Toll road coming and I-40 construction

540/Triangle Expressway Gets Green Light

This summer, the NC Turnpike Authority will begin construction on the 540/Triangle Expressway turnpike. This project will extend 540 from Cary at NC 55 to the Holly Springs/Apex area at the NC 55 bypass as a new turnpike freeway. In addition, the project will also construct the new Triangle Parkway turnpike within Research Triangle Park. In early July 2009 the Federal government approved a multi-year, $380+ million loan for the project, and on July 13 and July 14 the Turnpike Authority sold more than $620m of toll revenue and state appropriation bonds. This means the financing for the project is now complete and the Turnpike Authority will sign construction contracts for this $1 billion freeway project this summer. Construction on the section in Research Triangle Park will commence almost immediately.

It would be hard to overstate the importance of this milestone for our region. This project – which consists of the extension of 540 by more than 12 miles to the southwest past Apex to the Holly Springs bypass, as well as the creation of a new Triangle Parkway (Durham Freeway extension to 540 in Research Triangle Park) – represents a billion dollar investment in our region’s future by the NC Turnpike Authority. By 2012, we will see 16 miles of new turnpike freeway in southern Durham and western Wake counties, with the RTP section opening earlier. The Triangle Expressway turnpike will provide travelers with a mobility option that they may not have otherwise seen for decades, if ever, and will help preserve our area’s economic vitality and quality of life.

I-40 Cary/Raleigh widening contract signed! Construction begins summer 2009.

On July 1, 2009, the NC Department of Transportation signed the I-40 Cary/Raleigh widening contract. This project will widen a 6 mile stretch of I-40 between Cary and Raleigh from 4 to 6 lanes. The project will also eliminate the “inner” and “outer” beltline designations that have vexed residents and visitors alike. Construction begins in summer 2009 and will be completed by June 2011.

In less than two years, this project has gone from an unfunded future project request to construction. The speed at which this occurred is a testament to the focused efforts of NCDOT, the Capital Area MPO, and the RTA which catalyzed the accelerated six-lane widening concept in 2007. And it is welcome news for thousands of commuters on the Triangle’s “Main Street” and most critical roadway.

Noise barriers will be installed much to the appreciation of the Drees Homes Brandywine neighborhood that borders I-40 at Trinity Road.  The standard concrete barriers will be1,200 feet long, vary in height from nine feet to 23 feet according to NCDOT will be installed.

Quick Links

• NCDOT Project Description
• I40 Cary widening map
• TriangleBiz Journal article

Wynnbrooke – green neighbhorhood North Raleigh $15,000 savings!!

Wynnbrooke which began a couple years back as a KB home now includes MI Homes. Both KB and MI are building ENERGY STAR homes in ranch and story story plans.   Wynbrooke was featured as the second Martha Stewart development following Twin Lakes in Morrisville.

MI homes purchased lots from the developer and hosted its grand opening in May 2009. The MI homes blend well with the existing KB homes keeping a cohesive look in the 150 homes home neighborhood.  MI has a killer $15,000 toward options plus $2,000 in closing costs until the end of July.

KB is about finished with 3 spec homes to build yet having built most of the homes in the upper portion near Strickland.  The development near I-540  is ideally located for RTP commuting and easy access to  Raleigh amenities.  Many homes back up to easements providing privacy and greenery.  The homes on Edsel drive in the lower section back up to a stream providing a magnificent backyard view.  However I-540 runs parallel to Edsel drive.  The noise barrier plus the berm and trees do reduce the sound to a dull noise in the background.  Inside the home the road noise if virtually unnoticeable. Outside it could be a negative for some.

One of the nicest features of this neighborhood is the rare half acre lots.

Plans range from 2500-3800 sf and mid $300 to mid $400 in price.

Here’s a link to the original story about Martha’s association with KB Homes, USA Today: Martha Stewart to design houses with KB Home.

News flash the Martha Stewart ranch model will be for sale mid to late July priced in the high $300s.  The plan  named Kathonah for one of the towns in which Martha has lived is  very reminiscent of a beach home with tile floors and bead board with a wide entry hall.

The builder will be restoring the home to the floor plan with an ample 2 car garage, den, 3 bedrooms, 2 full baths, master suite, living and dining rooms with a very Martha kitchen.

The open floor plan links the family room and adjoining dining room.  The formal dining room with columns is one of the largest I’ve seen in a home under 3,000 sf in a long time. It holds a table seating10 plus a sideboard and room to move around freely.

The kitchen is pure Martha reminiscent of a set from her cooking shows featuring an island with sink, expansive counters with plenty of cupboards, subway tile backs plash, upgraded appliances and a large eating area which leads to the deck.

The master suite is located off the living room with a discrete double door entry retaining privacy.  The plan also features a deck accessed both via the master and the living area.  Since this is a model there’s a gorgeous patio with stainless grill.

Click here for more photos of the model, a featured master down MI plan and the rest neighborhood photos.

ENERGY STAR homes are 15% more efficient than standard construction homes. In addition to increased comfort through additional insulation the homes cost less to operate on a monthly basis plus qualify for a 5% discount from Progress Energy for the life of the home. Now that’s real money over time!

Learn more about ENERGY STAR homes and what’s behind the walls to make them more energy efficient.

Going green in downtown Raleigh

Recycling homes, plug-in cars, green catering…oh my! Raleigh is going green.

This month the Raleigh Downtowner highlights Raleigh’s green strides.    Building the Convention Center as LEED certified project was pivotal and sets the example as the City’s most sustainable building.

Planet Green Catering is more than wholeseome eats. Marks Creek co-op farm off Highway 64 demonstrates sutainability beyond food with sustainable practices and their biodiesel facility.

If you’ve been waiting for a plug in car,  it’s getting close to reality. Progress Energy, the City of Raleigh and Advanced Energy are collaborating on a pilot project testing a fleet of plug-in vehicles.

Think green, affordable housing and downtown!  The Builders of Hope’s newest project State Street Village consists of 25 lots.   Similar to Barrington Village, the project consists of homes moved to the location that have been completely gutted and upfitted to be energy efficient homes.

Last, an unabashed invitation for you to see CityGate’s  agents aboard the R-Line that stops at the Hibernianjust across the street from our Glenwood South offices.   CityGate is Raleigh’s first real estate offices with EcoBrokers and NAR Green certified agents.  We’re dedicated to helping clients live more sustainably through their housing and lifestyle choices.

Buyers want green homes according to the 2008 SmartMarket Report quoted in the Downtowner. “70% of homebuyers would choose a green home over a conventional home in a down real estate market.”   EcoBrokers help home owners on green improvements that will not only increase their comfort and reduce operating costs but make their home more attractive in the future.  EcoBrokers assist owners market to green homes to eco-conscious buyers.

First time buyer $8,000 incentive

Summary of NCHFA Down Payment Assistance Programs
Single Family Properties                        July 2009

NCHFA Loan Program	DAP (Downpayment Assistance Program) $8,000, 0%, 30 year deferred 2nd mortgage. Requires $1,000 borrower investment of own funds.	DAP (Downpayment Assistance Program) $4,000, 0%, 30 year deferred, 2nd mortgage Requires $1,000 borrower investment of own funds. Limited number of loans – 125 (e) Minimum credit score – 700 Maximum qualifying ratios – 31/43%	NHLP (New Homes Loan Pool) Up to $25,000 or 20% of sales price (whichever is less); +$4,000 for energy efficiency retrofits. Requires $750 borrower investment of own funds. Can include $8,000 statewide feature for a $37,000 maximum 2nd mortgage.
Areas Served	Statewide	Statewide	48 non-profit approved organizations; borrower applies through non-profit organization. See www.nchfa.com for full list of non-profit organizations and areas served.
Eligible 1st Mortgage Loan Types	NCHFA FirstHome Mortgage Program Loan Types:  FHA, VA, USDA & Conventional	NCHFA FirstHome Mortgage Program Loan Types:  FHA, VA, USDA	NCHFA FirstHome Mortgage Program or Lender Programs Loan Types: FHA, VA, USDA & Conventional
Sale Price Limits	$210,000 new or existing construction.	$210,000 new or existing construction	New Construction: FHA 203(b) loan limit
Income Limits	80% or less of area median income; varies based on county and household size.	NCHFA FirstHome Program Limits: 1st mortgage limits (approximately 100 – 115% of area median income based on family size)	80% or less of area median income; varies based on county and household size.
Eligible Borrowers	First-time homebuyer requirement:  Yes (has not owned a home last 36 months)	First-time homebuyer requirement: Yes (has not owned a home last 36 months)	First-time homebuyer requirement:  Yes (has not owned a home last 36 months)

This information is not intended to be all inclusive.  Please contact a home ownership underwriter for further details. See www.nchfa.com for full details.