Chapel Hill used to be known as one of the most expensive real estate markets in North Carolina, probably still is. But the real estate bust is taking the edge off.  This story in the Chapel Hill News is a case in point.

The story itself is a rather mundane report about a town planning meeting regarding a new real estate development and its location relative to a lake and a waterfowl impoundment area.  However some of the background for the story is interesting.

The real estate project, called Ayden Park, was originally planned to have 58 townhomes that cost over a million dollars each. The current plan calls for 90 condominiums in four, three-story buildings. The pricing for these condos is not set but the developer estimated that they would range in the $150,000 to $400,000 range.

That’s as good an indication of the state of the real estate market as any as far as I am concerned.