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"
Monday, May 30, 2005
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."
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