 'How's the pickup? Does it run as good as a diesel?' I can honestly say it does.'"
Monday, September 19, 2005
McConnell Dealing ITB
newsobserver.com Growth
John McConnell recently paid $700,000 for 7.62 acres across from his Raleigh Country Club. This could be the beginning of the transformation that East Raleigh desperately needs.
Good show JMc.
John McConnell recently paid $700,000 for 7.62 acres across from his Raleigh Country Club. This could be the beginning of the transformation that East Raleigh desperately needs.
Good show JMc.
Sunday, September 18, 2005
newsobserver.com | NC: Triangle Foreclosures Down
In all, 1,530 homes were seized by lenders from April through June after people defaulted on their mortgages, according to data from the N.C. Administrative Office of the Courts. That's down from 1,648 for the same period in 2003, the year total foreclosures peaked in the Raleigh-Cary and Durham metropolitan statistical areas.
Wednesday, September 14, 2005
Murdock's Vision Unvealed in Kannapolis
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This is big stuff...talk about a public private partnership...interesting to watch the politicians fall all over themselves to give money to this developer who clearly dosn't need it...
The nearly $1 billion idea turns out to be a massive scientific and economic revitalization project that will encompass the former Cannon Mills plant and entire downtown area of Kannapolis. And to do it in about five years while creating about 35,000 jobs.
This is big stuff...talk about a public private partnership...interesting to watch the politicians fall all over themselves to give money to this developer who clearly dosn't need it...
The nearly $1 billion idea turns out to be a massive scientific and economic revitalization project that will encompass the former Cannon Mills plant and entire downtown area of Kannapolis. And to do it in about five years while creating about 35,000 jobs.
Monday, September 12, 2005
To invest or not in New Orleans
newsobserver.com Business:
I must admit the thought has crossed my mind. Shouldn't Katrina cause a huge buying opportunity? If so is it ethical to capitalize on such a thing? They say you make your money when you buy...you decide.
from today's N&O: "It's a running joke Hugo was the best thing that happened to South Carolina because of all the government money that helped rebuild Charleston."
I must admit the thought has crossed my mind. Shouldn't Katrina cause a huge buying opportunity? If so is it ethical to capitalize on such a thing? They say you make your money when you buy...you decide.
from today's N&O: "It's a running joke Hugo was the best thing that happened to South Carolina because of all the government money that helped rebuild Charleston."
Reynolds Development Vision
newsobserver.com | Business
"When the Hurricanes win the Stanley Cup, they're not going to have a ticker tape parade out on Six Forks Road," said David Reynolds. "They're going to have it on Fayetteville Street and Hillsborough Street. It's a focal point for our whole community."
"When the Hurricanes win the Stanley Cup, they're not going to have a ticker tape parade out on Six Forks Road," said David Reynolds. "They're going to have it on Fayetteville Street and Hillsborough Street. It's a focal point for our whole community."
Wednesday, September 07, 2005
Borland Bolts
Commercial - bizjournals.com
Once a huge user of space on Centennial Campus, TogetherSoft leaves town.
Once a huge user of space on Centennial Campus, TogetherSoft leaves town.
newsobserver.com | Business: Downtown Durham Deals Continue Rehab
newsobserver.com | Business
"There were a lot of people sitting on the sidelines not sure whether they could believe us when we told them that American Tobacco was going to happen, and then it started to happen and it set off a buying frenzy in our center city district," says Bill Kalkhof, president of Downtown Durham, a city booster group.
"There were a lot of people sitting on the sidelines not sure whether they could believe us when we told them that American Tobacco was going to happen, and then it started to happen and it set off a buying frenzy in our center city district," says Bill Kalkhof, president of Downtown Durham, a city booster group.
N&O: Apartments Sold in Durham
newsobserver.com | NC
DURHAM -- Colonial Properties Trust of Birmingham, Ala., and a partner paid $31.75 million, or about $85,811 per unit, for Alta Trace apartments at 400 Stone Lion Drive.
The complex was built in 2002 and is 92.4 percent occupied. Since the acquisition closed last month, the partners have renamed the 370-unit complex the Colonial Grand at Research Park.
Colonial owns or manages 47,700 apartment units, 8.3 million square feet of office space and 13.5 million square feet of retail shopping space.
DURHAM -- Colonial Properties Trust of Birmingham, Ala., and a partner paid $31.75 million, or about $85,811 per unit, for Alta Trace apartments at 400 Stone Lion Drive.
The complex was built in 2002 and is 92.4 percent occupied. Since the acquisition closed last month, the partners have renamed the 370-unit complex the Colonial Grand at Research Park.
Colonial owns or manages 47,700 apartment units, 8.3 million square feet of office space and 13.5 million square feet of retail shopping space.
Thursday, August 11, 2005
Duke Realty Building 324,000 SF
newsobserver.com | Business:
"'When our large developers start to build large buildings again, it's a clear indication that we have turned the corner in our economy,' said Kenneth M. Atkins, executive director of Wake County Economic Development"
"'When our large developers start to build large buildings again, it's a clear indication that we have turned the corner in our economy,' said Kenneth M. Atkins, executive director of Wake County Economic Development"
Tuesday, August 09, 2005
Fitch Rates Raleigh, North Carolina's $61MM GOs 'AAA' - Forbes.com
Fitch Rates Raleigh, North Carolina's $61MM GOs 'AAA' - Forbes.com:
"The 'AAA' rating and Stable Outlook reflect the city's excellent financial management and planning and diverse economic base. Raleigh is the Wake County seat and the state capital, which provides stability to the employment base. Recovery from the most recent recession is evident in a number of indicators, including declining unemployment rates and growth in jobs, retail sales, and economically-sensitive taxes."
"The 'AAA' rating and Stable Outlook reflect the city's excellent financial management and planning and diverse economic base. Raleigh is the Wake County seat and the state capital, which provides stability to the employment base. Recovery from the most recent recession is evident in a number of indicators, including declining unemployment rates and growth in jobs, retail sales, and economically-sensitive taxes."
Three groups submit plans to be regional rail master developer - 2005-08-08
Three groups submit plans to be regional rail master developer - 2005-08-08:
"Three real estate development groups have applied to the Triangle Transit Authority for the role of master developer for the planned regional rail system stretching from downtown Durham to north Raleigh."
"Three real estate development groups have applied to the Triangle Transit Authority for the role of master developer for the planned regional rail system stretching from downtown Durham to north Raleigh."
200 More Condos May Hit Glenwood South
newsobserver.com | Business
"The project would be on about 2.5 acres at the northwest corner of Tucker Street and Boylan Avenue. It would be the latest residential development near Glenwood Avenue between Peace and Hillsborough streets, a former industrial stronghold that has emerged as a center for dining, drinking and dancing."
"The project would be on about 2.5 acres at the northwest corner of Tucker Street and Boylan Avenue. It would be the latest residential development near Glenwood Avenue between Peace and Hillsborough streets, a former industrial stronghold that has emerged as a center for dining, drinking and dancing."
Cary Developer Buys Sheraton Chapel Hill
newsobserver.com | Business:
"'The reason we're buying it is, it's very hard to build anything in Chapel Hill, and when we're through renovating, we believe it will compete with the Siena or Carolina Inn,' said Sanjay Mundra, who with partner Dicky Walia owns Soleil Group."
"'The reason we're buying it is, it's very hard to build anything in Chapel Hill, and when we're through renovating, we believe it will compete with the Siena or Carolina Inn,' said Sanjay Mundra, who with partner Dicky Walia owns Soleil Group."
Biotech Center South
newsobserver.com | Growth
The head of Dole Foods wants four North Carolina universities to help create a biotechnology research center in Kannapolis to help revitalize the economically troubled region.
The head of Dole Foods wants four North Carolina universities to help create a biotechnology research center in Kannapolis to help revitalize the economically troubled region.
$250M Industrial Portfolio is largest Triangle Transation in Decade
Commercial - bizjournals.com:
"'It just shows the strength of the Triangle market to attract the dollars to local real estate,' says Rex Thomas, president of the Grubb & Ellis/Thomas Linderman Graham real estate firm in Raleigh."
"'It just shows the strength of the Triangle market to attract the dollars to local real estate,' says Rex Thomas, president of the Grubb & Ellis/Thomas Linderman Graham real estate firm in Raleigh."
Monday, August 08, 2005
Empire Building
newsobserver.com | Real Deals:
"Raleigh developer Greg Hatem's Empire Properties last month paid $5.2 million for the Raleigh Bonded Warehouse "
"Raleigh developer Greg Hatem's Empire Properties last month paid $5.2 million for the Raleigh Bonded Warehouse "
Sunday, August 07, 2005
Tuesday, August 02, 2005
Best Sales in a Decade
newsobserver.com | Business:
Investors bid up real estate as rates creep back up and job growth looks strong....
"There was at least $322.8 million in local apartment property sales. That's already more than the 10-year annual average of $209.8 million. And it's on pace to beat last year's total of $399.3 million"
Investors bid up real estate as rates creep back up and job growth looks strong....
"There was at least $322.8 million in local apartment property sales. That's already more than the 10-year annual average of $209.8 million. And it's on pace to beat last year's total of $399.3 million"
The Sun News | 07/27/2005 | Selling of public marina weighed
The Sun News | 07/27/2005 | Selling of public marina weighed:
Six developers have bid on this public Marina...I say sell baby!
"The current lease, for Southport Marina Inc., expires in 2015 with the option to extend it five more years."
Six developers have bid on this public Marina...I say sell baby!
"The current lease, for Southport Marina Inc., expires in 2015 with the option to extend it five more years."
Centex Shot Down in Durham
newsobserver.com | Growth:
"In a victory of grass roots over deep pockets, the Durham City Council voted 6-1 to deny a rezoning request for a dense townhouse development."
"In a victory of grass roots over deep pockets, the Durham City Council voted 6-1 to deny a rezoning request for a dense townhouse development."
Monday, August 01, 2005
Good News for Landlords
newsobserver.com | NC
"There were 2,533 units under construction in Durham, Orange and Wake counties in the three months ending June 30, according to the Triangle Apartment Association. That's 13.4 percent less than the number of units under construction in the first three months of the year and 35.4 percent less than a year ago."
"There were 2,533 units under construction in Durham, Orange and Wake counties in the three months ending June 30, according to the Triangle Apartment Association. That's 13.4 percent less than the number of units under construction in the first three months of the year and 35.4 percent less than a year ago."
Legs for the Triangle Office Market
newsobserver.com | Real Deals:
"CB Richard Ellis/Torto Wheaton Research... predicts the region's net absorption rate -- a measure of demand from tenants -- will be 6.2 percent in the next two years. That's above the predicted national average of 1.5 percent and 2.6 percent growth between 1996 and 2000."
"CB Richard Ellis/Torto Wheaton Research... predicts the region's net absorption rate -- a measure of demand from tenants -- will be 6.2 percent in the next two years. That's above the predicted national average of 1.5 percent and 2.6 percent growth between 1996 and 2000."
Saturday, July 30, 2005
Web site tracks development
newsobserver.com Growth
Interested in developing in SW Durham? Better run it by the ladies at www.swdurham.org. This grass roots group seeks to have a say in local development...and it appears to be working.
Interested in developing in SW Durham? Better run it by the ladies at www.swdurham.org. This grass roots group seeks to have a say in local development...and it appears to be working.
Build it and they will come...eventually
newsobserver.com | NC
Preston Development to build a $300M development on 167.8 acres in West Raleigh.
Preston Development to build a $300M development on 167.8 acres in West Raleigh.
Thursday, July 28, 2005
Cary apartment complex sold for $15M - 2005-07-27
Cary apartment complex sold for $15M - 2005-07-27:
Now that's a nice return on your money...
"Last September, Norfolk, Va.-based FCI acquired the Highlands at Olde Raleigh in northwestern Raleigh for $10.4 million, and spent $700,000 on renovations to the property."
Now that's a nice return on your money...
"Last September, Norfolk, Va.-based FCI acquired the Highlands at Olde Raleigh in northwestern Raleigh for $10.4 million, and spent $700,000 on renovations to the property."
Tuesday, July 26, 2005
Shopping Center planned near Wendell
newsobserver.com | Business:
"A 100-acre shopping center is being planned for just west of Wendell, near the intersection U.S. 64 East and the new U.S. 64/264 Knightdale Bypass."
"A 100-acre shopping center is being planned for just west of Wendell, near the intersection U.S. 64 East and the new U.S. 64/264 Knightdale Bypass."
Monday, July 25, 2005
Tax Exclusion on Sale of Residence
newsobserver.com | Business
Here's a nice explanation on how the Tax Payer Relief Act of 1997 affects home sales.
Here's a nice explanation on how the Tax Payer Relief Act of 1997 affects home sales.
Kane Expands Across 440, Picks Off Terra East
newsobserver.com | NC
Kane Realty paid about $6.8 million for the 196-unit Tara East Apartments...Kane is seeking zoning approval to demolish the apartments to build up to 175 condominiums and town houses.
Kane Realty paid about $6.8 million for the 196-unit Tara East Apartments...Kane is seeking zoning approval to demolish the apartments to build up to 175 condominiums and town houses.
Extra Space on the Side
newsobserver.com | Business:
"New and expanding companies helped the office vacancy rate tighten to 14.2 percent in the second quarter -- the lowest it has been since 2002, according to research by Highwoods Properties. The vacancy rate was down from 15 percent in the first quarter and down from 16.5 percent a year ago.
Because the market was flooded with supply, the average asking rents for class-A offices dropped to $18.67 per square foot in the second quarter from $20.03 per square foot four years ago."
"New and expanding companies helped the office vacancy rate tighten to 14.2 percent in the second quarter -- the lowest it has been since 2002, according to research by Highwoods Properties. The vacancy rate was down from 15 percent in the first quarter and down from 16.5 percent a year ago.
Because the market was flooded with supply, the average asking rents for class-A offices dropped to $18.67 per square foot in the second quarter from $20.03 per square foot four years ago."
Friday, July 15, 2005
Magazine ranks Triangle high for business opportunity - 2005-07-14
Magazine ranks Triangle high for business opportunity - 2005-07-14:
"The survey was based on criteria including education, health care, quality of life, business climate, infrastructure and most knowledgable work force. "
"The survey was based on criteria including education, health care, quality of life, business climate, infrastructure and most knowledgable work force. "
Highwoods Back in Construction Business
newsobserver.com | NC:
"Highwoods Properties plans to begin construction on a six-story building at its GlenLake office park near Crabtree Valley Mall before October."
"Highwoods Properties plans to begin construction on a six-story building at its GlenLake office park near Crabtree Valley Mall before October."
Thursday, July 14, 2005
64 Bypass Good and Bad for Business
newsobserver.com | Growth:
"Merchants on the old route say the bypass is affecting business, for both good and ill"
"Merchants on the old route say the bypass is affecting business, for both good and ill"
Group Predicts Growth Spurt
newsobserver.com | Growth:
"The Neuse River Basin, which includes most of Durham, Johnston and Wake counties, will develop at a faster rate over the next 20 years than any other river basin in the state"
"The Neuse River Basin, which includes most of Durham, Johnston and Wake counties, will develop at a faster rate over the next 20 years than any other river basin in the state"
Wednesday, June 29, 2005
Tuesday, June 28, 2005
Luxury Townhomes on Languid Pace
Residential - bizjournals.com:
"Balmoral's languid pace so far hasn't soured Poole or Baird on the luxury market. The two are readying for demolition and construction on an Oberlin Road site in Raleigh where they plan townhouses - and possibly condos - that would be priced at an estimated $300 per square foot. "
"Balmoral's languid pace so far hasn't soured Poole or Baird on the luxury market. The two are readying for demolition and construction on an Oberlin Road site in Raleigh where they plan townhouses - and possibly condos - that would be priced at an estimated $300 per square foot. "
Trinity Targets Triangle
Commercial - bizjournals.com:
"The fund is expected to close June 30 with more than $11 million for future office and industrial property investments in North Carolina. "
"The fund is expected to close June 30 with more than $11 million for future office and industrial property investments in North Carolina. "
Monday, June 27, 2005
Mobile Home Parks: They're Good If you Own them
newsobserver.com Local & State
I've never lived in a "trailer park" but growing up in eastern NC, I missed a good chance.
Onslow County was once dubbed the mobile home capital of the world...now more MHP owners are selling out because the land has become more valuable than the entreprise.
I've never lived in a "trailer park" but growing up in eastern NC, I missed a good chance.
Onslow County was once dubbed the mobile home capital of the world...now more MHP owners are selling out because the land has become more valuable than the entreprise.
Granite: More Mixed Use in Morrisville
newsobserver.com | Real Deals:
"'All the planners today are looking for some kind of mixed use or integrated use, and we want to try to figure out how we can potentially make that happen on this site,' he says."
"'All the planners today are looking for some kind of mixed use or integrated use, and we want to try to figure out how we can potentially make that happen on this site,' he says."
Wednesday, June 22, 2005
Another new Clayton Subdivision
newsobserver.com | Growth:
"On Monday, Clayton Town Council members approved Lyndale, a 159-lot subdivision, to go in across the street from Glen Laurel subdivision."
"On Monday, Clayton Town Council members approved Lyndale, a 159-lot subdivision, to go in across the street from Glen Laurel subdivision."
Bryan Donates 670 Acres to Durham Land Conservancy
newsobserver.com Growth:
"Bryan's donation is the largest in the 22-year history of the conservancy...Bryan is still developing blueprints for 400 acres to be surrounded by the Triangle Land Conservancy property. He said he hopes the preserved forests and stream buffers are selling points.
"Bryan's donation is the largest in the 22-year history of the conservancy...Bryan is still developing blueprints for 400 acres to be surrounded by the Triangle Land Conservancy property. He said he hopes the preserved forests and stream buffers are selling points.
Towers test Raleigh's limits
newsobserver.com | Business
"We're stepping into a new time zone and Raleigh is ready to be equated with cities such as Charlotte and Atlanta. It's going to happen."
"We're stepping into a new time zone and Raleigh is ready to be equated with cities such as Charlotte and Atlanta. It's going to happen."
Downtown Durham on a Spurt
newsobserver.com | Growth:
"'Over a quarter of a billion dollars,' said Bill Kalkhof, the president of Downtown Durham Inc. 'Who would have thought that for little ol' Durham?'"
"'Over a quarter of a billion dollars,' said Bill Kalkhof, the president of Downtown Durham Inc. 'Who would have thought that for little ol' Durham?'"
Developers Deal at Five Points
newsobserver.com | NC:
The great inside the beltline formula of Buy-Raze-Rebuild-Mansion- Flip is spreading to Five Points...
"The partners recently paid $345,000 for a 1,200-square-foot home on a half-acre Carson Street lot. They tore down the house and built three, 3,000 square foot homes. Two already have sold for more than $500,000."
The great inside the beltline formula of Buy-Raze-Rebuild-Mansion- Flip is spreading to Five Points...
"The partners recently paid $345,000 for a 1,200-square-foot home on a half-acre Carson Street lot. They tore down the house and built three, 3,000 square foot homes. Two already have sold for more than $500,000."
Monday, June 20, 2005
Friday, June 17, 2005
New Node into Knightdale
newsobserver.com | Business:
We have long been bullish on investment properties in Knightdale. It appears the big money is on to us...
"Developers are proposing about 60 acres of shopping, a hotel and approximately 1,000 homes and apartments for Knightdale. The sprawling development would cover 306 acres along Interstate 540 where it will connect with U.S. 64. 'What they're proposing is something we've never had before in Knightdale -- a mixed-use urban style cluster that's a whole community,' said town Planning Director Mike Frangos. 'This will be Knightdale's new front door.'"
We have long been bullish on investment properties in Knightdale. It appears the big money is on to us...
"Developers are proposing about 60 acres of shopping, a hotel and approximately 1,000 homes and apartments for Knightdale. The sprawling development would cover 306 acres along Interstate 540 where it will connect with U.S. 64. 'What they're proposing is something we've never had before in Knightdale -- a mixed-use urban style cluster that's a whole community,' said town Planning Director Mike Frangos. 'This will be Knightdale's new front door.'"
40 Story Tower to Crabtree!
newsobserver.com | Business:
Sanjay Mundra and Dicky S. Walia are planning a $90M, 40 story hotel that would be NC's second tallest building (after Charlotte's B of A Center).
"The partners are in a race to develop Wake County's first luxury hotel. Concord Hospitality Enterprises of Raleigh plans a 240-room Renaissance Hotel at the North Hills mixed-use development by 2007. And Ann Goodnight, wife of SAS co-founder Jim Goodnight, is building The Umstead, a $70 million luxury hotel to open next year in Cary."
Sanjay Mundra and Dicky S. Walia are planning a $90M, 40 story hotel that would be NC's second tallest building (after Charlotte's B of A Center).
"The partners are in a race to develop Wake County's first luxury hotel. Concord Hospitality Enterprises of Raleigh plans a 240-room Renaissance Hotel at the North Hills mixed-use development by 2007. And Ann Goodnight, wife of SAS co-founder Jim Goodnight, is building The Umstead, a $70 million luxury hotel to open next year in Cary."
Beazer Building Boom Continues
newsobserver.com | Growth:
"Beazer Homes plans to build 210 units on 39.44 acres at 5100 Farrington Road. If approved, the townhouses would include 126 two-story townhouses and 84 three-story townhouses."
"Beazer Homes plans to build 210 units on 39.44 acres at 5100 Farrington Road. If approved, the townhouses would include 126 two-story townhouses and 84 three-story townhouses."
Foreclosures Fall Slightly
newsobserver.com | NC:
Foreclosures present buying opportunitites...my guess is that over the next 3-5 years we will see a steady volume of them. New homes are sellling like hot cakes and often times, builders and bankers stretch to qualify marginal home buyers. When the economy cycles down the foreclosures rise and present buying opportunties for investors.
"The seven-county region had 2,872 foreclosures in the January-through-May period, down 1 percent from a year earlier"
Foreclosures present buying opportunitites...my guess is that over the next 3-5 years we will see a steady volume of them. New homes are sellling like hot cakes and often times, builders and bankers stretch to qualify marginal home buyers. When the economy cycles down the foreclosures rise and present buying opportunties for investors.
"The seven-county region had 2,872 foreclosures in the January-through-May period, down 1 percent from a year earlier"
Tuesday, June 14, 2005
Cary chooses builder for $10.8M USA Baseball center - 2005-06-14
Cary chooses builder for $10.8M USA Baseball center - 2005-06-14:
Ah, baseball and real estate two of my favorite subjects lately...
"The facility, scheduled to be completed by the summer of 2007, will be built on 127 acres at Cary's Thomas Brooks Park. The complex will include three training fields, one signature field and retail space. "
Ah, baseball and real estate two of my favorite subjects lately...
"The facility, scheduled to be completed by the summer of 2007, will be built on 127 acres at Cary's Thomas Brooks Park. The complex will include three training fields, one signature field and retail space. "
Red Arrows Really Help
newsobserver.com | Growth:
My kids asked me recently, why they have red arrows...seems that a red ball would suffice, but designers use it to clarify...
"Traffic engineers sometimes choose the red arrow when they're aiming at a particular target: You in the left-turn lane, stop turning."
Makes sense to me.
My kids asked me recently, why they have red arrows...seems that a red ball would suffice, but designers use it to clarify...
"Traffic engineers sometimes choose the red arrow when they're aiming at a particular target: You in the left-turn lane, stop turning."
Makes sense to me.
Johnston Co puts on the Brakes
newsobserver.com | Growth:
A 176 lot subdivision was planned for 109 acres. It would have added a grocery store and an estimated $40M to the county's tax base.
"Commissioners, however, rejected the project in a 5-1 vote on the grounds that the project's traffic design would have been dangerous to motorists and harmful to nearby business owners"
A 176 lot subdivision was planned for 109 acres. It would have added a grocery store and an estimated $40M to the county's tax base.
"Commissioners, however, rejected the project in a 5-1 vote on the grounds that the project's traffic design would have been dangerous to motorists and harmful to nearby business owners"
Monday, June 13, 2005
Upscale Communities Sprout Throughout Triangle
Construction - bizjournals.com
High-end residential is in high demand in the Triangle and developers are offering it up!!
High-end residential is in high demand in the Triangle and developers are offering it up!!
Friday, June 10, 2005
Kane Continues to Cook with Kennedy Covington Coup
newsobserver.com | NC:
Wow, to pull a huge tenant out of the revitalizing downtown is a huge score for John Kane and the North Hills team...congrats...
"The move will leave just 10 percent of its {North Hills} 100,000 square feet of offices vacant, which may accelerate plans to build more."
Wow, to pull a huge tenant out of the revitalizing downtown is a huge score for John Kane and the North Hills team...congrats...
"The move will leave just 10 percent of its {North Hills} 100,000 square feet of offices vacant, which may accelerate plans to build more."
Thursday, June 09, 2005
NC's Six Start-up Spots Score in States
Six N.C. regions among top startup spots in U.S. - 2005-06-09:
"Wilmington, Charlotte, Washington, the Triangle, Morganton and Hickory - in that order - all ranked among the top 20"
"Wilmington, Charlotte, Washington, the Triangle, Morganton and Hickory - in that order - all ranked among the top 20"
70 Bypass will shorten distance b/w Raleigh and Points East
DOT set to break ground on $123.5M Clayton Bypass - 2005-06-09:
"The new road is expected to be complete in June 2009. "
"The new road is expected to be complete in June 2009. "
Triangle Home Sales Keep Record Pace
newsobserver.com | NC:
"The Triangle Multiple Listing Service has a seven-month supply of homes on the market, down from an eight-month supply a year ago, Anfindsen said. Nationally, there is a 4.2 month supply, according to the NAR."
"The Triangle Multiple Listing Service has a seven-month supply of homes on the market, down from an eight-month supply a year ago, Anfindsen said. Nationally, there is a 4.2 month supply, according to the NAR."
Wednesday, June 08, 2005
Redo in Durham
newsobserver.com | Growth:
"Totaling more than 1 million square feet spread over 17 acres, American Tobacco is the largest historic preservation project ever in North Carolina. "
"Totaling more than 1 million square feet spread over 17 acres, American Tobacco is the largest historic preservation project ever in North Carolina. "
Auctioning Commercial Real Estate
newsobserver.com | NC:
"Speculating on rising interests rates and a rebounding economy, investors dumped $892.4 million into Triangle investment property last year -- the most spent in at least a decade "
"Speculating on rising interests rates and a rebounding economy, investors dumped $892.4 million into Triangle investment property last year -- the most spent in at least a decade "
Tuesday, June 07, 2005
Tips for Financing Investment Property
Financing real estate investments:
"'My first source of financing always will be the seller. That will always be cheaper,' "
"'My first source of financing always will be the seller. That will always be cheaper,' "
Don't Buy Housing Bubble Propaganda
Great Article comparing the current state of Housing with the stock market bubbles of the recent past:
Bottomline: We are safe. Especially in the Triangle area.
"My position is that housing is not in a bubble -- yet"
Bottomline: We are safe. Especially in the Triangle area.
"My position is that housing is not in a bubble -- yet"
Monday, June 06, 2005
Florida developer gets foothold in Chapel Hill
newsobserver.com | Growth:
"The company is willing to make less money in Chapel Hill to get a centerpiece project in the Triangle"
"The company is willing to make less money in Chapel Hill to get a centerpiece project in the Triangle"
RBC Area attracts developers
Commercial - bizjournals.com:
The Herb Garden continues to draw them like flies...GO PACK!
"'Demand for residential is already there. Demand is there for retail,'"
The Herb Garden continues to draw them like flies...GO PACK!
"'Demand for residential is already there. Demand is there for retail,'"
Kane expands vision to Tara East and Beyond
newsobserver.com | Real Deals:
"Raleigh developers Gordon Grubb and John Kane are in discussions to buy the 150-unit Lantern Square Apartments on Ramblewood Drive in Raleigh."
"Raleigh developers Gordon Grubb and John Kane are in discussions to buy the 150-unit Lantern Square Apartments on Ramblewood Drive in Raleigh."
Go West Rich Man!
newsobserver.com | Business:
Real Estate's local smart guys are betting big on West Raleigh..
"The submarket's vacancy rate improved to 14.8 percent in the first quarter, from 17.6 percent in the same quarter last year, according to Karnes Research of Raleigh."
Real Estate's local smart guys are betting big on West Raleigh..
"The submarket's vacancy rate improved to 14.8 percent in the first quarter, from 17.6 percent in the same quarter last year, according to Karnes Research of Raleigh."
Friday, June 03, 2005
Miami Company to redevelop Blount Street
newsobserver.com | Business:
"LNR ... was chosen over two Triangle-based development teams: East West Partners of Chapel Hill and York Properties of Raleigh, and Hamilton Merritt of Cary and Cherokee Investment Partners of Raleigh."
"LNR ... was chosen over two Triangle-based development teams: East West Partners of Chapel Hill and York Properties of Raleigh, and Hamilton Merritt of Cary and Cherokee Investment Partners of Raleigh."
Thursday, June 02, 2005
Durham office building sells for $18.2M - 2005-06-02
Durham office building sells for $18.2M - 2005-06-02:
Commercial Real Estate continues its return...
"The $175 per square foot paid for the building is the highest ever for office property in the Triangle"
Commercial Real Estate continues its return...
"The $175 per square foot paid for the building is the highest ever for office property in the Triangle"
Wednesday, June 01, 2005
Raleigh's water gets reprieve
newsobserver.com | Growth:
BRAVO! All of us boaters are glad to see this not to mention we drinkers of tap water...
"The state Division of Water Quality last week revoked its December decision to increase the allowed nitrogen discharge for a group of sewage plants that dump treated wastewater into the Neuse River basin."
BRAVO! All of us boaters are glad to see this not to mention we drinkers of tap water...
"The state Division of Water Quality last week revoked its December decision to increase the allowed nitrogen discharge for a group of sewage plants that dump treated wastewater into the Neuse River basin."
Builder Suppliers Bank on Boom
newsobserver.com | NC:
"'The residential home-building market has remained healthy and vibrant even in the depth of the recession,' said Lee Holder, the Anthony & Co. broker who represented Bradco. 'And as we're coming out of the recession, it's going to be even more robust.'"
"'The residential home-building market has remained healthy and vibrant even in the depth of the recession,' said Lee Holder, the Anthony & Co. broker who represented Bradco. 'And as we're coming out of the recession, it's going to be even more robust.'"
Monday, May 30, 2005
Cherokee hunt in Florida
Business: N.C. company scouting brownfield sites in Florida for development:
This is one of my favorite business models!
"The more brownfields are used for new projects, the theory goes, the less farmland and other more pristine 'greenfields' will be needed to satisfy growth"
This is one of my favorite business models!
"The more brownfields are used for new projects, the theory goes, the less farmland and other more pristine 'greenfields' will be needed to satisfy growth"
Tide Rising at Topsail!
newsobserver.com NC:
I visited the NC coast this weekend, along with about a half a million other people...apparently they like what they see...
"'Coastal North Carolina is seeing its greatest redevelopment in history,' said Dave Spetrino, a developer in the Wilmington area."
I visited the NC coast this weekend, along with about a half a million other people...apparently they like what they see...
"'Coastal North Carolina is seeing its greatest redevelopment in history,' said Dave Spetrino, a developer in the Wilmington area."
Friday, May 27, 2005
Raleigh Condo Brings $1.05M
newsobserver.com Growth:
"The 3,206-square-foot unit sold for about $328 per square foot -- 31.2 percent more than the average price per square foot of five other units sold at the complex this year."
Hey, I knew no yard maintenance and walking distance to Harris Teeter would be big draws but $1.05M? This is the kind of purchase that supports the thinking that we are approaching a bubble.
"The 3,206-square-foot unit sold for about $328 per square foot -- 31.2 percent more than the average price per square foot of five other units sold at the complex this year."
Hey, I knew no yard maintenance and walking distance to Harris Teeter would be big draws but $1.05M? This is the kind of purchase that supports the thinking that we are approaching a bubble.
Thursday, May 26, 2005
TOO LATE GOVERNOR
Hunt calls for shift in economic development - 2005-05-26:
"he now prefers supporting 'hundreds of small companies' rather than focusing on a few giant ones. "
Former Gov Hunt is now a small business supporter...Well, I guess we should be happy that he finally got it right...after having spent 16 years in office doing almost nothing to help us...welcome to the real NC Governor!!! How about trying to educate your hand-picked successor while he's still in office.
"he now prefers supporting 'hundreds of small companies' rather than focusing on a few giant ones. "
Former Gov Hunt is now a small business supporter...Well, I guess we should be happy that he finally got it right...after having spent 16 years in office doing almost nothing to help us...welcome to the real NC Governor!!! How about trying to educate your hand-picked successor while he's still in office.
Authority to Focus Resourses in SE Raleigh
newsobserver.com | Growth:
Southeast Raleigh seems to have been left behind as the Triangle Area booms...this panel wants to change that...
"The goal is to pump capital into small businesses looking to grow, to provide the financing to make market-rate housing development sprout "
Southeast Raleigh seems to have been left behind as the Triangle Area booms...this panel wants to change that...
"The goal is to pump capital into small businesses looking to grow, to provide the financing to make market-rate housing development sprout "
Wednesday, May 25, 2005
South Jersey town signs $1.6B waterfront deal with Cherokee - 2005-05-25
South Jersey town signs $1.6B waterfront deal with Cherokee - 2005-05-25
Now that is a big and bold development!
Now that is a big and bold development!
Techie Targets 20 by 2020
RealEstateJournal Landlord Chronicles:
This Seattle based MSFT guy has real estate and Raleigh on his mind....
"Raleigh, N.C., area has agricultural zoning restrictions that curb developers from converting large tracts of farmland into residential developments. Raleigh is also part of a triad of cities known as the 'Research Triangle' that hosts North Carolina's technology sector and several universities -- which, paired with generally declining apartment vacancy rates (the apartment vacancy rate for the Triangle area was at 9.8 % in March according to The Triangle Apartment Association and Karnes Research Company) -- creates potential continued demand for rentals among upwardly-mobile tenants. "
This Seattle based MSFT guy has real estate and Raleigh on his mind....
"Raleigh, N.C., area has agricultural zoning restrictions that curb developers from converting large tracts of farmland into residential developments. Raleigh is also part of a triad of cities known as the 'Research Triangle' that hosts North Carolina's technology sector and several universities -- which, paired with generally declining apartment vacancy rates (the apartment vacancy rate for the Triangle area was at 9.8 % in March according to The Triangle Apartment Association and Karnes Research Company) -- creates potential continued demand for rentals among upwardly-mobile tenants. "
Record Sales Rates in April 05
newsobserver.com | Business:
"By region, sales were up 7 percent in the South, 5.8 percent in the Midwest and 4.3 percent in the Northeast. They were unchanged in the West last month."
"By region, sales were up 7 percent in the South, 5.8 percent in the Midwest and 4.3 percent in the Northeast. They were unchanged in the West last month."
Tuesday, May 24, 2005
More Amass Big Debt To Buy Real Estate
RealEstateJournal | Sales Trends:
"Americans pulled out roughly $705 billion of equity from their homes last year, up from $266 billion in 1999. "
"Americans pulled out roughly $705 billion of equity from their homes last year, up from $266 billion in 1999. "
Pack Plans Palace in Nature's Living Laboratory
newsobserver.com | Growth
I know we promised Herbie and Chuck new facilities. It appears we are taking good care of Jim, too.
I know we promised Herbie and Chuck new facilities. It appears we are taking good care of Jim, too.
Maybe More Mixed Use Magic from Kane
Kane has eye on Alcatel property - Triangle - MSNBC.com
John Kane looks to expand the fantastic mixed use model he applied so succuessfully at North Hills.
John Kane looks to expand the fantastic mixed use model he applied so succuessfully at North Hills.
Wednesday, May 18, 2005
Careful as Bears Emerge from Winters Rest
newsobserver.com Growth:
"While ....encounters are not frequent, about 70 bears are hit and killed each year in the eastern part of the state, Jones said."
"While ....encounters are not frequent, about 70 bears are hit and killed each year in the eastern part of the state, Jones said."
Home Secure Home
Residential - bizjournals.com:
Not a big demand for panic rooms around these parts but this fingerprint entry is way cool...
"Raleigh-based custom builder John Baldwin, who is building the $4 million Rosemont manse, now wires all of his homes for elaborate security and home automation systems."
Not a big demand for panic rooms around these parts but this fingerprint entry is way cool...
"Raleigh-based custom builder John Baldwin, who is building the $4 million Rosemont manse, now wires all of his homes for elaborate security and home automation systems."
Office Developer Switches to Residential
newsobserver.com Business:
It appears that 250 more apartments are on the way at Six Forks and Strickland.
"Instead of waiting for the regional office market to revive -- at 15 percent vacant, it's still relatively loose -- Spectrum decided on its mixed-use approach."
It appears that 250 more apartments are on the way at Six Forks and Strickland.
"Instead of waiting for the regional office market to revive -- at 15 percent vacant, it's still relatively loose -- Spectrum decided on its mixed-use approach."
Mixed Use is Trendy and Pricey
newsobserver.com | Growth:
"Lenders are still tough on mixed use," said Craig Davis, a Cary developer who admires Kane's work at North Hills. "But they're getting more and more educated."
As for the prospects of new developments....
"'You'll see people crawling all over it,' Craig Davis said. 'People want to walk around. And quite frankly, they'll pay premiums for it.'"
"Lenders are still tough on mixed use," said Craig Davis, a Cary developer who admires Kane's work at North Hills. "But they're getting more and more educated."
As for the prospects of new developments....
"'You'll see people crawling all over it,' Craig Davis said. 'People want to walk around. And quite frankly, they'll pay premiums for it.'"
Water Plant to Mixed Use
newsobserver.com | NC:
"Hatem plans to convert 4,000 square feet of the two-story Art Deco building into a restaurant. The remaining 25,000 square feet will be for offices. A five-story or six-story building with several dozen condos also is planned for the 2.88-acre tract."
"Hatem plans to convert 4,000 square feet of the two-story Art Deco building into a restaurant. The remaining 25,000 square feet will be for offices. A five-story or six-story building with several dozen condos also is planned for the 2.88-acre tract."
70 Bypass Work Starts this Summer
newsobserver.com | Growth:
"'It's been a long time coming,' said Cookie Pope, chairwoman of the Johnston County commissioners. She predicts the bypass will not only help relieve congestion around Clayton but also open up economic development across the county."
"'It's been a long time coming,' said Cookie Pope, chairwoman of the Johnston County commissioners. She predicts the bypass will not only help relieve congestion around Clayton but also open up economic development across the county."
Warehouse Market on the Uptick
newsobserver.com NC:
"The group, which includes former Highwoods Properties Chief Executive Ronald P. Gibson, paid Temple-Inland $3.7 million, or about $16.48 per square foot, last week for the warehouse and 19.9 acres."
Not a bad price for 224,500SF of space.
"The price -- about 16 percent below the asking price and 37 percent below the assessed tax value -- is slightly above the average price per square foot paid for empty or nearly empty buildings in the past year."
"The group, which includes former Highwoods Properties Chief Executive Ronald P. Gibson, paid Temple-Inland $3.7 million, or about $16.48 per square foot, last week for the warehouse and 19.9 acres."
Not a bad price for 224,500SF of space.
"The price -- about 16 percent below the asking price and 37 percent below the assessed tax value -- is slightly above the average price per square foot paid for empty or nearly empty buildings in the past year."
Friday, May 13, 2005
Costco to Raleigh
newsobserver.com | NC:
The company has filed plans to build at the intersection of Six Forks and Wake Forest.
"'Obviously Costco is a huge draw,' .... 'People will drive a long way to go to a Costco. Any retailer would love to be close to a retailer like that. ... It was a good retail area before, and having Costco there just makes it better.'"
The company has filed plans to build at the intersection of Six Forks and Wake Forest.
"'Obviously Costco is a huge draw,' .... 'People will drive a long way to go to a Costco. Any retailer would love to be close to a retailer like that. ... It was a good retail area before, and having Costco there just makes it better.'"
Thursday, May 12, 2005
$100M Apartment Fund Targets Raleigh
McCann Realty and Silver Capital Join Forces to Acquire Apartment Communities Throughout the Southeast With Plans to Invest $100 Million+ in First Two Years:
"Our first acquisition, Hunter's Glen, provides the opportunity to invest in the Raleigh apartment market at a time when economic occupancies appear to ave bottomed and apartment fundamentals are improving,' said MRP's founder John P. McCann."
"Our first acquisition, Hunter's Glen, provides the opportunity to invest in the Raleigh apartment market at a time when economic occupancies appear to ave bottomed and apartment fundamentals are improving,' said MRP's founder John P. McCann."
Growth in Johnston County!
newsobserver.com Growth:
Just East of Raleigh, Johnston County residents want the growth to continue their way!!!
"'It's one of the fastest-growth areas we've seen. Just the number of single-family homes going in -- it's incredible,' said Todd Walter, a vice president of Kahn Development."
Just East of Raleigh, Johnston County residents want the growth to continue their way!!!
"'It's one of the fastest-growth areas we've seen. Just the number of single-family homes going in -- it's incredible,' said Todd Walter, a vice president of Kahn Development."
Wednesday, May 11, 2005
Priority road projects picked
newsobserver.com | Growth
"City staff members whittled down about $100 million in projects to their top priorities, agreeing that funding them would do the most to reduce congestion and air pollution."
"City staff members whittled down about $100 million in projects to their top priorities, agreeing that funding them would do the most to reduce congestion and air pollution."
Tuesday, May 10, 2005
Plans to Improve Traffic
DRAFT 2006-2012 Transportation Improvement Program
One by product of prosperity is more traffic....but we have a plan...check out the Dept. of Transportations Traffic Improvement Plan.
One by product of prosperity is more traffic....but we have a plan...check out the Dept. of Transportations Traffic Improvement Plan.
Holding out for Big Bucks in Durham!
newsobserver.com Growth:
"According to county records, Keith-Foust and her husband bought 15 undeveloped Kentington lots at a 1991 tax foreclosure auction for $15,213 -- or $1,014 per lot. About five years ago, she said, she sold a couple to the developer that assembled the land for the new mall for about $20,000 each. This time, she's looking for seven figures."
"According to county records, Keith-Foust and her husband bought 15 undeveloped Kentington lots at a 1991 tax foreclosure auction for $15,213 -- or $1,014 per lot. About five years ago, she said, she sold a couple to the developer that assembled the land for the new mall for about $20,000 each. This time, she's looking for seven figures."
Monday, May 09, 2005
Pricey downtown condos might drive out 'the little guys'
newsobserver.com | Local & State:
"'We've got a lot of clerical-type people downtown,' Gammon said. 'It's a shame they've got to drive in from Johnston County.'"
"'We've got a lot of clerical-type people downtown,' Gammon said. 'It's a shame they've got to drive in from Johnston County.'"
Building Jobs vs Buying Jobs
newsobserver.com Business: "Microsoft's decision to expand in Redmond was influenced by the fact that the city had ended its development moratorium, allowing the company to take a new look at enlarging its headquarters campus."
Okay this is a public policy post not necessarily an investment real estate post...but then again....what could affect the local real estate investor more than local public policy? My point here is NC should be doing more to foster an environment for growing the next MSFT or CREE or SAS instead of only throwing money at big companies to move lower wage jobs here....It requires a longer term perspective as does all investing, unfortunately few politicians take the long view.
Okay this is a public policy post not necessarily an investment real estate post...but then again....what could affect the local real estate investor more than local public policy? My point here is NC should be doing more to foster an environment for growing the next MSFT or CREE or SAS instead of only throwing money at big companies to move lower wage jobs here....It requires a longer term perspective as does all investing, unfortunately few politicians take the long view.
State offers plan to guard Jordan Lake from pollution
newsobserver.com Local & State:
As an avid boater, family man and and huge fan af Falls Lake, I'm glad to see this coming. It will likely make the cost of new development higher, but higher too will be the quality and it will be worth it...
"'The shoddy development probably will go elsewhere,' Jensen said. 'The good developers, the developers that have an eye to the future, they'll come.'"
As an avid boater, family man and and huge fan af Falls Lake, I'm glad to see this coming. It will likely make the cost of new development higher, but higher too will be the quality and it will be worth it...
"'The shoddy development probably will go elsewhere,' Jensen said. 'The good developers, the developers that have an eye to the future, they'll come.'"
Flex Space at Highest Vacancy in a Decade
newsobserver.com | Real Deals:
Single family housing is surely the lowest risk way for the individual investor to get started. For those looking to move up a small apartment building or commercial property is a good next step. For the small to meduim size commercial investor in the triangle, flex space may present a good buying opportunity...
"About 30.4 percent of flex space in the Research Triangle Park submarket was vacant at the end of the first quarter, according to research by Highwoods Properties."
Single family housing is surely the lowest risk way for the individual investor to get started. For those looking to move up a small apartment building or commercial property is a good next step. For the small to meduim size commercial investor in the triangle, flex space may present a good buying opportunity...
"About 30.4 percent of flex space in the Research Triangle Park submarket was vacant at the end of the first quarter, according to research by Highwoods Properties."
Apartments trudging up
newsobserver.com | NC:
Here's a good and timely article about the local apartment market, Raleigh is definitely booming and demand seems to be outpacing new development for now...
"The March numbers completed a 12-month run of single-digit vacancy -- a first in about four years.... "
As I've mentioned before, when it comes to real estate it is all about location, location, location, when it comes to apartments it is all about jobs, jobs, jobs!
"...job creation in the region has increased 3.4 percent in the past two years to 715,800 in March."
In the Triangle we have both!
Here's a good and timely article about the local apartment market, Raleigh is definitely booming and demand seems to be outpacing new development for now...
"The March numbers completed a 12-month run of single-digit vacancy -- a first in about four years.... "
As I've mentioned before, when it comes to real estate it is all about location, location, location, when it comes to apartments it is all about jobs, jobs, jobs!
"...job creation in the region has increased 3.4 percent in the past two years to 715,800 in March."
In the Triangle we have both!
Sunday, May 08, 2005
Wakefield says Bedford sales ahead of last year's pace
Wakefield says Bedford sales ahead of last year's pace - 2005-05-06
This development sure feels like a long way from "Raleigh proper" but people love the location evidence the rapid new home sales and all the mixed use development that follows.
This development sure feels like a long way from "Raleigh proper" but people love the location evidence the rapid new home sales and all the mixed use development that follows.
Wednesday, May 04, 2005
165 -unit subdivision coming to Apex
newsobserver.com Growth
Developers continue to bank on the prospect of strong jobs and steady population growth in the triangle area.
Developers continue to bank on the prospect of strong jobs and steady population growth in the triangle area.
Tuesday, May 03, 2005
Drippy REITs - Forbes.com
Drippy REITs - Forbes.com
I've long been a fan of DRIPs (dividend reinvestment plans)...they offer a very inexpensive way to accumulate stock. I have not been a big fan a REITS because they seem too volitale for the return they provide....Still, they indicate a gravitation toward real estate as a core holding for investors...and if you want to buy REITS, a DRIP plan may be the way to go.
I've long been a fan of DRIPs (dividend reinvestment plans)...they offer a very inexpensive way to accumulate stock. I have not been a big fan a REITS because they seem too volitale for the return they provide....Still, they indicate a gravitation toward real estate as a core holding for investors...and if you want to buy REITS, a DRIP plan may be the way to go.
Monday, May 02, 2005
American Tobacco apartments on way
newsobserver.com | Business:
One of my favorite projects in the Triangle is tapping in to the apartment market. Here's a good quote from this article...
"Rising long-term interest rates, which may prevent some renters from homeownership, and strong job growth are expected to create more renters in the market -- a boon for landlords, who earn income through rent."
One of my favorite projects in the Triangle is tapping in to the apartment market. Here's a good quote from this article...
"Rising long-term interest rates, which may prevent some renters from homeownership, and strong job growth are expected to create more renters in the market -- a boon for landlords, who earn income through rent."
Friday, April 29, 2005
Tips on Picking an Agent
RealEstateJournal House Talk
Yeah, there are tons of real estate folks out there. I read somewhere that 1 in 5 US households either contains an agent or has a relative who is an agent (and 1 in 4 has one who knows Kevin Bacon http://www.cs.virginia.edu/oracle/)
How do you pick one for an investment transaction? I always recommend tall guys named Dave with an MBA. This article also offers some useful tips. They're talking about a residential transaction, but it applies to commercial and investment, too.
Yeah, there are tons of real estate folks out there. I read somewhere that 1 in 5 US households either contains an agent or has a relative who is an agent (and 1 in 4 has one who knows Kevin Bacon http://www.cs.virginia.edu/oracle/)
How do you pick one for an investment transaction? I always recommend tall guys named Dave with an MBA. This article also offers some useful tips. They're talking about a residential transaction, but it applies to commercial and investment, too.
Tax Credits for Oyster Shells
newsobserver.com Growth
As coastal development booms, I expect to see more regulation. This isn't exactly what I was expecting but it's a start. Coastal legislators are trying to incentivize us to return oyster shells to the sea. When I was growing up we used them to pave our driveway.
As coastal development booms, I expect to see more regulation. This isn't exactly what I was expecting but it's a start. Coastal legislators are trying to incentivize us to return oyster shells to the sea. When I was growing up we used them to pave our driveway.
Thursday, April 28, 2005
First Time Landlord Launches His Investment
RealEstateJournal Landlord Chronicles
Mr. Jones is exactly the type of guy I'm working with, he's from Microsoft, my guy's from Cisco. He's in Seattle, we're in Raleigh, frankly I like our locale better. These folks are showing great financial savvy by diversifying. Congratulations new landlords!!
Mr. Jones is exactly the type of guy I'm working with, he's from Microsoft, my guy's from Cisco. He's in Seattle, we're in Raleigh, frankly I like our locale better. These folks are showing great financial savvy by diversifying. Congratulations new landlords!!
Wednesday, April 27, 2005
Blount Street Bids are In
newsobserver.com | Growth
Urban renewal continues downtown. This redevelopment down by the legislature comes with great expectations. Look for the other historic sections like Mordecai to do well on the footsteps of this one.
Urban renewal continues downtown. This redevelopment down by the legislature comes with great expectations. Look for the other historic sections like Mordecai to do well on the footsteps of this one.
Monday, April 25, 2005
Signals Good For Landlords
newsobserver.com | Real Deals
The demand and outlook for apartments by both investors and tenants remains strong. Some of the same dynamics driving this demand are also fueling a bull market in retail space.
The demand and outlook for apartments by both investors and tenants remains strong. Some of the same dynamics driving this demand are also fueling a bull market in retail space.
Sunday, April 24, 2005
Seasoned Home Flippers Offer Valuable Lessons
RealEstateJournal | Legal, Tax, Finance
I currently have a flood of buyers looking for the classic flipper. You know, buy a distressed property, rehab it and flip it for profits. They are out there but competition for them is steep so you'd better be organized enough to pull the trigger when an opportunity arises and be willing to accept lower margins than a few years ago!
I currently have a flood of buyers looking for the classic flipper. You know, buy a distressed property, rehab it and flip it for profits. They are out there but competition for them is steep so you'd better be organized enough to pull the trigger when an opportunity arises and be willing to accept lower margins than a few years ago!
Recruiters, incentives go hand in hand
Recruiters, incentives go hand in hand
Ah politics and real estate. Two things that effect us all. NC is an interesting state when it comes to incentives. All the politictians pretty much claim to be against them, but they use them "because we have to" to be competitive. What if we fixed the tax structure so that we were already more competitive?
At any rate, real estate investors large and small will benefit from knowing where our fearless leaders are spreading the free cash.
Ah politics and real estate. Two things that effect us all. NC is an interesting state when it comes to incentives. All the politictians pretty much claim to be against them, but they use them "because we have to" to be competitive. What if we fixed the tax structure so that we were already more competitive?
At any rate, real estate investors large and small will benefit from knowing where our fearless leaders are spreading the free cash.
AP Wire | 04/23/2005 | Despite government help, thousands of contaminated sites ignored
AP Wire 04/23/2005 Despite government help, thousands of contaminated sites ignored
Here's an interesting article about industrial real estate and brownfields redevelopment. Free money from the government to rehab real estate.
Here's an interesting article about industrial real estate and brownfields redevelopment. Free money from the government to rehab real estate.
Raleigh real estate is on fire.
Raleigh real estate is on fire. Especially multi-family residential. Investors can't seem to get enough and cash flow is optional. Capitalization rates are as low as 2-4% on apartments in good shape. Inside the beltline (ITB) is even more expensive as investors "land bank" properties, apparently for redevelopment or condo-conversions.
Recently, a listing of a 10 unit apartment building by a colleague of mine generated three different inquiries from sunny California!
The combination of a soft stock market, rising interest rates and a positive jobs outlook in NC has investors and developers betting on a strong rental market for years to come.
Recently, a listing of a 10 unit apartment building by a colleague of mine generated three different inquiries from sunny California!
The combination of a soft stock market, rising interest rates and a positive jobs outlook in NC has investors and developers betting on a strong rental market for years to come.
Wednesday, April 20, 2005
CareerJournal | Leadership as Layup? Lessons from Basketball
CareerJournal Leadership as Layup? Lessons from Basketball
In addition to all things real estate, from time to time I will post other items of interest pertaining to business, wealth creation and leadership. This is one such item.
Okay the Tarheels are back, Return to Glory, Hail to the Victors, Good Riddance Matt D., Roy’s the Man and all that good stuff, yackity, yackity, yackity, yack…..those of you who know me know that my allegiance will always lie with the Wolfpack, long live Herbie Sendek. GO STATE!
But when it comes to coaching pantheons there is none better for my money than K. I heard him give a couple of leadership talks a few years back and they were pretty awesome. Of course, it doesn’t hurt that I’m a huge hoops fan so he didn’t have any trouble keeping my attention with all the bball analogies. Apparently many others liked it too because they have hauled off and pulled him into the MBA school to help Duke continue to do what Duke does best, charge big jack for education!!
If you like Duke, or hoops or leadership or team building this is worth checking out. Same goes for his book, which I guarantee you Coach Sendek has read.
In addition to all things real estate, from time to time I will post other items of interest pertaining to business, wealth creation and leadership. This is one such item.
Okay the Tarheels are back, Return to Glory, Hail to the Victors, Good Riddance Matt D., Roy’s the Man and all that good stuff, yackity, yackity, yackity, yack…..those of you who know me know that my allegiance will always lie with the Wolfpack, long live Herbie Sendek. GO STATE!
But when it comes to coaching pantheons there is none better for my money than K. I heard him give a couple of leadership talks a few years back and they were pretty awesome. Of course, it doesn’t hurt that I’m a huge hoops fan so he didn’t have any trouble keeping my attention with all the bball analogies. Apparently many others liked it too because they have hauled off and pulled him into the MBA school to help Duke continue to do what Duke does best, charge big jack for education!!
If you like Duke, or hoops or leadership or team building this is worth checking out. Same goes for his book, which I guarantee you Coach Sendek has read.
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