November market report

Well, things aren't much different than last month. The lights are still on and people are still investing in apartments. Just not as many.

Oddly enough, we set a record for quickest close in November. An Investor Network member who recognized a property close to others he currently owns, closed 2510 New Hope Church, a duplex, in less than a week from its initial announcement to the network.

In any market, it's not at all typical to get a property purchased in that sort of time frame, especially if going through the traditional channels. Not only are down payment requirements changing dramatically, but the entire loan process is under severe scrutiny, challenging closing dates, documentation, financial history and above all, patience. Nevertheless, there are reasons we are at this point and today's activity is a natural result. The market is recycling itself. And like an aircraft carrier, it takes a long time to turn around.

Everyone wants to know where the bottom is. We like to say the bottom is well, at the bottom. It doesn't matter where really and if this economy has demonstrated anything, it's that there is no concrete number, predictable activity or economic buoy that will signal the turning point. All that we should focus on now is weathering the storm by making careful decisions based on the squalls that lie ahead. There should be plenty more to tackle come 2009.

Deaton sales this month

2336 Lyon Street (outside listing) - Inside the Beltline Single-Family rental
List: $334,900 / Sold: $313,000
Total rent: vacant

2511 Stadium - Durham Duplex
List: $128,000 / Sold: $118,335
Total rent: $675

4405 Brockton - Mini-City area quadraplex
List: $285,000 / Sold: $285,000
Total rent: $1,600

203 S. Walker - Brick quad in Downtown Cary
List: $285,000 / Sold: $250,000
Total rent: $2,805

2510 New Hope Church - Well-maintained Duplex near Brentwood
List: $154,000 / Sold: $145,000
Total rent: $525

Regional Multi-family Sales this month

410 N. Guthrie Street - Durham Duplex
List: $17,500 / Sold: $16,000
Reported total rent: not reported*

327 Ridgecrest Road - Cary Triplex
List: $155,000 / Sold: $179,431
Reported total rent: $555

139 Rollins Acres Lane - Lillington Duplex
List: $39,900 / Sold: $36,000
Reported total rent: vacant

630 Middle Street - Durham Quadraplex
List: $124,400 / Sold: $110,000
Reported total rent: $1,800

100 W. T. - Selma Quadraplex
List: $219,900 / Sold: $205,000
Reported total rent: not reported

626 Middle Street - Durham Duplex
List: $14,900 / Sold: $14,000
Reported total rent: not reported

1916 Tischer Road - Raleigh Quadraplex
List: $238,000 / Sold: $228,000
Reported total rent: not reported

103 S. Maple Street - Durham Duplex
List: $19,900 / Sold: $17,000
Reported total rent: not reported

2211 S. Roxboro Street - Durham Duplex
List: $87,500 / Sold: $85,000
Reported total rent: not reported

500 Cascade Avenue - Eight units in Rocky Mount - forclosure
List: $179,000 / Sold: $150,000
Reported total rent: not reported

1702 Gunter Street - Durham Duplex
List: $34,900 / Sold: $25,000
Reported total rent: not reported

2000 Southgate Street - Durham Duplex
List: $49,900 / Sold: $37,500
Reported total rent: not reported

* Deaton does not confirm rents. They are reported by the listing agent