While the Raleigh real estate market is considered “so-so” when compared with the robust “go-go” years of 2002-2006, one facet of the Triangle economy that continues to hum right along is the local job market. One only has to observe the business media to read headline after headline of accolades the greater Raleigh, Durham and RTP area’s enjoy with job creation, sustained livability and quality of life. One of the local leaders in job creation is the pharmaceutical sector.

The Pharma Sector - The Triangle Job Opportunity of Today and Tomorrow!

According to recent reports, the pharma sector here in the Triangle was ranked sixth in the country for jobs in the pharmaceutical industry in 2006. The Raleigh, Durham and Research Triangle Park rank just behind the cities of:

1. New York
2. Philadelphia
3. Chicago
4. Indianapolis
5. San Francisco
6. Raleigh/Durham

What Factors Propel The Pharma Sector in the Triangle?

Critical components that allow the Triangle area to enjoy this status as a leading area for the Pharma industry are many and include:

• The educational core of the Research Triangle Park - North Carolina State University at Raleigh, the University of North Carolina at Chapel Hill and Duke University located in Durham. Without the help of educating and training of sharp minds by these elite universities, our area would surely lag behind in this industry.
• The Research Triangle Park itself. Numerous Clinical Research Organizations (CRO) call RTP home. Without these much needed Clinical Research Organizations, our area would not offer the infrastructure to support the clinical trial phase for the local Pharma industry. Examples of area CRO employers include AIHF Clinical Research, aai Pharma, PPD and Quintiles Transnational.

Raleigh Neighborhoods Convenient to RTP

If you’re moving to the Triangle as a result of taking a position with one the local pharmaceutical organizations, you’ll be happy to know we have many Raleigh neighborhoods convenient to the Research Triangle Park. Those neighborhoods include:

• Brittany Estates located near Leesville Road just off I-540 in Raleigh
• The Oaks of Westlake located near Leesville Road just off I-540 in Raleigh
• French Woods located off Glenwood Avenue
• Stonehaven located near Lynn Road near I-540

All of these Raleigh neighborhoods offer a short commute to RTP from I-540 to I-40.

Are You Thinking About Moving to Raleigh?

If you’re relocating to the Triangle or are in the market for a new custom home in Raleigh and you would like more neighborhood information, be sure to leave a comment and let us know how we may help in your Raleigh home search.

Until my next post,

Jim

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Characteristics of the Generation Y Population

In her piece, Stacy interviews three members of the Y generation. Some of the characteristics of Gen Y’s stated in the article include:

• Gen Y’s are tech-centric. They were raised on computers and habitually use the Internet to research before making any buying decision. Using technology like text messaging, blogs, micro-blog using tools like Twitter, and creating online profiles at digital social networks like Facebook and Linkedin in everyday life is the norm.
• Gen Y’s are self-assured, focused on what they want and are always on the move when seeking the next rung up the career ladder.
• Gen Y’s prefer sterile, clean spaces that require little or no upkeep.

One Raleigh Real Estate Agent’s Opinion

As a team of Raleigh real estate agents, we serve clients of all ages from Gen Y’s to members of the Baby Boomer generation. Even members of the “Classic” generation have bought and sold Raleigh real estate using our services. Not every Gen Y buyer wants to buy a sterile, brick, steel, and glass downtown Raleigh condo. Yes, many members of the Y generation desire to live in traditional single-family homes in Triangle neighborhoods and enjoy all the benefits this home buying option has to offer.

So What About You Raleigh Gen Y?

Are you a member of the Y Generation? Leave a comment and tell us what you think of this post.

Until my next post,

Jim

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1. Triangle custom home builders are creating an oasis in your master suite! Stressed out people need a space to escape from their hectic work lives and a master bedroom with sitting area and fireplace are just the ticket for a relaxing respite. No longer found just in high-end luxury Raleigh homes, buyers are talking and Raleigh home builders are listening!
2. Home theaters are all the rage among custom homes in the Triangle. Many consider these rooms as “man caves” but women spend their fair share of time watching their favorite movies or the latest episode of “Dancing with the Stars” here too! Now Triangle home builders are taking what was once a “family room” and transforming these spaces into “family screening rooms”.
3. The home office gets a makeover! More than just a space for the desktop computer, today’s Raleigh home office is far more comfortable with trayed ceilings and custom cabinetry allowing the owners to escape from their daily grind with a good book and a cup of iced coffee.
4. Outdoor living is more popular than ever and builders have begun adding what were once only thought to be luxury amenities to outdoor spaces to moderately priced custom homes in the Triangle. Covered porches decked out with flat-screen TV’s and dedicated space for a gas grill are more common than ever here in the Triangle.

Are You Thinking About a New Raleigh Home?

If you’re moving to the Triangle or are in the market for a new custom home in Raleigh and know of another feature we failed to list, leave a comment and let us know about it.

Until my next post,

Jim

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Some of the better Triangle area hotels our clients have used in the past include:

• Sheraton Raleigh Hotel Downtown (919) 834-9900
• Raleigh Hilton - North Raleigh (919) 872-2323
• Embassy Suites Hotel Raleigh-Crabtree (919) 881-0000
• Marriott Hotels & Resorts Raleigh Marriott (919) 781-7000
• Extended Stay Hotels Inc - Raleigh (919) 829-7271
• The Umstead Hotel and Spa - Cary (919) 447-4000
• Homestead Raleigh - Crabtree Valley (919) 510-8551

More Raleigh Hotel Choices Coming Soon

If you’re planning a move to Raleigh around the first of 2009, your choices for available hotel rooms will be greater. The North Hills Renaissance Hotel is scheduled to open in early 2009. Located just down the road from the offices of the Jim Allen Group, this beautiful new hotel will offer conveniences galore! Located right in the middle of the new North Hills business and shopping district, guest will be offered many dining and shopping choices. Some of the in room amenities available to each hotel guest at the new Renaissance Hotel include:

• Free wired and wireless high speed internet access
• A 37″ high-def TV in the room (with jacks for accessory connectivity)
• A 15″ high def TV in the bathroom
• Refrigerator
• Safe
• 300 thread-count sheets
• Complimentary parking

Contact Us Today

If you are thinking about relocating to the Triangle area of North Carolina and need assistance with arranging your local lodging, please leave a message or contact the Jim Allen Group for all your Triangle home buying needs.

Your Raleigh real estate specialist,

Jim Allen

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Forbes.com Top Cities for Empty Nesters

1. Las Vegas
2. Raleigh
3. Austin
4. Atlanta
5. Phoenix
6. Portland-
7. Albuquerque
8. Dallas
9. Orlando
10. D.C.

What are the Primary Needs of Empty Nester’s Relocating to Raleigh?

• Typically in their late 40’s to early 60’s, many empty nesters possess good health. However their good health does not preclude their need to be located near outstanding health care facilities.
• Desire to remain active. Raleigh is home to many beautiful golf courses and a wide variety of recreational facilities.
• Interested in cultural options. Raleigh offers a wide range of cultural opportunities from the North Carolina Theater, the Progress Energy Center for the Performing Arts and the intimate Raleigh Little Theater
• Like the opportunity to eat out at fine dining establishments. We have you covered there!
• Shopping needs to be located nearby. There are many area shopping malls including Crabtree Valley, Triangle Town Center, North Hills, Cameron Village and Briar Creek.
• Home should be easy to maintain to allow for maximum social time. Effortless living can be obtained with a wide array of home buying choices in the Raleigh real estate market.

Smart Home Buying Investment Decisions

The Boomer generation has more buying power than any previous generation in our country’s history. As a Raleigh real estate expert, the team at the Jim Allen Group understands that your home buying decisions must be predicated on a solid investment decision. If you are relocating to Raleigh, we look forward to serving your special needs.

Your Feedback?

If you are an empty nester and you have relocated to Raleigh recently, what qualities attracted you to this area? Be the first to comment.

Your Raleigh real estate specialist,

Jim Allen

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• Unemployment rates
• Job growth
• Income growth
• Median household incomes
• Costs of living in the nation’s 100 largest metropolitan areas

The Reasons Raleigh is a National Leader for Business and Careers

Forbes.com indicated the following reasons why Raleigh has been selected as America’s best for business and careers.

• The close proximity of the Research Triangle Park with it’s job growth potential
• Several major universities located in the Triangle including North Carolina State University, Duke University and the University of North Carolina at Chapel Hill
• Low area unemployment
• Strong income opportunities
• Solid job growth
• High incomes
• Relatively low cost of living

According to economist Steve Cochrane with Moody’s Economy.com “There isn’t much of a negative in Raleigh.” Economy.com was the provider of the data for the Forbes.com survey.

Are You Moving to Raleigh?

If so, feel free to give us a call toll-free at 800.884.2117 or contact us at JimAllen.com for a complete relocation kit for the greater Raleigh area. If you plan on visiting Raleigh in the near future and would like a personal tour of real estate in the Triangle, we are your Triangle real estate experts.

Until my next post,

Jim

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How to Recognize a Foreclosure Property

Determining that there is a foreclosure sale occurring in your Raleigh, Cary or Apex neighborhood is usually not that difficult. In many if not all cases, owners are evicted and bank notices are affixed to a property announcing the bank has taken ownership of the property. Vacate homes with these notices are easily recognized. Because these sales are a matter of public record, finding out what the property sold for is usually not that difficult.

Foreclosures Gone Wild

In rare cases, former owners will vent their financial frustrations on the property in a destructive manner. Recently, News & Observer Staff Writer Peggy Lim wrote an article on one such nasty foreclosure in the Johnston County subdivision of Cottonwood Forest. Community homeowners watched helplessly as the foreclosed owners were reported to have “vandalized” their own home. When these scenarios play out, neighbors have few options except to watch their home values sink lower as a result of such irrational behavior.

When Competing with Foreclosure Homes

If you determine that a home in your Triangle neighborhood is in fact being sold as a result of foreclosure, you may want to consider holding off selling your Triangle home if you have that option available. Depending on the condition of a foreclosed property, foreclosure sales may have a negative impact on neighborhood home values. If you’re thinking about selling your home and need to know if a current or recent sale was the result of a foreclosure, be sure to click or call us here at the Jim Allen Group at (919) 845 - 9909.

Have you personally witnessed a foreclosure sale in your Triangle neighborhood? If so, what impact did it have?

Until my next post,

Jim

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Jobs, jobs, and more jobs.

Those close to economic and building indicators say that is the formula fueling a robust building environment in the Triangle. “We are continuing to grow,” says Adrienne Cole, executive director of the Raleigh Economic Division of the Greater Raleigh Chamber of Commerce. “We have a diverse economy and a strong economy. The types of companies that we are attracting are creating good solid jobs. They are continuing to recruit people to this area to work in their companies. As long as they are able to create solid jobs for more folks, we’ll have a strong diverse economy and that will feed into the real estate market.”

Builders say that’s what they are seeing in terms of workload.

Mike Ruth of Homescape Building Company said lots of people are coming to him for custom homes. “Homescape Building Company has seen a surge in pre-sale activity in the past six months,” he says. “Our newest neighborhoods, Copperleaf and Amberly in Cary and 12 Oaks in Holly Springs have proved to be very desirable destinations and our ability to customize home plans for potential buyers has brought us a fair amount of new business.” Ruth said Copperleaf, alone, has ten pre-sales for homes between $650,000 and $1.3 million in the past three to four months and that each builder in the custom builder team there has several ready customers they are currently working with. “We are very fortunate to be in the Triangle with its steady diet of corporate, expansions and re-allocations, lured by the strong supply of qualified job applicants and our fine universities. Our region is viewed globally as a wonderful place for businesses to prosper and families to settle and grow.”

Cole says companies keep on coming and the new ones already located here are expanding. For instance, PRA International, a CRO, is moving its corporate headquarters from Reston, Virginia to Raleigh’s Glenlake, West of Crabtree Valley Mall, and is creating 500 jobs. Optimal Technologies, a power and electrical equipment optimizations company, is moving its headquarters from Canada to downtown Raleigh. It will expand by 325 jobs over the next three years. Companies already here like Mead/Westvaco that moved to the N.C. State Centennial Campus in 2006 has 120 employees and in continuing to grow. Staffing company Headway Corporation that relocated to downtown Raleigh from New York City employs 70 people. INC Research, a clinical development company in Raleigh, is adding 1,100 employees.

“And these are just Raleigh companies,” said Cole. “There are many others in Wake County.”

“Things are good,” says Dennis Rice of Rice Builders. “We are busy as we were at any time in 2007.” Rice who builds mainly in Cary and western Wake County, says many locals whose incomes have increased and want a new home are coming to him for custom work.

“Pre-sales are the mainstay of our business,” he said. “And we are seeing inventory houses move in the Amberly community. Schools in Wake County are a strong selling feature,” says Rice. “A strong local economy and a strong job market that is growing helps.”

Rice says sales are good in Amberly which is nestled against Chatham County, and five minutes from NC 55 and a 15-minute drive from there to Research Triangle Park, a big plus for the community.

Executive Director of Wake County Economic Development for the Greater Raleigh of Chamber of Commerce Ken Atkins says that ability to net jobs, job stability in the marketplace due to secure employment in large employers such as N.C. State University and state government, and the fact this market never had the boon of some places in the country kept it out of hot water with the national downturn in housing starts and real estate. As solid as the building market is now, it’s still not as good as it was several years ago.

“All signs point to a steady 2008,” says Homescape Builder’s Ruth, “not the record-setting pace of the previous couple of years, but steady. Our industry will rely on the stream of corporate relocations to provide an acceptable absorption pace. In fact, we’re beginning to feel the positive effects of Fidelity Investments move to Research Triangle Park…Additionally, downward pressure on interest rates will help all levels of housing.”

Seventy-five percent of Ruth’s business is from people relocating to the area, while 25 percent is from local move-up buyers. “I think when you compare our market to the rest of the country we are much better that in other places,” says Tim Minton, Executive President of the Home Builders Association of Raleigh-Wake County. “The national downturn is impacting our homes sales in that some people are not able to sell their homes where they are moving from.”

According to Minton, building permits in Wake County are down by 11 percent, but the climate for building is still good, he says. “We’re back at the level we were about two to three years ago, and we were at a pretty good level then,” he adds. Minton says for a period of time, buyers were sitting on the sidelines, waiting to see what was going to happen with the housing market. But now, there is a rebound.

“It appears that buyers are now coming back and we’re starting to see a lot of pre-sales in new construction. “Now there is a greater confidence rate. Now’s a good time to buy a home. They keep lowering the interest rates and you get a good value here as compared to other markets.

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Back in the mid to late 1980’s Raleigh home builders began to construct several townhome communities in the greater Triangle area. While not all developers and builders targeted first time home buyers (Jud Ammons, developer of Winchester Pointe townhomes in Greystone Village built high-end luxury units), the primary reason for building these communities was to offer more affordable housing options for Raleigh home buyers. Plus, Triangle townhomes were an affordable real estate portfolio option for local investors who purchased townhome units for positive cash flow rental units. Once constructed, these townhome communities transitioned to a separate HOA management company that make it their business managing and maintaining the community.

What is the Financial Condition of Your HOA?

Here is the bitter reality, what if you live in one of these 20 year old Triangle townhome communities and your HOA is underfunded for a much needed new roof or exterior siding replacement? Guess who will foot the bill with special assessments? Local NBC affilliate Channel 17 Reporter Kerry Hall filed this news report on this issue on 1-24-08.

Know All the Facts About The Neighborhood HOA

As a Raleigh townhome buyer, it is critical you know all the facts about the community’s homeowners association. Here is a list of important questions you should ask before you consider buying a home in a townhome/condo community:

• Know how much your monthly HOA fees/dues will be per month
• What do the HOA fees provide (pool, tennis courts, maintain the common areas..etc)
• Are there current special assessment fees being collected
• Secure the minutes from the recent HOA meetings. The meeting’s minutes should indicate the recent hot-button topics and issues the community faces.
• Secure a financial statement from the HOA. That way there will be no surprises when the HOA announces that there will be an additional assessment for a new roof or paint job. FYI - it’s possible these special assessments are tax deductible. If you have any questions about this topic, leave a comment or send me an email.
• Look at the overall condition of the exterior and roof of the townhome units. Ask the HOA when was the last time the units experienced any improvements ( exterior painted or when the roof was replaced.)
• Carefully inspect any community amenities that are included in your dues. If amenities are provided inquire as to the overall condition of the pool, tennis courts and common areas?
• Ask your real estate partner how many property foreclosures have occurred in the community recently as a result of increased assessments and fees?

Information is Power!

Armed with this information, you will make smarter home buying decisions and avoid costly mistakes. You will also be better prepared when that day arrives and you are asked to fork over money each month in the form of a special HOA assessment.

In my next post I’ll offer some helpful tips for townhome sellers who are thinking about selling their townhomes in this type of circumstance. In the meantime, do you know the financial condition of your community’s HOA? Are you financially prepared for a special assessment should your townhome community need a major improvement?

Until my next post,

Jim

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If you’re a Raleigh-based corporate executive or you’re thinking about relocating to Raleigh, NC and you travel often, you may have given thought to living near to the RDU airport. Because we have experience helping all kinds of home buyers, The Jim Allen Group understands the unique needs of a Triangle home buyer who happens to own a private jet or is a Platinum Medallion Flyer with Delta. Because you’re often away from your loved ones, these features and amenities are a must for your new Raleigh home:

• The Raleigh neighborhood should be safe with a low incidence of crime.
• It should possess a support system of services located nearby for your spouse and kids. Services like a grocery store, dry cleaners and other amenities we take for granted should be close to your home for their convenience.
• A superior home security system is a must.
• The property should possess optimum appreciation opportunities and/or provide historic appreciation rates as corporate travelers are prone to relocate often.
• Superior schools for your kids should also be located nearby to reduce drive time.
• Facilities for after-school activities should be conveniently located nearby as well.

New Luxury Homes Located Near RDU

Because I represent some of the Triangle’s finest custom home builders, traveling professionals will find exceptional homes located in the following West and North Raleigh neighborhoods:

• French Woods neighborhood off Glenwood Avenue in West Raleigh is an ideal location less than 10 minutes from RDU.
• Equally convenient to the airport is the upscale neighborhood of Brittany Estates located off Leesville Road in Northwest Raleigh.
• Located minutes from the airport via Interstate 540, Norman Estates is a choice North Raleigh neighborhood perfectly suited for the successful traveling executive who seeks a refuge for his or her family.

To schedule a private showing of any of these custom-crafted new homes or any home for sale in the Triangle, contact the Jim Allen Group.

Are you a frequent flyer? Does it make sense to purchase a home nearer to the airport for your convenience?

I look forward to your responses.

Jim
Your Raleigh, NC Real Estate Experts

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