I’d like to start off by asking each of you how long have you lived in this area? 1 Yr or more, 5 yrs or more, 10 years or more, 20 years or more? As you can see there aren’t a lot of natives in this town! I have actually lived in this area for just about 20 years and I have been amazed at the transformation of this city. When I first moved to this area High House Road in Cary was a two lane road!! The only grocery store was Kroger on Kildaire Farm Road! What we have seen over the past 10-20 years has been incredible growth in the Triangle/Cary area. At the peak we saw 18000+ relocating to the area. When I first started bringing clients out to “New Cary” they kept asking me where are all of these people coming from anyway? The answer is all over the country!! Cary has always been a planned community and has grown strategically to the North west and Southeast. That said, the past 10 years Cary/Apex/Holly Springs have thrived! We have grown not only in the number of residents but expanded in a way that occomodated the arts, schools, sports, and business.
We have 8% distressed properties vs. 70/80 in other cities like Phoenix arizona
Cary Market Update
Moving to the <br />Triangle in 2010? <br />Presented by:<br />Tracy Santrock<br />2008 Listings Sold Associate of the Year<br />2009 Preston Agent of the Year<br />Realtor, ePro, ABR, CRS, SRES<br />919-656-5310<br />Live Where You WorkLoveWhere you Live<br />
Cary Achieves a Decade of Growth & Prosperity<br />Growth<br />66% in the Cary/Apex/Holly Springs Morrisville areas since 2000 from 137,338 residents to 227,556 residents <br />Business<br />Availability of commercial real estate in the area has grown 5% to 4M Square Feet according to Karnes Research<br />RTP commercial real estate grew 73% in the last decade<br />Growth of available shopping center space grew 47%<br />There is now a mix of national retailers, diverse restaurants, local shops and small ethnic grocers<br />Arts & Culture<br />Koka Booth Amphitheaterseats up to 7000 people and hosts events 100 days out of the year<br />In Apex the former Mayor's office has been renovated and opened as theHalle Cultural Arts Center<br />Holly Springs opened their own Cultural Center in 2009. This center hosts plays, photography shows and movie nights<br />Every 2nd Friday of the month Fuquay Varina hosts Art After Dark<br />Sports<br />Cary is now a major player in the national sports scene<br />USA Baseball Complex opened in 2007<br />WakeMed Soccer Parkattracted the ACC and NCAA Championships and the Raleigh Railhawks<br />Cary became one of six places in the country to be designated an NCAA Championship City, with the potential to host college tournaments in men’s and women’s sports during a four-year period<br />By 2012 Cary will have hosted six NCAA championship tournaments in soccer, baseball, cross country and tennis<br />Schools<br />4 New High Schools in the area include Green Hope High, Holly Springs High, Middle Creek, and Panther Creek High<br />Student enrollment grew 47% to 139,600 students<br />22 new schools opened in Cary, Apex, Morrisville, Fuquay-Varina and Holly Springs<br />
The Triangle Housing Market Shows Signs of Recovery<br /><ul><li>The Triangle Area Never experienced the “Wild Price Fluxuations” seen in many parts across the US (Average Appreciation in the Triangle from 2000 3%)
2010 Predictions have been the two healthiest real estate markets are Austin, TX and Raleigh-Cary, NC
It has long been predicted that the Triangle will be a “LIFO” market meaning that we will be the last one in the recession and the first one out
Although inventory is climbing(11600) this area has not seen the “flood” of foreclosures/short sales in the rest of the US(Although this is changing somewhat depending on the location)
There were 29,679 showings during the first quarter in the Triangle area. This was a 51% increase from Q4 2009.
Pending sales increased 49% in the Triangle Area
Q1 Closings in the Triangle were up 21% vs. 2009
May closings for detached homes were up 37%, Townhomes up 8%, and condo closings up 57% compared to 2009
In June alone buyers closed on 2676 home bucking the nationwide trend </li></li></ul><li>Mortgage Rates Dip below 5% <br />So why are interest rates so low?<br /><ul><li>Historically the lowest interest rates in decades -depending on your credit scores and LTV (loan-to-value), interest rates are any where from 4.25% to 4.75% for a 30 year fixed rate.
Primarily due to the Debt crisis in Europe & slow growth in China
As the Euro confidence eroded, investors chose the US Dollar instead
Demand for $$s caused the cost of debt to drop</li></li></ul><li>Homes are becoming more affordable <br /><ul><li> Median Sales Price dropped from $260,000 to $244,900 in 2010
Median Price Per Square Foot has also dropped slightly but still holding stable (From $125 to $119)
85% of all homes sold in the Triangle in 2009 were less than $350,000
Location is important: Many of my buyers that were purchasing further out are now returning to Cary since the home prices have adjusted slightly
Downward price pressure on the Luxury Home Segment – in some areas of the triangle there is 3-5 Years of Inventory
The closer a homebuyer gets to RTP the more expensive the real estate </li></li></ul><li>So how is the Cary Market Doing in 2010? <br /><ul><li> Average Days on Market has climbed from 86 in 2009 vs 96 in 2010
Cary Sales YTD(7/21/2010) 577 Sales YTD in Cary in 2009 vs 765 in 2010 (up 33%)
Northwest Cary has the lowest inventory in the Triangle (8 months Supply)