Winston-Salem, North Carolina is a city set on reinventing itself. Long a center of manufacturing and finance, it has recently become home to a growing bio-medical technology industry. Entrepreneurs and medical professionals are discovering the many advantages of life in the heralded "City of the Arts." It's also a magnificent place to retire.

"We are seeing a slight pick up in our luxury market, mostly with homes that are aggressively priced to the point of being a deal. People who have the capacity to purchase are finding this is a great time to do so. Our market was hit hard, but it is stabilizing this year. I anticipate that in the next few years we will see modest appreciation in values," says Mary Preston Yates, Realtor at Prudential Carolinas Realty.

Luxury homes in Winston-Salem occupy coveted spaces in traditional neighborhoods and newer developments. One extraordinary property Mary Preston Yates represents sits atop a knoll on a generous 6.17 acres in town. With 5 bedrooms, 5.2 baths, the estate at 480 Stonegate Lane offers a private getaway with the convenience of in-town living.

"You feel like you are in the mountains, and yet, you're in town. This is a beautiful property," Preston Yates says. "There's a very long private driveway, lovely yard, gorgeous terrace. It's truly a wonderful place to enjoy the ambiance of mountain serenity while having the convenience of urban amenities."

Winston-Salem is headquarters to several Fortune 500s, as well as Wake Forest University, Winston-Salem State, University of North Carolina School of the Arts and Salem College. It was the first city in 1957 to establist an Arts Council and has a thriving arts culture. The city is located within 3.5 hours of the ocean and one hour to the Blue Ridge Mountains. It is within a one-hour flight to Washington D.C., and easy access to many east coast cities.

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