The Tradition of Old Town Pinehurst
Twenty new luxurious, maintenance-free residences nestled in the midst of historic Old Town, each with a membership to the exclusive Pinehurst Country Club.
A reader asked if we’ve seen any change in a home buyer’s ability to secure financing.
The majority of our real estate activity in Moore County since the first of this year has focused on homes in the $150,000 - $300,000 price range. I can’t recall one instance where borrowed money was hard to come by by our lending institutions. Granted, the banks have tighter restrictions on “credit worthiness”, but we insure that all our clients have been through a preapproval process prior to showing them properties.
We have had situations where clients have been told to shore up their credit if they want to purchase a home and for those clients, renting is the only option. I am careful to advise clients against entering into any sort of rent to purchase or lease/purchase options in our market today.
A good real estate attorney would have to assist these clients before they sign anything on a rental with a option to buy at some specified closing date down the road. Many times the numbers work against the renters, and a majority of them never do purchase the home, and many of these clients would be forced to put up non-refundable option money that they would lose if they don’t close on the property by the date (usually within 12 months), from the time they occupied the home as a renter.
Lastly, many potential buyers are tempted to enter into a rent to buy or lease purchase contract on a home that is out of their price range or comfort zone., and typically, the home goes under contract for a much higher price in this scenario, then the seller would have sold the home for outright, within 30 - 60 days.
The best thing a fringe buyer can do is shore up their credit, and negotiate the best price they can on a home they can afford.
Bill Sahadi
Broker/Owner, Fore Properties Realty Inc.
1140 Old U.S. 1 South
Southern Pines, N.C.
28387
www.foreproperties.com
910 638-0888
CRS, Certified Residential Specialist
http://www.4pinehurstrealestate.com/
Today a reader asked, “Do you have any thoughts on how the stimulus bill will help home sales due to the tax credit for first time home buyers?”
As long as the banks actively promote the $8000.00 tax credit and the interest rate environment stays stable (where it is), and the downward pressure on “list” prices and high inventories all means that the combination of factors should create a good buying environment. (especially for the first time military buyer).
Confidence is a fleeting thing, and if people can become confident in their immediate future it should portend well for the opening price point housing market. ($175,000 - $275,000).
If confidence wanes then all the tax credits in the world won’t mean much.
Right now, there is a definite pick up in the price range mentioned above. Showings are on the increase as are contracts. The inventory levels for this price range are much lower (approx. 14 - 18 months), then homes priced higher. $300-$400 (25 month inventory), $400-$500 (32 month inventory), $500-$600 (42 month inventory).
Bill Sahadi
Broker/Owner, Fore Properties Realty Inc.
1140 Old U.S. 1 South
Southern Pines, N.C.
28387
www.foreproperties.com
910 638-0888
CRS, Certified Residential Specialist
http://www.4pinehurstrealestate.com/
Successful builders/realtor relationships do not happen by accident, rather, they happen by design. There are 4 consistent areas of commonality that you will always find in these relationships.
The most successful relationships between builders and realtors entail the following four areas:
Setting Expectations - Proper Training - Communication - Joint Decision Making
Setting expectations
Builders should put their expectations in writing and review them thoroughly with their Realtor. Their Realtor should do the same with the builder. From this exercise, a syllabus or road map can be designed. You can’t get from here to there without a road map of expectations.
Proper Training
A Realtor specializing in new construction home sales needs to be fluent in many things besides marketing your home.
They need to be fluent in your business, your methodolgy & your philosophy of construction. They need to be fluent in financing trends,
buyer and seller psychology, basic construction principles and design. A builder should take the time to walk the Realtor through a step by step
process of how you build, why you do what you do, and what your principles are to take a new home to closing.
Communication
Schedule weekly meetings with pre written agendas. Consistent and open communication are essential to any successful
builder/realtor relationship.
Create a Joint Decision Making Process – One head, two bodies
Be a team of decision makers. Involve your Realtor in as many phases of the plans, designs, colors, lighting etc.
Become a one headed, two body answering machine. Trust your Realtor to know the concepts that are in demand.
Bill Sahadi
Broker/Owner, Fore Properties Realty Inc.
1140 Old U.S. 1 South
Southern Pines, N.C.
28387
www.foreproperties.com
910 638-0888
CRS, Certified Residential Specialist
http://www.4pinehurstrealestate.com/
The Tradition of Old Town Pinehurst
Fore Properties Realty Inc., a member of Leading Real Estate Companies of the World® is proud to announce the addition of Mike Doninger to their broker sales team, and Fore Properties affiliation with the marketing of The Tradition of Old Town, Pinehurst’s new upscale luxury townhouse community.
Doninger, in tandem with Wayne Haddock of Pinehurst Homes, Inc. is developing The Tradition of Old Town, a unique and upscale 20 town home project. Ground breaking ceremonies were held on Oct. 23rd and the grand opening the Design Center showroom was held this past Thursday evening.
Wayne Haddock of Pinehurst Homes, Inc. was carefully selected as the builder for The Tradition of Old Town. Pinehurst Homes, Inc. is the only builder honored with 11 straight Home builder awards, including 15 awards for Home of the Year from the Moore County Home Builders Association.
“My home is in the Village of Pinehurst. The preservation of the Village is a top priority of mine. I have restored numerous homes in the Village and take great pride in the final product. The Tradition of Old Town is a town home project consisting of 20 individual units. Each unit was designed featuring a historical home in the Village. I am extremely proud to be associated with a development group whose intent is to maintain the architectural ambiance of Pinehurst. They are committed to deliver a well built, upper end product that we can all be proud of. This is a great start for the New Core Historical District that will set precedence. I am proud to be a part of it. The permit that was pulled for this project is the 25th for Pinehurst Homes, Inc. in the historic district. We are very proud of this distinction” says Haddock
“The Tradition of Old Town will be a world class community in a world class Village honoring the history and spirit of Pinehurst and ushering in another page to the town’s storied history. Mike is doing everything possible to honor that tradition and will be a very familiar presence on site, shepherding the property to its completion.” Bill Sahadi, owner/broker of Fore Properties adds.
Mike Doninger enthusiastically speaks about his project. “The Tradition of Old Town is the culmination of a dream of mine to combine my love of golf with my chosen professions of real estate and land development. I have a deep respect and appreciation for Pinehurst’s rich history and reputation as one of the world’s foremost golf Meccas.
There are only twenty town homes being offered and all come with a membership to the Pinehurst Country Club. This membership includes access to six Pinehurst golf courses, including world famous Pinehurst No. 2. In addition, Pinehurst Country Club members enjoy access to tennis, lawn sports, dining, social activities, pools, beach club and spa facilities.
Some of the features of these 20 custom residences, which range from 3100 – 3700 sq. feet, include state of the art appliances, bathroom & kitchen fixtures, European tile, granite surfaces, hardwood flooring, two car garages with optional buildable space above for home/office, recreation room or live-in help purposes. “Although these homes come with every conceivable option we will work closely with our future owners to further customize any facets of the homes they choose, comments Cindy Baker, Allied Member, ASID, and owner of CJ Designs located in the Historic district of Fayetteville.
“On a long term basis, and in conjunction with future planning, The Tradition of Old Town will continue to capture and preserve the feeling that Pinehurst evokes. That will never change.” comments Sahadi.
For more information about The Tradition of Old Town, please contact Mike Donninger at 919 280-3086 or Bill Sahadi at 910 638-0888.
Bill Sahadi, CRS, of Fore Properties talks about selling a home (home sales) in today’s market in the Pinehurst and Southern Pines area of North Carolina. It’s a buyer’s market and sellers need to make sure they have reasonable pricing expectations. Fore Properties is in Southern Pines, North Carolina. If you’re relocating, give Bill a call.
Experience Matters!
Bill Sahadi - Broker / Owner
1140 Old US 1 Southern Pines NC 28387
Office: 910.692.4211
Toll Free: 800.473.5037
Cell: 910.638.0888
Pinehurst Real Estate • Southern Pines Real Estate
Seven Lakes Real Estate • Moore County
Charlotte Business Journal
Texas, North Carolina and Georgia have the best business climates among the 50 states, according to a recent survey of executives by Development Counsellors International.
North Carolina ranked second among the 281 respondents, with 30 percent saying the state has the best business climate.
Texas was No. 1 among 41 percent of survey participants, while Georgia was third (20 percent). They were followed by Tennessee and Florida (15 percent each) and Nevada (14 percent).
Executives frequently cited a strong labor market and low operating costs in selecting the top states.
The poll placed California, New York and Michigan at the bottom.
China, India and Mexico were selected as the top countries outside the U.S. for investment.
Development Counsellors’ “Winning Strategies in Economic Development Marketing” survey has tracked development trends since 1996.
The New York-based organization specializes in economic development and tourism marketing.
For more information about Pinehurst Real Estate, contact Bill and be sure to visit www.ForeProperties.com.
Despite the economic slowdown, wealthy consumers have not cut back on their discretionary spending, and they remain optimistic about the economy, according to research by Phoenix Marketing International, a marketing services firm.
Of all households surveyed with assets of at least $250,000, more than half (54 percent) said their discretionary spending remained the same over the previous three months. Another 20 percent said their spending increased during the same period.
Households with assets of more than $1 million were affected even less: 86 percent said they expected their spending to remain the same or increase for the March-May 2008 period. Respondents who said they might decrease their spending cited dining out, entertainment, clothing and jewelry, and leisure travel as the likely cuts.
Bill Sahadi, CRS
Pinehurst Real Estate
Certified Residential Specialist
HOPE NOW, a private-sector alliance of mortgage firms, counselors and investors that is working to help prevent foreclosures, reports that lenders have helped more than 1.7 million homeowners avoid foreclosure since the program began in July 2007, including 170,000 homeowners in May 2008. Approximately 100,000 of the prime and subprime loan workouts in May were repayment plans while 70,000 were loan modifications, the agency says.
However, The Center for Responsible Lending (CRL), a Durham-N.C.-based nonprofit research and policy group, says that a closer look at HOPE NOW’s latest figures shows that the agency’s voluntary efforts to help homeowners avoid foreclosure cannot keep up with the growing number of delinquent mortgages.
HOPE NOW reports 85,000 foreclosures in May 2008, the highest one-month figure since the program began, and an increase of 35 percent over the past three months. The total number of foreclosures is now estimated at nearly 650,000 since July 2007. The group also reported 276,000 loans had either entered or completed foreclosure in May, while only 70,000 received loan modifications during the month.
CRL also cited the latest quarterly survey by the Mortgage Bankers Association, which finds that more than 16 percent of subprime loans were more than 90 days delinquent or in foreclosure. That’s double the 8 percent rate from a year ago. The number of prime loans becoming delinquent has more than doubled from a year ago, the MBA reports.
“As foreclosures keep piling on, it makes no sense to keep relying on ineffective voluntary efforts when better solutions are at our fingertips,” says Debbie Goldstein, executive vice president of CRL. “The market has shown that it cannot fix itself.”
NAR’s latest Pending Home Sales Index, which is based on contracts signed in May, fell 4.7 percent from April and was 14.0 percent below its May 2007 level, the association announced this morning. The May index fell month-over-month in all regions: by 1.3 percent in the West, 2.9 percent in the Northeast, 6 percent in the Midwest and 7.1 percent in the South. Year-over-year, the West posted a 2.0 percent increase from last May, but the Northeast, Midwest and South dropped by 16.4 percent, 13.8 percent and 22.1 percent, respectively.
In its latest forecast, which was also released this morning, NAR projects that existing-home sales will fall 6.1 percent in 2008 to 5.31 million, then rise 5.0 percent to 5.58 million in 2009. The median existing-home price is expected to fall 6.2 percent this year to $205,300, then rebound by 4.3 percent in 2009 to $214,000.
NAR currently projects new-home sales will decline 32.3 percent in 2008 to 525,000, then fall another 3.4 percent to 507,000 in 2009. The median new-home price is expected to decline 3.2 percent to $239,300 this year before rising 5.3 percent in 2009 to $251,900.
NAR chief economist Lawrence Yun says the performance of local housing markets varies greatly. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”