Durham Realty's Trinity Park Houses 07 Sales Plan

Rev. April 14, 2008

PLAN FOR SALE OF TRINITY PARK PROPERTIES BY DURHAM REALTY, INC.
SECOND PHASE - SUMMER 2007-08

Having successfully sold seven properties first offered in June 2006, Durham Realty, Inc., a support corporation of Duke University, is pleased to announce that it intends to offer for sale, subject to the terms below, the following additional properties in the Trinity Park/Trinity Heights neighborhoods in 2007, two of which have now sold and the other of which are under contract:

1. 601 Watts Street (corner of Watts and Monmouth) BACK ON MARKET

2. 702 N. Buchanan Boulevard SOLD

3. 1105 Urban Avenue SOLD

4. 814 Lancaster Street (duplex) BACK ON MARKET; PRICE REDUCTION

Please note that the property at 610 North Buchanan is not being offered for sale at this time.

As it did last year, the process will work as follows:

Offers of prospective buyers will be considered beginning June 29, 2007; buyers may submit offers on up to two properties each. There will be no advantage to submitting an offer prior to June 29, 2007.
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 asking prices for each property are as follows [click here for photos]:

$400,000 for 601 Watts St. (approx. 4,262 square feet)
$250,000 for 702 Buchanan Blvd. (approx. 2,600 square feet)
$210,000 for 1105 Urban Ave. (approx. 2,156 square feet)
$Price Reduced to 100,000 for 814 Lancaster St., may be used as a duplex (approx. 3,365 square feet)

Offers must be accompanied by (a) a $500 refundable deposit, (b) a copy of a preapproval 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 814 Lancaster 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. The recorded covenants can be viewed by clicking here.
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 or contractors 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.
Durham Realty will accept offers from 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:

Josey Miketa, Account Executive, 3100 Tower Blvd., Suite 930, Durham, NC, phone (919) 403-6971, email <josey.miketa@bankofamerica.com>.
Follow this link for a brief description of Bank of America's Purchase Plus Program which is designed to finance both the purchase and renovation of a property.
Mark Chamberlain, Mortgage Loan Officer, 505 S Duke St., Durham, NC 27701, phone (919) 687-7241, email <mchamberlain@bbandt.com>.

This information will be updated and, if necessary, modified from time to time on this website.

Please feel free to contact the Office of Real Estate Administration with any questions by emailing <RealEstate@Duke.edu>, faxing (919) 681-7286, or calling (919) 684-6420.