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.

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In 2007, the average sales price of a single family home was $323,374. These sales occurred in an average of 130 days.

This amount compares very favorably to most other areas of the country, and in fact, puts the Pinehurst and Southern Pines single family homes sales substantially lower than the Cary, N.C. & Raleigh, N.C. Asheville, N.C. & N.C. Coastal communities.

Our combination of low taxes and home value makes the Pinehurst, Southern Pines area a very desirable destination for young retirees, transferring families, and first time buyers. Pinehurst and Southern Pines, located an hour’s drive to Cary & Raleigh, lead our area in new retiree relocations because of the superb medical community and the outstanding lifestyle our area offers. Retiring to the Sandhills makes sense for economic reasons as well as lifestyle reasons.

With some of the lowest home prices in the country compared to other retirement areas of a similar ilk, our resale market remains strong and caters to the strong demand by professional military families with children, that are flocking to our area to take advantage of the Moore County Schools.

Pinehurst and Southern Pines are unique & charming areas that our many residents will attest to. Yet, they are two very distinct communities.

If Norman Rockwell were alive, there is no doubt our citizens would see him strolling down the gingerbread streets of downtown Southern Pines on a crisp autumn morning. The eclectic nature of this town has a strong New England flavor and attracts thoughtful and passionate people from all parts of this country. The essence of Southern Pines can be found in the retirees that move here. They will tell you that Southern Pines, reminds them of the hometown they grew up in as children and that the spirit of the town has a quality of “yesteryear” that gently flows throughout the neighborhoods. The preeminent feeling about Southern Pines, dotted with its historic homes, Victorian streets, large lots and breathtaking landscapes is that this town has always been here and appears just like it did many years ago… unspoiled and without ego.

The historic Village of Pinehurst lies before you as you enter the gates to a glorious community of lifestyles. Beyond the Historic Village of charming shops and history lay some of the most beautiful and reasonably priced neighborhoods you can find. There are over 15 golf courses within a 10 minute drive of Pinehurst, which is anchored by the famed Carolina Hotel and Pinehurst C.C. Golf course communities dominate the landscape and lifestyles, but tucked away in some of the winding streets of Pinehurst you can live are neighborhoods of new construction homes and beautifully renovated “period” homes. This historic destination caters to families, single professionals and retired couples of all ages and most homes are priced in the range of $200,000 - $400,000.00.

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Many homeowners believe this. It is a myth. It is not true. How does this whole process start? It all starts with advertising in such mediums as newspapers, on line web sites, real estate publications and color brochures that do such a valuable job of getting the wheels in motion. These mediums get the prospective buyer to make inquiries. These mediums enable prospective buyers to start conversations with buyer agents. The buyer agents facilitate the purchasing process. Buyers are now in communication with a buyer agent. A good agent knows the current inventory and will know of other property that DOES fit their needs. Those are the properties that buyers look at, and THIS is how most buyers eventually end up looking at your house, by their use of other agents. As a result, you need to get other buyer agents interested in your property, and this is where your listing agent comes in, and why a good listing agent is extremely important. The listing agent gets buyer agents looking at your home. Those agents have clients who called in on other properties. They look at the needs of the client; location, condition, # of bedrooms, square feet, and other details of the property… AND MOST IMPORTANTLY…. …PRICE

A good listing agent will also defend the price of your home by supplying sold comps to the buyer agents to support your price. This goes a long way to educating the buyer agent and their client. In this manner your listing agent helps to qualify any offer that comes in. A good buyer agent knows price and can verify that a home is priced fairly or is overpriced. If your house is overpriced, agents are going to show similar homes that are priced more attractively. They may show your home only to drive home their point of relative value to convince their client that another home is a better buy. Your listing will get passed over. Agents pay the MOST attention to new listings. There are fewer NEW listings than current listings. It is easier to keep an eye out for what is NEW, compared to the vast number of current listings. New listings circulate on our "hot" sheet report. Our Multiple Listing service identifies new listings for us each day. There are office previews and MLS tours to showcase new listings. A lot of attention is focused on what is NEW. With agents looking at newly listed homes so aggressively, a properly priced home gets attention quickly. An overpriced home gets passed over.

You may be thinking, "But I’m willing to negotiate!" Buyers aren’t thinking in advance about how much you are willing to negotiate. They are comparing your asking price to other asking prices. Additionally, when your house is new on the market, you may not be willing to negotiate as much as you will later, once you’ve realized your error. Keep in mind that statistics show, quite often, the first offer is the best offer. So what happens if you overprice in the beginning and get more realistic down the road? You don’t have all those important Buyer Agents looking at your listing because it is no longer NEW. A price reduction later in the listing cycle often gets overlooked. It is just one of many listings that are now stale and not one of the attention grabbing new listings. As time passes, you could actually become desperate to sell because you’ve accepted a new job or because you have already bought a new home. That is a recipe for receiving lowball offers, so you could end up selling for less than if you had priced the home correctly in the first place. Agents know this, but many sellers still mistakenly believe they should "price it high" because they can lower the price later, if necessary. That is not the best strategy.

If you start out with a high sales price, then drop it later — your house is "old news." You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Your house could take longer to sell. If you don’t have an offer on your home after 12 bona fide showings with ample feedback, you’ve got a price problem, no matter what the feedback says. So many times the feedback is more important by what is not said. Even if you do successfully sell at an above market price to an uninformed buyer, your buyer will need a mortgage. The mortgage lender requires an appraisal to satisfy the loan contingency. If comparable sales for the last six months and current market conditions do not support your sales price, the house won’t appraise. Your deal falls apart. Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to listen. Your house could go "back on the market." Once your home has fallen out of contract or sits on the market awhile, it is harder to get a good offer. Potential buyer agents will think you might be getting desperate, so they will encourage their clients to make lower offers.

By overpricing your home in the beginning, you could actually end up settling for a lower price than you would have normally received. New or less experienced agents might take a listing at any price. In this way, they get to make the phone ring and hopefully wind up with clients that might buy another home that is more fairly priced. If you start out with a sales price that is too high, there is a strong likelihood you interviewed other agents. They didn’t get the listing, of course. They got "aced out" by someone telling you what you wanted to hear.

In short, you may have ended up with an agent who was good at selling you, but not good at selling your house. The next time you’re in this position, you should seriously consider why one agent’s suggested list price was lower than the agent who told you what you wanted to hear. It is human nature for you to want the highest price for your home. However, when you choose the agent who promises what you want to hear, it often leads to stress and frustration. Most of the time, it will take you longer to sell your home, and you could wind up selling at a lower price instead. The smartest marketing tool you have is your PRICE and you generally have only one opportunity to capitalize on it.

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Contact Bill  - Search for Homes

Contact Bill  - Search for Pinehurst Homes

Search for Pinehurst Real Estate