Mortgages, Real Estate and the Triangle

Wanna live in a really tall building

Talked to a budd today about the new RBC Tower.  He is in the "lucky pre reserved group" and excited.  He has a 1 bedroom that seems like a great deal.

Downside, he has to keep it a year and the price promised can go up 5% before close. Or come down (right).  With Raleigh appreciation, and downtown appreciation, he should make out like a smart real estate investor. Or it maybe his primary. Lots of folks with reservations not sure what to do.

His question was about loans, and the loan on that should not be hard. But I have heard that some lenders are having issues in dealing with the fact that the land is commercial underneath these towering residential condos.

http://www.raleighing.com/2006/09/rbc_plaza_launc.html

For details see above and be sure to get over to Fins once it opens downtown. Although it does say that the price per square would be around $200 but he is at $315 a square

I can see clearly now

Went to the economic forecast at the Progress Energy center last week. Hoping to get a line on rates but the conversation was not what I had wanted.

The Fed Reserve guy said that rates may go up end of 07. But I just think that he is parroting the head of the Richmond Fed that is the dissenting voice of the fed for moving Prime up. I think it will go down by spring, and could go into a refi boom by summer.

Here is the link about the forecast

http://prelaunch.wral.com/business/story/1124839/

After the forecast, I hung around to try the Big Easy. Get the gumbo  but dont ask for too much, it is a great little Cajun joint.