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Peak Swirles & Cavallito P RO P E RT I E S

DURHAM & CHAPEL HILL, NC Featuring Properties in Durham, Orange, Chatham, Wake and Alamance Counties Volume 2 Issue 1A

B R I N G I N G YO U R FA M I LY H O M E See This Lovely North Durham Home At 226 Waxhaw Drive on Page 3

Search available Triangle properties online at

www.pscp.com

TM


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BROKER’S BRIEF

Bob Jamieson Cell (910) 232-1893 bjamieson@pscp.com

Peak Swirles & Cavallito

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Start with the Right Price. If you are thinking about selling your home, you will want to know how much it is worth. There are websites where you can enter your address and voila, you are given a precise value. If it is higher than anticipated you believe it, and if lower, you will doubt it. Home value websites make these calculations quickly, but their reliability is only as good as the data used. It can come from valid sales within your neighborhood or from some distant place if no neighborhood sales occurred. If you have lived in your home for a while, chances are the number of heated square feet used in the equation will come from local tax records. Those figures are frequently inaccurate due to unheated spaces being counted or spaces that are finished later being left out. There are many other factors that can throw the value off, like recent renovations, multi-bay garages, an unattached structure, larger lot, water or a golf course views, elegant details or a school’s reputation. Sometimes there are negative factors that depress value like heavy traffic, large electrical towers, a flight path, or an obsolete floor plan. With all of these variables in play, what is your best move? Why not ask a local Realtor or a licensed real estate appraiser for an opinion since both experts are well acquainted with local market conditions and trained to take into account the unique attributes of a particular property and its surroundings. If it is a cash sale, an appraiser will ultimately advise a lender of whether the property is valued as high as the sale price. In the end, you’re better off relying on a value that has been determined by someone immersed in our local market than one determined by a computer without local knowledge.


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P E A K S W I R L E S & C AVA L L I TO P R O P E R T I E S w w w. p s c p. c o m

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1027 ROSEDALE AVENUE-LYONS Park Great home for investor or first time home buyer. Close to Duke. $62,000 MLS/ID:1783565

9503 FARROW LANE-KERR LAKE Desirable half acre lot on lake with well and septic. $85,000 MLS/ID:1746352

1017 KENT STREET-LYON PARK Lovely all brick ranch. Custom cabinets with built ins added to kitchen. Large fenced in backyard. $94,900 MLS/ID:1761991

220 ELIZABETH STREET, UNIT D2-VILLAGE GREEN Condo with large bedrooms and closets. Remodeled kitchen with new cabinets. Upgraded windows and doors. Great location. $116,000 MLS/ID:1781996

107 LONG SHADOW PLACE-WOODCROFT Beautifully maintained townhome in quiet neighborhood. New AC, roof, deck and updated light fixtures. $117,000 MLS/ID:1799426

2 APPLEWOOD SQUARE-WOODCROFT One story very cute 2 bedroom, 2 bath townhome with great light. Huge great room with fireplace. Large master. $125,000 MLS/ID:1778292

93 FOREST OAKS DRIVE-FOREST OAKS Hard to find one level end unit townhome only 5 minutes to Duke. Freshly painted, new wood floors. $129,500 MLS/ID:1789406

2515 CHAPEL HILL ROAD-LAKEWOOD Delightful 1942 cottage. 2 main floor bedrooms. Separate dining room. Garage. Great location. $134,900 MLS/ID:1751257

704 MARTIN LUTHER KING JR, BLVD #D13-MILL CREEK Great Chapel Hill location! 2 bedrooms each with private bath. Community pool. Walk to Franklin Street. $138,500 MLS/ID:1791082

2822 PICKETT ROAD #143-PICKETT PARK Fabulous townhome close to Duke. Open floor plan with lots of light. Hardwood floors and fireplace with gas logs. $190,000 MLS/ID:1777299

39 KINGSWOOD LANE-THE PRESERVE AT JORDAN LAKE Picture perfect building lot on quiet cul-de-sac with incredible view on golf course. Ideal positions with little traffic. $192,000 MLS/ID:1772544

226 WAXHAW DRIVE-NORTHERN DURHAM Lovely 2100 SF brick home on 1 acre lot. Beautiful hardwood floors and master bedroom on main level. $193,500 MLS/ID:1775002

5102 Durham-Chapel Hill Blvd., Suite 100 Durham, NC 27707

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your dream home is just a click away. . .

www.pscp.com check out our site’s great features! • Ability to search every listing in the entire 16 county area of the multiple listing service

• Saved searches and immediate updates to let you know when a new listing comes on the market

• Multiple beautiful color photos for each listing

• Visual tours of properties, when available

• Detailed information including price, room dimensions, and special features

• Access to surveys and additional documents, when available

• Twitter notification for instantaneous updates from our real estate brokers

• Privacy, with no one contacting you unless additional 4

information about a property is requested


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3200 STANFORD DRIVE-UNIVERSITY ESTATES Comfortable and well cared for home on a large nicely landscaped lot. Fully fenced backyard with lovely deck. $194,000 MLS/ID:1779386

GLOVERS GROVE CHURCH ROAD Large tract of hardwoods with generous road frontage. Tranquil and quiet site. Sloped topography. $200,000 MLS/ID:1783090

3201 STANFORD DRIVE-UNIVERSITY ESTATES Wonderful immaculate home with traditional floor plan on quiet cul de sac. 9’ ceilings, crown molding. Lovely landscaping. $212,900 MLS/ID:1784435

108 MONTROSE DRIVE - DUNBARTON Chic mid century design for urban dwellers. 3 bedrooms, 3 baths, fireplace plus garage. $203,300 MLS/ID:1725866

175 MONTROSE DRIVE-DUNBARTON Move in Ready!! Completely renovated in 2004. First floor master. Living room has fireplace and bookshelves. $214,000 MLS/ID:1758902

5417 FORTUNES RIDGE-WOODCROFT Great style. New granite and tile in kitchen and baths. Neutral carpet and paint. Garage, deck, large backyard. $217,000 MLS/ID:1784810

400 W KNOX STREET-DUKE PARK Updated/vintage 1950 brick ranch in great location. Site finished hardwoods. Too many new updates to list!! $218,000 MLS/ID:1783861

2701 OLD SUGAR ROAD-111 SEABOARD Tucked away on a cul de sac with 5 bedroom, 3 1/2 baths. Freshly painted, carpets cleaned. $220,000 MLS/ID:1775133

18 INNISFREE DRIVE-INNISFREE Great end unit brick townhome. Cherry cabinets and butler pantry in kitchen. Gas fireplace. New deck. Private courtyard. $235,000 MLS/ID:1783228

3200 TWIN STREAMS ROAD-TWIN STREAMS 3 bedroom, 3 bath. 2 1/2 acres, Lower level apartment and large garage workshop. $254,900 MLS/ID:1755435

209 WHITNEY LANE-AUBURN Lovely interior with open floor plan. Spacious rooms for entertaining. Hardwoods on first floor. Huge master suite. $269,500 MLS/ID:1778293

111 BLUEFIELD ROAD-PICKARD OAKS End unit with a two story open floor plan that is filled with natural light. Downstairs bedroom. Private deck. $269,900 MLS/ID:1769546

5102 Durham-Chapel Hill Blvd., Suite 100 Durham, NC 27707

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Susan Peak Cell: (919) 612-3221 susanpeak@mindspring.com

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I remember ... Growing up in the South ... summer evenings filled with young cousins chasing fireflies ... the slow crank and swirl of the old freezer ... grown-ups sitting in the shadows sipping creamy coffees as cigarette smoke looped into darkness ... China cups clinked against their saucers and the voices spoke of the day, as an uncle took his turn at the freezer. Jars, with lids poked, sparked with the evening catch. Laughter and the scent of grass rose from the hillside as younger cousins tumbled and rolled. The talk was of church, the garden, the weather and of the people cared about. My South is a land of stories. It is a place of people with histories and a special tie to the land. The people, the land, the stories are forever intertwined. I listen, now older ... the special importance of preserving family moments and of the storied relationships. The land, the sense of place, centers us in our stories. It is where our histories begin ... from wherever it traces. Our homes offer that sense of place ... filled with our histories and our memories. When I visit my parents now, the cousins are long grown. I remember where the old freezer sat. I can see my uncle adding rock salt to the ice, the red & white cream ware just to his left. I listen for your story. I remember that you cherish your own history. I know your sense of place is unique and special.

Julian Culton

Liz Dean

Adam Dickinson

Cell: (919) 740-3333 jculton@pscp.com

Cell: (919) 451-3696 lizdean@pscp.com

Cell: (919) 452-3751 adam@pscp.com

Liz Gunselman

Laurie Jahnke

Katie Joyce

Cell: (919) 225-4966 lizgunselman@pscp.com

Cell: (919) 614-4805 lauriejahnke9@aol.com

Cell: (919) 619-0144 katiejoyce@pscp.com


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P E A K S W I R L E S & C AVA L L I TO P R O P E R T I E S w w w. p s c p. c o m

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WELDON DOWNS Southwest Durham’s premier townhome community. All brick exteriors, hardwoods. Garages and courtyards. Priced from $384,900

403 TRIPP FARM ROAD-FAIR OAKS Charming home in lovely location in great neighborhood. New roof and furnace. Immaculate and well maintained. $270,000 MLS/ID:1799260

3946 NOTTAWAY ROAD-HOPE VALLEY Wonderful opportunity for large lot in Hope Valley. (Can buy adjacent lots for a total of 3 acres). $295,000 MLS/ID:1677181

117 TRAWICK PLACE-HEATHER GLEN Traditional brick 2 story home on beautiful 1+ acre. Family room with built ins. French doors to terraced deck. $299,999 MLS/ID:1783003

1107 PARK GLEN PLACE-GRANDALE PLACE Sunny, immaculate and beautifully upgraded! Pretty 4 bedroom plus bonus room and deck. $300,000 MLS/ID:1747880

19 HARVEY PLACE-$300,000 Custom built home on .59 acres on private cul de sac. Meticulously maintained home. Lots of storage. East access to Duke, UNC. $300,000 MLS/ID:1796307

107 STROLLING WAY-EVERWOOD Gorgeous home at incredible price! Great finishes, hardwood floors. Good floorplan with flexible living spaces. $320,000 MLS/ID:1798740

2515 LANIER PLACE-DUKE FOREST Spacious Tudor-style home on a large lot. Freshly painted inside and out. All new carpet. Close to Duke. $325,000 MLS/ID:1773770

5 MAYAPPLE PLACE-CROASDAILE Great price!! One level living. Living room, family room with fireplaces. Large dining room. Screen porch and deck. $325,000 MLS/ID:1788174

4205 FOREST EDGE TRAIL-HOPE CREEK Wonderful home with an open floor plan in a terrific neighborhood. Rocking chair front porch and screened back porch overlooks fenced backyard. $345,000 MLS/ID:1771296

805 HERMITAGE COURT-FOREST HILLS Lovely 3 bedroom 2 1/2 bath in great location. Beautiful yard. Garage. Close to Duke, downtown, everything!! $350,000 MLS/ID:1786506

1010 URBAN AVENUE-TRINITY PARK Diamond in the rough!! Potentially fabulous home filled with historic details. Over 3600 square feet on first 2 floors. $400,000 MLS/ID:1789403

5102 Durham-Chapel Hill Blvd., Suite 100 Durham, NC 27707

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Peak Swirles & Cavallito P RO P E RT I E S


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3724 St Marks Road - Hope Valley $775,000

MLS# 1799328

Gorgeous traditional painted brick home with a touch of Tuscan flair. Fabulous kitchen renovation. Incredible pool oasis. A must see!!

5102 Durham-Chapel Hill Blvd., Suite 100 Durham, NC 27707


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Sudi is passionate about her work, her family and life in general. She brings tremendous energy and enthusiasm to everything she does. Her success in real estate is based on over two decades of building close personal relationships with her clients who trust her integrity and knowledge of the market to help them make one of the most important decisions of their lives. Sudi, more than anything in her business, loves working with people. One of her great skills is negotiation, the -”art of the deal”- working together in a way that creates a transaction in which both the buyers and sellers feel their needs have been met.

Sudi Swirles Cell: (919) 475-8000 sudi@pscp.com

Sudi grew up with a southern mom on the north shore of Chicago, so when she moved to Durham after college, she was right at home with the cuisine and culture of North Carolina. As a result of her love of fine food, wine and travel, she became one of the pioneers of the restaurant revolution in downtown Durham when she owned and ran Sudi’s on Main Street in the 80’s. She offered an eclectic menu of Mediterranean cuisine long before it was popular in this country. Believing in the future of downtown, Sudi also bought a beautiful historic 1920’s house on Trinity Avenue which she still lives in and loves working on. Homes with style and character are the properties that inspire her to create the best lifestyle opportunities for her clients. For over 20 years, her many loyal clients have returned to her over and over to help them meet their real estate needs.

Marcia Kessinger

Jenny MacKay

DJ Maniace

Cell: (919) 730-3351 marciakessinger@pscp.com

Cell: (919) 619-8149 jenmackay1@aol.com

Cell: (919) 616-2010 djmaniace@pscp.com

Tony Matthews

Doug Nelson

Jane Phillips

Cell: (919) 475-8800 tony@pscp.com

Cell: (919) 246-0325 dnelson@pscp.com

Cell: (919) 608-1407 japgoduke@aol.com

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3506 WESTOVER ROAD-HOPE VALLEY Classic one level home on Hope Valley Golf Course. Large rooms and flexible spaces. Large bedrooms. Great location. $490,000 MLS/ID:1778684

2740 SPENCER STREET-DUKE FOREST Spacious interiors with gleaming oak floors, new carpet and paint. 3 fireplaces! Call for Price. MLS/ID:1718944

2420 JONQUIL TRAIL-MEBANE Great opportunity for equestrian! Cape Cod with 2 masters. Huge family room. Porches, patios and deck overlook pond. $560,000 MLS/ID:1782691

3900 HOPE VALLEY ROAD-HOPE VALLEY Oasis on 1.4 acres. Immaculate, open traditional with high ceilings. Gorgeous upscale kitchen. $575,000 MLS/ID:1775569

8932 SHIPWATCH DRIVESHIPWATCH/WILMINGTON, NC Perfect family retreat, just 2 hours from Triangle. Unbelievable water views. Hardwood and tile floors. $587,500 MLS/ID:1784222

2718 ARTHUR MINNIS-HILLSBOROUGH Stone from the mountains of NC frame this lovely tudor. 6 acres of gated privacy 10 minutes from Chapel Hill. $599,000 MLS/ID:1775731

3307 SURREY ROAD-HOPE VALLEY Private, quiet elevated .77 acre site with view of 7th and 8th fairways. Traditional design. Shows like a model. $620,000 MLS/ID:1790606

3301 SERENITY LANE-HILLSBOROUGH 20+ acre horse farm with 6 stall barn and riding arena. All brick one level Cape Cod home. $650,000 MLS/ID:1755530

3812 DUNSINANE DRIVE-NEW HOPE VALLEY Great home for entertaining. Huge family room overlooks backyard with cooking area and patios. $650,000 MLS/ID:1783431

4002 NOTTAWAY ROAD-HOPE VALLEY Two adjacent lots can be purchased for a total of 3 acres. House on property is in “as is” condition. $700,000 MLS/ID:1677185

601 QUAIL ROOST FARM ROAD - HORSE COUNTRY. Custom-built farmhouse on 14+ acres with 4 stall barn, 2 run-ins, ring and pool located on historic idyllic Quail Roost Farm. $600,000 MLS/ID:1786593

912 ANDERSON STREET-DUKE FOREST Southern Colonial Revival near Duke exudes classic charm and southern hospitality. Versatile floor plan. $745,000 MLS/ID:1787811

5102 Durham-Chapel Hill Blvd., Suite 100 Durham, NC 27707

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Ann Cavallito Cell: (919) 357-6678 jcovallito@aol.com

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A life-long North Carolinian, Ann was born and raised in Greensboro but moved to Chapel Hill where she graduated from the University of North Carolina with a degree in psychology. She then attended North Carolina State University and graduated with a MEd in Guidance, Counseling and Personnel Services. Who knew how helpful those degrees would be in the wild, wonderful, wacky world of residential real estate? She received her real estate license in 1975. Before she began selling residential real estate in 1987, her varied careers included working for an advertising/printing company as well as being marketing coordinator of a boutique architectural and engineering company in the Triangle. In 1993, Ann joined Susan and Sudi to form Peak, Swirles & Cavallito Properties. While the firm offers thoughtful and innovative solutions in helping both home buyers and sellers achieve their goals, Ann guides the firm in marketing, advertising and developing creative ideas to be nimble and successful in today’s marketplace.

Angela Sarvis

Laura Upchurch

Debbie White

Cell: (919) 621-4755 angeladsarvis@aol.com

Cell: (919) 612-2266 lupchurch@pscp.com

Cell: (919) 740-6970 momblanc@gmail.com

Mary Wible

Peter Winkler

Michele Wright

Cell: (919) 815-6628 mmwible@pscp.com

Cell: (919) 360-1285 peter@peterwinklerhomes.com

Cell: (919) 672-5686 mwright@pscp.com

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3722 HIGH MEADOW DRIVE-WINDY HILL Elegant 5 bedroom, 5 bath brick home with 3 car garage on one acre between Durham and Chapel Hill. $765,000 MLS/ID:1752516

1709 TISDALE STREET-DUKE FOREST CALIFORNIA contemporary sited on 1/2 acres. 4 bedrooms, 3.5 baths. Minutes to West Campus. $774,900 MLS/ID:1792499

519 HOOPER LANE-HISTORIC DISTRICT Charming vintage home with beautiful landscaped yard in the heart of Chapel Hill. Cypress siding, new HVAC. $990,000 MLS/ID:1777536

8118 FARRINGTON MILL ROAD-HORSE COUNTRY Exceptional home that is virtually brand new with incredible detailing at every turn. Great potential for horse property. $1,300,000 MLS/ID:1774495

4600 OLD NC 86 HIGHWAY-HILLSBOROUGH Amazing custom farmhouse on 35 acres. Large views, salt water pool, established gardens. Possible equestrian opportunity. $1,995,000 MLS/ID:1778608

7 LITTLEWOOD LANE-HOPE VALLEY Premier 4 bedroom residence with carriage house on 4.6 private acres. Beautifully renovated. $2,350,000 MLS/ID:1777031

2825 CHELSEA CIRCLE-HOPE VALLEY This historical home has been renovated with attention to detail. Overlooking golf course. $2,500,000 MLS/ID:1746390

3430 DOVER ROAD-HOPE VALLEY Magnificent 6 bedrooms+ residence on 2.5 woodland acres. Walled terrace with heated pool. Everything your heart could desire!! $2,850,000 MLS/ID:1775709

5102 Durham-Chapel Hill Blvd., Suite 100 Durham, NC 27707

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The Last Word

Thanks for taking the time to look at our magazine. We hope it will provide you with some useful information in making a thoughtful decision during the process of buying or selling your home.

In the past, it was said that the buyer was the entity who actually determined the sale price of a home. As agents, we can help a seller identify the strongest marketing position, but ultimately, we cannot determine what the selling price will be. It takes years of experience to be able to predict accurately that figure. However, due to the recent financial situation in our country, a new entity has come to the forefront in the determination of the ultimate sale price - the bank/lender. For that reason, appraisers and lenders have now become the final decision makers in determining the value and worth of a property. If the appraiser cannot support the price of the negotiated contract, the bank will not lend money in excess of that appraised figure, regardless of the contract price.

Cell: (919) 612-3221

Cell: (919) 475-8000

Effective September 1, 2011, Fannie Mae and Freddie Mac have brand new guidelines that will force appraisers and agents to classify condition, quality of construction, and specific information about comparable properties used in appraisals. (FHA appraisals will be included effective January 1, 2012.) Based on a six point scale, agents will have to rate the condition C-1(Best) to C-6 (Worst) of a home; they will also have to rate the quality of construction in the same manner from Q-1(Highest) to Q-6(Lowest) of comparable homes. Additional considerations include updated kitchens and baths ranked from: 1.) Not Updated, 2.) Updated and 3.) Remodeled. The time frame of the work being completed will also be examined beginning with less than one year; one to five years, etc. Financing terms of the comparable properties will also be examined and must have notations regarding the various forms of financing. A few examples are sales resulting from relocation, short sale, court-ordered sale, arms length transaction or NOT Arm’s length transaction. The final area of focus requires defining more specifically information regarding basements including square footage, access, room count, etc. Appraisers will now have to answer all of those questions on that Uniformed Appraisal Dataset Form that is submitted to the bank. And - all of that information will impact the precision of the appraisal.

For more comprehensive descriptions of the requirements, please feel free to contact us at 919-419-1234 or email us at info@pscp.com to have a report emailed to you.

Cell: (919) 357-6678

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For the second consecutive month we are beginning to see some positive changes in several of the monthly indicators as we move beyond comparisons that were abnormally high because of ten months of federal tax credits. The most recent report from the Triangle Multiple Listing Service for the month of July shows positive news for the Triangle Real Estate market with closings up 7.5% over July of 2010 over a 16-county wide area. Pending home sales were up 29.6% and homes shown to potential buyers rose by 6% over the July 2010 figures. Other figures were still floundering with the average sale price for the region declining to 4.5% to $230,640, the median sales prices also sinking 5% to $189,900. The absorption rate slowed as the Supply of Inventory indicator was up 5% to show an 11-month supply. The Housing Affordability Index for July continued to remain at a record level at 179 which is 6.6% over last year and a positive indicator for housing affordability. (Data provided by the Triangle MLS, Inc.)

In this market, both buyers and sellers need as much help as possible in navigating the murky waters of today’s market. Peak, Swirles and Cavallito Properties’ brokers are here to help! Give us a call at 919-419-1234 to help you meet today’s needs and tomorrow’s goals. www.pscp.com


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The New Lending Landscape “I can’t believe it. We didn’t have to provide all this information when we refinanced 2 years ago!” Sound familiar? High quality mortgages with low interest rates are still available but we’re going to have to work harder for it and here is why. As lending guidelines expanded to make mortgages accessible to a larger portion of society the corresponding risk of doing so was not properly measured. And, when these mortgages turned into mortgage backed securities they did not perform. Wall Street hired auditors to inspect mortgages held and force mortgage lenders to buy them back. Banks don’t want to buy large numbers of mortgages back because it can put them out of business overnight. Therefore, they are making certain the files they underwrite are “audit proof”. Tighter lender guidelines coupled with greater verification prevail. With this in mind, every mortgage applicant needs to be more vigilant (and patient) in the process. Here are just a few recommendations • Credit Scores — Get your scores early and have your loan officer optimize your scores and rapid re-score them with all 3 bureaus while looking for a home. • New Credit — Don’t take on new credit. Sounds like a “no brainer” but buying furniture payable in 2012 or adding a credit card to save 15% on a purchase hurts. • Income — Make sure your income counts. Sounds silly? It is not always intuitive. Self-employed applicants need income chronicled via tax returns. If a new job then applicant must have collected 30 days in pay stubs. Rental income may or may not be usable as well. • Assets — Money qualifying as down payment must be in liquid form—checking, savings, or money market. If your down payment is in stocks or mutual funds be ready to sell what is necessary and provide a paper trail for the transaction and subsequent deposit in your checking or savings.

Brian P. Kenedy Partner Devon Mortgage An AES Managed Company C (919) 602-2335 bkenedy@devonmortgage.com

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We deliver great results to our neighbors.

happy We are seasoned real estate brokers with extensive knowledge of the Triangle home market and the areas convenient to Duke, UNC-Chapel Hill, and the Research Triangle Park.

satisfied The measure of our success is our expanding network of satisfied clients who recommend us to their families, friends, and colleagues.

clients www.pscp.com

PEAK SWIRLES & CAVALLITO PROPERTIES t 919.4 1 9 .1234 f 919.4 1 9 .1102 www.pscp.com

9 1 9 .4 1 9 .1 2 3 4

5102 Durham- Ch. Hill Blvd. 5102 DurhamChapel Blvd. 5102 Durham-Chapel Hill Blvd., Hill Suite 100Durham, Durham,NC NC27707 27707 Durham, NC 27707


Peak Swirles & Cavillto Volume 2 Issue 1A