I live near Grove park and have sold many homes there. It is a great neighborhood and has a lot of walking trails and much more to offer. Unfortunately it was hit hard with foreclosures and "distressed" sales, I see that as a great opportunity for you the buyer if your plans are to live there at least 5 years and the home you choose has been cared for reasonably well. Make sure you choose an Agent to help you thru this process.
You do need to be very aware of values in the neighborhood as well as the surrounding market. Make sure you have a good handle on housing values for comparable property in the Grove Park community as well as the surrounding East Durham market.
I wish you the best!
Deborah Rigsbee Miller, Real Estate Broker
Coldwell Banker HPW - Southpoint 919-491-2826
Some good insight and feedback from other agents here on the neighborhood. It is always smart and savvy to be working with a Buyer's agent who can help you and protect your interests, but it is CRUCIAL if you are going to buy a Short Sale or Foreclosure home. There are any number of things you need to be aware of and it can be a more complicated and frustrating process. Sometimes they can proceed just like a normal sale, but other times there are issues and risks. Be sure to work with an agent who the experience to see the problems coming and, more importantly, how to handle them and the resources to bring in. I am currently handling two of these transactions and can tell you they are entirely different and required a lot of extra work. I've been certified by the National Association of Realtors in Short Sale & Foreclosure Resource (SFR) and would advise you be sure to work with a SFR certified Buyer's Agent. Best of luck with your home purchase and let me know if I can be of help in any way.
I am an agent who actually lives in Grove Park-Lakeside, and there are a lot of interesting things going on in the neighborhood.
One thing that I have noticed that wasn't the case in the past is that the appraisers are incorporating foreclosures and short sells into their analysis when they go to value the property for a new mortgage.
I was trained not to used these unique transactions when I provided a market analysis to a client, but with 30% of all transactions being foreclosures and short sales they are not so unique, and now need some consideration.
If you need any help, or would like to go over the data together call me at (919) 399-2313.