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For better or worse? what do y'all think! Raleigh is building all these condos downtown that are vacant, the drought is causing so much havoc that extrepreneurs that count on water ie. gardeners, car washes, pressure washers, etc, are in trouble, the transportation system really needs to try to keep up to date. If you can't build the roads right away, then hold off on the next 100 developments, there's enough homes for sale now! 3/4 of all new homes are $400+, I know that not everyone on this forum can afford those homes, the job market doesn't seem to be doing all that great and it's only a matter of time that the taxes reach what they are up North and out West. The school system, well it is what it is, everyone knows! I'm not bashing NC, just want to hear everyone else's thoughts!
The condos downtown are vacant because they aren't finished being built yet. I can only think of one, very high priced condo building downtown that can be considered to be even remotely vacant. That's the Quorum Center: There's 16 for sale there. The other ones that are finished are not vacant. For example: The Plaza Condos at RBC is sold out and the building won't be ready for a year. If it's a good product at a fair price, people will buy the condos. If it's not, then it's an expensive lesson learned for the developer.
Of the 16,840 total lisitings that I found on a local RE site, 79% or 13,335 of them are BELOW $400,000. Of the 1480 homes listed built since 2006, 70% or 1036 are BELOW $400,000.
I can certainly understand concern over growth issues and welcome all opinions. However, before stating "facts", at least do a little research so that you don't mislead people who are counting on this forum as a valuable source of information.
For better or worse? what do y'all think! Raleigh is building all these condos downtown that are vacant, the drought is causing so much havoc that extrepreneurs that count on water ie. gardeners, car washes, pressure washers, etc, are in trouble, the transportation system really needs to try to keep up to date. If you can't build the roads right away, then hold off on the next 100 developments, there's enough homes for sale now! 3/4 of all new homes are $400+, I know that not everyone on this forum can afford those homes, the job market doesn't seem to be doing all that great and it's only a matter of time that the taxes reach what they are up North and out West. The school system, well it is what it is, everyone knows! I'm not bashing NC, just want to hear everyone else's thoughts!
Did anybody see the news report on WRAL yesterday? They addressed this issue (downtown vacancies). They (WRAL) also interviewed a real estate agent, who gave a nice spin on it (blames lower sales on the time of year not current economic conditions).. thats fine..nothing wrong with a balanced perspective.
When I think back to the Raleigh of 25 years ago, I'm really amazed at the changes.. some good.. others not so good.
Did anybody see the news report on WRAL yesterday? They addressed this issue (downtown vacancies). They (WRAL) also interviewed a real estate agent, who gave a nice spin on it (blames lower sales on the time of year not current economic conditions).. thats fine..nothing wrong with a balanced perspective.
When I think back to the Raleigh of 25 years ago, I'm really amazed at the changes.. some good.. others not so good.
The agent isn't the only spin artist. The news outlets sensationalize everthing to grab your attention. What that article doesn't say is:
1.) How much product was for sale last Summer vs. now.
2.) If the Summer numbers were influenced by the opening of a new property (perhaps Paladium Plaza behind Progress Energy HQ?). If this did happen last Summer, a bunch of closings happened all at once from those who were under contract during presales.
As new buildings open, there will be spikes in closings every time. This is different from single family homes that finish and close on their own schedules. It's impossible to gauge a mulitfamily market using the same methodology. For instance, this scenario played itself out when the Paramount opened in 2006 and the same will be true when RBC, West and 222open later this year or early next year. So, I don't put too much stock in that article.
only a matter of time that the taxes reach what they are up North and out West.
I did not move here for a cheaper cost of living, but I have to say this is the most repeated misconception I see posted on this forum. I fully expect taxes to increase in this area as the need for services and infrastructre increases with the growth in the population. However it's not like taxes up north are static. In fact, the taxes in the North contiue to increase as well. Unless taxes actually decrease up North while they increase here the two will never ever meet. The next time taxes decrease in NJ will be the first time!
I did not move here for a cheaper cost of living, but I have to say this is the most repeated misconception I see posted on this forum. I fully expect taxes to increase in this area as the need for services and infrastructre increases with the growth in the population. However it's not like taxes up north are static. In fact, the taxes in the North contiue to increase as well. Unless taxes actually decrease up North while they increase here the two will never ever meet. The next time taxes decrease in NJ will be the first time!
I'm moving from Albany, NY to Raleigh. Albany is probably one of the areas in NY/NJ with the lowest taxes. My taxes are currently $8K/year. The house we are buying in Raleigh our taxes are going to be $2.5K/year, and its a similar size and priced house. For Raleigh to even remotely approach MY current taxes, it would need to have double digit increases every year for 10 years, and that is assuming that my current taxes didn't go up. I can assure you that that won't happen ever. So you would need a pretty dramatic event to cause Raleigh taxes approach NY/NJ taxes. And, that is not taking into consideration all the other "taxes" that NY has... just starting with gasoline that is 40 cents a gallon more, right out of the gate.
The condos downtown are vacant because they aren't finished being built yet. I can only think of one, very high priced condo building downtown that can be considered to be even remotely vacant. That's the Quorum Center: There's 16 for sale there. The other ones that are finished are not vacant. For example: The Plaza Condos at RBC is sold out and the building won't be ready for a year. If it's a good product at a fair price, people will buy the condos. If it's not, then it's an expensive lesson learned for the developer.
Of the 16,840 total lisitings that I found on a local RE site, 79% or 13,335 of them are BELOW $400,000. Of the 1480 homes listed built since 2006, 70% or 1036 are BELOW $400,000.
I can certainly understand concern over growth issues and welcome all opinions. However, before stating "facts", at least do a little research so that you don't mislead people who are counting on this forum as a valuable source of information.
vacant or not ...most of them are rental anyway...speculators boughts it up
I guess I am the only one who thinks the growth has changed NC for the better. Especially Charlotte and the Triangle.
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