[Durham INC] With the speed of City Council approvals on new developement, there is a real possibility of this in Durham

[Donald Lebkes]

Hi

Didn’t we have a problem years ago where developers began to develop the area and not compete the roads, curbs and sidewalks etc.  The developers had to put aside so much money, when they applied for the development.   Then they went out if business and there was no funds left.  The residence and City had to pay for those improvements. 
I think there is something in place to prevent that now, but with the cost of improvements I hope the City and County have  increase those funds. 
Don   

> On Oct 3, 2022, at 10:53 AM, Stephen Knill <knillsj at gmail.com> wrote:
> 
> Ii SE Durham, CC has approved over 6000 new homes with 2200 more in the queue. Half or more are townhomes. If interest rates continue to climb, the individual buyers they expect to attract may sit on the sidelines. Most of these are national builders so getting a big investment group to purchase a whole development eliminating the builders sales costs etc. could be very attractive to both parties.   And when the market comes back, they could sell off individual homes again. In Phoenix, 32% of new home purchase are now going to investors. It can happen here. 
>  
> Stephen Knill
> knillsj at gmail.com <mailto:knillsj at gmail.com>
> +(917) 620-4941
>  
>  
> From: RICHARD FORD <rbford at aol.com <mailto:rbford at aol.com>>
> Date: Monday, October 3, 2022 at 10:33 AM
> To: Mimi Kessler <mimikessler1 at gmail.com <mailto:mimikessler1 at gmail.com>>, <knillsj at gmail.com <mailto:knillsj at gmail.com>>
> Cc: Inc <inc-list at lists.deltaforce.net <mailto:inc-list at lists.deltaforce.net>>
> Subject: Re: [Durham INC] With the speed of City Council approvals on new developement, there is a real possibility of this in Durham
>  
> Durham may not be immune from the national trend that investors will buy properties at a discount and that individuals looking for housing may not be able to complete with them.
>  
> Mortgage rates have doubled which will effect individual home buyers. How will more rental houses affect Durham??
>  
> Home ownership as a primary wealth builder may be further out of reach for many.
>  
> Dick Ford
> 
> 
>> On Oct 3, 2022, at 9:55 AM, Mimi Kessler <mimikessler1 at gmail.com <mailto:mimikessler1 at gmail.com>> wrote:
>>  
>> I would be very surprised if that is happening around here. While demand has slowed some, there are plenty of investors (from here and elsewhere) who are still buying. 
>>  
>> Mimi Kessler
>> 919-599-2892
>>  
>>  
>> On Mon, Oct 3, 2022 at 7:46 AM Stephen Knill <knillsj at gmail.com <mailto:knillsj at gmail.com>> wrote:
>>> 
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