INC NEWS - Trinity Park Properties - Update

Wed Jul 26 10:10:50 EDT 2006

For those who are interested and are not on the Duke Real Estate
listserve...
SK

Susan Kauffman
Director of Special Projects
Office of Public Affairs & Govt. Relations
Box 90028
Duke University
(919) 681-8975

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                                       Trinity Park Properties - Update    

             07/25/2006 05:11                                              
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This email is to update you on the status of the Trinity Park
properties purchased by Durham Realty, Inc., a support corporation of
Duke University, from the family of Guy Solie.

To date, none of these properties are under contract, although we
have received offers on four of them and are negotiating with three
of the offerors.

At this point in the process, we are willing to solicit offers from
builders who wish to renovate and resell a property and are willing
to agree to the terms of our plan as outlined below:

    * Offers of prospective buyers will be considered on a first
come, first serve basis; buyers may submit offers on up to three
properties each.

    * Prospective buyers will be able to tour the houses with their
contractors or inspectors by appointment with Joan Austin of Marie
Austin Realty.  To schedule an appointment with Joan, please call her
at her office, 286-5611, or on her cell phone, 604-5060.

    * The minium prices for each property are as follows:
                $210,000 for 710 Buchanan Blvd.
                $387,500 for 708 Buchanan Blvd.,
                $412,400 for 704 Buchanan Blvd.
                $230,000 for 1111 Urban Ave.
                $230,000 for 1107 Urban Ave.
                $260,000 for 508 Buchanan Blvd.
                $387,500 for 203 Watts St. (duplex)

    * Offers must be accompanied by (a) a $500 refundable deposit,
(b) a copy of a  prequalification letter from a bank designated by
Seller, and (c) a copy of buyer’s renovation and landscaping plan
(but only for the buyer’s first choice property).  Offers may be
submitted at any time.  The offer(s) will be submitted on the
attached form; no Offer to Purchase and Contract or similar official
document is needed to make an offer.

    * These sales will be subject to covenants requiring single-
family, owner occupancy of the properties (except in the case of the
duplex at 203 Watts where one unit may be rented but only for single-
family residential use).  There also will be a covenant requiring
approval of exterior architectural changes and improvements.

    * At closing, buyers will be required either to obtain a
construction loan (which may be rolled into a permanent loan upon
completion of construction) or to escrow with Durham Realty (the
Seller) the amount to be spent by the buyers on an approved
renovation plan, with funds to be released only as the renovation
work is performed.   In order to give prospective buyers a sense of
the scope and extent of renovation plans expected of them, please
understand that it is the Seller’s expectation that all renovation
plans will cost at a minimum a figure in the range of $50,000 -
100,000.

    * All people who intend to meet the requirements of the covenants
and contractual terms are invited to bid for these houses, as well as
builders who agree to comply with the terms of the following
paragraph.  Affiliation with Duke University is not a requirement.
As a general matter, we are looking for the best combination of
purchase price offer plus renovation plan.  Please note that this
process is not intended to be an auction.

    * Beginning July 26, 2006, Durham Realty will accept offers from
builders or contractors who wish to renovate one of these properties
and then resell it pursuant to a contractual requirement that, when
the property is resold, it will be subject to covenants described
above requiring single-family residential use.

    * Durham Realty has hired Joan Austin of Marie Austin Realty to
show the properties and, if needed, to provide assistance and
contractor recommendations to help buyers with their renovation
plans.  No brokerage commissions will be paid by Seller.  Buyer may
choose to compensate a buyer’s broker.  All offers will be made
directly to Durham Realty.  After an offer is accepted, the Buyer and
Seller will enter into a formal real estate contract prepared by
Seller.  A buyer may be represented by a Buyer's agent or attorney in
negotiating this contract.

    * A prospective purchaser must obtain loan pre-approval from the
Bank of America or BB&T at the time he or she submits an offer (but
is not obligated to take out a permanent loan with this bank).  The
contact information for the banks are as follows:

          o Josey Miketa, Account Executive, 3100 Tower Blvd., Suite
930, Durham, NC, phone (919) 403-6971, email
<josey.miketa at bankofamerica.com>.

          o Pat Lawrence, VP and Mortgage Loan Officer, 505 S Duke
St., Durham, NC 27701, phone (919) 687-7241, email
<plawrence at bbandt.com>, website <www.bbt.com/plawrence/plo>.

This information will be updated and, if necessary, modified from
time to time on this website, <www.realestate.duke.edu>.

Thank you for your interest.

If you do not wish to receive any more updates, please let me know,
and you will be removed from this listserv.

Jeffrey H. Potter
Director, Real Estate Admin., Duke University
President, Durham Realty, Inc.