Saturday, October 08, 2005

SOLD! 102 Eugene

Remember that little house I talked about on Eugene Steet? Well, it's already under contract.

If you are new to the Carrboro real estate market, this might shock you. But I always tell my clients, if a house is priced right and in reasonable condition in Carrboro or Chapel Hill, don't expect it to sit around for more than a week....

Friday, October 07, 2005

The Summer of Brighton Square

Brighton square is a neighborhood of condos, located off of Main St. in Carrboro, NC. The average size is less than 900 sq/ft, they are generally one level with 2 bedrooms, and 1 bath, built in the early 1980's.

So why they feature their own blog topic today? Because since 1/1/2005 17 of these units have sold. Compare that to the 8 units that sold in 2004 and 5 units in 2003.

As a REALTOR, I have to wonder, why are so many people buying units in Brighton Square? They aren't particularly large and they aren't new. Perhaps it's because they are one of the last places to buy a home for less than $100,000. In fact, it's hard to find a unit for under $100,000. The trend has been for people to buy these, fix them up and (recently) sell them for between $110-115k.

There are two on the market today. Unit #13, $118,900, 792 sq/ft and unit #31, $119,900. 860 sq/ft. If you have looked back at the archives of this blog, you see that on April 27th I mentioned unit #52 was on the market for $101,000. This is a perfect example of what's going on in Brighton Square. A few months later the new owner has added hardwood floors, new paint, new appliances, and new cabinetry. Are these changes worth an additional $18,000. I don't think so, but then again, what else can you get in Carrboro for under $120,000? If this trend continues, it may be a very wise investment for a first time home-buyer.

Thursday, October 06, 2005

What is non-profit owned real estate?

There aren't any new listings today, so I thought I might tell you a bit about Community Realty.

Community Realty is the nation's first non-profit owned real estate brokerage. What that means is that no one person owns Community Realty. There is no "boss" who sits back and gets rich from all of the profits we generate. Instead, Community Realty donates is profits to the local affordable housing non-profit, EmPOWERment, Inc., who owns us.

Last year, we gave away more than $25,000. This year our goal is to double that number.

As a REALTOR, I get paid the same as any other REALTOR-but with Community Realty, I get the benefit of knowing that I am not just helping people find homes. I am able to help people help their community. That may sound corny, but it really does make the difference at the end of the day.

Wednesday, October 05, 2005

102 Eugene Street

Looking for a small detached home under 200k in Carrboro? 102 Eugene came on the market today. Here are the basics:

956 sq/ft, 2 bedrooms, 1 bath, & 1 large den (that could be used as a bedroom), .25 acre lot, walk to downtown Carrboro, Weaver Street Market, OR Franklin Street.

$150,000. That's $156.90 a sq/ft.

The house was built in 1957. The roof was replaced, the plumbing re-done, and the electric updated in 2001. New kitchen cabinetry-2005. So as long as the inside is in decent shape this seems like a pretty good deal. My guess is that even though there are no showings until 10/10, this may not last a week.

Tuesday, October 04, 2005

Carrboro vs. Chapel Hill

If you are interested in homes in Carrboro, NC then chances are you have looked at home in Chapel Hill, NC as well. So what is the difference between Chapel Hill and Carrboro? In my opinion it depends on how you ask the question.

If you are coming from a larger city, then the differences are small. Both Chapel Hill and Carrboro are excellent places to live. As a part of the Triangle area in North Carolina (Raleigh, Durhm, & Chapel Hill), there amazing resources, schools/universities (GO TAR HEELS!), and a diverse population.

If you are more in tune with the feel of smaller cities then I like to explain the difference as such: Carrboro is the more artsy, little sister of Chapel Hill. Arguably, the heart of Carrboro is Weaver Street Market, where people shop and dine. (if you have never been to the market on a Thursday evening or Sunday morning-you are definately missing out)

Chapel Hill is the home of the UNIVERSITY OF NORTH CAROLINA at CHAPEL HILL. In my opinion Chapel Hill is a bit more formal-not in a bad way, just a more established older feeling. People are friendly and always have a smile.

To reallly get a feeling of both towns, I suggest you come visit for a weekend. Give me a call (919) 423-1072 and I'd be glad to give you a tour of BOTH.

Monday, October 03, 2005

What is available in Carrboro today?

As of today, 31 total properties are available for purchase on the Triangle MLS in Carrboro, NC.

Only 3 of these homes are condos or townhomes.

The least expensive property is 133 Coleridge Court in Canterbury (condos). Two levels with 1030 sq/ft, 2 bedrooms/2.5 baths, built in 1985. The asking price is $97,900. (approx $96 per sq/ft)

The mosts expensive property is 206 Autumn Drive in Horne Hollow. New construction. 3102 sq/ft, 4 bedrooms/3.5 baths. The asking price is $559,900. (approx $180 per sq/ft)

Sunday, October 02, 2005

Average cost of a Carrboro Home

What is the average cost of a home in Carrboro, NC? Using sales of homes in Carrboro since January 2005 this is what you get:

153 homes have sold in Carrboro.

65 of those were detached, single family homes. The avg price for these homes was $292,000, 2020 sq/ft, with 3 bedrooms, 2.5 baths, selling at 99% of its asking price. ($145 per sq/ft)

88 of those were condo or townhome units. The avg price for a condo/townhome was $153,000, 1153 sq/ft, with 2 bedrooms, 2.5 baths, selling at 99% of its asking price.($132 per sq/ft)

These numbers are purely AVERAGES. Remember from high school, you take all the information, add it together, and divide it by the number of units (in this case homes). Don't make your purchase decision based on this one blog entry. This information is soley designed to get you aquainted with what a home will ROUGHLY cost.

Does a family really need 2000 sq/ft to 'roam' in their home? Personally, I feel if 2000+ sq/ft is what your family feels comfortable in-go for it. In fact I love a home with a open, spacious master bedroom with a walk-in closet and fabulous master bath.

Is a home in Carrboro really worth $145 a square foot? Sure. In fact, lots of people spend lots of money for the opportunity to live in our town. What's not to love? The Chapel Hill/Carrboro Schools are excellent, our local co-op grocery is the best place to spend a Thursday night, and our downtown is full of local business you can't find anywhere else in the state.

So as you continue the hunt for a home in Carrboro, don't lose sight of one of the most important goals throughout your real esate transaction: to become a member of our Carrboro Community. Trust me, once you move in, you'll be glad you did.