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Old 02-07-2011, 12:50 PM
 
Location: My House
34,937 posts, read 36,086,369 times
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Quote:
Originally Posted by txtonc View Post
Thank you for everyone's feedback, we will review the spec home prices closely compared to nearby neighborhoods and make a decision based on weighing negatives versus any price/discounts offered.

We recently spent a good deal of time doing just what you've described.

I cannot see the value in a new home out there. They aren't being built with the same level of amenities/finish quality as the older homes.

If you can snap up a resale for way under tax value, it could be a great place (it's a lovely neighborhood aside from the light poles and 540).

But, as Mike said (I'm paraphrasing), there really is a potential for that place to be priced down due to all those open, undeveloped lots.

I'd be leery. We already ruled it out.

Last edited by RedZin; 02-07-2011 at 02:09 PM..
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Old 02-07-2011, 01:57 PM
 
49 posts, read 152,793 times
Reputation: 38
location, location, location
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Old 02-07-2011, 03:13 PM
 
Location: Cary, North Carolina
18 posts, read 54,948 times
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I would recommend looking at some resale homes in Cary off of Highhouse Rd and near Cary Parkway. Also, you might have your realtor show you other subdivisions that are west of the I 540 highway far enough away to not be a concern from a resale standpoint. There are many resale homes with mature treed lots in your price range. I would agree that the area your looking at, while away from I540, does still carry a stigma based on some of the lawsuits. I understand that there has been a settlement on the litigation, however, I don't know what it was. You might have your realtor advise you on the settlement that was reached before you proceed. Hope that helps?
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Old 02-07-2011, 03:32 PM
 
Location: My House
34,937 posts, read 36,086,369 times
Reputation: 26541
Quote:
Originally Posted by Andy S View Post
I would recommend looking at some resale homes in Cary off of Highhouse Rd and near Cary Parkway. Also, you might have your realtor show you other subdivisions that are west of the I 540 highway far enough away to not be a concern from a resale standpoint. There are many resale homes with mature treed lots in your price range. I would agree that the area your looking at, while away from I540, does still carry a stigma based on some of the lawsuits. I understand that there has been a settlement on the litigation, however, I don't know what it was. You might have your realtor advise you on the settlement that was reached before you proceed. Hope that helps?

Andy, you just reminded me of something that one of the builders reps told me about the new lots in CP.

They are priced higher than the older lots that are left sitting. I assume that this is maybe because the developer considers them to be more desirable (being away from 540), and maybe because the developer needs money?

Anyway, I pretty much crossed it off my list at that point.
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Old 02-07-2011, 03:36 PM
 
73 posts, read 166,955 times
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I agree with Mike as far the lawsuit ad 540 issue being ancient history in a couple of years. I think if you look at patterns of roadways and utilities…. like say the inner beltline, you have some truly fabulous, high priced homes that back to some not so pretty roadways and utility poles. As far as Highcroft Drive is concerned, I consider it to be an advantage to the manors section because it will allow residents another entrance besides the main one. Also, there is an untapped and unseen market that is about to explode in that back section of Cameron Pond right now and even more as Weycroft sells out because there is no other custom neighborhood in that price range in that school district. So, some of you can sit here and continue to knock Cameron Pond if you want…. but I'm telling you right now…. the homes in there will sell and they will sell well.
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Old 02-07-2011, 03:38 PM
 
Location: My House
34,937 posts, read 36,086,369 times
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I think it's a lovely neighborhood, so I'm not knocking it from that perspective.

I just would hate for someone new to the region to get a house out there, then need to sell it in the next couple of years and find out that there's still a stigma hanging over the place. No doubt, once it fills out and people know how noisy it will or will not be due to 540, it'll fill up.

With what, that's the issue.
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Old 02-07-2011, 05:29 PM
 
1,886 posts, read 4,801,404 times
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Quote:
Originally Posted by BalGal View Post
I agree with Mike as far the lawsuit ad 540 issue being ancient history in a couple of years. I think if you look at patterns of roadways and utilities…. like say the inner beltline, you have some truly fabulous, high priced homes that back to some not so pretty roadways and utility poles. As far as Highcroft Drive is concerned, I consider it to be an advantage to the manors section because it will allow residents another entrance besides the main one. Also, there is an untapped and unseen market that is about to explode in that back section of Cameron Pond right now and even more as Weycroft sells out because there is no other custom neighborhood in that price range in that school district. So, some of you can sit here and continue to knock Cameron Pond if you want…. but I'm telling you right now…. the homes in there will sell and they will sell well.
The point where you will know how Cameron Pond holds up is the point where

1) It is 100% built out
and
2) EVERYTHING that surrounds it is 100% in place and established.

Highcroft Drive may in fact be an advantage but the fact remains that right now it is not in place so it is difficult to tell how it will impact lots that will abut it. Homebuyers are not about to wait 5 or 10 years and see what will play out-they need to make a good decision right NOW.

I am not knocking the neighborhood. I like the builders, the homes, and the general location. That said, you know that the neighborhood has a stigma attached to it when agents who are writing MLS listings begin renaming sections of the neighborhood 'Cameron Pond WEST' and the first line of an MLS listing for a home in CP reads "This home is NOT impacted by the 540 easement". There is a home currently for sale in CP that used this strategy last summer-the home remains unsold and is now listed $30K under the price being offered when the entire listing read like an apology.

There is an unsold new home in the section North of CFS road that was permitted in June 2006 and completed early in 2007. The last closing on a resale in the North section was over 8 months ago at a price $100K under tax value. You might see that kind of number on a home priced up toward a million dollars but this home sold in the low 300s-on a percentage basis that's pretty crazy. Prior to that there were no closings for 13 months. That's right-in the more affordable section of Cameron Pond there have been two transactions in the last 21 months.

On the South side the last resale closing was a $100,000 loss for the seller. That closing is over 7 months old. Where are all of the buyers who had access to the lowest mortgage interest rates most of us will ever see in our lifetimes during fall 2010? Not living in Cameron Pond.

I will submit that the recent surge in sales within Weycroft is as much a function of people categorically rejecting Cameron Pond as it is people embracing Weycroft. It's not as if all of these buyers are going to get shut out of Weycroft and stream back into Cameron Pond to build their dream homes-Weycroft was an acceptable choice for these buyers where Cameron Pond was not. Just because there is nothing left to build on in Weycroft does not mean that Cameron Pond will magically transform into a hot neighborhood again.

Anyone who buys a home based on school assignments in Wake County is making a shortsighted decision anyway, so I have a hard time with the concept of Cameron Pond heating up based on that philosophy.

I hope the market comes back for all of our sake. Plenty of people (myself included) bought homes in 2006-2007 that are not worth what we paid.

Cameron Pond has fallen farther than most other neighborhoods because of circumstances above and beyond the greater market fall that cannot be corrected. There is no replacing the treed buffer-you can't grow trees that fast. There is no moving the appalling rust-colored utility poles that border the neighborhood. You can live on any lot in the neighborhood but when you go to the pool there they are.
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Old 02-07-2011, 08:31 PM
 
Location: Raleigh, NC
12,475 posts, read 32,148,806 times
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Quote:
Originally Posted by funky chicken View Post
the point where you will know how cameron pond holds up is the point where

1) it is 100% built out
and
2) everything that surrounds it is 100% in place and established.

Highcroft drive may in fact be an advantage but the fact remains that right now it is not in place so it is difficult to tell how it will impact lots that will abut it. Homebuyers are not about to wait 5 or 10 years and see what will play out-they need to make a good decision right now.

I am not knocking the neighborhood. I like the builders, the homes, and the general location. That said, you know that the neighborhood has a stigma attached to it when agents who are writing mls listings begin renaming sections of the neighborhood 'cameron pond west' and the first line of an mls listing for a home in cp reads "this home is not impacted by the 540 easement". There is a home currently for sale in cp that used this strategy last summer-the home remains unsold and is now listed $30k under the price being offered when the entire listing read like an apology.

There is an unsold new home in the section north of cfs road that was permitted in june 2006 and completed early in 2007. The last closing on a resale in the north section was over 8 months ago at a price $100k under tax value. You might see that kind of number on a home priced up toward a million dollars but this home sold in the low 300s-on a percentage basis that's pretty crazy. Prior to that there were no closings for 13 months. That's right-in the more affordable section of cameron pond there have been two transactions in the last 21 months.

On the south side the last resale closing was a $100,000 loss for the seller. That closing is over 7 months old. Where are all of the buyers who had access to the lowest mortgage interest rates most of us will ever see in our lifetimes during fall 2010? Not living in cameron pond.

I will submit that the recent surge in sales within weycroft is as much a function of people categorically rejecting cameron pond as it is people embracing weycroft. It's not as if all of these buyers are going to get shut out of weycroft and stream back into cameron pond to build their dream homes-weycroft was an acceptable choice for these buyers where cameron pond was not. Just because there is nothing left to build on in weycroft does not mean that cameron pond will magically transform into a hot neighborhood again.

Anyone who buys a home based on school assignments in wake county is making a shortsighted decision anyway, so i have a hard time with the concept of cameron pond heating up based on that philosophy.

I hope the market comes back for all of our sake. Plenty of people (myself included) bought homes in 2006-2007 that are not worth what we paid.

Cameron pond has fallen farther than most other neighborhoods because of circumstances above and beyond the greater market fall that cannot be corrected. There is no replacing the treed buffer-you can't grow trees that fast. There is no moving the appalling rust-colored utility poles that border the neighborhood. You can live on any lot in the neighborhood but when you go to the pool there they are.
amen!
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Old 02-07-2011, 10:56 PM
 
Location: My House
34,937 posts, read 36,086,369 times
Reputation: 26541
Quote:
Originally Posted by VickiR View Post
amen!
I'll second that.

And add: at least 2 homes have sold in the manors over the past 6 months or so. They don't show up when you check out the sales tab over in the tax database. Both of them are on Dresden Meadow Court. One sold for 390k and I think the other sold for 500k.

There could be more. Obviously, they sold well below tax value.
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Old 02-08-2011, 08:02 AM
 
Location: North Carolina
1,305 posts, read 2,924,668 times
Reputation: 1502
IMO, if there is any question of what the impact might be of 540, noise, buffers, lawsuits, etc. on resale, then others will share the same concern and resale will not be as easy.
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