How Do Triangle Area Home Prices Compare To Where You Moved From? Higher, Lower, or Equal?
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I guess it all depends on what city here in the Triangle you are comparing it to. We moved here from a city at the northern edge of the city of Dallas TX. Housing prices are cheaper in Dallas when compared most cities here, but they are REALLY cheap when compared to Cary.
We had some good friends in our Dallas neighborhood who moved here to Cary back in 2002 or so. They bought a nice house in Prestonwood. By the time we moved here 5 years later we were priced out of the market and had to look elsewhere.
Here's an example of a house a few miles from our previous house in Dallas:
This house is a 5 bedroom, 4 bath, 3 car garage, 3600+ sq ft all brick house built in 2000. It is listed for $265K.
The house prices in Chapel Hill are very similar to the house prices in the part of Massachusetts that we left. The schools in CH are great but I wish the house prices were a bit lower.
Part of what has driven up real-estate prices in the Washington, DC area is the money that the Bush administration is paying people with top security clearances. The couple that purchased my house, both government workers with clearances, had a combined bring home salary of 16 THOUSAND a month. That’s right, BRING HOME of 16k a month as civil servants!
Part of what has driven up real-estate prices in the Washington, DC area is the money that the Bush administration is paying people with top security clearances. The couple that purchased my house, both government workers with clearances, had a combined bring home salary of 16 THOUSAND a month. That’s right, BRING HOME of 16k a month as civil servants!
Funny how this turned into "look what Bush has done". Look I think he's done plenty wrong, but it seems that everthing wrong in today's world is blamed on Bush. I'm sure when Clinton was president they made peanuts. There are tons of other high paying jobs in the DC area that don't involved Govt. or Govt. contracts, so I don't think Govt. workers are the ones that drove the prices up. DC's prices came up at the same time all the other hot markets did...and now they are falling at the same time. Like I said though, if you bought 5 or more years ago you're still golden, because houses aren;t going to drop 100% in 5 years like they went up 100% in 5 years. DC's prices will always be on the high side.
It could be worse. This article explains how the average housing price in DC in 50 years will be $14,000,000 while the average household income will be $1,300,000. While 1.3 mil sounds nice, if the average housing price is 14mil, it will cost twice as much in the future for what a house in the DC area is going for now. Don't think it'll go down like that, but interesting none the less. John Kelly - A Peek at Our Far-Flung Future - washingtonpost.com
Prices and quality are better here in the Raleigh area, I find, than what we had to pick from down on the Coast of NC.
Our home in Wilmington was about $200/square foot for new construction, and it came with none of the bells and whistles we found here, for less. The lots are small both places, but I think that is to be expected in new neighborhoods, new construction -- seems young people today, as well as retirees, are less interested in trying to maintain an acre or more of yard. We sit on 1/3 of an acre, and it is, most times, too much for us.
The only thing that has surprised me is that homes here seem to have brick fronts -- what is that all about? I thought the Piedmont, with its clay base, was brick country? A realtor assured us that a brick home can cost $25,000 more. Seems odd to me that we saw more brick homes on the Coast than what we found here -- in new construction.
My 2200 sq ft home which I paid 230k and sits on 3/4 of an acre with property taxes at 1,850 in Youngsville would translate to . . .
$700k with taxes near 10k a year on LI, same size home on same size lot in similar area, assuming this property even existed.
Same here pretty much. Our 2200sf home in Clayton on just under 3/4 acre (with taxes of 1500k) that we paid $195K for in 2006 would go for at least $600k in NJ with taxes around 10K. Its insane.
Prices have fallen in my town in MA but here's a brief synopsis with identifying info taken out (for some reason, I'm still weird about posting the individual town). I live in Norfolk Cty, MA.
Based on MLS statistics, 113 single-family homes sold in XXXXX in 2006 for an average sales price of $678,137 representing 97% of the asking price.
We owned a Cape Cod in Lexington, MA (about 1,700 sq. ft. w/ basement), no garage, 3 bedrooms, two bathrooms on 1/3 acre lot. Sale price in spring 2005--$585K. Bought new house in Cary 2,600 sq. ft., 2 car, 4 beds, 3 baths for $360K in 2005.
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