Look at these price reductions. (Raleigh, Bath: real estate, homes, neighborhood)

[urbywan]

$324,700
5 Bed, 3 Bath
2,943 Sq. Ft.
0.15 Acres
1418 Old Bramble Lane
Fuquay Varina, NC 27526
Single Family Property, Area: Fuquay Varina/Willow Springs, Subdivision: Lakestone Village, County: Wake, Approximately 0.15 acre(s), ... View details.

100% Match

Photo: Fuquay Varina Single Family Home

$324,700
5 Bed, 3 Bath
2,943 Sq. Ft.
0.14 Acres
1408 Old Bramble Lane
Fuquay Varina, NC 27526
Single Family Property, Area: Fuquay Varina/Willow Springs, Subdivision: Lakestone Village, County: Wake, Approximately 0.14 acre(s), ... View details.

100% Match

Photo: Fuquay Varina Single Family Home

$324,700
5 Bed, 3 Bath
2,924 Sq. Ft.
0.21 Acres
406 Marnock Court
Fuquay Varina, NC 27526
Single Family Property, Area: Fuquay Varina/Willow Springs, Subdivision: Lakestone Village, County: Wake, Approximately 0.21 acre(s), ... View details.


All of these homes under construction by royal oaks in fuquay were listed at 354K two weeks ago, they have slashed the prices 30K! Tell me things are not weak.

[VickiR]

I have two things to say...

1. Builders always lower inventory homes before the end of the year and

2. There is too much supply and not enough demand in Fuquay!

Vicki

[sacredgrooves]

IMO they overpriced that neighborhood from the get-go. $110 a sq ft is much closer to reality around there. The triangle market is definitely not weak, it was simply becoming overzealous in pricing. In the long run, these corrections are much better for the triangle as it keeps us from becoming another bubble area.

[MAtoNC!]

I'm not impressed. Show me across the board... not one development

And show me something closer to Raleigh with reductions...

[urbywan]

Originally Posted by MAtoNC!

I'm not impressed. Show me across the board... not one development

And show me something closer to Raleigh with reductions...

Did you read this??

Mike Morgan’s Real Estate and Housing Industry Weekly Update for Portfolio Managers and Investors - September 23, 2007

[coltank]

You will see some things in different areas of Raleigh right now, since most builders are at the end of their fiscal year, and trying to trim some fat, as well as get beefed up with pre-sales. The common law of supply and demand will take over as the supply dwindles and less homes are carried on the books.

Let's please save these threads for Urbywan next year.

[urbywan]

Originally Posted by VickiR

I have two things to say...

1. Builders always lower inventory homes before the end of the year and

2. There is too much supply and not enough demand in Fuquay!

Vicki

Vicky, please read this.

Mike Morgan’s Real Estate and Housing Industry Weekly Update for Portfolio Managers and Investors - September 23, 2007

[MrsSteel]

Is there something in that article about the Triangle? I didn't see anything, but maybe I missed it. There seems to be lots of talk about Florida and New Jersey, but everybody knows that prices are making massive corrections there.

[urbywan]

Originally Posted by coltank

You will see some things in different areas of Raleigh right now, since most builders are at the end of their fiscal year, and trying to trim some fat, as well as get beefed up with pre-sales. The common law of supply and demand will take over as the supply dwindles and less homes are carried on the books.

Let's please save these threads for Urbywan next year.

I will bet you a case of your favorite drink that next year things will be much weaker than today. I spoke to more than 10 custom builders in the triangle this week and all are hurting bigtime. It has nothing to do with the end of the year stuff that some are talking about. they are not building because they cannot sell inventory and they want as little inventory as possible.

[urbywan]

Originally Posted by MrsSteel

Is there something in that article about the Triangle? I didn't see anything, but maybe I missed it. There seems to be lots of talk about Florida and New Jersey, but everybody knows that prices are making massive corrections there.

Bob Toll builds in the triangle, big developments up in north raleigh and cary.