Mike's "the realtor" blog

NCYTE in Chapel Hill

2010-09-29T13:57:00.000-07:00

Many of you have heard me rave about the North Carolina Youth Tap Ensemble (NCYTE.org). Here is why!!!

109 Kinsale Drive, Chapel Hill, NC $579,000

2010-09-29T13:53:00.000-07:00

109 Kinsale Drive, Chapel Hill, NC $579,000

Another great short sale. Negotiations ongoing with Bank of America but we are close to a payoff letter. Would you like 6700sf in The Oaks for under $600,000? Call Today!

1 Emily Road, Chapel Hill, NC - Short Sale

2010-09-29T13:50:00.000-07:00

1 Emily Road, Chapel Hill, NC 27516 - Short Sale Letter not yet approved. If you are interested in this home please call us right away.

This home should sell quickly at $275,000. All offers considered but this is an "As Is" sale.

140 W. Franklin

2010-09-28T10:07:00.000-07:00

140 W. Franklin St. is still 60-90 days away from breaking ground said a representative who came by our office today. There is about 10,000 sf of space for one large or two smaller restaurants on the left side by the plaza and retail along Franklin st. Please contact one of your favorite KW Commercial agents for more information.

McDonald's closes at New Hope Commons

2010-01-04T16:00:00.000-08:00

Something I have never seen is a McDonald's restaurant closing. Imagine that. Well it has happened. The McDonald's that shares space with the Walmart in New Hope Commons in Durham, NC is no more.

Kildare's Irish Pub comes to Franklin St.

2010-01-04T15:58:00.001-08:00

Kildare's Irish Pub comes to Franklin St this Spring of 2010. Great Pub which originated in Pennsylvania and now is spreading its wings south. They are taking over the building where Buffalo Wild Wings used to be. Menu looks great!

Tanger Breaks Ground on New Outlet Center

2010-01-04T15:55:00.001-08:00

Tanger Breaks Ground on New Outlet Center
Tanger Factory Outlet Centers recently broke ground on the "Tanger Outlet Center of the Piedmont," which is situated upon a 52-acre parcel located just off Interstate 40/85 at Exit 154, on Arrowhead Boulevard in Alamance County, Mebane, North Carolina. From this spot, Tanger plans for the outlet center to serve shoppers in the regions of Raleigh/Durham and Greensboro/Winston-Salem.
The $60 million outlet center would be 317,000 square feet, comprised of 80 stores including Saks Fifth Avenue OFF 5th, Banana Republic Factory Store, Coach Factory, Gap Outlet, J. Crew, Michael Kors, BCBG/Girls, Nike Factory Store, Tommy Hilfiger, IZOD, Bass, and many more.

Tanger plans to open the outlet center this fall. - CoStar January 4, 2010

Just Listed - Commercial Flex Space, Graham, NC

2009-12-15T11:38:00.000-08:00

Just Listed - Commercial Flex Space, Graham, NC
16,060 Square Feet - Flex Space
Available Immediately
B2 Zoning- Built in 1963 - $549,000
323 W. Harden St., Graham, NC
Current home of New Directions Ministries and Pine Ridge Church in beautiful downtown Graham, NC. This property consists of a 50/50 split of warehouse and office space currently being leased to Pine Ridge Church and utilized as offices for New Direction Ministries. Originally a food market in 1963, property was converted to office space in 1979. Property certainly could be utilized for various business needs.

NATION'S HOUSING

2009-12-08T13:07:00.000-08:00

NATION'S HOUSING

IRS to outline changes in the home buyer tax credit program

Revisions include expanded income limits, a cap on home prices, additional documentation requirements and prohibitions against claims by dependents.

By Kenneth R. Harney

December 6, 2009

Reporting from Washington

If you're thinking about applying for the new $6,500 home buyer federal tax credit or the extended $8,000 version, the Internal Revenue Service has just issued its first formal guidelines for you.

Tops on the agency's list of advice: Cool it for a couple of weeks. Even if you qualify for one of the credits, don't send in any requests to the IRS quite yet. Wait until later this month when the agency publishes its revised Form 5405 with the key instructions needed to get you a check from the government.

The forthcoming version of the form will incorporate the major changes to the tax credit program made by Congress in legislation signed by President Obama on Nov. 6. These include expanded income limits, a cap on home prices, additional documentation requirements and prohibitions against claims by dependents.

In a tax bulletin issued just before Thanksgiving, the IRS emphasized that all home purchasers after Nov. 6 "must use this new version [of Form 5405] to claim the credit." Put another way: If you send in the old version -- the one you can currently download from the agency's website, www.irs.gov -- your request for the credit will probably go nowhere.

The legislation -- known as the Worker, Homeownership and Business Assistance Act of 2009 -- extended the $8,000 first-time home purchaser credit until April 30 for signed contracts and June 30 for closings. The law also created a new tax credit for people who have owned a principal residence for a consecutive five of the previous eight years, and who purchase a replacement principal residence with a signed contract no later than April 30, followed by a closing no later than June 30.

Qualified repeat buyers can obtain credits up to $6,500. For both the first-time and repeat buyer program, the credit is equal to 10% of the purchase price of the house, up to a maximum of either $6,500 or $8,000.

The new IRS bulletin also outlined the agency's guidance on other important features of the amended credit program:

* Members of the armed forces, as well as diplomatic and intelligence personnel serving in foreign countries, will get an extra year to buy a principal residence and still qualify for a credit. They will have until April 30, 2011, to enter into a contract to purchase a house, and until June 30, 2011, to close on it.

* Anyone who buys a house after Nov. 6 -- even those who had intended to get in the door before the previous Nov. 30 expiration date for the $8,000 credit -- will now need to comply with several new rules. First, the house cannot cost more than $800,000. Second, no one under age 18 can claim the credit no matter what the circumstances. And finally, anyone who is counted as a dependent on another taxpayer's federal filings is ineligible for a home purchase tax credit.

* The expanded income limits for purchasers after Nov. 6 range to $125,000 in "modified adjusted gross income" for single taxpayers and to $225,000 for those who file jointly. Singles with incomes between $125,000 and $145,000 may be eligible for reduced credit amounts, as are joint filers with incomes from $225,000 to $245,000. Anyone with an income above these amounts cannot qualify for either of the credits. Under the pre-Nov. 6 rules, taxpayers applying for the $8,000 credit were limited to incomes of $75,000 (single filer) to $150,000 (joint filer).

The IRS continues to offer detailed consumer information resources on the credits, including questions and answers on a variety of home purchase scenarios.

For example, some taxpayers seeking the extended $8,000 credit are uncertain about co-purchase and co-signing situations, especially involving parents and adult children. When a home-owning parent co-signs for a mortgage with a son or daughter, and both names appear on the note, can the son or daughter qualify for the first-time purchaser credit?

The IRS says the parent clearly does not qualify for any portion of the credit since he or she already owns a principal residence. But if the son or daughter has not owned a house during the three years preceding the current purchase, and qualifies on income, he or she can be allocated the entire $8,000 credit.

Similarly, when unmarried individuals co-purchase a house, and only one of them is eligible for the credit, the full $8,000 can be allocated to the eligible buyer.

Distributed by the Washington Post Writers Group.

New rules for the latest Home Buyer Tax Credit

2009-11-16T14:38:00.000-08:00

New rules for the latest Home Buyer Tax Credit - Jay Papasan from Keller Williams Realty is great at explaining the details.

Tax Credit Extended to April 30

2009-11-16T10:00:00.000-08:00

Tax Credit Extended to April 30

First-time Homebuyers
· The measure will extend the first-time homebuyer tax credit until April 30, 2010. In addition, those who have signed a contract before May 1, 2010 will have 60 days to close on the home.
· Increases the income limits to $125,000 on a single return and $225,000 on a joint return (from $75,000 and $150,000, respectively). As with the current credit, the extended credit has a $20,000 phase-out after those limits are reached.
· Those who purchase in 2010 will be able to claim credit on 2009 tax return.
· Definition of first-time buyer remains the same as those who have not owned a home in the last three years.
· The credit will remain at $8,000.

Step-up Buyers
· Those who have owned the same home for 5 consecutive of the last 8 years will be eligible for a $6,500 tax credit.
· The $6,500 tax credit will be eligible for purchases between December 1, 2009 and May 1, 2010. The same opportunity to close within 60 days applies.
· The income limits are also $125,000 on a single return and $225,000 on a joint return and have a $20,000 phase-out thereafter.
· Those who purchase in 2010 will be able to claim the credit on 2009 tax return.

Other provisions regarding the homebuyer tax credit in the bill.
· No homes over $800,000 will be eligible for the tax credit.
· It will extend the tax credit for the military and other Foreign Service Officers serving abroad through April 30, 2011. It also waves the recapture fee for all military personnel should the individual move and sells the home within 3 years.
· Cuts down on tax credit fraud by providing authority to the IRS to do greater electronic oversight and requires that the taxpayer claiming the credit be 18 or older.

Adiós Ted

2009-08-27T06:10:00.000-07:00

A true champion of every day citizens past away on Tuesday. Ted Kennedy's service to our country was selfless. We'll miss you Ted.

Existing-home sales rose 7.2%

2009-08-21T13:45:00.000-07:00

News Alert
from The Wall Street Journal

Existing-home sales rose to their highest level in nearly two years from June to July as cheaper prices and the availability of tax credits continued to entice buyers. Home resales rose more than expected, bouncing 7.2% -- the highest month-over-month percentage increase in more than a decade -- to a seasonally adjusted 5.24 million annual rate, the National Association of Realtors said.
Foreclosures and short sales reflect 31% of sales in July. The median price for an existing home last month was $178,400, a 15.1% decrease from July 2008.
http://online.wsj.com/article/SB125085108563549051.html?mod=djemalertNEWS

Charles Edward Eaton Home for Sale

2009-08-11T11:27:00.000-07:00

The former estate of Charles Edward Eaton went on sale today. Considered one of the greatest living poets he resided in Chapel Hill until his death in 2006. His property at 808 Greenwood went on sale today and you can own a piece of history for a mere $350,000. This is a project house and will need quite a bit of work but if you want a nice home on 1 acre in the Greenwood subdivision give us a call for a showing right away.

Price Reduced - 3323 Carriage Trail, Hillsborough, NC

2009-06-19T06:20:00.000-07:00

MLS 1639492— Now only $800,000
Located on 8 acre secluded lakefront lot. Great home for entertaining. Multiple decks to enjoy the view. Masterfully designed, built and decorated home. Recently updated! Master bath has Jacuzzi tub, heated tile floors and vaulted skylight ceilings. Terraced English gardens and abundant wildlife. Located 10 min. from downtown Hillsborough and 10 min. from Chapel Hill, also close to both 40 and 85

Triangle First Quarter T.A.R.R. Report

2009-06-18T07:42:00.000-07:00

The latest Triangle T.A.R.R. report which gives us an excellent overview of what is going on during the first 3 months of 2009 as compared to the same time in 2008. What still continues to amaze me is how our inventory continues to be down as compared to last year but I think sellers are unwilling to test the waters in these conditions.

Happy Reading!

Mike

Elizabeth Edwards to open furniture store in Chapel Hill

2009-06-03T06:00:00.000-07:00

CHAPEL HILL, N.C. — Elizabeth Edwards who is the wife of John Edwards presidential candidate and senator is planning to open a furniture store. Town records indicate Edwards has leased space on Rosemary Street and will open a store called the Red Window in October.
The store will feature styles and prices similar to a charity store Edwards' mother managed when she lived in Japan. Edwards said during a tour for her latest book that she had bought furniture in High Point for the business.

21st Annual Carolina Blood Drive

2009-06-01T14:55:00.000-07:00

For years Carolina has had the largest summer blood drive on the east coast. This past year Appalachian State topped us with 1060 donors and we are trying to get back to the top. Tomorrow, June 2 from 7:00am - 6:00pm is the drive at the Dean E. Smith Center. All donors and volunteers will receive commemorative 21st anniversary t-shirts donated by UNC Student stores and the American Red Cross. Other prizes to win are a cruise, tickets to the UNC football home-opener, tickets to UNC Women's home basketball game and a non-conference men's game as well.

For more info go to http://www.unc.edu/blood/

Note from the organizers:

Walk-Ins are Welcome! Come as a walk-in from 1:30 p.m. until 5:45 p.m. Please add about 15-25 minutes onto your normal donation time if you arrive as a walk-in donor. Thank you for your patience and thank you for your life changing blood donation!

3v3 Summer Kickoff

2009-05-28T05:28:00.000-07:00

Well folks the 3v3 Summer Kickoff is almost here. We are two days away from out tournament and our team count is now 108 teams. For those of you heading to the area we wish you safe travels. Looks like we have a nice weekend in store for you.

Well Water Should Be Tested Annually to Reduce Health Risks to Children

2009-05-26T11:03:00.000-07:00

Neighbors:

I thought you might all be interested in this latest press release from NIEHS.

If you have any concerns about the safety of your well water, go to the Orange County government website: www.co.orange.nc.us . Go to Departments, then Environmental Health. Under Water Testing, you can download an application for a request for water testing. Unfortunately,you can't apply on-line, you will need to print an application and mail it in....and it's not free. But your peace-of-mind is priceless.

See the entire article at:

http://www.niehs.nih.gov/news/releases/2009/well-water.cfm

Testimonial

2009-05-26T07:08:00.001-07:00

Interestingly enough this testimonial comes from someone who actually didn't purchase a home. As happens so many times in our current market a potential buyer cannot sell their home so we have to be patient.

You were a tremendous, valuable asset in this entire process. Both Liesl and I want to truly thank you for taking the time to show us houses, discuss pros/cons, and guiding us through the Chapel Hill/Wake County tradeoffs. Our long term plan is to move to the area…once the girls are in college and schools/finances are not primary concerns anymore.

Thanks again for everything. We look forward to working with you again someday!

Karl & Liesl

Market Recap

2009-05-26T06:35:00.000-07:00

MARKET RECAP

Homebuilders are one of the key indicators to our housing market. When they decide to ramp up building they are obviously optimistic about our economic future.

The National Association of Home Builders/Wells Fargo Housing Market Index rose by two points (to 16) in May, reflecting greater confidence in the newly built residential housing market. The fact that the May index continued to tick up from April’s five-point increase provides confirming evidence that the improved confidence level was no fluke.

Despite growing optimism in the new-home market, many economists remain luke warm on the prospect of an overall housing-market recovery, given that the number of new housing starts declined 12.8% last month to a seasonally adjusted annual rate of 458,000 units, the lowest pace on records dating back 50 years. But it is worth noting that much of the decline was concentrated in apartment construction, which tumbled 46.1%. On a brighter note, single-family home construction actually climbed 2.8%.

Memorial Day, Monday May 25th

2009-05-25T08:13:00.000-07:00

Happy Memorial Day. I grew up in a military family. The last 3 generations until mine has served in the army. I hold great respect for those men and women in uniform and will provide discounted services to anyone in our active military. Please feel free to call the office for more information and thank you for all you do.

Open House May 24 at 8118 Farrington Mill Road

2009-05-23T21:27:00.000-07:00

On May 24, 2009 from 1:00-4:00 PM, you are invited to an Open House at 8118 Farrington Mill in Durham. If you are looking for a Resale - single family property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview check out my site at http://www.mycarolinarealty.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

Stop foreclosure in the Triangle

2009-04-22T06:36:00.000-07:00

Stop foreclosure in the Triangle. Are you struggling with your payments? Are you looking for ways to sell your home?

My Carolina Realty will do a complete evaluation on your home and present to investors a price to sell your home right away or do a huge marketing blitz to try and sell it on the open market. WE SELL YOUR HOME FAST!

Short sales are one avenue that we use to work out with your bank. Sometimes in a short sale situation you can stay in your home for an extra 3-6 months. For more details please call to set up an appointment. We are local and work with local investors.

Lease-Options are also a possibility. Basically an investor leases your home so you can move on with your life. Then they will do the work necessary to sell it and handle everything from there.

For more information: Call Mike Hickey at 919-923-3295 cell or email mike@mycarolinarealty.com.

Real estate investing in the Triangle

2009-04-21T18:49:00.000-07:00

Real estate investing in the Triangle is finally a game for those of us who were not here 30 years ago. What do I mean by that? In the 1970s and 1980s properties in Chapel Hill, Carrboro and Durham were cheap. Let’s face it. In the late 1990s and the early 2000s the secret got out and all of the magazines out there said the Triangle is the greatest place on earth. For those of us who wanted to participate in real estate investing in the Triangle were left wondering if the boat had left the dock and the ship had sailed.

Guess what ship has just docked. Ours. I am sitting here bidding and buying real estate and so can you. Yes, financing isn’t quite as easy to acquire as it was before but I have the foreclosures, REOs, short sales, options, lease-options available. If you are looking I can help you get into the right deal and we have all kinds of interesting ways to fund the deal. Real estate investing in Chapel Hill is possible once again. Just go to my website and http://mycarolinarealty.com/investing.asp and opt-in for my investing ideas free for you. I am digging around and can’t buy them all so come on in the water is fine.