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We recently moved from Texas to NC, renting now, but looking for a new home (semi-custom) in the low-mid 500 range in NW-Cary (close to RTP). Through a friend, we came to know that a new section in Cameron Pond on the South-East corner has been released recently.
Lots look great for this area for the price, 0.3 to 0.4 acre cul-de-sac lots with trees/buffer behind them in tucked in a corner of the community (away from the entrance) with a pool/trails and good schools. Spec home prices at CP look lower by about 25-40K compared to similar homes offered by same builders at nearby Weycroft on crummy lots with no privacy/trees, and no pool. (hardly any lots we like left in WC)
However, our realtor showed us where the new 540 highway is coming as a negative, but looks to me about 1/2 mile away (sales agent said 0.3 miles/1500+ feet) with many rows of houses/trees in between the new lots and highway. Realtor also mentioned some lawsuit with the developer, but he thought that should not be a real concern for resales 5+ years from now, by then hopefully it will all be settled.
We have the opposite feeling, we are not much worried about the highway noise/pollution, but reading online about the lawsuit worries us a bit, seems the community prices are depressed because of that, and wondering it this might taint the community name for a long time (or forever).
Should we proceed to make an offer here as this is the only place in the area with treed/larger lots for that price with reputable builders? Also is the 25-50K price differential with WC a good price point to comparison shop?
This is just my opinion, but unless they are priced significantly below where other neighborhoods are selling, I would avoid it like the plague.
There are so many options in the Triangle, I would steer clear of a place that has such an obvious issue.
Why not look at a resale. Typically, that is where you will find the best value.
Well the lawsuit is over the developer selling what had bern represented as a buffer area to the peer company fir power lines without telling anyone including the builders, their agents or the town so I guess they would be stupid to do it again so you probably would be ok.
Also be aware that Highcroft Drive will eventually come thru the East side of Cameron Pond. It might not be 540 but it is still a road. There is a stub of Highdroft Drive on the South Side of McCrimmon Parkway already and eventually it will travel south to join with Highcroft Drive south of Green Hope School Road.
I am not sure that Cameron Pond will ever recover from its negative stigma. I think that is a shame, too, because there are some lovely homes in there on some decent lots. The problem is that if you Google 'Cameron Pond' the SECOND choice you get is 'Cameron Pond LAWSUIT'. I don't know how the negative publicity goes away, and I don't know how you sell a home in there even if it is not affected by 540 unless you give it away.
Reading your post it seems that your Realtor is offering you some guidance about 540 noise and the impact of the lawsuit. Having engaged a Realtor it would be worth considering that advice. Another factor will be how long it will take to build out Cameron Pond with numerous lots blighted by the utility poles and the highway; maybe it will never get built out and home values will be depressed for many years to come. The $25k to $50k discount to Weycroft is there for a good reason
Reading your post it seems that your Realtor is offering you some guidance about 540 noise and the impact of the lawsuit. Having engaged a Realtor it would be worth considering that advice. Another factor will be how long it will take to build out Cameron Pond with numerous lots blighted by the utility poles and the highway; maybe it will never get built out and home values will be depressed for many years to come. The $25k to $50k discount to Weycroft is there for a good reason
And 25 to 50K is chump change compared to some of the losses that have been incurred on CP resales.
And 25 to 50K is chump change compared to some of the losses that have been incurred on CP resales.
Agree, there have been a number of short sales in Cameron Pond already. I would avoid it unless the discount were $100K below Weycroft. For new construction try Weycroft/Horton's Ridge/Village Square @Amberly (if you can handle small lot size)/Toscana or a resale in Cary Park. If set on Cameron Pond, by someone else's house at a sharp discount.
I think 20 years from now Cameron Pond will be a thriving neighborhood, with the sturm und drang merely ancient history.
Right now there is uncertainty, but the lawsuit is noise, and not appurtenant to the properties.
Much of the interior of the neighborhood will have little or no impact from powerlines in daily life.
540 will be a drone, although the west side of the community will bear the brunt of it and the powerlines.
The real concern to me is the large number of remaining lots and long term construction of homes that conform to the current neighborhood standards. The developer controls a LOT of votes.
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.
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