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I currently rent in Ballantyne and am about to purchase a home. The question I have is, do I buy a $200k home in Ballantyne that is about 6 years old, nice neighborhood, etc. or do I purchase a brand new home built in 2008 in Fort Mill specifically at Baxter Village.
The townhome in Ballantyne is nice and has comparable square footage, 2 car garage and is about $20k undervalue. The townhome in Baxter Village was selling last year for $250k and is selling currently for $200k.
I always buy for the next buyer when purchasing a home and I want the general public's opinion on if you were to buy say 5 years down the road, would you stick with Ballantyne which is a solid established market or the newer market of Fort Mill in Baxter Village?
I agree with MommyV. I understand your question but I would chose the one that was best for me. I think both areas are going to do relatively fine 5 years down the road. I really think it comes down to were you want to live. This is going to be your home, not just an investment property.
Just a bit of food for thought. I was faced with the same question over 4 years ago and I chose Ballantyne over Matthews because I thought the "Charlotte" address would be worth more down the road. My house ended up appreciating more than those I was looking at in Matthews.
Take a look at the home values a few years ago in each area to see which increased more. This isn't a guarantee, but look at what's going on right now. The economy in Charlotte and Fort Mill is not growing, so if you plan on selling in a couple of years, your buyers will be looking at the same areas as you see now. With that said, there's so much more that Ballantyne has to offer. But if you plan on staying for 10 years, then who knows what Fort Mill will turn into if the economy turns around and flourishes.
I hope you're also aware that you can afford more in FM because of the property taxes in Charlotte. That might mean that you'll have a higher return when you sell because values tend to increase in percentages.
While it makes sense to be concerned about resale, I would recommend that you choose the area that is close to where your life is centered around. If you work closer to one area as opposed to the other it would make sense to stay nearer to your job/play area.
Both areas are fantastic. Ballantyne is a great destination for many based on location, shopping, dining, medical....ect. Baxter is newer with lower property taxes and a different feel. Ultimately this will be your home...you will make the right decision for you.
There are some really great deals in Ballantyne right now on single family homes. I think my advice would be to invest there. Baxter is nice as well, but I think Ballantyne is more desirable for the potential buyer down the road because of the convenience to shops, restaurants and possibly work. Let me know if I can help you!
I am thinking Baxter Village simply because it takes less time to get uptown during the morning rush. I-485 in south Mecklenburg makes Ballantyne quite undesirable to many potential buyers. The city should really push the state to widen I-485. Also, the city should have made Ballantyne the last stop on the current LYNX line. A stop in Pineville at Carolina Place mall between Ballantyne and the I-485 station would have been sweet also.
Keep in mind that York county SC is now the fastest growing county in SC. The 8 lanes of I-77 helps that county's chances for future growth. York county's population is only about 200,000 and it is destined to be a county of 500,000 or better in the coming decades. SC also gets many people looking for cheaper property taxes. Fort Mill is also thought to have nicer schools. My point is York county's boom has just started compared to Ballantyne's.
If you are looking for an instant destination, Ballantyne is it. If you are looking for investment potential and future growth (ie greater % rise in property value) York county (especially Fort Mill) is it. Either way, you will make money no matter which one you choose. I just think you will get a greater return in Fort Mill. Remember, good investors are pioneers. We go into the areas that are not "HOT" hoping that they will become "HOT". Good Luck!!!
In that price range, I would think couples w/ children would be interested in your home, so I would go w/ Baxter, as I personally think that is a very young couples w/children friendly area.
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