OK, I’ve been slack

I’ve missed two quarterly reports, but frankly there hasn’t been much to report. For at least the last 5 years there have been 30 homes sold in Durham for over $700,000 each year. When I did the quarterly report for the 1st quarter only three had been sold and it hasn’t gotten much better. 5 were sold in each of the 2nd and 3rd quarters and 2 in the final quarter. I’m writing this 9 days before Christmas and there are two homes under contract with contingencies and 1 pending but none of them are scheduled to close before the end of the year. So the total for the year is likely to remain 15, less than half of the average for the last five or six years. But it gets even more dreary.

Pricing

In this crop of sales only 1 home closed at a price over $1,000,000.  Every single one of the sales had been reduced in price.  The lowest price drop was $23,000 and the highest was $1,015,000. That’s not a typo, that price drop was almost equal to the highest sale. The average price drop was $282,400. Even when you take the highest and the lowest out of the calculation, the average is still $246,000…almost a quarter of a million dollars.  The total of the price drops was over $4.2 M.  All but 4 of the price drops were six figures or more. [click to continue…]

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Triangle Modernist Homes

Cassilly house

by Jay on December 2, 2010

Architecture in the Blood

My original interest in real estate had nothing to do with selling homes or becoming a Realtor but from my mother’s father, my grandfather,  Aldoph Otto Budina, who was an architect.  Although my siblings don’t necessarily agree, pictures of him when he was the age I am now, look eerily familiar…like me with hair.

Nobody called him Adolph…it was always AO or Bud. Grampy (to us) was a man of few words but still managed to make a mark in the world. From his library I have a biography of the famous architect Louis Sullivan, who my grandfather worked for in New York, that mentions him several times. Thumbing through it a few years ago I found a letter folded between the pages from Sullivan to my grandfather full of affection and good wishes.

Grampy didn’t talk much about these things but from what I could piece together, he ended up in Richmond where my mother met my father at a USO event at nearby Fort Lee during World War II. It was because of his association with Sullivan or another prominent architect of the time by the name of John Eberson, that he was on the team that designed the Central National Bank building in downtown, a building with a strong resemblance to the Empire State Building. He also worked on the Lowes Theater in Richmond which has now been restored and is known as the Carpenter Performing Arts Center. [click to continue…]

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Using Video for Marketing

October 26, 2010
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Tweet Downtown Durham Video Durham videographer Wil Weldon of Growler Productions and Jesse Turner, Landscape Architect and Photographer combined their talents to produce this video for our favorite condos in Downtown Durham. We started talking about doing something like this after Wil and Jesse saw the video in a post here entitled Real Estate Marketing […]

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Full Frame Documentary Film Festival

June 20, 2010
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Tweet New Director Speaks at Durham Rotary Club Meeting. There’s some irony that while a locally produced documentary about Durham gang life got some national attention and was dragging down the city’s image, Durham’s own Full Frame Documentary Film Festival was becoming one of the top film festivals in the world and the premier documentary […]

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Top Ten Durham Websites

June 9, 2010
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Tweet My Picks for the Ten Best Websites to Learn about Durham If you believe that the three most important things in real estate are location, location, location, it probably seems a little bit of a paradox that the descriptions most real estate agents write about their listings barely mention it. Part of this is […]

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Here’s one to look forward to

April 28, 2010
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Tweet More foodie attention from the New York Times. Last Sunday’s New York Times Magazine gave more credibility to the area and Durham as a great place for foodies.  The spread tells the story of Coon Rock Farm near Hillsborough and the efforts of partners Richard Holcomb, Jamie DeMent and chef Marco Shaw to create […]

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Hope Valley Home Tour

April 27, 2010
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Tweet Durham Preservation Society Sponsors Hope Valley Home Tour I have read with interest pieces in the Herald-Sun about some of the homes on the Preservation Durham’s annual historic home tour which is in Hope Valley this year.  I mentioned this to Don Stanger, a Hope Valley resident and fellow Rotarian.  It turns out Don […]

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1st Quarter Luxury Home Market in Durham

April 12, 2010
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Tweet It Was a Cold Winter. Don’t know whether to blame it on the weather but the first quarter of 2010 was something of an outlier in a long string of weak but consistent quarterly reports.  For several years Durham County has averaged around 35 homes  sold annually that were originally priced at $700K or […]

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The Brownstones in Durham

April 12, 2010
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Tweet High end townhomes slated for luxury market in Downtown Durham Last week the announcement came from Lou Goetz of Park City Developments with new pricing beginning at $675,000 for the proposed Brownstone townhouses between Brightleaf Square and Duke’s East Campus. The plan calls for thirteen residences clustered on property that was once part of […]

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Real Estate Marketing on the Left Coast

March 30, 2010
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Tweet Be impressed. A lot of trends start on the west coast and eventually find there way to the good Old North State, but you have to wonder about this one. Why? We’ll discuss that in a moment but first take a couple of minutes to view this video in full screen and then go […]

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Our New Luxury Classification

February 15, 2010
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Tweet Let’s start with some stats As promised in the last post, DurhamLuxRE will begin to look at a broader range of the luxury home market over a wider area in the Triangle. Specifically, we’re talking about any home listed and/or then sold for at least $450,000. Our old threshold was $700,000 and we still […]

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Shift in Direction

January 25, 2010
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Tweet I was naive.  Maybe too cocky.  But definitely wrong. With this blog that began almost two years ago, I had hoped to contribute to a revival of the luxury home market in Durham.  It didn’t work.  The collapse of the overall real estate market didn’t help, of course, but the numbers are still pretty […]

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2009 Durham Luxury Market

December 31, 2009
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Tweet A typical year? A first pass looking at the Durham luxury home statistics for 2009 you might not guess that we’re in a recession. In the 4th quarter 3 homes  closed in Durham for prices over $700,000, the somewhat arbitrary cut off point I use for analyzing the luxury home market in Durham. However, […]

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Third Quarter 2009 Market Report

October 9, 2009
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Tweet So what are we to make of this? For several quarters in a row now Durham has maintained over 10% of the luxury market in the Triangle with 13 sales. Since I have been doing these updates, my rather arbitrary definition of the luxury market has been anything in the MLS system that is […]

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Oak Drive Mansion

August 5, 2009
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Tweet So far in eighty some posts I have not really featured any of the luxury homes in Durham. But I’ve got a lot of reasons for featuring 11 Oak Drive.  First of all I was the agent for the current owners, Steve and Kim Van Horn when they bought the home several years ago. […]

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