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Old 10-24-2013, 03:29 PM
 
113 posts, read 142,716 times
Reputation: 117

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Trulia provides a look into listing and sales prices. It also ranks the popularity of zip codes, which is not nescessarily correlated with price.

Wake County Home Prices and Heat Map - Trulia.com
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Old 10-25-2013, 01:10 PM
 
Location: In between 440 and 540
226 posts, read 520,775 times
Reputation: 232
Quote:
Originally Posted by fm2802 View Post
My wife and I really liked 55 James, but then we drove around and visited the adjacent neighborhood. The mobile homes are not very well taken care and imo make the whole area very undesirable.
Isn't the Apex Peakway going through that mobile home park?
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Old 10-25-2013, 01:43 PM
 
Location: Vero Beach, Fl.
586 posts, read 982,702 times
Reputation: 354
Hope it stays this way until the Spring when we plan to list out home.
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Old 10-28-2013, 09:20 PM
 
41 posts, read 53,597 times
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Quote:
Originally Posted by KGRW View Post
Isn't the Apex Peakway going through that mobile home park?
My guess is no: Peakway Completion Plan.
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Old 10-28-2013, 09:57 PM
 
Location: Cary, NC
2,801 posts, read 3,768,451 times
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Quote:
Originally Posted by fm2802 View Post
My guess is no: Peakway Completion Plan.
Those maps show it going right through the northern part of the mobile home park, but I've seen other diagrams that show it maybe just skirting to the north of it. I don't think that's really possible though. Given the buffer to the south that Lennar shows on its site plan for 55 James, the Peakway is basically going to have to go through the mobile home park.
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Old 10-29-2013, 10:56 AM
 
Location: Wake Forest
2,813 posts, read 6,450,354 times
Reputation: 1958
Amazing being about everywhere one looks they see homes, town homes, and apartment buildings going up. Whew, that is a lot of building how big is this demand? I see a lot with sales signs on them as well. If my memory serves me correctly the last time the area built homes to meet the 'demand' it did not turn out so well for us all. Hopefully this is not a new home market 'Bust II'.
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Old 10-29-2013, 11:53 AM
 
Location: Cary, NC
120 posts, read 208,249 times
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The housing market is cyclic like most markets. We overbuilt, not just here but everywhere, anticipating more demand than existed (at least in a real and sustainable way). Then developers practically stopped building for several years. The excess inventory was soaked up and the dynamics changed faster than developers could crank out new units. Therefore, prices have gone up quickly this past year.

I think we've now crossed the line between the early recovery phase where demand increases before the supply can catch up and are entering the mid-cycle where there should be more balance. Price appreciation should slow to something closer to 1-2% per year rather than the 6.5% clip it has been. At some point in the future, demand will wane due to a recession or developers will build too much and we'll have another (hopefully smaller) price decline.
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Old 10-29-2013, 12:31 PM
 
1,843 posts, read 4,096,391 times
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Quote:
Originally Posted by BigTenGuyInNC View Post
The housing market is cyclic like most markets. We overbuilt, not just here but everywhere, anticipating more demand than existed (at least in a real and sustainable way). Then developers practically stopped building for several years. The excess inventory was soaked up and the dynamics changed faster than developers could crank out new units. Therefore, prices have gone up quickly this past year.

I think we've now crossed the line between the early recovery phase where demand increases before the supply can catch up and are entering the mid-cycle where there should be more balance. Price appreciation should slow to something closer to 1-2% per year rather than the 6.5% clip it has been. At some point in the future, demand will wane due to a recession or developers will build too much and we'll have another (hopefully smaller) price decline.
Good post and I agree with you.
One other thing to keep in mind, though, is the simple fact that big land tracts in the most desirable areas of the Triangle have pretty much been consumed. Developers big and small have literally pushed right out to the boundaries. There really aren't any good places to put the type of big subdivision that carried us thru the last 15-20 years,

Preston
Wakefield
Heritage
Bedford
Amberly
Cary Park
Sunset Ridge/Oaks
Eagle Ridge

to name a few

that are not simply too far out to support reasonable commutes and give buyers access to the amenities they prefer.

You can't push West-you have the Chatham County annexation issue and watershed challenges.
You can't push South-you don't have real connectivity and I think South Lakes proved that Fuquay and points South can't support any sort of desirable $/SF for developers and builders.
You are already pushing East, and East just doesn't appear to be where people want to be.
Anything further North than Heritage is out of bounds as well.

Another factor is the fact that all of us current "core" Wake County homeowners will decide to downsize or relocate at some point, and the big neighborhoods will begin to turn over.

The face of new construction here is changing and IMO its best days are behind us unless we can find a way to grow more land.
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Old 10-30-2013, 08:16 AM
 
224 posts, read 381,453 times
Reputation: 164
Default Land Prices Hit the Brakes - WSJ article

Just read this WSJ article this morning about land prices softening and builders like Lennar are cancelling or re-negotiating their transactions. It mentions a Lennar transaction in Durham NC.

Land Prices Hit the Brakes as New-Home Sales Skid - WSJ.com
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Old 10-30-2013, 08:20 AM
 
Location: Cary, NC
31,633 posts, read 55,362,882 times
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Quote:
Originally Posted by islander03 View Post
Just read this WSJ article this morning about land prices softening and builders like Lennar are cancelling or re-negotiating their transactions. It mentions a Lennar transaction in Durham NC.

Land Prices Hit the Brakes as New-Home Sales Skid - WSJ.com

We have a lot of tracts with excessive development costs. Lennar's reason may be quite valid. And the tract builders have been overbidding on land, beyond value. Some sense in the market is a good thing.
"This month, Lennar walked away, telling Mr. Morris it had decided the development costs were too high to be covered by what Lennar figured it could charge for the town homes, he recalled."
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