Damned The Torpedoes: We're Building

newsobserver.com | Ground broken on Blount Street development

Talk about insulated pockets of real estate. The contrast between our market and the rest of the world may not have been more stark yesterday.

With the stock market diving 358+ points, Bank of America announcing 7,500 lay-offs and oil hitting record highs around $140 per barrel, WE'RE BUILDING!

Two major condo projects are announced one each in Raleigh and Chapel Hill.

LNR kicked off Blount Street Commons in Raleigh despite a market that is "obviously slower than we hoped it would be."

Highlights:
21 acres
6 block area
25 homes some historical to be renovated
495 townhouses, condos and single family residences
110,000SF of retail shops on ground floor beneath the condos
First Phase is 4.7 acres bounded by Blount Peace, Person and Polk
Prices range from $200,000 to $1M+

Ram Realty Services announced 140 West Franklin in Chapel Hill. This is the only condo project they are doing right now in the country.
newsobserver.com | Betting on Condo buyers

Highlights:
140 units
1.7 acre lot at Franklin and Church Streets
26,000SF of retail shoppes on the ground floor

Coincidentally, both developers are based out of Florida.

Banks Flock to Unlock Value with Sale Lease Backs

Unlocking Value: More Banks Discovering Gold in Sale-Leaseback Deals - CoStar Group:

"'The rationale for banks to consider sale-leaseback transactions of bank-owned property is straightforward,' according to Killian. 'Such a transaction could enable the bank to raise cash to meet strategic and funding needs, convert non-earning, 100%-risk-weighted assets into potentially lower risk-weighted, interest-earning assets, mitigate potential risk of decline in market value of owned real estate, monetize off-balance-sheet value into earnings over the life of the lease, and potentially bolster GAAP (Generally Accepted Accounting Principles) earnings,' Killian said."

We're #2! We're #2!

Best Cities to Live, Work and Play - Kiplinger.com

Okay, so Houston's got more pro sports teams but NC State had Mario Williams first before the Texan's made him rich. The College sports scene here is much better and of course, Phi Slamma Jamma Raleigh Chapter prevailed 54-52 when it counted way back in 1983.

Office Condos in the Capital City's Center

newsobserver.com | Prime location with prices to match

Good article on the plans to develop 1330 St Mary's St. and market for $225/SF.

I sold 600 Wade Ave last November 2007 for about $156/SF.

Currently marketing 612 Wade Avenue
for about $159/SF.

Fantastic location, it will be interesting to see if that region will support those prices.