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Hey all. I was just out discovering more of Cary. I was checking out the huge Cary Park area and found really nice brand new condo's for only $119,000. I stopped in, as I would like my son to pick one up, rather than renting. I will not go on about them or give the name of them, as I am not trying to sell them. It is the opportunity that is now upon so many in this area of NC. At that kind of price, one can have a mortgage of $540, plus $110 HOA (which includes insurance, water, sewer & trash), plus $53 RE tax, which totals $703. OWNING for $703....IN CARY!!!! I could not believe it. What an investment, rather than just renting. That area is huge and is near the Amberley development, which is mind blowing big. I got lost there.
For those first time buyers, remember how much better it is to own than rent. If you put down 20%, and your average appreciation in this area is 6%, that is actually a 30% return on investment, as you are getting the appreciation on the actual value of the home, but only putting down 1/5 of the money.
I am very excited to get my son out of his apartment and into his own home. This is just the ticket for him to get into the real estate market. He never could have done this back in NE. I am shocked that this is actually available in Cary. I thought he would have to go way out for something like this.
I'm not so sure it has a ton to do with the market. The place below is at a pretty low price in Cary and has been like that before we had market issues. Condo's though are a tough market.
Moderator cut: removed
Last edited by autumngal; 02-24-2008 at 08:21 PM..
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Condos in suburban settings don't typically appreciate as fast as single family houses. I owned my first condo off Duraleigh in the 1980's and its value languished for 5 years. Finally, after 7 years, it grew in value and gave me a nice downpayment for my next condo ITB. It didn't make me rich but it was better than renting and I did end up with my next downpayment. However, if I hadn't sold it by owner (to the first person who looked at it) I would have made less.
Be sure you clarify all details before signing anything. My apt water bill alone runs $40/month.
mortgage of $540, plus $110 HOA (which includes insurance, water, sewer & trash), plus $53 RE tax,
Yes, we will get more details before signing. He probably would not be ready until the end of the year, but this seems like a good way to go. We shall see.
Lol what are they called? I'm interested. You can PM me the name Do they have a garage?
I just PM'd you the name of W-t-r-o-d at Cary Park.
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Do they have a garage?
. thanks for the help!
