A stunning view of the pond!

837541 Active Residential LP: $959,000
212 Glenhaven Drive City: Chapel Hill
Media: 10 V 1 Area/Sub: 206/N/A Zip : 27516 Yr Blt: 2003
Subd: Southern Village List Type: ER

Remarks : Beautiful home in prestigious Southern Village; HW throughout main & upper levels, finished lower level w/guest BR & full bath. Granite countertops within the gourmet kitchen. Screened decks off LR & MBR provide a stunning view of the pond and Southern Village. 2nd scr. porch, 21x12S.

Rooms / SqFt Information
Living Area Above Grade: 3550 Below Grade: 880 Total: 4430
Other Area Above Grade: 1350 Below Grade: 330 Total: 1680
# Rooms: 14 Beds: 5 Full Baths: 4 Half Baths: 1
Living Area-Room Dim/Levels Other Area-Room Dim/Levels
Entry Hall: / Master BR: 16x16 / Second Garage: 23x24 / Main
Living: 22x20 / Main Bedroom 2: 13x12 / Second Carport: /
Dining: 13x14 / Main Bedroom 3: 13.5x13 / Second Storage: 20x20 / Basement
Family: 13.5x12 / Main Bedroom 4: 12x10 / Second Porch: 7x37 / Main
Office/Study: / Bedroom 5: 14x14 / Basement Patio: /
Kitchen: 13.5x14.5 / Main Utility: 10x6 / Main Deck: 21x16 / Second
Breakfast: 13.5x14 / Main Bonus: 22x21 / Second Scrnd Porch: 21x12 / Main
Storage / 12x20 / Basement Storage / 13x26 / Basement

General Information
Lot Dim: 70x170x161x160 Lot #: Appx Acres: 0.41
Foundation: Bsmt Zoning: In City: Yes
New Construction: No Est Fin Date: /
Builders Name: Melville Restrictive Covenants: Yes
HO Assoc. Mgmt: HRW
HOA Phone: 783-9530 HOA Fax: Total HOA Dues: $245/Annually

Grand entrance, with double front porches.

830028 Active Residential LP: $574,000
209 Edgewater Circle City: Chapel Hill
Media: 8 Area/Sub: 206/N/A Zip : 27516 Yr Blt: 1997
Subd: Southern Village List Type: LS

Remarks : This home features a grand entrance, with double front porches. There are many nice features in this home; builtins on the first and second floors, bay window and wainscoating in the formal dining room. The kitchen is a cooks dream, featuring granite countertops, marble tile backsplash,a Viking 4-burner gas stove.The back yard is private with a screened in backporch. Welcome Home!

Rooms / SqFt Information
Living Area Above Grade: 3077 Below Grade: Total: 3077
Other Area Above Grade: 0 Below Grade: Total: 0
# Rooms: 13 Beds: 4 Full Baths: 3 Half Baths: 1
Living Area-Room Dim/Levels Other Area-Room Dim/Levels
Entry Hall: 7.7x7.5 / Main Master BR: 14.2x14.5 / Second Garage: 22.0x22.0 / Main
Living: 11.0x14.3 / Main Bedroom 2: 11.0x11.5 / Second Carport: /
Dining: 11.7x13.2 / Main Bedroom 3: 12.0x10.0 / Second Storage: /
Family: 14.0x17.3 / Main Bedroom 4: 17.7x10.0 / Third Porch: 6.0x20.7 / Main
Office/Study: 12.0x8.0 / Third Bedroom 5: / Patio: /
Kitchen: 13.7x12.0 / Main Utility: 6.0x7.0 / Second Deck: /
Breakfast: 14.5x8.7 / Main Bonus: 19.0x16.2 / Second Scrnd Porch: 12.0x14.5 / Main 8.0x9.0 / 6.0x20.7 / Second

General Information
Lot Dim: to be det by appraisal Lot #: Appx Acres: 0.2
Foundation: Blk/BV Zoning: Res In City: Yes
New Construction: No Est Fin Date: /
Builders Name: Restrictive Covenants: Yes
HO Assoc. Mgmt: South Village HOA
HOA Phone: 919-968-3660 HOA Fax: Total HOA Dues: $225/Annually

Traditional southern front porch

842489 Active Residential LP: $465,000
208 Parkside Circle City: Chapel Hill
Media: 10 V 1 Area/Sub: 206/N/A Zip : 27516 Yr Blt: 1995
Subd: Southern Village List Type: ER

Remarks : Southern Village.Traditional southern front porch.Unique & light filled all brick home.Playful spiral staircase accesses 2nd flr BR & study.Vaulted ceiling in FR.Abundant windows & skylights.First flr includes large master suite that opens to deck.Living room on 1st flr can also be used as study.Bonus room over garage.Lush landscaping w/meandering paths.

Rooms / SqFt Information
Living Area Above Grade: 2949 Below Grade: Total: 2949
Other Area Above Grade: 0 Below Grade: Total: 0
# Rooms: 9 Beds: 3 Full Baths: 3 Half Baths: 1
Living Area-Room Dim/Levels Other Area-Room Dim/Levels
Entry Hall: 10.8x11.3 / Main Master BR: 15.4x13.1 / Main Garage: 22.8x20.8 / Main
Living: 16.3x11.0 / Main Bedroom 2: 12.0x11.0 / Main Carport: /
Dining: 14.0x14.0 / Main Bedroom 3: 16.2x10.8 / Second Storage: /
Family: 26.0x13.0 / Main Bedroom 4: / Porch: 7.1x45.6 / Main
Office/Study: 13.2x13.1 / Second Bedroom 5: / Patio: /
Kitchen: 16.3x10.0 / Main Utility: 6.7x2.7 / Main Deck: 11.6x13.2 / Main
Breakfast: / Bonus: 15.5x11.2 / Second Scrnd Porch: /

General Information
Lot Dim: 0 Lot #: Appx Acres: 0.22
Foundation: Crawl Zoning: Res In City: Yes
New Construction: No Est Fin Date: /
Builders Name: Restrictive Covenants: Yes
HO Assoc. Mgmt: HRW
HOA Phone: 783-9530 HOA Fax: 783-9534 Total HOA Dues: $277/Annually

Lots of light and views!

839418 Active Residential LP: $354,900
108 Westgreen City: Chapel Hill
Media: 6 Area/Sub: 206/N/A Zip : 27516 Yr Blt: 1996
Subd: Southern Village List Type: ER

Remarks : Lots of light and views from this beautiful home across the street from Arlen Park. Master has garden tub and shower. Daylight basement with entrance is partially finished, plumbed and divided into rooms. Open, spacious kitchen. FANTASTIC location for price appreciation! Vacant and easy to see.

Rooms / SqFt Information
Living Area Above Grade: 1550 Below Grade: Total: 1550
Other Area Above Grade: 272 Below Grade: 750 Total: 1022
# Rooms: 7 Beds: 3 Full Baths: 2 Half Baths: 1
Living Area-Room Dim/Levels Other Area-Room Dim/Levels
Entry Hall: / Master BR: / Garage: /
Living: / Bedroom 2: / Carport: /
Dining: / Bedroom 3: / Storage: /
Family: / Bedroom 4: / Porch: /
Office/Study: / Bedroom 5: / Patio: /
Kitchen: / Utility: / Deck: /
Breakfast: / Bonus: / Scrnd Porch: /

General Information
Lot Dim: 0 Lot #: Appx Acres: 0
Foundation: Zoning: In City: Yes
New Construction: No Est Fin Date: /
Builders Name: Restrictive Covenants: Yes
HO Assoc. Mgmt:
HOA Phone: HOA Fax: Total HOA Dues: $1,175/Annually

Southern Village townhome with freshly painted exterior.

825968 Active Residential LP: $269,900
914 Highgrove Drive City: Chapel Hill
Media: 1 Area/Sub: 206/N/A Zip : 27516 Yr Blt: 2000
Subd: Southern Village List Type: ER

Remarks : In addition to the $93/mo HOA dues, there is a $245/yr master association fee. Southern Village townhome with freshly painted exterior. Open floorplan with hardwoods throughout the main level and 9' ceilings. Totally fenced patio area in back. Fans in all bedrooms.

Rooms / SqFt Information
Living Area Above Grade: 1330 Below Grade: Total: 1330
Other Area Above Grade: 0 Below Grade: Total: 0
# Rooms: 6 Beds: 3 Full Baths: 2 Half Baths: 1
Living Area-Room Dim/Levels Other Area-Room Dim/Levels
Entry Hall: 6.9x4.4 / Main Master BR: 12.4x12 / Second Garage: 11.6x19.4 / Main
Living: 14x17 / Main Bedroom 2: 9x10 / Second Carport: /
Dining: 8.7x9 / Main Bedroom 3: 10x10 / Second Storage: /
Family: / Bedroom 4: / Porch: /
Office/Study: / Bedroom 5: / Patio: /
Kitchen: 9x8 / Main Utility: / Deck: /
Breakfast: 6.5x7.5 / Main Bonus: / Scrnd Porch: /

General Information
Lot Dim: 21x102x21x108 Lot #: 546 Appx Acres: 0
Foundation: Slab Zoning: R-1 In City: Yes
New Construction: No Est Fin Date: /
Builders Name: Restrictive Covenants: Yes
HO Assoc. Mgmt: HRW
HOA Phone: 968-3660 HOA Fax: Total HOA Dues: $93/Monthly

Adorable corner unit condo w/views overlooking pond

833744 Active Residential LP: $160,000
522101 Aberdeen Drive City: Chapel Hill
Media: 10 Area/Sub: 206/N/A Zip : 27516 Yr Blt: 2000
Subd: Southern Village List Type: ER

Remarks : Adorable corner unit condo w/views overlooking pond. Smooth 9' ceilings, crown molding. Washer/dryer, refrigerator. Porch. Close to bike paths & Market Street shops, restaurant, gym & movie theatre. Only 2 miles from UNC & downtown Chapel Hill. Optional membership to neighborhood swim/tennis club.

Rooms / SqFt Information
Living Area Above Grade: 766 Below Grade: Total: 766
Other Area Above Grade: 0 Below Grade: Total: 0
# Rooms: 4 Beds: 1 Full Baths: 1 Half Baths: 1
Living Area-Room Dim/Levels Other Area-Room Dim/Levels
Entry Hall: 4.3x4.0 / Main Master BR: 13.1x14.5 / Main Garage: /
Living: 12.5x16.1 / Main Bedroom 2: / Carport: /
Dining: 8.8x9.0 / Main Bedroom 3: / Storage: /
Family: / Bedroom 4: / Porch: 11.0x8.0 / Main
Office/Study: / Bedroom 5: / Patio: /
Kitchen: 8.4x10.0 / Main Utility: / Deck: /
Breakfast: / Bonus: / Scrnd Porch: /

General Information
Lot Dim: 0 Lot #: Appx Acres: 0
Foundation: Crawl Zoning: Res In City: Yes
New Construction: No Est Fin Date: /
Builders Name: White Oak Properties Restrictive Covenants: Yes
HO Assoc. Mgmt: D. Weatherbee
HOA Phone: 286-1215 HOA Fax: Total HOA Dues: $138/Monthly

Immaculate condition in popular Southern Village.

829335 Active Residential LP: $160,000
524101 Aberdeen City: Chapel Hill
Media: 6 Area/Sub: 206/N/A Zip : 27516 Yr Blt: 2000
Subd: Southern Village List Type: ER

Remarks : Immaculate condition in popular Southern Village. Vinyl tile floors. Berber carpeting. Covered porch with ceiling fan. Woods and bikepath. Walk to shopping/restaurants. Washer, Dryer & Refrigerator convey.

Rooms / SqFt Information
Living Area Above Grade: 739 Below Grade: 0 Total: 739
Other Area Above Grade: 0 Below Grade: 0 Total: 0
# Rooms: 6 Beds: 1 Full Baths: 1 Half Baths: 1
Living Area-Room Dim/Levels Other Area-Room Dim/Levels
Entry Hall: 4.3x4.2 / Main Master BR: 13.2x14.5 / Main Garage: /
Living: 16.0x12.4 / Main Bedroom 2: / Carport: /
Dining: 11.4x8.11 / Main Bedroom 3: / Storage: /
Family: / Bedroom 4: / Porch: 8X9.2 / Main
Office/Study: / Bedroom 5: / Patio: /
Kitchen: 7.2x8.3 / Main Utility: / Deck: /
Breakfast: / Bonus: / Scrnd Porch: /
MasterBath / 11.4x5.5 / Main

General Information
Lot Dim: 0 Lot #: Appx Acres: 0
Foundation: Zoning: Res In City: Yes
New Construction: No Est Fin Date: /
Builders Name: Restrictive Covenants: Yes
HO Assoc. Mgmt: HOA Works, Inc
HOA Phone: 286-1215 HOA Fax: Total HOA Dues: $126/Monthly

Pristine and neutral condominium in Southern Village!

842255 Active Residential LP: $155,900
703205 Copperline Dr. City: Chapel Hill
Media: 4 Area/Sub: 206/N/A Zip : 27516 Yr Blt: 1998
Subd: Southern Village List Type: ER

Remarks : Pristine and neutral condominium in Southern Village! Bright white kitchen features bar overlooking living room with french doors and transom windows. Large patio is perfect for entertaining. Master bedroom features private bath and ceiling fan. Walk to restaurants, movies and shopping.

Rooms / SqFt Information
Living Area Above Grade: 657 Below Grade: 0 Total: 657
Other Area Above Grade: 0 Below Grade: 0 Total: 0
# Rooms: 3 Beds: 1 Full Baths: 1 Half Baths: 1
Living Area-Room Dim/Levels Other Area-Room Dim/Levels
Entry Hall: / Master BR: 11x8 / Main Garage: /
Living: 17.9x13.8 / Main Bedroom 2: / Carport: /
Dining: / Bedroom 3: / Storage: /
Family: / Bedroom 4: / Porch: 11x8 / Main
Office/Study: / Bedroom 5: / Patio: /
Kitchen: 8x10.8 / Main Utility: / Deck: /
Breakfast: / Bonus: / Scrnd Porch: /

General Information
Lot Dim: 0 Lot #: Appx Acres: 0
Foundation: Zoning: Res In City: Yes
New Construction: No Est Fin Date: /
Builders Name: Restrictive Covenants: Yes
HO Assoc. Mgmt: CAS
HOA Phone: 933-7144 HOA Fax: Total HOA Dues: $126/Monthly

112 Westgreen - $319,000

I haven't gone to see this one yet, but here's what the listing agent says: "NO SHOWINGS UNTIL 3/08/05. Beautiful brick Townhome overlooking Arlen Park.Upgrades throughout. Living room with fireplace and builtins. Sunroom off kitchen and deck great for sunsets.Master witn trey ceiling,garden tub and shower. Basement has finished room. Newly painted and carpeted. All appliances convey. Includes home warranty." 1804 Square Feet, 3 bedrooms and 2.5 bathrooms. This townhome is an easy walk to Market Street in downtown Southern Village.

Per Square Foot

Prices per square foot can be very deceptive because location is often more important than size. Still judging a property on its price per square foot is important. I took a look at the last 6 months of transactions on the MLS and here is what I found:

Condos seem to fall into two categories: Those on Market Street and those not. Market Street condos traded at over $200 per square foot

702101 Copperline Drive  1289 sq ft 2  beds 2  full baths and 0  half baths condo $205,000 $159.04 per sq ft
520 Aberdeen #201  910 sq ft 1  beds 1  full baths and 1  half bath condo $149,900 $164.73 per sq ft
523 Copperline Drive  1280 sq ft 2  beds 2  full baths and 1  half bath condo $222,500 $173.83 per sq ft
604103 Copperline Drive  1350 sq ft 3  beds 2  full baths and 0  half baths condo $245,000 $181.48 per sq ft
500203 Market Street  906 sq ft 1  beds 1  full baths and 1  half bath condo $190,000 $209.71 per sq ft
500 Market Street #303  880 sq ft 1  beds 1  full baths and 1  half bath condo $185,000 $210.23 per sq ft

Among townhouses, a similar pattern emerges. Highgrove townhouses seem to be worth about $180 per square foot, while others are valued at more like $130.

904 Highgrove Drive  1150 sq ft 2  beds 2  full baths and 1  half bath townhouse $206,000 $179.13 per sq ft
1008 HIGHGROVE  1148 sq ft 2  beds 2  full baths and 1  half bath townhouse $208,500 $181.62 per sq ft
118 Westgreen  2450 sq ft 4  beds 3  full baths and 1  half bath townhouse $326,500 $133.27 per sq ft
302 EDGEWATER CIRCLE  3247 sq ft 3  beds 3  full baths and 1  half bath townhouse $425,000 $130.89 per sq ft

Houses definitely vary a good deal on price per square foot, but no clear pattern emerges:

403 Brookgreen Drive  2935 sq ft 4  beds 3  full baths and 1  half bath house $408,000 $139.01 per sq ft
210 Glade Street  3353 sq ft 5  beds 3  full baths and 1  half bath house $482,500 $143.90 per sq ft
800 HIGHGROVE DRIVE  2860 sq ft 4  beds 3  full baths and 0  half baths house $430,000 $150.35 per sq ft
213 Overlake Drive  2792 sq ft 3  beds 2  full baths and 1  half bath house $430,000 $154.01 per sq ft
917 Edgewater Circle  2189 sq ft 3  beds 2  full baths and 1  half bath house $337,500 $154.18 per sq ft
100 Winston Ridge  2550 sq ft 4  beds 2  full baths and 1  half bath house $395,000 $154.90 per sq ft
126 Graylyn Drive  3936 sq ft 5  beds 4  full baths and 0  half baths house $610,000 $154.98 per sq ft
204 Arlen Park Drive  3191 sq ft 4  beds 3  full baths and 1  half bath house $500,000 $156.69 per sq ft
216 Edgewater Circle  2500 sq ft 4  beds 3  full baths and 0  half baths house $395,000 $158.00 per sq ft
205 Calderon Drive  2348 sq ft 3  beds 2  full baths and 1  half bath house $385,000 $163.97 per sq ft
305 Parkview Crescent  2651 sq ft 4  beds 3  full baths and 1  half bath house $444,000 $167.48 per sq ft
211 Glade Street  3295 sq ft 4  beds 3  full baths and 1  half bath house $559,000 $169.65 per sq ft
209 Edgewater Circle  3055 sq ft 4  beds 3  full baths and 1  half bath house $549,000 $179.71 per sq ft
109 Graylyn Drive  3384 sq ft 4  beds 3  full baths and 1  half bath house $668,500 $197.55 per sq ft
203 Glade Street  3000 sq ft 4  beds 3  full baths and 1  half bath house $605,000 $201.67 per sq ft
1307 Highgrove Drive  3580 sq ft 4  beds 4  full baths and 0  half baths house $725,000 $202.51 per sq ft
1301 Highgrove Drive  3540 sq ft 4  beds 4  full baths and 0  half baths house $750,000 $211.86 per sq ft

To me, I think the variation in price per square foot has more to do with the type of lot and the quality of finish of the house, than it does with size. Interesting.

Market Recap

It's striking how the lower cost dwellings in Southern Village have disappeared from the market. Several Market Street and Copperline condominiums have gone under contract. Prices therefore start in the mid 200's. Here's the essence of it:

203 Brookgreen  1280 sq ft 2 beds 2 and 1/2 baths $242,000
204 Brookgreen Drive  1926 sq ft 3 beds 3 and 1/2 baths $314,900
516 Copperline Drive  1650 sq ft 3 beds 2 and 1/2 baths $319,900
102 Eastgreen Drive  2377 sq ft 3 beds 3 baths $379,000
104 Winston Ridge Drive  2527 sq ft 3 beds 2 and 1/2 baths $399,500
301 Westside Drive  2750 sq ft 4 beds 2 and 1/2 baths $450,000
505 Highgrove Drive  2934 sq ft 3 beds 2 and 1/2 baths $454,000
204 Overlake Drive  2554 sq ft 4 beds 2 and 2/2 baths $462,900

516 Copperline - $319,900

This townhome is a very short walk to Market Street! It seems well worth visiting, but if it wasn't snapped up in the last 74 days that it has been on the market, then we have to conclude that it must be at least a little bit over-priced. The price has not changed since it came on the market in mid-December.

516 Copperline has three bedrooms, and two and a half baths. It measures out at 1,650 sqaure feet. That's just over $193 per square foot.

Give me a call if you would like to go see it. 919-636-0371.

The Big Picture

The value of real estate is highly influenced by factors that are foreseeable. I often think about the investors who chose to build commercial buildings in downtown Durham, North Carolina, for example. A lot of those buildings were built in the 1920's.

At that time, Durham was a burgeoning commercial center. Building a new commercial building downtown must have seemed like a good idea. But in reality, urban problems worsened while cars allowed wealthier people to move to the suburbs and do their shopping there. Result: Lots of empty buildings in downtown Durham.

So what's that got to do with me? Well, the changes that automobiles caused in land-use patterns were eminently foreseeable. While many people didn't foresee the impact of the car on suburbanization, others did. Those that didn't foresee these changes built in areas that declined in relative value.

The declining supply of gasoline in the world is an obvious reality that will change land-use patterns in the United States again. Pedestrian and transit unfriendly locations are going to become less desirable as gasoline costs rise.

This is a reality that is foreseeable. Yet for some people it remains totally unforeseen. My conclusion: Invest in the more pedestrian and transit friendly future. That doesn't mean you have to live in Southern Village. But it does make Southern Village one of a couple of smart moves you can make in Chapel Hill.

Oh and one more thing: Downtown Durham is making a comeback partly for this same reason.

204 Overlake - $462,900

This is a very traditional looking, bugalow-style home in a great location in Southern Village. At $462,900 for 2530 square feet, this home costs a lot per square foot, but it delivers. The home is built into a hillside and has a largely unfinished basement of an additional 865 square feet - and the basement has a half bath too boot.

Overlake Drive is a short walk from the Downtown Southern Village and is located near the entrance to Southern Village along 15-501, giving good access to the many other amenities in the Chapel Hill area. This house is definitely worth a look.

115 Graylyn - $892,500

Now that's a spicy meatball! This house is positively majestic and has a kind of 'old money' quality to it that is seldom found in Chapel Hill. The house has many deluxe qualities, but they are usually understated. The old fashioned door hardware, the high (10 feet?) ceilings, the extra wide staircase - it all adds up to a lot of house.

This place also delivers on the square footage: 4,416! And the three car garage is also deluxe, but the surprising thing is that for all those square feet, you only get four bedrooms. Not that it needs more bedrooms, but it is just surprising to me that you can have over 4,000 square feet and only four bedrooms. It's because this house has a formal dining room, study, music room etc. etc. etc.

Chapel Hill doesn't have many homes in this price range, but I found this one convincing.