Carrboro Real Estate

Welcome back!

2007-04-06T16:56:00.000-04:00

It seems that things never slow down in the Carrboro Market. So much so, that it's time to begin blogging about our housing market again. Here is the update for our market:

There are a total of 66 homes on the market in Carrboro as of today.
31 of those are detached homes and 35 of those are either a condo or a townhome.

The average price of a detached home on the market is $350,000, with 1900 sq/ft, 3 bedrooms and 2.5 baths.

The average price of a condo or townhome is $230,000, with 1379 sq/ft, 2 bedrooms and 2.5 baths.

If you are looking to buy in Carrboro NOW is the time to start looking for your home. I suggest giving your self at least 3 months complete the home buying process.

Spring is in the Air...

2006-04-26T13:58:00.000-04:00

And the real estate market is booming in Carrboro and Chapel Hill. Actually, it never really slowed down.

If this is your first time reading the Carrboro Real Estate Blog- I welcome you. If you are a returning reader- I thank you for your patience. Enough of you have emailed me- wanting an update- I had to find the time to give it to you.

So here's some basic breakdowns:

Since January 1, 2006 153 detached homes have sold-ranging in price from $145,000 to 1.5 million.

Since January 1, 2006 125 condos or townhomes have sold-ranging in price from $39,000 to 1 million dollars.

That is a lot of property... I would give an average square feet and/or an average price per square foot, but I honestly don't believe that tells you very much. What is most important is a price per sq/ft in a certain price range.

Over the next month (or so) I will be updating the blog so that people will start to become more informed before you begin you home search or home selling process.

---Shameless Plug---
I am putting the final touches on my NEW website: www.CarrboroRealtor.com. Please check it out (and email me any spellling errors or suggestions)!

There's something about...404 Berryhill Dr.

2005-10-26T15:29:00.000-04:00

If you look back in 2005 404 Berryhill Dr. was on the market twice. In march of 2005, somebody purchased 404 Berryhill Dr. for $275,000. Then in August of 2005 404 Berryhill was put back on the market and sold for $290,000.

Now before everybody starts emailing me with requests to buy a house on Berryhill Dr. please note that before this house sold in March it was on the market for 3 months and went it sold the second time in was on the market for almost 4 months.

What I really want to point out is that generally, buying property in Carrboro is never a bad idea.

Another F.Y.I. Property

2005-10-25T14:52:00.000-04:00

229 Stable Rd- $380,000, 2100 sq/ft ($180 per sq/ft), 3 bedrooms, 2.5 baths, built 2000, on a .146 acre lot.

This house was on the market for 4 days before it went under contract.

So what's the big difference between this house and yesterday's property on (1546 Pathway)? Without going into too many comparisons, I think it's safe to say the biggest differences are the age of the house and the original quality of construction. Stable Rd was built in 2000 and Pathway was built in 1994. Kovens Construction built the home on Stable Rd (the neighborhood is the Cedars at Bolin Forest).

In general, Kovens Construction does larger, more expensive, higher quality construction than the average builder-and the Cedars were no exception. Although I did not go into 229 Stable Rd, I have seen the inside of other homes in this neighborhood and I remember the actual finish of each home being EXCELLENT.

I guess what I am really saying is sometimes you get what you pay for, and sometimes you have to pay for what you want to get.

1546 Pathway- Under Contract

2005-10-24T13:41:00.000-04:00

I haven't reveiwed this property before, but I thought it would be a good update:

1546 Pathway- $359,900, 4 bedrooms, 2.5 baths, 2300 sq/ft ($156 per sq/ft), built 1994, .25 acre lot. Available for sale (or what REALTORS call "being on the market") for 32 days.

To put this in perspective, the average home in Carrboro stays on the market for about 80 days. This is a combination of homes that sell in the first couple of days and new construction (which can typically be for sale more than a year).

I don't think this was the best deal of the year, but then again there's not a huge number of houses for sale in Carrboro either.

What happened to the missing blog posts?!?

2005-10-23T20:20:00.000-04:00

Sorry boys and girls. I really do try to post something everyday, but sometimes there is just nothing to say. Carrboro has an amazing market, but it is still a small town.

I would like to make it known, that if you follow this blog and have a question you would like me to share (and answer) with the rest of the blog readers, please just shoot me an email. I try to give the information I think you need to understand our Carrboro Market, but I'm not a mind reader. FYI, I also incorporate alot of home buying questions in the the free first time home buying class I hold once a month at Community Realty.

300 Barnes Street- Under Contract

2005-10-22T20:14:00.000-04:00

Remember 300 Barnes Street? Well as the title of today's blog suggests it went under contract.

If you don't remember 300 Barnes St. look back at the blog entry for Oct. 12.

I hate to say it....

2005-10-19T20:09:00.000-04:00

But I told you so. White Oak went under contract. Need I say anymore?

White Oak Condo For Sale!

2005-10-18T19:51:00.000-04:00

If you don't live in Carrboro, then you may not be familiar with what a hot item White Oak condos are right now. First, let me give you the low down:

White Oak condos are in a really, really, great location. It is a very close to the Carrboro Farmer's Market, a short walk to Weaver Street Market, and easy access to everything you need to get to in Carrboro. The units were built in the early 80's, are brick on the outside and have identical floor plans on the inside. (two levels, all hardwood floors, half bath downstairs, and two spacious bedrooms and a full bath upstairs-1056 square feet)

In the past these units have gone under contract within 2 days of hitting the market. Today, unit A-49 went on the market for $129,900. This price is clearly the highest a White Oak unit has ever been put on the market for, BUT I personally think that you can not go wrong with one of these units. First of all, this unit is an end unit with a washer and dryer connection. (Most units don't have w/d connections-there is an on-site laundry). More importantly, let me point out that White Oak units were selling for about $110,000- 115,000 this time last year.

So maybe $129,000 is a bit high, but with a unit like this, do you really care?

103A Pleasant Dr.

2005-10-17T19:12:00.000-04:00

Pleasant Drive is one of those streets that I consider to be on the fringe of "downtown Carrboro" or the "Carrboro Mill House" area. Pleasant Drive is actually quite walkable to Weaver Street Market and only a couple of blocks away from the "Mill House Area".

I mentioned all of that because 103A Pleasant Drive seems to me to be a good deal. At $235 per sq/ft, ($254,000, 1080 sq/ft, 3 bedrooms/2 baths) if this house is in good condition it will not last long on the market. Even if 1080 sq/ft is small, I ask you, scroll back through this blog. Given it's location, what else (detached housing) can you get for $250,000 that is walking distance to Weaver Street Market?

510 Davie Rd

2005-10-16T18:55:00.000-04:00

At first glance this house appears to be a very rare Carrboro home. And by rare I mean a detached home under $200,000. In fact, 510 Davie Rd is 1970 sq/ft, 4 bedrooms, 2 baths, two level brick home (built 1963), walking distance to the Farmers Market, and only $185,000!

If you have been reading this blog, you would know at $94.00 per sq/ft, this is an amazing deal. BUT lucky for you, I am able to tell you that sometimes what sounds too good to be true IS too good to be true.

510 Davie is actually much like a two unit duplex. One the first level you have 2 bedrooms and 1 bath-- and on the second level (downstairs) you have a two bedroom/ 1 bath. The catch is that the two levels do not connect inside of the home. This means if you are upstairs and want to go downstairs you have to go OUTSIDE!

This does not mean that this house is a bad buy. It just means that this is not the ideal home for a family of four, or three, or possibly even two. 510 Davie Rd is a good buy for someone looking to live in a 2 bedroom condo in the heart of Carrboro and is willing to take on the responsibility of renting out the other two bed/1 bath unit.

114 Jasmine Court

2005-10-15T16:04:00.000-04:00

Have you ever had someone tell you it's better to own the smallest house in a great neighborhood than the biggest?

This would be the problem with 114 Jasmine Court. On the surface it appears to be a solid home. 3300 sq/ft, 5 bedrooms, 2 full baths and 2 half baths. Built in 1992, located on a small lot in a cul-de-sac in a popular Carrboro neighborhood (Quarterpath Trace). List price of $349,950.

This all sounds reasonable, but in comparison to the rest of the neighborhood, this home is much bigger and much more expensive. I have to wonder, will this appraise for almost $350,000? If this was in a different neighborhood I would say "Sure-not a problem" The real questions is what is an appraiser going to say when they compare this house to other houses in Quarterpath Trace?

116 High St. - A Carrboro Cottage

2005-10-14T15:41:00.000-04:00

Looking for just a little space in the heart of downtown Carrboro? If 744 sq/ft, 2 bedrooms/ 1 bath, is enough living space for you then perhaps 116 may be for you. Of course, at $225 per sq/ft, this little cottage could be a bit overpriced.

The listing description points out that the roof is already near the end of its useful life. Which means the new owner will have to put one on- (think a couple thousand).

I'm not too sure that this is all that great of a deal. In fact, I won't be suprised if this little home sits around for a while.

300 Barnes St. vs. 205 Barnes St.

2005-10-13T15:11:00.000-04:00

There are two houses available on Barnes St. in Carrboro. (For those of you familiar with Carrboro it is very close to OWASA).

205 Barnes St. has been on the market for almost a year. 3 bedrooms/ 1 bath, built in 1962, recently remodeled kitchen, 986 sq/ft. on a .2 acre lot. $149,900.

300 Barnes St. has been on the market for about two weeks. 2 bedrooms/1 bath, built 1952, no remodeling (recent or older), 788 sq ft. on a 1.75 acre lot. $175,000.

Why such a large price difference. Well, as they say in real estate- location, location, location. 205 Barnes St. is a solid (if not somewhat dated) home, but it is directly across from an apartment complex. 300 Barnes St. is in terrible condtion, but the 1.75 acre lot is gorgeous-perfect for someone looking to build on a tucked away lot in Carrboro.

My prediction is that it won't last too long.

102 Lisa

2005-10-11T12:44:00.000-04:00

102 Lisa drive has been on the market for about two months. It is 2300 sq/ft, 4 beds/ 2.5 baths, built in 1998-located in Plantation Acres. For those of you not familiar with neighborhoods by name, Plantation Acres is a great older (meaning most of the homes were built in the mid-to-late 70's.

So why has this been on the market so long?

I believe it is because the lot is right next to a major road. There is a nice border of trees around the lot, but you can still here a lot of road noise (which makes it hard to really enjoy the fantastic lot. I would also say this is probably not the best lot for any child/children who have a tendency to run out into streets.

Overall, I wouldn't say that this is a bad buy, but I would definetly be very sure you can live with the background traffic.

Laurel Ave

2005-10-10T11:40:00.000-04:00

On the market there are three houses for sale on Laurel Ave. If you are not familiar with Carrboro, then let me tell you that Laurel Ave is a small street very close to the Carrboro's Farmer's Market and a short walk to Weaver Street Market. It has only been in the past five or six years that any new development has occured, so there currently Laurel Avenue is a mixture of owner occupied and rental units.

The three houses on the market:
208 Laurel Ave: $299,900, 1560 sq/ft, 3 beds/2.5 baths, $192 per sq/ft
210 Laurel Ave: $312,000, 1560 sq/ft, 3 beds/2.5 baths, $200 per sq/ft
212 Laurel Ave: $540,000, 3944 sq/ft, 5 beds/4.1 baths, $136 per sq/ft

It is clear that 212 Laurel is a different 'level' of house, so let's compare 208 and 210 Laurel Ave. These are both new construction homes, currently being built. They are the same floor plan and right next door to each other, so why the different prices?

It turns out that 208 is on a larger lot, but has 8 ft ceilings and 210 has nine foot ceilings. 210's lot may be smaller, but is located between two newer homes, where as 208 is next door to an older (dare I say it?), more run-down home. So which home is better? That completely depends on the buyer, but if you are looking for a new construction home (and there is not a lot of new construction in Carrboro) then these are definately a must-see.

510 Davie Rd

2005-10-09T11:06:00.000-04:00

When you first look at the listing information of 510 Davie Rd. it seems like a pretty good deal. A 1970 sq/ft detached home (two levels), 4 bedrooms/2 bathrooms, built in 1963. Very walkable to Carrboro's Farmer's Market and Weaver Street Market. So where's the catch?

After taking a look at this home it turns out that the house has been converted (or maybe possibly started out as) into a duplex. In other words the main level is a 2 bedroom/ 1 bath home, that is completely seperate from the downstairs 2 bedroom/ 1 bath. You can not access one level from the other, you have to go outside.

As one large home it is almost $99 per sq/ft. That's great for a detached home in Carrboro (remember the average price per sq/ft is $145 sq/ft). Overall, I believe that the value in this home lies within the purchaser's loan. If you can make the numbers work, a duplex is great for someone willing to live in half and rent out the extra space.

SOLD! 102 Eugene

2005-10-08T15:20:00.000-04:00

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....

The Summer of Brighton Square

2005-10-07T15:06:00.000-04:00

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.

What is non-profit owned real estate?

2005-10-06T10:04:00.000-04:00

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.

102 Eugene Street

2005-10-05T14:18:00.000-04:00

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.

Carrboro vs. Chapel Hill

2005-10-04T12:26:00.000-04:00

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.

What is available in Carrboro today?

2005-10-03T17:57:00.000-04:00

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)

Average cost of a Carrboro Home

2005-10-02T13:47:00.000-04:00

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.

WELCOME BACK!

2005-10-01T09:30:00.000-04:00

The summer is almost over and the Carrboro real estate market has finally slowed down enough for me to return to blogging.

If you are new to the real estate blog, thanks for visiting and I hope you find my blog a helpful as you search for Carrboro real estate.

If you are repeat blog reader, thanks for being patient during the busy spring and summer season.

Real estate is hot in Carrboro, NC and this blog is the best way to understand our market.