Duke University Plans to Sell Homes to Duke Employees
Posted June 4, 1998 7:00 a.m. EDT
DURHAM — With home prices rising, Duke University has decided to give employees a break by selling them Duke-owned homes adjacent to the East Campus, the university said Friday.
Nine existing older homes will go on the sale block immediately at prices ranging from $69,000 to $170,000. Duke now rents out the homes, built between 1900 and 1937. They range in size from about 1,500 square feet to 3,500 square feet.
Later, Duke hopes to build and sell about 40 single-family homes and townhouses on lots Duke owns. Jeffrey Potter, Duke's director of real estate administration, said that project will not proceed until there is significant demand.
The existing homes will be sold only to Duke faculty and staff and will be subject to restrictive covenants to ensure the buyers live in the homes, said Potter. The homes will be sold on a first-come, first-served basis, he said, and applications must be filed by June 22.
Officials hope the home sales promote neighborhood efforts to minimize the number of rental properties.
``We believe this plan will have an extremely positive effect on this neighborhood, and be beneficial to both university employees and the current residents of Trinity Heights,'' said Duke executive vice president Tallman Trask.
(Copyright 1998 by The Associated Press. All Rights Reserved.) APTV-06-05-98 1142EDT>