Cooke Report November 2023 by Lucia Cooke

the

Cooke Report

A L O C A L R E A L E S T A T E M A R K E T U P D A T E

Designed, Researched, and Published by Allison Zimmerman and Lucia Cooke

Dear Reader, Once again, we appreciate you allowing us into your world. This publication has always been, and continues to be, a labor of love for the two of us. The detail that goes into every edition reflects the care and concern we dedicate to every aspect of our professional lives. It might surprise you that nothing in this magazine was auto-generated or developed via AI (Artificial Intelligence), which is becoming increasingly rare in the modern age. AI is familiar to the realm of real estate. Well before Chat GPT and other similar platforms, large corporations like Zillow™ have used AI to generate their "Zestimates" and other market price algorithms. What is not widely known is the value estimates are often significantly incorrect. According to Zillow, their "Zestimates" are within 10% of actual value 95% of the time. Think about what 10% of your house value means. AI has its uses, but it doesn't have the market knowledge that comes from seeing comparable properties from a human eye. An algorithm can't analyze the differences in site locations, home modernization, floor plan design, or quality of construction. That said, the more considerable innovation that AI may contribute to the industry is the ability to incorporate staggering amounts of data at the user's behest. These predictive analytics can't be perfect, but the evolution of AI will undoubtedly influence ours and other industries today and in the future. Innovations across a broad spectrum of possibilities occur every day. AI virtual staging and design renovation platforms give a visual image of a home's potential. Auto floor plans and GPT dialogue are improving exponentially. They are fun to try. Though we focus our Market Update article on the LOCAL aspects of our real estate community, there are a few national items of note. First, according to the Rosen Consulting Group, we have an estimated deficit of 5.5 million housing units. It is estimated that 60% of mortgage

borrowers are locked into rates four percentage

points below the current market rates (data taken from Goldman Sachs.) This "lock-in effect" is not expected to shift as mortgage rates are not likely to drop significantly. Nationally, this will impact total gross inventory and add pressure to create new multifamily and single-family construction. We extend our thanks to our many customers, friends, and former clients for their continued support and trust in our firm. We will continue to strive to exceed your expectations.

Wishing you a healthy, happy, and prosperous 2024,

Lucia Cooke Allison Zimmerman 2

"Scattering light creates a bluish haze easily visible over the mountains. The color variation can range from powder blue that is almost gray to Robin's egg blue, cerulean, turquoise, blue‐black, or purple."

The amazing amount of vegetation in the Blue Ridge Mountains releases organic chemicals. These chemicals form vapors at normal temperatures and pressures. In large numbers, all those tiny molecules react with natural ozone already in the air to form new particles that scatter blue light from the sun.

2023 / 2022 November 1 to November 1

Comparison

Twelve Month Totals

Total Homes Closed

Average Sales Price

Average Days on the Market

Orange County all Detached Homes priced less than $1,000,000 2023 901 $537,691 2022 1175 $524,235

23 17

Orange County all Detached Homes priced at or over $1,000,000 142 $1,441,515 146 $1,440,745

27 28

Orange County all Attached Homes (condominiums and townhomes) 2023 234 $374,231 2022 302 $361,366

20 13

Durham County all Detached Homes priced less than $1,000,000 2023 2814 $457,527 2022 4048 $325,599

26 17

Durham County all Detached Homes priced at or over $1,000,000 92 $1,408,033 66 $1,357,711

17 14

Durham County all Attached Homes (condominiums and townhomes) 2023 970 $374,103 2022 1383 $382,751

23 14

2023 2022

2023 / 2022 November1 to November 1

Comparison Continued

Total Homes Closed

Average Sales Price

Sale Price/List Price Ratio

2023 2022

Chatham County all Detached Homes priced less than $700,000 874 $601,518 1075 $582,411

29 17

2023 2022

Chatham County all Detached Homes priced at or over $700,000 176 $1,412,162 154 $1,404,761

27 33

Chatham County all Attached Homes (condominiums and townhomes) 2023 154 $410,921 2022 118 $401,971

34 11

2023 2022

Wake County all Detached Homes priced less than $700,000 10,700 $549,925 13,871 $590,702

27 10

2023 2022

Wake County all Detached Homes priced at or over $700,000 1059 $1,465,814 1072 $1,423,690

31 22

2023 2022

Wake County all Attached Homes (condominiums and townhomes) 3667 $401,550 4228 $393,304

24 12

Local Market Report

Camping under the Milky Way at Linville Gorge 6

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

343

N/A

461

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

232

224

285

288

282

335

284

301

N/A

276

235

301

281

258

252

295

266

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales 7

2nd half 2023 1st half 2023

N/A

246

262

275

N/A

237

273

N/A

242

257

214

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

N/A

378

N/A

532

N/A

410

N/A

565

N/A

323

513

N/A

321

422

634

343

484

473

252

260

N/A

272

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

7 4 months

$200,000 - $299,999 current inventory: absorption rate:

9 2.2 months

$300,000 - $399,999 current inventory: absorption rate:

2 .58 months

$400,000 - $400,999 current inventory: absorption rate:

6 1.89 months

$500,000 - $599,999 current inventory: absorption rate:

1 .44 months

$600,000 - $699,999 current inventory: absorption rate:

3 1.03 months

$700,000 - $799,999 current inventory: absorption rate:

2 .703 months

$800,000 - $899,999 current inventory: absorption rate:

1 .66 months

$900,000 - $999,999 current inventory: absorption rate:

3 1.8 months

$1,000,000 - $1,499,999 current inventory: 3 absorption rate: .75 months $1,500,000 - $1,999,999 current inventory: 1 absorption rate: 4 months $2,000,000 + current inventory: absorption rate:

9 9.8 months

East Chapel Hill High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

$200,000 - $299,999

Price Range

Number of Sales Dollar Sales 0 0 Dollar 0 0 2nd half 2023 Dollar per Sq Ft N/A N/A N/A N/A Number of Sales 0 0 0 0 1st half 2023 Dollar per Sq Ft N/A N/A N/A N/A

N/A

312

N/A

390

N/A

270

N/A

306

N/A

New Construction Single Family

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

269

263

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

207

331

233

320

257

N/A

220

230

211

215

160

369

N/A

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

240

259

N/A

180

174

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

115

N/A

249

334

355

298

315

285

345

269

N/A

119

220

241

249

207

238

208

N/A

233

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 9

2nd half 2023 1st half 2023

N/A

271

259

180

231

N/A

197

176

179

N/A

258

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

340

N/A

356

394

N/A

293

N/A

353

N/A

211

286

574** 574

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

1 3.03 months

$200,000 - $299,999 current inventory: absorption rate:

2 1.33 months

$300,000 - $399,999 current inventory: absorption rate:

0 no active inventory to compare

$400,000 - $400,999 current inventory: absorption rate:

4 1.37 months

$500,000 - $599,999 current inventory: absorption rate:

2 .66 months

$600,000 - $699,999 current inventory: absorption rate:

3 1 months

$700,000 - $799,999 current inventory: absorption rate:

4 2.09 months

$800,000 - $899,999 current inventory: absorption rate:

2 1 months

$900,000 - $999,999 current inventory: absorption rate:

3 2 months

$1,000,000 - $1,499,999 current inventory: 11 absorption rate: 7.33 month5

Chapel Hill High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 3 absorption rate: 12 months $2,000,000 + current inventory: absorption rate:

2 36.14 months

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

$200,000 - $299,999

Number of Sales Dollar Sales 0 0 Dollar 0 0 2nd half 2023 Dollar per Sq Ft N/A N/A N/A N/A Number of Sales 0 0 0 0 1st half 2023 Dollar per Sq Ft N/A N/A N/A N/A

N/A

310

N/A

370

less than $100,000

$100,000 - $199,999

Price Range

New Construction Single Family

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

330

N/A

261

N/A

385

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

319

255

251

275

287

277

325

N/A

220

204

195

207

187

228

227

214

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 11

2nd half 2023 1st half 2023

N/A

189

234

257

N/A

243

N/A

193

206

275

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

361

N/A

233

419

N/A

223

N/A

248

N/A

321

329

N/A

421

249

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active invemtory to compare

$100,000 - $199,999 current inventory: absorption rate:

0 no active inventory to compare

$200,000 - $299,999 current inventory: absorption rate:

3 2.4 months

$300,000 - $399,999 current inventory: absorption rate:

3 2 months

$400,000 - $400,999 current inventory: absorption rate:

0 no active inventory to compare

$500,000 - $599,999 current inventory: absorption rate:

1 1.33 months

$600,000 - $699,999 current inventory: absorption rate:

1 1 months

$700,000 - $799,999 current inventory: absorption rate:

0 no activre inventory to compare

$800,000 - $899,999 current inventory: absorption rate:

1 .92 months

$900,000 - $999,999 current inventory: absorption rate:

1 2 months

$1,000,000 - $1,499,999 current inventory: 1 absorption rate: .8 months

Carrboro High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 8 absorption rate: 1 months $2,000,000 + current inventory: absorption rate:

1 no sales to compare

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

186

164

181

N/A

180

164

198

230

N/A

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

187

193

166

N/A

176

200

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

154

181

135

211

214

217

N/A

166

198

387

304

291

276

N/A

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

199

209

224

N/A

196

216

227

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

246

219

273

264

272

422** 422

280

290

118

N/A

262

222

216

236

224

303

N/A

Townhome and Condominium more than 10 years old

Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

235

N/A

210

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

336

N/A

334

N/A

320

N/A

619

283

279

759

N/A

305

N/A

869*

292

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category.

* one property 10+ acres * 8,000+ sq ft on 70 acres

less than $100,000 current inventory: absorption rate:

0 no activre inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

0 no activre inventory to compare

$200,000 - $299,999 current inventory: absorption rate:

1 .38 months

$300,000 - $399,999 current inventory: absorption rate:

29 2.13 months

$400,000 - $400,999 current inventory: absorption rate:

27 3.375 months

$500,000 - $599,999 current inventory: absorption rate:

2 .64 months

$600,000 - $699,999 current inventory: absorption rate:

2 2 months

$700,000 - $799,999 current inventory: absorption rate:

2 2 months

$800,000 - $899,999 current inventory: absorption rate:

1 6.25 months

$900,000 - $999,999 current inventory: absorption rate:

4 16months

$1,000,000 - $1,499,999 current inventory: 6 absorption rate: 6.5 months

Cedar Ridge High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 1 absorption rate: 12.04 months $2,000,000 + current inventory: absorption rate:

2 4.8 months

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

212

203

262

377

317

255

346

N/A

173

158

N/A

223

241

N/A

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

201

N/A

198

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

189

228

244

246

225

N/A

309

N/A

247

239

N/A

265

248

201

249

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

229

225

N/A

228

N/A

233

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

157

213

233

239

284

252

265

222

387

138

221

227

214

229

228

239

275

230

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 15

2nd half 2023 1st half 2023

N/A

165

186

N/A

187

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

246

N/A

300

N/A

272

N/A

289

N/A

420

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

3 1.89 months

$200,000 - $299,999 current inventory: absorption rate:

7 1.79 months

$300,000 - $399,999 current inventory: absorption rate:

9 1.01 months

$400,000 - $400,999 current inventory: absorption rate:

10 1.69 months

$500,000 - $599,999 current inventory: absorption rate:

2 .82 months

$600,000 - $699,999 current inventory: absorption rate:

4 1.5 months

$700,000 - $799,999 current inventory: absorption rate:

2 1.14 months

$800,000 - $899,999 current inventory: absorption rate:

4 3.69 months

$900,000 - $999,999 current inventory: absorption rate:

2 2.66 months

Orange High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,000,000 - $1,499,999 current inventory: 7 absorption rate: 4 months $1,500,000 - $1,999,999 current inventory: 0 absorption rate: no active inventory to compare $2,000,000 + current inventory: absorption rate:

1 no sales to compare

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

242

322

320

267

311

N/A

0 N/A

1 240

3 206

9 200

2 186

0 N/A

2 358

0 N/A

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

163

N/A

386

401

N/A

191

N/A

378

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

233

227

236

211

N/A

336

N/A

222

396

334

N/A

331

N/A

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

204

207

N/A

192

190

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

169

240

230

219

218

255

229

184

197

N/A

145

220

215

206

209

214

165

245

N/A

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 17

2nd half 2023 1st half 2023

N/A

188

161

N/A

172

N/A

121

147

N/A

204

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

N/A

N//A

N/A

281

N/A

479

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

1 .63 months

$200,000 - $299,999 current inventory: absorption rate:

14 1.6 months

$300,000 - $399,999 current inventory: absorption rate:

37 1.89 months

$400,000 - $400,999 current inventory: absorption rate:

22 2.2 months

$500,000 - $599,999 current inventory: absorption rate:

13 3.05 months

$600,000 - $699,999 current inventory: absorption rate:

8 2.66 months

$700,000 - $799,999 current inventory: absorption rate:

5 4 months

$800,000 - $899,999 current inventory: absorption rate:

1 2 months

$900,000 - $999,999 current inventory: absorption rate:

1 12.04 months

$1,000,000 - $1,499,999 current inventory: 8 absorption rate: 50 months

Northern High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 1 absorption rate: no sales to compare $2,000,000 + current inventory: absorption rate:

0 no active inventory to compare

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

325

336

415

232

224

N/A

308

N/A

320

418

299

280

345

340

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

233

N/A

230

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

412

338

N/A

314

292

290

353

N/A

317

285

304

266

N/A

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

203

223

N/A

236

230

N/A

275

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

206

242

267

297

261

270

309

303

298

N/A

189

211

249

261

263

292

330

319

345

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 19

2nd half 2023 1st half 2023

N/A

200

209

208

230

N/A

197

215

N/A

265

198

226

N/A

227

N/A

345

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

370

N/A

282

N/A

293

N/A

378

N/A

402

N/A

322

179

N/A

316

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

2 1.6 months

$200,000 - $299,999 current inventory: absorption rate:

12 1.4 months

$300,000 - $399,999 current inventory: absorption rate:

23 1.58 months

$400,000 - $400,999 current inventory: absorption rate:

11 1.34 months

$500,000 - $599,999 current inventory: absorption rate:

21 4.06 months

$600,000 - $699,999 current inventory: absorption rate:

10 2.1 months

$700,000 - $799,999 current inventory: absorption rate:

10 2.93 months

$800,000 - $899,999 current inventory: absorption rate:

4 1.92 months

$900,000 - $999,999 current inventory: absorption rate:

5 2.85 months

$1,000,000 - $1,499,999 current inventory: 16 absorption rate: 4.5 months

Riverside High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 4 absorption rate: 16 months $2,000,000 + current inventory: absorption rate:

9 .79 months

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

269

337

279

326

316

269

288

N/A

263

N/A

269

265

261

259

308

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

238

N/A

256

257

N/A

408

N/A

234

N/A

250

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

260

291

294

254

244

190

0 N/A

1 281

0 N/A

5 267

13 250

13 230

5 234

0 N/A

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

223

208

291

314

275

N/A

194

232

227

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

161

242

267

273

255

248

264

255

282

N/A

151

249

235

239

245

246

263

296

299

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 21

2nd half 2023 1st half 2023

155

N/A

231

230

220

213

N/A

247

209

220

206

245

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

311

412

454

285

365

N/A

462

N/A

292

354

N/A

306

457

517

341

349

541

N/A

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

1 .63 months

$200,000 - $299,999 current inventory: absorption rate:

11 1.17 months

$300,000 - $399,999 current inventory: absorption rate:

12 .82 months

$400,000 - $400,999 current inventory: absorption rate:

14 .92 months

$500,000 - $599,999 current inventory: absorption rate:

15 1.53 months

$600,000 - $699,999 current inventory: absorption rate:

11 1.4 months

$700,000 - $799,999 current inventory: absorption rate:

6 .73 months

$800,000 - $899,999 current inventory: absorption rate:

5 1.53 months

$900,000 - $999,999 current inventory: absorption rate:

8 4.37 months

Jordan High School

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

$1,000,000 - $1,499,999 current inventory: 8 absorption rate: 2.82 months $1,500,000 - $1,999,999 current inventory: 3 absorption rate: 3 months $2,000,000 + current inventory: absorption rate:

4 5.33 months

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

291

260

217

N/A

253

226

197

N/A

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

233

225

N/A

220

221

266

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

190

250

236

261

237

269

N/A

200

218

241

253

260

N/A

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

215

213

204

N/A

220

205

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

182

217

231

235

242

226

369

N/A

123

157

214

218

213

226

232

175

163

N/A

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 23

2nd half 2023 1st half 2023

N/A

215

214

208

N/A

177

203

197

225

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

N/A

342

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

2 .92 months

$200,000 - $299,999 current inventory: absorption rate:

12 1.32 months

$300,000 - $399,999 current inventory: absorption rate:

29 .93 months

$400,000 - $400,999 current inventory: absorption rate:

35 1.21 months

$500,000 - $599,999 current inventory: absorption rate:

11 1.06 months

$600,000 - $699,999 current inventory: absorption rate:

2 1.09 months

$700,000 - $799,999 current inventory: absorption rate:

1 .86 months

$800,000 - $899,999 current inventory: absorption rate:

1 6.25 months

$900,000 - $999,999 current inventory: absorption rate:

0 no active inventory to compare

Hillside High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,000,000 - $1,499,999 current inventory: 1 absorption rate: 12.04 months $1,500,000 - $1,999,999 current inventory: 0 absorption rate: no active inventory to compare $2,000,000 + current inventory: absorption rate:

0 no active inventory to compare

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

273

235

238

189

N/A

258

237

248

215

225

342

N/A

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

218

195

N/A

209

206

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

219

224

239

262

260

242

N/A

242

206

209

230

214

233

N/A

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

214

221

N/A

215

205

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

158

203

233

210

183

233

224

N/A

127

214

209

203

191

249

317

N/A

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 25

2nd half 2023 1st half 2023

N/A

192

201

205

N/A

118

171

209

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

1 .66 months

$200,000 - $299,999 current inventory: absorption rate:

7 .93 months

$300,000 - $399,999 current inventory: absorption rate:

41 1.8 months

$400,000 - $400,999 current inventory: absorption rate:

44 2.4 months

$500,000 - $599,999 current inventory: absorption rate:

17 1.8 months

$600,000 - $699,999 current inventory: absorption rate:

4 .94 months

$700,000 - $799,999 current inventory: absorption rate:

1 .602 months

$800,000 - $899,999 current inventory: absorption rate:

0 no active inventory to compare

$900,000 - $999,999 current inventory: absorption rate:

0 no active inventory to compare

$1,000,000 - $1,499,999 current inventory: 2 absorption rate: no sales to compare

Southern High School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 1 absorption rate: no sales to compare $2,000,000 + current inventory: absorption rate:

2 no sales to compare

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

256

236

216

228

257

291

N/A

243

233

215

232

251

261

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

225

239

N/A

203

212

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

350

210

216

238

234

244

272

N/A

318

254

247

223

233

257

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

210

239

N/A

231

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

209

246

231

266

262

279

299

325

N/A

235

211

260

257

264

279

268

232

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 27

2nd half 2023 1st half 2023

N/A

189

241

N/A

196

256

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

288

376

318

270

355

N/A

287

N/A

479

299

N/A

216

362

324

370

245

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

0 no active inventory to compare

$200,000 - $299,999 current inventory: absorption rate:

2 1.72 months

$300,000 - $399,999 current inventory: absorption rate:

16 2.08 months

$400,000 - $400,999 current inventory: absorption rate:

25 2.52 months

$500,000 - $599,999 current inventory: absorption rate:

18 2.34 months

$600,000 - $699,999 current inventory: absorption rate:

14 2.33 months

$700,000 - $799,999 current inventory: absorption rate:

21 3.27 months

$800,000 - $899,999 current inventory: absorption rate:

26 8.9 months

$900,000 - $999,999 current inventory: absorption rate:

12 3.89 months

$1,000,000 - $1,499,999 current inventory: 28 absorption rate: 6.4 months

Northwood high School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 5 absorption rate: 5 months $2,000,000 + current inventory: absorption rate:

2 8 months

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

236

233

279

N/A

199

227

223

243

256

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

227

N/A

222

181

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

278

265

261

269

239

233

N/A

222

N/A

249

244

240

237

243

292

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

285

N/A

219

N/A

342

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

244

297

299

319

268

265

251

242

N/A

244

288

265

276

255

249

259

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 29

2nd half 2023 1st half 2023

N/A

185

230

229

N/A

194

260

238

N/A

greater than $2,000,000

$1,500,000 - $2,000,000

314

367

451

297

450

473

N/A

300

321

N/A

329

N/A

461

N/A

281

296

323

248

228

360

N/A

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

0 no active inventory to compare

$200,000 - $299,999 current inventory: absorption rate:

1 1.204 months

$300,000 - $399,999 current inventory: absorption rate:

3 2.58 months

$400,000 - $400,999 current inventory: absorption rate:

7 1.05 months

$500,000 - $599,999 current inventory: absorption rate:

5 .909 months

$600,000 - $699,999 current inventory: absorption rate:

7 1.07 months

$700,000 - $799,999 current inventory: absorption rate:

11 1.86 months

$800,000 - $899,999 current inventory: absorption rate:

8 2.23 months

$900,000 - $999,999 current inventory: absorption rate:

10 3.8 months

$1,000,000 - $1,499,999 current inventory: 24 absorption rate: 3.7 months

Seaforth high School

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 8 absorption rate: 5.6 months $2,000,000 + current inventory: absorption rate:

19 22.89 months

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

199

N/A

251

241

261

245

229

N/A

242

255

258

269

230

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

114

N/A

227

255

292

N/A

102

105

N/A

202

212

227

253

293

230

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

218

252

253

247

256

260

N/A

203

243

241

239

244

251

237

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

216

217

225

250

224

N/A

213

207

213

232

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

136

139

N/A

280

266

277

270

255

253

255

267

103

N/A

180

162

257

251

244

241

247

244

240

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 31

2nd half 2023 1st half 2021

N/A

272

240

241

215

272

267

N/A

265

231

230

234

216

283

N/A

greater than $2,000,000

$1,500,000 - $2,000,000 13

266

352

441

275

372

339

N/A

281

317

477

268

259

461

N/A

287

348

411

265

339

316

N/A

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

0 no active inventory to compare

$200,000 - $299,999 current inventory: absorption rate:

8 1.05 months

$300,000 - $399,999 current inventory: absorption rate:

20 .74 months

$400,000 - $400,999 current inventory: absorption rate:

18 .56 months

$500,000 - $599,999 current inventory: absorption rate:

27 1.27 months

$600,000 - $699,999 current inventory: absorption rate:

22 1.09 months

$700,000 - $799,999 current inventory: absorption rate:

32 1.21 months

$800,000 - $899,999 current inventory: absorption rate:

9 7.75 months

$900,000 - $999,999 current inventory: absorption rate:

13 1.23 months

$1,000,000 - $1,499,999 current inventory: 33 absorption rate: 2.72 months

Cary, Apex & Morrisville

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

zip codes 27560, 27511, 27512, 27513, 27518, 27519, 27502, 27523

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 11 absorption rate: 2.58 months $2,000,000 + current inventory: absorption rate:

13 7.42 months

less than $100,000

$100,000 - $199,999

$200,000 - $299,999

$300,000 - $399,999

$400,000 - $499,999

$500,000 - $599,999

$600,000 - $699,999

$700,000 - $799,999

$800,000 - $899,999

$900,000 - $999,999

Price Range

N/A

222

214

220

250

278

254

316

N/A

204

217

205

227

257

248

257

New Construction Single Family Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

New Construction Townhome and Condominium Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

217

253

298

N/A

204

229

256

315

N/A

Single Family Re-Sale less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

318

209

206

226

260

287

315

N/A

213

211

266

259

234

231

Townhome & Condominium less than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

N/A

228

216

221

242

274

310

N/A

237

227

223

234

242

308

N/A

Single Family Re-Sale more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft

2nd half 2023 1st half 2023

135

105

125

110

167

252

242

248

270

269

287

310

287

109

138

108

N/A

113

229

230

237

248

280

274

299

325

Townhome and Condominium more than 10 years old Number of Sales Dollar per Sq Ft Number of Sales Dollar per Sq Ft 33

2nd half 2023 1st half 2023

125

N/A

223

233

217

259

245

336

233

N/A

107

N/A

164

214

210

213

237

234

302

400

N/A

greater than $2,000,000

$1,500,000 - $2,000,000 17

326

395

501

295

395

506

N/A

311

394

538

289

386

629

466

N/A

446

492

N/A

335

386

469

336

332

428

N/A

Absorption Rate The absorption rate is derived by dividing the active listings by the average number of sales per month in each price category. less than $100,000 current inventory: absorption rate:

0 no active inventory to compare

$100,000 - $199,999 current inventory: absorption rate:

3 1.09 months

$200,000 - $299,999 current inventory: absorption rate:

42 1.5 months

$300,000 - $399,999 current inventory: absorption rate:

42 1.4 months

$400,000 - $400,999 current inventory: absorption rate:

56 1.95 months

$500,000 - $599,999 current inventory: absorption rate:

70 2.54 months

$600,000 - $699,999 current inventory: absorption rate:

47 1.69 months

$700,000 - $799,999 current inventory: absorption rate:

28 1.64 months

$800,000 - $899,999 current inventory: absorption rate:

19 1.93 months

$900,000 - $999,999 current inventory: absorption rate:

13 2.2 months

$1,000,000 - $1,499,999 current inventory: 49 absorption rate: 2.55 months

Central Raleigh

1st half is from November 1, 2022 to April 30, 2023 2nd half is from May 1, 2023 to November 1, 2023

zip codes 27612, 27613, 27606, 27607, 27608, 27609, 27603, 27605

$1,000,000 - $1,499,999

All Data is from the Triangle Multiple Listing System

$1,500,000 - $1,999,999 current inventory: 40 absorption rate: 6.01 months $2,000,000 + current inventory: absorption rate:

55 9.04 months

Available for $1,200,000

2700

Bernard Circle

The ideal melding of . . .

Privacy

Detail

onstruction

Quality

Built by David Crabtree, this home embodies the beauty of allowing the home and the land to become one entity. From the interchange of light to showcase magnificent views, to the placement of spacious storage, this home has it all. So, relax, enjoy, and know that here, all of your needs will be met.

the

pproach

35 37

Stately evergreens surround a lighted brick entryway on the oversized drive leading to this stately property. Reminiscent of various European styles, the brick exterior with columned entryway and fluted stairs provide a sense of welcome and familiarity. Garden beds flourish; an irrigation system is already in place.

the

mbiance

It is true that sophistication lies within the details. Marble floors in the dining room and living room set a tone of comfort and quality. Carefully considered window placement maximizes the play of natural light and captures the private surroundings. But it is the small touches that complete the ambiance. Solid core doors throughout the home, built-in speaker systems, a central vacuum system, extensive trim work, high-end door hardware, elegant wainscoting, and unique lighting fixtures merge to set the tone for the whole house. No detail was overlooked.

41 39

the

unction

Beauty, however, means little without substance. The kitchen provides the perfect example. High end appliances include a 36inch 6-burner gas range, warming drawer, secondary oven, built-in microwave, oversized sink, SubZero refrigerator, and an additional prep-sink in the center island. The flow allows cooks to move seamlessly between stations. Steps off of the family room, dining room, or expansive covered porch, the kitchen also provides a center point for the main level. Powered by 2 hot water heaters and LP gas, there is also an option to pull a natural gas line from the front of the lot.

40 42

Freshly installed, engineered hardwoods can be found in the great room, primary bedroom and primary sitting room. Elevated ceilings bring even more color and vibrancy in from the outside.

41 43

In a home as spacious and gracious as this, it is no surprise to find the perfect “flex room.” Enjoy a round of billiards, or create a decadent office. Play your instrument or simply listen to music. Options are endless.

42 44

the

43 45

espite

There is nothing quite like ending the day, or beginning one, in a place of pure relaxation. The primary suite here lives up to its name. A private sitting room shares a gas fireplace with the bedroom. Up-lit mouldings around the bed offer gentle lighting at any time of day. The warm color scheme of the primary bath is inviting and calming. Multiple heads in the shower make every day a “spa day.” Functionality, however, was never overlooked. Extensive built-ins and cabinetry in the primary closet spaces mean less clutter elsewhere. This thoughtful theme is repeated in all of the bedrooms.

46 44

the

elaxation

No matter where you turn, this stately home offers a place to toss off worry and rejuvenate. Whether it is a commune with nature or a meal with friends, here peace reigns supreme. Superior location near the Eno State Park.

C O M I N G S O O N 49

Damascus Church Road Two exceptional homes are under construction in Chapel Hill. Each is sited on acreage, with five en suite bedrooms, a primary and second bedroom on the main level, and a modern, stylish design. Completed homes will be available May 2024.

Nine acre+ lots are now available for homes to be constructed by Scott Daves in the Meadow at Fox Hill Farm. Two homes are under construction and will be completed in the summer of 2024. Remaining lots are available for custom homes either individually designed or using one of the existing floor plans available. 50

Damascus Church Scott Daves Superior Standards Damascus Church Rd High-end Windsor Pinnacle windows: -All exterior aluminum clad (no rot and never paint) - Easy and smooth operation - Most energy efficient Smart Home Wi-Fi Package includes: (control all from phone) Garage Door Openers Honeywell Smart Thermostats Honeywell Alarm System OnQ structured wiring package throughout house Wireless router w/ two wireless access points Energy Star Certified Home by 3 rd party Southern Energy Management All LED recessed can light bulbs 92% efficient gas furnaces with 14 SEER rating Exterior fresh air exchange unit High-end appliance package includes: 48” Thermador Dual Fuel range 54” Thermador Pro Grand Hood 24” Thermador built in refrigerator column 24” Thermador built in freezer column 30” XO beverage/ wine unit (kitchen) 24” XO beverage center (rec room) Thermador dishwasher Thermador 24” microwave drawer Metropolitan designer kitchen cabinets Quartz countertop Kitchen backsplash with custom tiles in herringbone pattern Kohler K-5540 Prolific 33” single bowl stainless sink Family room with white oak custom bookcases library lights 60” wide modern fireplace with crystal glass 51

Road

White Oak character grade hardwood floors - 4” width (includes all 1 st floor except guest bedroom &2nd floor hallway) Interior doors are solid core (8’ tall first floor) with Black Lever hardware Extensive interior trim package with paneled walls and unique moldings 16’ and 10’ (8’ tall) retractable doors to outdoor living Phantom Screen panels on rear porch Covered outdoor living area with gas fireplace and timber mantel Wired for TV over exterior fireplace Exterior LP gas grill Master shower has 3 valves for rain head, handheld and standard shower head Freestanding bathtub Oversized 42” wide mahogany front door with 5 large glass panels. Modern Steel Garage Doors (8’ tall) with frosted glass panels Extensive master closet: with large 6 drawer, quartz topped folding island Oak “floating “ bench Fireproof built in Safe with digital combination for valuable document storage in master closet Natural light Pennsylvania patterned bluestone slate, natural stone, or brick on front porch Lavish landscaping package Irrigation system Site lighting system Front and rear yard sodded 52

4304 heated square ft 453 unheated sq ft walk-in storage 407 sq ft screen porch with a fireplace 86 square ft grilling deck 933 square ft garage Call for pictures of actual selections made Price Coming Soon 54

Main Mai n LLevel evel 55

upper LLevel evel

4334 heated square ft 482 unheated square ft walk-in storage 432 square ft porches with a fireplace on the screen porch 911 square ft garage Call for pictures of actual selections made Price Coming Soon 58

Main Mai n LLevel evel 59

upper LLevel evel

The last opportunity for a new home in Fox Hill Farm awaits. Here, immersed in a verdant meadow, are estate size lots with a heritage to be revered. 61

reserved

Scott Daves Superior Standards

High-end Windsor Pinnacle windows: -All Exterior aluminum clad (no rot and never paint) - Easy and smooth operation - Most energy efficient Smart Home Wi-Fi Package includes: (control all from phone) Garage Door Openers Honeywell Smart Thermostats Honeywell Alarm system OnQ structured wiring package throughout house Wireless Router w/ two wireless access points Energy Star Certified Home by 3 rd party Southern Energy Management All LED recessed can light bulbs 92% efficient gas furnaces with 14 SEER rating Exterior fresh air exchange unit High-end appliance package includes: 36” Wolf gas range 36” Thermador Pro Hood 30" KitchenAid convection oven 24" KitchenAid microwave Sub-Zero 48" built in refrigerator KitchenAid dishwasher Metropolitan designer kitchen cabinets quartz or natural stone countertop Kitchen backsplash with custom tiles Kohler K-5540 Prolific 33” single bowl stainless sink Family room with white oak custom bookcases by plan library lights White Oak character grade hardwood floors Interior doors are solid core (8’ tall first floor) with Black Lever hardware Extensive interior trim package with paneled walls and unique moldings. 16’ and 10’ (8’ tall) retractable doors to outdoor living per plan 63

Covered outdoor living area with gas fireplace and timber mantel Wired for TV over exterior fireplace Exterior gas grill Master shower has 3 valves for rain head, handheld and standard shower head Freestanding bathtub per plan Oversized 42” wide mahogany front door with 5 large glass panels Modern Steel Garage Doors (8’ tall) with frosted glass panels Extensive master closet: Fireproof built in safe with digital combination for valuable document storage in master closet Natural light Pennsylvania bluestone slate, natural stone or brick on front porch Lavish landscaping package Irrigation system Site lighting system

Lot 6

3281 heated square ft 225 unheated square ft walk-in storage 374 square ft porches with a fireplace on the screen porch 608 square ft garage Call for more detailed specifications Completed in the summer of 2024 65

Main Level

Upper Level 66

Lot 7

3507 heated square ft 287 unheated square ft walk-in storage 312 square ft porches 849 square ft garage Call for more detailed specifications Completed in the summer of 2024 67

Main Level

Upper Level 68

Local Market Update

Once again, I feel the need to reinstate that All Real Estate is LOCAL. Like every Market, the Triangle market has unique factors that contribute to the sales, trends, and conditions that impact the Market's overall health. Ours is a unique area. We have significant companies alongside start-ups, nationally ranked Universities and Colleges, toptier medical facilities and hospitals, and a blend of urban, suburban, and rural areas. The influence of each of these elements has always been a part of our marketplace. As an area overall, there is something to attract everyone. Companies of all types love the built-in "brain trust" supplied by the influence of the Universities and the Research Triangle Park. The variety of living styles offered provides options for every individual preference. Everything that follows in this article reflects only the data relevant to the Triangle area. There are always national influences and factors, and I will address those that are relevant. But the bottom line is this: Our Market is just that:

Our Market

The Sky

is (NOT) Falling I keep hearing pundits, other Real Estate professionals, and the general public pontificate about the "woes" of the current Market. Do not get me wrong, there are some. But overall, the numbers don't lie. In 2022, the average sales price was $460,954. In 2023, the average sales price is up 2.1% to $470,792. Days on the Market jumped to a WHOPPING 27 days. Sorry for the sarcasm there, but I recall the long-ago time of 2019 when an average of 27 Days on the Market would have made every Broker and Seller do a happy dance. In fact, in 2019, the average Days on Market for a Triangle property was 34. Granted, the jump from 14 DOM in 2022 to 27 certainly felt like a long time for many sellers and agents, but truth be told, we are just returning to a more "normal" style of Market. This is also reflected in the list-to-sales price percentages. In 2022, the average list-to-sales price was 102.8%. Bottom line is that was NEVER going to be sustainable in any market. In 2023, the average list-to-sales rice has dropped to 99.5%. That number is still incredible. Again, for comparison, in 2019, the average list-to-sales price was 98%. In essence, the insanity that was the 2021/2022 market has ebbed, but what it has left in its wake is still a strong market.

A Tale of Two Price Brackets

In the last year, total Under Contract sales in the Triangle dropped 11.4%. However, homes priced at $470,000 or MORE only decreased 5.5%. There are several contributing factors here, one of the major ones being total inventory. I will put that aside for a moment, as I think it deserves its own section. Another huge factor, of course, is Interest Rates. The rising rates have had a multiple-prong effect on the Market. Unsurprisingly, the rate hikes have pushed specific potential buyers out of the marketplace. In 2019, when the average sales price in the Triangle was $317,244, the rates may not have had the same effect on those entering the Market, though once again, my crystal ball is still out of commission. Rates have also encouraged current homeowners to avoid selling their homes. With their existing low mortgage rate, it makes more sense to renovate or add on to their current home. Then, there is the segment of buyers who either pay cash, buy down their rates, or have the income or savings to remain semi-indifferent to the rates. With a total of 1,601 sales in the Triangle of homes prices OVER 1 million dollars in 2023, there was an actual increase over the 2022 total of 1,552. The bottom line is that our overall price increases, coupled with the increase in Interest Rates, have certainly made homes under $470,000 a more significant challenge to purchase. 70

And that leads us directly to: Inventory, or Rather the Lack of It In 2022, there were a total of 36,026 sales in the Triangle. Year to date in 2023, we are down 14.8% with 30,678 sales. New listings dropped 15.3%, from 42,852 to 36,316. Across the entire Triangle, we have an average housing supply of 2.2 months. That’s it. Between 2015 and 2019, we saw inventory slowly but steadily increasing year over year. Even in 2020 and 2021, we were hovering around 48,000 properties in total sales and close to 50,000 in New Listings. That is a loss of nearly 14,000 homes worth of inventory in just a few short years. As mentioned above, rates have been a factor, but other elements are at play. Covid. I could use many choice words to describe what Covid did to the market, but I will let you use your imagination there. What I will say is that Covid completely interrupted the supply chain across the board, and that had a huge impact on New Construction. Everything from drywall to windows, paint to appliances became more challenging to source and slower to arrive. The price of lumber went up, as did many other basic building materials. Skilled and unskilled labor became harder to find, as many tradespeople were either sidelined from the market due to lack of consistent work or opted to move into a different industry altogether. Here, at least, we can start to see a bright spot. New Construction has undoubtedly started to rebound. The peak in 2023 was in March, with a total of 1,262 New Construction sales. By comparison, March of 2022 had only 808. A steady increase in New Construction starts and total sales will, hopefully, start to fix the inventory issue to a degree. However, a point to note is that we haven’t fully resolved the supply chain issues, and the price of materials has not been lowered either. Most of all, New Construction will be in the higher price points. Large National home builders have more flexibility there as they purchase in bulk and scout for large tracts of land at a time. In contrast, your smaller builder or independent contractor lacks the same resources.

Land

( You, Know … That Part of Real Estate NO ONE Talks About) One of the reasons no one talks about it is that land is tricky to quantify in the same way as new construction or pre-existing properties. For starters, not all land sales are reported through the Multiple List System. Often, sales of land tracts are done by private sale, either person to person, company to company, or person to developer, etc. Developers will reach out directly to an individual builder or builder group to sell individual lots. That is not to say that is the ONLY way land sales happen. In the last year, 1,855 land sales were recorded in the Triangle through our TMLS system. But it does tell me that my number doesn’t represent the full picture, not even by a long shot. It is also more of a challenge to compare lots. For example, did the 2-acre lot that sold for only $25,000 have access to a public road? Can you connect to existing power? Is there city water and sewer, or do you need a well and septic system? If you need a septic system, how many bedrooms will the lot perc for (aka, what can you actually build based on what the land will allow)? Suddenly, that “steal” of a property doesn’t seem quite as attractive. I’ve heard many a buyer state, “I can’t find what I want, so I will just find a lot and build!” This sounds awesome in theory, but those fabulous, ready-to-go lots are not the easiest to find. And they go for a premium. Do you want to be in an area near food, shopping, grocery stores, etc? Then, the challenge just increased. I do not mean to be discouraging, as land is undoubtedly available, but finding the perfect tract may be just as complicated as finding the right home. 71

A Note to Buyers

So, yeah, it’s been a rough few years. With low inventory and rising rates, I’ve seen many buyers’ frustration and irritation with the process. But there are a few positives. Inventory looks to, hopefully, be set for an increase. And though rates are still high, sellers are becoming more sensitive to that fact and are more willing to negotiate on repair items, price, and Due Diligence amounts. I won’t lie; it is still not the most accessible market for buyers, but there are certainly signs of improvement.

A Note to Sellers

So, yes, it’s not 2021/2022 anymore. Gone are the days when you could slap a home on the market at any price you like and expect to have multiple offers. Buyers have gotten much pickier, as their dollars do not stretch as far as they did previously. They are studying sales numbers in areas they are attracted to. They also analyze the state of the property for cosmetic items as well as repair items and calculate the cost. You can still get top dollar for your home, but more often than not, it requires work to make sure the home is presented well on the market and is priced appropriately from the outset.

And That’s a Wrap

So, there is your overview of the 2023 market. This is a general snapshot of our market and delves only minutely into some of the nuances that affect buying and selling Real Estate, but hopefully it placed some items into perspective. As always, I am happy to take a deeper dive into all aspects of our market. You know how to reach me!

Until next time!

Allison Zimmerman

tales of the

Blue Ridge Parkway The most visited park in the United States is on our door step. It is the Blue Ridge Parkway, averaging five times more visitors a year than Yellowstone or the Grand Canyon. 5373

Tales of the Blue Ridge Parkway

"There in the highlands, clear weather held for much of the time. The air lacked its usual haze, and the view stretched on and on across rows of blue mountains, each paler than the last until the final ranks were indistinguishable from the sky. It was as if all the world might be composed of nothing but valley and ridge.” Charles Frazier

In the late 1800's, the dream of an eastern national park amid the breathtaking beauty of misty blue and purple mountains was developing. Washingtonians would board a 7-hour train ride and endure the austerity of tents, cots, and water pitchers just to partake in the scenic views, the "salubrious" climate, and the "healing springs" of the Blue Ridge Mountains. Tourism in the mid to late 19th century was reserved for the wealthy. The idea of a road traversing the South Appalachians dates back to 1906, when a North Carolina geologist, Joseph Hyde Pratt, proposed a scenic road through southwestern Virginia and western North Carolina. He called the road "the Crest of the Blue Ridge." Pratt had a vision of bringing visitors to the North Carolina mountains to experience views "never to be forgotten". A scenic toll road was proposed to span the crest of the Blue Ridge Mountains from Whitetop Mountain near Marion, Virginia, to Tallulah Falls, Georgia. Pratt acquired funds and even started building the road. Convict labor was suggested to keep the cost down. Camps were built, and construction began in 1912. However, in 1914, all was halted when the United States entered World War I. In 1926, Congress established the first and second national parks east of the Mississippi. The site was to be accessible to the 40 million Americans living in eastern cities, including Washington, DC. The two areas chosen were the Great Smoky Mountains in Tennessee and the Shenandoah Mountains in Virginia and North Carolina. In 1929, President Herbert Hoover built a rustic getaway on a trout stream high in the Shenandoahs. Here, he introduced many influential visitors to the pleasures of the Blue Ridge. The "greatest single feature" of the proposed park was to be a "sky-line drive along the mountain top, following a continuous ridge and looking down westerly on the Shenandoah Valley…and also commanding a view of the Piedmont Plain stretching easterly to the Washington Monument." Harry F. Byrd, Governor of Virginia.

Two hundred men went to work building a road to President Hoover's fishing site. It was pointed out that a paved road was needed to quickly and safely carry the president between his camp and the White House. Some Congressmen scoffed at the idea of using taxpayer money to build what they considered a private road for the president. Others stressed that the road was necessary to publicize the park and to provide work relief for mountain families victimized by a drought that had stricken Virginia in the summer of 1930. This drought had destroyed mountain crops and severely damaged Valley apple orchards, thereby reducing the number of people who could find work in the orchards in the fall. Many families would be in desperate need of assistance. In 1930, a bill was passed that allowed for the use of drought relief funds to build the first segment of Skyline Drive.

"It is a wonder way over which the tourist will ride comfortably in his car while he is stirred by a view as exhilarating as the aviator may see from the plane." U.S. Senator Harry Byrd President Roosevelt visited a Civilian Conservation Corps camp where men were working on the fledgling Skyline Drive in 1933. Roosevelt was smitten with this job-creating project and enamored with Virginia Senator Byrd's suggestion to fund a larger road to connect Shenandoah with the Great Smoky Mountains. The timing was perfect. Thanks to the new "affordable" car, an automobile craze had taken hold of the country, and scenic drives were a newfound pastime. The Great Depression had grasped the country, and its devastating impact had many in need of work, especially in Appalachians. 75

In 1838, Sallie Coles Stephenson, wife of the American ambassador to the Court of St. James, presented Queen Victoria with apples grown in the Blue Ridge Mountains of Virginia. These "Albemarle Pippins" were so favored by the Queen that for decades, they were allowed to enter the British Isles duty-free. The orchard in which they were grown became known as Royal Orchard because of Victoria's favor. In 1903, the Scott family of Richmond purchased the 388-acre Royal Orchard for $3,900. Within a few years, the Scotts expanded their property to 4,000 acres, and in 1911

began construction of a "castle" on their land. Their architect was later commissioned to design the National Archives and the National Gallery of Art. When the Skyline Drive was approved, its path sliced through the Scott's land. The Scotts donated $300,000 for the erection of a stadium at the University of Virginia that still bears their name, and the parkway was diverted to a lower section of land outside of the "castle" view. This sounds like a case of public policy being determined by position and influence, but it also cut the cost. The Scott's richly productive land was too expensive for the Virginia legislature to afford.

56 76

The parkway was a product of the Great Depression and the New Deal programs created by President Franklin Roosevelt to stimulate the economy and put people to work. Initial funding came from the Public Works Administration and later from New Deal agencies: the Resettlement Administration, the Works Progress Administration, and the Civilian Conservation Corps. “It is the first use of the parkway idea, purely and wholeheartedly for the purposes of tourist recreation distinguished from the purposes of regional travel." Stanley W. Abbott

Two experts were hired to lead the parkway project, Jay Downer (chief engineer) and Gilmore D. Clark (chief landscape architect). Downer and Clark hired Stanley Abbott to work under their direction. Abbott was a 25 year old Cornell graduate with a degree in landscape architecture. After Downer and Clark were told by Harold Ickes, Interior Secretary under Franklin Roosevelt, that they would have to reduce their salary of $75 a day by two-thirds, they both resigned leaving Stanley Abbott in charge. 77

San Abbott's vision was to capture the natural beauty, the cultural essence, and the historical value of the native land. In his words, it should “lie easily on the ground, blend harmoniously with the topography, and appear as if it had grown out of the soil." Stan Abbott proved not only a great idea man but a good communicator, which was vital to the success of the Parkway. Abbott had to deal with two State Highway Departments, the Forest Service, Federal and State agencies, and with the mountain families who were overall suspicious of strangers and resentful of change. Dealing evenhandedly with local communities and community organizations was crucial. Stan's Blue Ridge Parkway News publication was his way of taking communities and individuals into his confidence by telling them what was going on and what was planned. He made a point of meeting personally with landowners and groups. Stan Abbott's publication and his personal efforts to provide news of the latest plans and operations helped him earn the reputation of being fair in his dealings with everyone. Being transparent, available, and "hands on" paid off. “The sweeping view over the low country often holds the center of the stage, but seems to exit gracefully enough when the Parkway leaves the ridge for the more gentle slopes and the deeper forests.” One of the "big ideas" Abbott promoted was arranging the purchase of parkway land that was then leased back to farmers for agricultural use. Farmers didn't lose their crops or their livelihood. He also arranged for scenic easements that gave the Park Service development rights without having to pay for the land. Buying the scenery instead of buying the land saved money, time, and political capital. Using these and other ingenious tactics, Abbott managed to thread the parkway through the mountains with consummate skill.

In an interview taped after Stan Abbott left the parkway project, Stan remarked that he had been fortunate that the Park Service was preoccupied with their new and enlarged responsibilities and left him to do his job almost entirely on his own. However, early in the game, Abbott did enlist the help of Ed Abbuehl, who had been one of his instructors at Cornell and proved an invaluable right hand man and sounding board. A very practical idealist, Ed served as a balance to Stan's sometimes impractical flights of fancy. As the route of the Parkway became apparent, Stan and Ed conceived the idea of acquiring what was referred to as "bulges," widenings of the Parkway. Here, he would create a series of "parks within parks" strung along the roadway in a bead-like fashion. The purpose of these "parks" was to offer a range of recreational choices to include opportunities for hiking, camping, fishing, and views of waterfalls and other sites not visible from the road. At appropriate intervals along the Parkway, there would be visitor centers, interpretive programs, lodges, restaurants, and other visitor services. Stanley Abbott felt the need for a broad strip of parkland surrounding the road to eliminate: “the parasitic and unsightly border development of the hot-dog stand, the gasoline shack, and the billboard.” Stanley Abbott Abbott believed that the Blue Ridge should function as an outdoor museum of rural life, telling the story of the mountain folk, their struggle to survive, their agricultural pursuits, and the mountain retreats of the wealthy. The parkway would speak to the visitor about life and lifestyles in the mountains. It would celebrate the blending of nature and culture. Structures like the Mabry Mill, Puckett Cabin and Polly Woods Ordinary were restored to preserve the cultural elements vital to the storyline of the region. "You can't possibly have a more fascinating, creative jog than the Blue Ridge Parkway was, because - you talk about the Pleiades canvas and a comet's tail for a brush - you really were working with terrifically beautiful and vast landscape features ... I get homesick talking about it." Stanley Abbott At the time of the Blue Ridge Parkway's conception, the land had been settled for over 250 years by the Scotch-Irish and German immigrants. They were virtually cut off from the outside world, living in remote ridges and hollows. The fertile lowlands had been claimed in the late 1700s. Many of these valley farmers also owned timber and mineral land in the mountains and allowed newcomers to homestead there indefinitely. Of course, there were squatters as well. "By the beginning of the 20th century virtually very piece of land that could produce anything was used. Grazing pastures and subsistence gardens had replaced the forest. The soil eroded rapidly with the loss of proper ground cover, and soil depleted by constant farming produced less each year. Wild game was depleted, and large game such as deer were vanishing." the National Park Service

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By 1900, the mountain population was only half of what it had been in the 1880's. Determined to make do, the remaining families clung to the land. They lived in simple frame houses or log cabins, gardened a few acres, and heated with wood or kerosene.

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The Mabry Mill at milepost 176 is one of the most photographed places in the U.S. It was a blacksmith, a wheelwright shop, and a sawmill before becoming a gristmill in 1905. By 1910, the front part of the mill included a lathe for turning out wheel hubs, a tongue and groove lathe, a planer, and a jigsaw. The gristmill and sawmill have been restored, and the milling process is demonstrated here daily.

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More than half the families earned less than $100 a year from intermittent day labor and the sale of produce, timber, and baskets. The chestnut tree was the most valued of the forest species. Its bark contained tannin for curing leather; its wood provided durable fence posts and shingles and railroad ties; its nuts were eaten, sold, fed to hogs, and used to attract squirrels for stewing. But the primitive tanbark business suffered a series of setbacks, first from a devastating chestnut blight that decimated the Blue Ridge forests in 1920s and then from the development of chemical tanning and the relocation of new tanneries closer to railroad lines. These were hard times indeed.

Passing legislation to create the road proved easier than building it. The Southern Appalachians were isolated, paved roads were nonexistent, and maps were scarce. The rugged terrain was daunting, but the biggest roadblock to construction was winning the public's trust. People were scared of the strangers who appeared in the mountains: surveyors, commissioners, social workers, and doctors. They talked of evictions, condemnation proceedings, proof of ownership, and resettlement.

Not only were mountain people forced off the land, but most did not qualify for compensation. More than half -- 268 families -- did not own the land they had farmed and lived on for generations. Only 7 percent of the parkland was owned by full-time residents.

With the Great Depression in full swing, real estate values had plummeted across the nation. As elsewhere, it was a buyer's market in the Blue Ridge. Cattle farms with fertile pastures were valued at $10 to $25 an acre, mountain parcels at $1 to $5 an acre.

In Rappahannock County, Robert Burke took $900 for his 98 acres. Gordon Cave sold his church and 16 acres for $775. The largest land owner -- Staunton lawyer John Alexander -held title to 24,000 acres panning four counties -- but he was in prison for forgery and did not receive compensation. Today all of his property is parkland. The Skyline Drive project promised farmers that they could use the new road to get their produce to market. The promise was kept the first year, there was a toll for roadway use the second and third years, and after that the Skyline Drive was restricted for personal use only. Virginia did not have the financial resources or the federal services that were available later for the Blue Ridge Parkway. 62 82

In 1908, a 17-year-old girl, Rebecca Moxley, was married and expecting a child. Rebecca had a dream that she would die shortly after giving birth. She asked a local farmer, Pack Murphy, if she could be buried beneath her favorite apple tree on his land, Cumberland Knob. Pack Murphy agreed to Rebecca's request, figuring it was just her imagination. As she had foreseen, Rebecca Moxley died three days after giving birth. Her grave is marked in a small cemetery near the Cumberland Knob picnic area. The apple tree is no longer there, but the stone on Rebecca's grave and her story live on to this day.

On September 11, 1935, about 100 workers started clearing and grading land on Pack Murphy's farm, beginning the parkway's initial 12.5 mile segment from Virginia to the North Carolina border at Cumberland Knob. Little of the land was pristine. It had been timbered, farmed, and eroded by overuse and time. So thousands of trees and tons of dirt were moved. Much of the early labor was done by hand. The Public Works Administration's first contract paid men 30 cents an hour for a six-day week.

Ben Caudill, born in Sparta in 1925, had to lie about his age to land a job on the Parkway. Caudill was part of a Civilian Conservation Corps landscaping crew that felled trees by hand with cross-cut saws and axes to make way for the road builders. After construction, the crew went back to replant the denuded roadsides. In an oral history, Caudill recounted bluntly the fate of a family member employed in a far more dangerous line of work on the Parkway. “My first cousin got blowed up at Ice Rock,” Caudill said. The Parkway often came up against sheer, rock cliffs, like the infamous Ice Rock. Blasting was the only way to chisel out a toehold for the road. “They’d tie you to a rope and tie the dynamite to you and let down the rope, drill your hole and fill it full and bring you back out and then shoot it,” Caudill said. Dynamite crews made more than any other workers, 65 cents an hour from what Raleigh Hollefield remembers. “Blastin’ and drillin’ is what I done,” said Hollefield, “It was pretty dangerous and a rough job.” Buren Ballard, born in 1909 in Weaverville, made 45 cents an hour drilling holes for the dynamite — less than the blasters but more than the average laborers. “We’d go way up above on one of them big cliffs and tie a rope to a tree, and then put on a safety belt, and then go down on that cliff. And they’d swing the jackhammer down to us. I would stay on them cliffs for three and four hours,” Ballard said in an oral history interview on file in Parkway archives. When building tunnels, Ballard would stand on scaffolding across its face, drilling away with his 60-pound jackhammer. A man on his crew was killed when he drilled into a hole that was already filled with dynamite that not yet been set off. 83

Another man was loading dynamite into a hole when lightning struck it and blasted apart the rock, breaking the man’s hip. Ballard worked on the morning shift, which started at 5 a.m. It was too dark to see yet, so he laid a flashlight across the rock when starting a hole. He got up at 2 a.m. and walked out to the main road by his house, where another worker picked him up. If it was too muddy or icy, they both walked through the woods and over mountains for two hours to get to work. His wife packed him a lunch of biscuits, eggs, ham and jelly — and a thermos of coffee. On the job site, he would cut a limb off a bush and hang his lunch box from the stub. It was cold work given the Parkway’s high elevation. When Ballard was first hired, his job was to walk up and down an air compressor line that fed the jack hammers, lighting small fires along its one-mile run to keep it from freezing. Until the Parkway came along, there were no prospects for work. “Couldn’t find a job nowhere,” Ballard said. “If it hadn’t been for Roosevelt, I guess I’d have starved to death.” The Parkway was launched under the New Deal, but only a fraction of the labor came from the Civilian Conservation Corps or Works Progress Administration. The bulk was contracted out to construction companies, which in turn hired local men.

“They were proud to be able to have a job,” Jolly said. “The income gave them a better life than they would have had without the Parkway.”

Mary's Rock Tunnel (pictured to the left) took workers three months to drill and blast through the east slopes of Mary's Rock. The two lane tunnel is 670 ft. long and only 12 ft. 8 in high. It is one of 26 tunnels in the Blue Ridge Parkway,.

After funding from New Deal legislation, masterful artistic planning, backbreaking work, and personal sacrifice, the Blue Ridge Parkway reveals its majestic beauty at every turn, both on and off the road. Stan Abbott's "parks within parks" showcase blue-misted mountains, cascading waterfalls, rolling pastures, and gorges banked with wildflowers to greet hikers of all skill levels. More than 100 varied and intriguing trails in North Carolina and Virginia lead through a series of unparalleled views to sites that include 59 waterfalls. There are eight official Blue Ridge Parkway campgrounds and one hotel (at Little Switzerland) that opened in 1910. Fourteen picnic areas are located along the parkway. In addition, many overlooks have tables where you may picnic. There are a total of 26 85

tunnels in the Parkway, all but one of which is in North Carolina. Driving through these old tunnels is an experience. Entering the tunnel simulates suddenly stepping into a deep black cave. For a moment, there is no corresponding archway in the darkness ahead. The road nestles into the curve along the mountainside and the tunnel curves with it. There is nothing to see except shadows and stone. A small opening appears and grows. At the exit, sunlight is overwhelming, and vistas of the Blue Ridge Parkway appear all the more spectacular for their burst out of the darkness. Likewise, waterfalls are popular with park visitors, whether they are outdoor explorers or not. The relaxing sounds, the sheer beauty, and the feel of a fresh mist of mountain water against your face is an irresistible draw.

The herbal lore, basketry, music, and even dancing that are so much a part of traditional Appalachian culture have roots in the exchange of culture when Europeans, Africans, and Native Americans met on the Appalachian frontier. The stories of these people tell us of the richness and wealth of this ancient slice of America. Native Americans first began to gather in the Blue Ridge area about 16,000 years ago. Their traditions have guided and supported the Blue Ridge culture longer than any other settlers. When the Europeans arrived, there were fifty plus Cherokee towns and settlements connected by a system of foot trails, many of which became wagon roads built by Cherokee companies. The growing immigrant's demand for land led to bloody battles and treaties with the Native American tribes that were subsequently broken. The government forced Native Americans to move west on the tragic "Trail of Tears. The remaining Cherokee still steward the delicate mountain landscape that is their ancestral home.

Appalachia was comprised of a complex mix of ethnic groups. Their one common trait was that they were accustomed to working hard and being self reliant. In short, they had the intestinal fortitude it took to rough it out in the back country of the rugged Blue Ridge Mountains. In the eighteenth and nineteenth centuries, about ninety percent of the settlers were Scots-Irish, whose ancestors had migrated to northern Ireland from the Scottish lowlands. Many had been supporters of William of Orange, known as "King Billy" among the Scots. When King James II invaded Ireland in 1689, Williams's followers, known as "Billyboys," hid in the forest along the hills for sneak attacks on the enemy. Their American ancestors had no love for English settlers, so the "hillbillies" settled into the wilderness of the Blue Ridge Range. The "hillbillies" were largely poor, humble, and self-reliant, with an innate distrust of the government. They were stereotyped as wile, reclusive mountain men.

Orleana Hawkins was born in 1844 and married John Puckett at the age of sixteen. John built his new family a two-story small cabin near Groundhog Mountain. Orleana and John had twenty-four children, none of whom survived more than a few days. However, Orleana brought more than 1,000 babies into the world and never lost a mother or a child. She first served as a midwife in 1889, when there were no doctors in the region. Orleana was famous with the local residents for her passion, skill, and devotion. She traveled up to twenty miles to deliver babies. The Pucketts were forced to move from their cabin for the construction of the Blue Ridge Parkway in 1939. Orleana died soon thereafter. A small cabin with her name was preserved by the National Park Service. Orleana epitomized the

"backbone and spirit of the hillbillies." 87

German Immigrants were often referred to as Dutch because they came from "Deutschland." They brought with them German foods, such as apple butter and sauerkraut. Their carpentry skills were masterful, and they introduced the chinked-corner cabins. The German cultural identity was strong, and they didn't assimilate into the local community, keeping to their own schools and churches. German settlement had a substantial impact on displacement of Native Americans. The most notable German immigrant was an entrepreneur named Moses Cone.

Moses Cone rose from immigrant roots to become a leading industrialist during America's Gilded Age. The story of the Cone family begins with Moses' father, Herman Kahn, who immigrated to America from Bavaria, Germany in 1846 when he was 17 years old. Herman Americanized his name from Kahn to Cone. After a few years, he relocated to Jonesboro, Tennessee, where he opened a retail grocery store. He married Helen Guggenheimer, who, like he, was of German Jewish heritage. In 1870, Herman Cone moved his family to Baltimore, Maryland, where he opened a wholesale grocery. Moses (the eldest of thirteen children) began his career in his father's business. Moses and his brother Caesar worked as traveling salesmen for their father and eventually became partners in the business H. Cone and Sons. Traveling throughout the South for the family business, Moses and Caesar had developed strong ties with company stores in the region's numerous textile mills. Their knowledge and entrepreneurship inspired the brothers to start their own business, which sold textile products from smaller, independent southern mills to a broader market. They charged a 5 percent commission on these sales transactions. Expanding their textile business further, Moses and Caesar opened a cotton mill, which produced denim fabric. As their business grew, the brothers opened and purchased additional mills, eventually becoming the leading makers of high-quality denim, corduroy, and flannel. During Moses' lifetime, the brothers' mills produced one-third of the world's supply of denim fabric, earning Moses the nickname "Denim King."

Moses Cone married Bertha Lindau on February 15, 1888. Moses sought to build a country refuge where he and Bertha could relax from the stress of their business and reconnect with nature. Their economic success enabled the couple to purchase Flat Top Manor, a country estate located in the cool and healthful air of the mountains in Blowing Rock, North Carolina. Moses’ vision for the estate was influenced by his great regard for the natural landscape. Additional land that Moses acquired added nearly 3,600 acres to his estate. While other Guilded Age Industrialists were busy building French-style chateaus and homes reminiscent of European estates, Moses and Bertha modeled their home on the American past, building a 14,000 square foot home in the Beaux-Arts style. It may have been a conscious expression of the couple’s desire to distance themselves from their German-Jewish immigrant roots and be seen as “American.” Flat Top Manor was designed with 23 rooms, including 11 bedrooms, seven bathrooms, a billiard room, a music room, and a library. Shady porches, leaded glass windows, and 11 fireplaces graced the house. The house had all the modern amenities available in a rural location in America. This included telephones, a servants’ call system, indoor plumbing with cold and hot running water, a central wood-fired heating system, and a state-of-the-art carbide gas lighting system. Electricity was run to the house in 1927, about 25 years after it was built. Recreational facilities outside the house included a bowling alley, tennis court, and formal croquet lawn. But the crown jewel of the estate was an extensive system of carriage roads that Moses and Bertha designed. These roads totaled 25 miles and were used for both the pleasure of the family and for maintaining the large estate. The Cones also built three lakes on their property, which were stocked with bass or trout. The largest was Bass Lake—which is the centerpiece of the beautiful view from the manor house. Moses Cone considered himself to be a gentleman farmer. He established agricultural enterprises on the estate in hopes that Flat Top Manor would eventually become financially self-sufficient. While many land barons kept their estates private, Moses Cone chose to open the grounds of Flat Top Manor to the local community—opening the gates at 8:00 AM each morning and closing them at 6:00 PM each evening. People were welcome to walk or ride horses on the carriage trails and explore his estate, though restrictions were placed on picking flowers or hunting on the property. The Moses Cone Estate now belongs to the National Park Service. The house and grounds are open to the public and, along with the Biltmore Estate, have become a view into the wealthy side of the Blue Ridge residents.

Scandinavians from Finland and Sweden had an impact on the culture of the Blue Ridge. They brought woodworking skills from Northern Europe, which gave rise to the log cabin prevalent in the area today. The Scandinavian influence is especially evident in the Little Switzerland recreation area of the Parkway. 89

African Americans, both free and slave, have inhabited Appalachia for hundreds of years. There was an active Underground Railroad that ran through the Blue Ridge from Chattanooga to Pennsylvania. One African influence that persists today is the banjo, which is essential to mountain music and originated in Africa. Afro-Caribbean people introduced foods such as sorghum cane, sweet potatoes, black-eyed peas, watermelon, and peanuts to the Blue Ridge cuisine. Many arts and crafts were born on necessity. Tools, bowls, and other instruments were carved from wood. Baskets were woven from straw, and the vibrant colors of quilts and coverlets were all derived from natural dyes and natural materials. Tableware, cooking, and storing vessels were made by potters. These necessities turned into art forms revered today. Music and dance evolved into an art form indigenous to the region. Blue Grass music comes from a combination of cultural influences. There is the high, lonesome yearning of English and Scottish ballads, the up-tempo rhythms of Scottish and Irish fiddle music, the rhythmic syncopation of the African Banjo, and the minor key melody of the blues. Legendary acts like the Carter Family, Fiddlin' Doc Roberts, Dolly Parton and hundreds of others defined the sound of folk music that resonates stronger than ever today. today.

The Blue Ridge Music Center at milepost 213 on the Blue Ridge Park celebrates the music and musicians of the Blue Ridge Mountains. Each spring, summer, and fall, it welcomes thousands of visitors to enjoy some of the region’s finest traditional music, including bluegrass, old-time, folk, Americana, country blues, and gospel. "We invite you to clap along to bluegrass, old-time blues, and Americana concerts in our scenic amphitheater. Sit a spell and enjoy our live music, then go for a walk on one of our hiking trails."

When World War II began, approximately 170 miles of the Blue Ridge Parkway were open to the public and another 160 miles were under construction. All construction ceased until the early 1950s. The decade following World War II was a critical moment in the history of the National Park Service. The end of wartime restrictions and the automobile boom resulted in an unprecedented number of tourists visiting national parks. By 1940, about seventeen million Americans had visited NPS sites, and by 1955, that number had tripled. An ambitious program was enacted by the National Park Service and endorsed by President Eisenhower and his cabinet. They enthusiastically supported a project named Mission 66. Congress approved a budget of $700,000,000. The allocation was distributed over ten years to celebrate the fiftieth anniversary of the NPS in1966. MISSION 66’s operating philosophy was embodied in a new type of tourist facility, the visitor center. While similar in many respects to earlier public service buildings, the concept behind visitor centers was to welcome tourists traveling by car, and to assist them “as they shifted from the automotive realm to a strictly pedestrian environment, where they could conveniently find all services clustered together.” The Blue Ridge Parkway was complete in 1966 with the exception of an approximately seven-mile section. This section of land belonged to Hugh Morton and is known as Grandfather Mountain.

Hugh Morton inherited the mountain from his grandfather, hence the name "Grandfather Mountain." Hugh Morton never considered himself its owner but rather its legal guardian, and he fiercely protected and preserved the land as a treasure for future generations to enjoy. His first projects included constructing a road to the summit, a suspension bridge to Linville Peak, and a Mike High Swinging Bridge. Later, environmental habitats for native animals were added. Here, visitors can see black bears, cougars, bald eagles, river otters, and elk in their natural surroundings. Hugh Morton was a renowned photographer, a dedicated conservationist, and an environmentalist. His photographs were published on many sites, including Time magazine. Hugh Morton took photographs of a bear cub found on Grandfather on iconic sites throughout North Carolina. The cub photographs were used to raise funds for the fledgling North Carolina Zoo. Hugh Morton was one of the few people who ever fought the federal government and won. When engineers wanted to build the Blue Ridge Parkway across Grandfather Mountain at 5,000 feet above sea level with a tunnel at the highest point, Morton forced a compromise that resulted in the building of the Linn Cove Viaduct. The Linn Cove Viaduct hugs the face of Grandfather Mountain and is a marvelous feat of engineering and environmental protection. Completed in 1983 at a cost of almost $10 million, the Linn Cove Viaduct is 1,243 feet long and contains 153 segments weighing 50 tons each. The American Society of Civil Engineers designated it a National Civil Engineering Landmark. and is recognized internationally as an engineering marvel. Driving across is like being suspended in the air with awe-inspiring views. 92

"Come enjoy this beautiful Blue Ridge area for recreation and interesting knowledge. Come and enjoy the tranquillity in the canyons where streams ripple over rocks and waterfalls. Come, and feel the stimulation of the strong wind on some lofty peaks. Do these things, and you will not be disappointed; you will carry away a memory of beautiful, interesting places and a little more strength, a little more wisdom, and a little more happiness than you brought with you."

Contact information Lucia Cooke

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luciacooke@gmail.com Allison Cooke Zimmerman

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