N&O real estate reporter becoming editor of sister paper

Jack Hagel, the real estate reporter for The (Raleigh) News & Observer, is becoming the editor of The Cary News and the Southwest Wake News, papers owned by the News & Observer.

Hagel writes, “I’ve seen the region’s once-droopy downtowns catch a second wind. And I’ve seen how a credit crunch has killed that momentum.

“I saw the reinflation after the tech bust, and I tried to explain the prices of everything from the dirt under buildings to the air above them.

“Over the past two years, as things have slowed, the stories have changed to become one of how deals are getting done, who’s in financial ruin, who’s avoiding it, which projects have been put on ice, and which ones are doomed.

“More of those stories will come about before things turn around. Lower land prices will complicate things for folks trying to sell homes. And the credit crunch, coupled with falling occupancy and rental rates, will bring some landlords to their knees.”

Read more here.