Is it normal to see price for same floor plan increases by 80k in 3 years in west Cary? (Raleigh: sale, 2013)

[hoplim]

I am talking about floor plan "independence" in Fryars Gate Trillium Collection vs. Indian Wells by Lennar.

I believe Fryars Gate Trillium Collection was on sale in mid-2013, and the base price was 440k for this floor plan. The same floor plan in their newly announced Indian Wells is 520k, so 80k increase, or approximately 17% increase

I understand that the lots in Indian Wells is a little bigger (about 9000sqft vs. 6000sqft), but I am wondering how much of such a price increase is a reflection of the market trend, and how much is due to the lots size difference.

Thanks!

[pierretong1991]

In my townhouse community in Raleigh, in 2012 they were selling for 160K, now they are selling for 205K which is a 28% increase. That's not uncommon.

[Universe93B]

This area seems to be growing like a weed and they are cutting down every tree, but eventually the land will run out. So the developers/builders are definitely taking advantage of the price increases every few months. If your finances are in order and you want to buy something, the time is now -especially with the current interest rates.

[RedZin]

Yes. Bigger lots plus higher construction costs.

[VickiR]

Keep in mind that the same floor plan in one neighborhood may have more upgrades than that floor plan in another neighborhood and thus, the price increase. Add in the increase in construction supplies plus the ability to charge more (people are buying like crazy) and voila...

[ucctgg]

Originally Posted by hoplim

I am talking about floor plan "independence" in Fryars Gate Trillium Collection vs. Indian Wells by Lennar.

I believe Fryars Gate Trillium Collection was on sale in mid-2013, and the base price was 440k for this floor plan. The same floor plan in their newly announced Indian Wells is 520k, so 80k increase, or approximately 17% increase

I understand that the lots in Indian Wells is a little bigger (about 9000sqft vs. 6000sqft), but I am wondering how much of such a price increase is a reflection of the market trend, and how much is due to the lots size difference.

Thanks!

That land size is 50% larger, so that may have "a lot" to do with it.

[DPK]

Originally Posted by ucctgg

That land size is 50% larger, so that may have "a lot" to do with it.

[ljd1010]

It's not just West Cary. We moved to Carolina Arbors, an over 55 community in Brier Creek. (Durham address) in late 2013. The base price of our model has gone up $57K in less than 3 years. It's crazy and has actually priced some people out of the neighborhood.

[Waterboy526]

I'd say it's pretty normal and maybe even less so than some others in the western Wake area. I bought my new home in west Apex a little over three years ago and the base price for my model in the same neighborhood has gone up 24% since early 2013. The newer home lots are also smaller than mine. The upgrades are more expensive too. Par for the course in this market.

[luv4horses]

I read somewhere that nationally, about 24% of the cost of a new home goes to federal, state, and local fees. Perhaps that number has gone up in the last 3 yrs as well.