Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Wish they'd build smaller in the 200-300k range. I don't need the insanity of a 400k condo. I just need like a kitchenette, bedroom, bathroom, and living room. Is that so hard to ask. I feel like there's a market that developers keep ignoring.
As long as we have schools hysteria pushing prices and profits up, added to the general cost of land, it will be harder and harder to envision much <$300,000 housing in West Cary.
Figure $150,000/raw acre of land, and triple that by the time it is developed to build on and ready to sell...
$450,000 developed acreage requires minimum $2,000,000---$2,500,000/acre home sales value or higher to be feasible.
I.e., 10--13 $200,000 houses/acre. Yet, the builder can turn that into $3,000,000 in sales by building 6 $500,000 houses. If you are the builder, dealing with fewer customers for similar profit is more efficient, and the market clearly supports that approach.
And, you see builders building 4 bedroom townhomes selling in the $400,000's with no amenities at all and nearly no open space.
They aren't overlooking lower end housing. The market is just pushing lower end housing out with demand for higher priced stuff.
That area needs another Heritage Pines for the healthy boomers that don't golf and already have a gym membership.
The schools are too good to entice builders to build for folks without kids.
That is why Carolina Preserve is in Chatham County, and Creekside at Bethpage and Carolina Arbors are in Durham County.
Wake County schools help the builders be profitable selling big houses or townhomes and deter them from using the land over for Active Adult housing.
And, the location for commute to RTP, Durham, RDU, etc, is attractive to non-retired folks.
It's not the one across the street from Carpenter Village? Because that's the current Farrell family farm.
No, it is not the one across from Carpenter Village. The property mentioned in the article is the farm on Morrisville Carpenter and Louis Stephens. On one side of the road it backs to Legacy and Wexford.
Are you sure? I thought the property is across from Carpenter Village, adjacent to Legacy, and backs up to Wexford. I could be wrong. I thought someone said the rezoning is a problem for Wexford because of the traffic connection to Morrisville Carpenter. There would be a light signal requirement at Davis & Airport Blvd.
Anyway, I agree with the poster who is interested in less expensive condominiums. My husband and I would like to downsize. We travel a lot and would love to find a condo for $300,000+ in a convenient area.
Yeah I agree with you. I have good memories there during the fall.
I just looked it up as well and the owner of the land is "FERRELL INVESTMENTS LTD PTNRP" so I think the family themselves are fairly committed in this sale. It's not owned by like "Ma and Pa Ferrell" basically. The total assessed value is $7,677,135.00 for that property.
Actually the farm is run by Ma and Pa Ferrell (or at least Ma & Pa's grandson & his wife). My guess is that the Ferrell family "LTD Partnership" exists because it's actually a working farm.
Location: River's Edge Inn, Todd NC, and Lorgues France
1,736 posts, read 2,571,831 times
Reputation: 2769
Quote:
Originally Posted by TinkaMcKirk
It's not the one across the street from Carpenter Village? Because that's the current Farrell family farm.
Carpenter History 101:
David Ferrell is the son of the now deceased Omer and Betty Lou Ferrell. His sister Lou Ann has property across the road from Phillip's strawberry farm. David's property includes the corn maze, right across from the road from Carpenter Village. His parent's farm is just to the west, on the corner of Louis Stevens Road. His mother died earlier this year and that is the farmland that is planned for developed. About 25 years ago his parents sold the land that is now Carpenter Village, and also the David Drive Schools. Until water and sewer came to the area in the early 1990's, much of the land was used for tobacco. Most of the original Preston development was "bottom land", unfit even to farm.
For those interested, there is a great little book about the history of the area available at the Carpenter Farm Supply.
Last edited by ucctgg; 08-13-2016 at 08:34 PM..
Reason: typo
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
