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Continuous demand will keep that affordable end of the market less affordable.
We don't have the people supporting that market who have no business buying, like we did to some extent several years ago.
Qualified buyers are struggling to get a contract.
OTOH, it may be healthy if the next generation is flexible about the "fixer-upper" purchase, whereas many people require "perfection."
I'm in DC - Loudoun County to be precise. I've watched RDU housing come back to life over the past few years. We've got a few local home builders down there now too. What you've been experiencing there for the past three years, we've had going on here for the past 6 years. We've got the federal government (and all of it's spin-off government contractors) as the employment base. RDU has come roaring back with tech mostly thanks to tax incentives.
As someone who bought new construction up here at the very tail-end of the recession influence for our area (late 2011), and then sold that new construction for a 15 year old "fixer-upper" in late 2015, I whole-heartedly agree with your last sentence!
The new construction here, is priced at the peak now. What was $700k 4 years ago, is $1m now, for much the same if not slightly less of a home and lot. I bought for $550k in 2011, sold for $650k in 2015 to buy a fixer-upper (99% cosmetic) that was twice the size of the new construction for $770k. Had it re-appraised 16 months later after putting in $50k of updates, for $985k. Add in the matured neighborhood setting of beautiful trees and upkept homes, and for $820k I have that $1m house that new construction is delivering, but is 1,000 SF bigger with a true 3-car garage (instead of barely 2), established neighborhood (so you know what you're getting), and plenty of cushion to absorb the always inevitable down-cycle of times. Granted, I'm not an entry-level buyer anymore, but I believe my example aligns to your last sentence as well in general regardless of my buyer level status these days.
If I were to move back to RDU, personally, I wouldn't be shopping the new stuff. I'd find the nice but needs a little TLC older stuff instead. If memory serves correct (it's been 8 years), some really nice homes on the northern side of 540 around Six Forks area.
Something I like to call the nest and the tree. No matter how nice you make you're nest, it'll never be as nice as the tree it sits in. You can fix a nest, but you can't fix a tree. I bought the nest in 2011, and traded it for the tree in 2015, and couldn't be happier.
I know RDU has changed a lot since I left, but do worry a bit of a bubble forming there over the past 36 months (specifically over the past 18). One of the signals in my opinion is when the small regional homebuilders from other areas start to flood into a new market. Like Stanley Martin out of DC now all over RDU. And Dan Ryan Builders out of the MD burb's in DC, trying to buy up any piece of dirt they can get their hands on. Interesting to me, that those home builders who were there when 2009 hit, aren't there in nearly the capacity that they could be, and are in other pockets around the country, like Toll Brothers. And when I see townhome units going for nearly $500k in a small pocket of land next to the beltway near areas that just 10 years ago was mostly run-down aging retail and car lots, it makes me a little nervous for my favorite home town!
The new construction here, is priced at the peak now. What was $700k 4 years ago, is $1m now, for much the same if not slightly less of a home and lot. I bought for $550k in 2011, sold for $650k in 2015 to buy a
I know RDU has changed a lot since I left, but do worry a bit of a bubble forming there over the past 36 months (specifically over the past 18). One of the signals in my opinion is when the small regional homebuilders from other areas start to flood into a new market. Like Stanley Martin out of DC now all over RDU. And Dan Ryan Builders out of the MD burb's in DC, trying to buy up any piece of dirt they can get their hands on. Interesting to me, that those home builders who were there when 2009 hit, aren't there in nearly the capacity that they could be, and are in other pockets around the country, like Toll Brothers. And when I see townhome units going for nearly $500k in a small pocket of land next to the beltway near areas that just 10 years ago was mostly run-down aging retail and car lots, it makes me a little nervous for my favorite home town!
I agree with you. Last 2-3 years have seen dramatical increase in home prices in RDU. How long will it last ? i do see we're forming a bubble here. Influx of people from North and California have surged the prices. When it cools off, we may see a nice decline as well.
I agree with you. Last 2-3 years have seen dramatical increase in home prices in RDU. How long will it last ? i do see we're forming a bubble here. Influx of people from North and California have surged the prices. When it cools off, we may see a nice decline as well.
We're in a natural uptick in a solid economy - this isn't like the last real estate bubble that was fueled mainly by bad lending practices. Migration of folks to the area isn't going to slow down anytime soon.
We're in a natural uptick in a solid economy - this isn't like the last real estate bubble that was fueled mainly by bad lending practices. Migration of folks to the area isn't going to slow down anytime soon.
It will if the tech sector tanks as it has before.
So much of the new tech innovations are useless junk like fridges that tell you what to cook tonight. People will get fed up with hacking into their homes and gadgets that break and nobody can fix.
We're in a natural uptick in a solid economy - this isn't like the last real estate bubble that was fueled mainly by bad lending practices. Migration of folks to the area isn't going to slow down anytime soon.
Ya mean, if I may, that we aren't irretrievably on the path to the
It will if the tech sector tanks as it has before.
So much of the new tech innovations are useless junk like fridges that tell you what to cook tonight. People will get fed up with hacking into their homes and gadgets that break and nobody can fix.
You are just so out of touch with things. What in the world did I just read.
It will if the tech sector tanks as it has before.
So much of the new tech innovations are useless junk like fridges that tell you what to cook tonight. People will get fed up with hacking into their homes and gadgets that break and nobody can fix.
What in the world are you talking about?
When you stop needing the internet and the ability to route data, please let us know so they can all close up shop and allow the tech sector to "tank."
The tech sector last "tanked" during the dot.com bubble. We don't have a scenario even remotely like the dot.com situation brewing around here.
Or, really, anywhere else. The tech that is produced around here is needed. Hope you never need to be hospitalized if tech tanks around here. A good chunk of the tech here that's not rooted in supporting needed services like internet is biotech.
Please think about what you're saying before you blanket condemn a whole field of work.
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It will if the tech sector tanks as it has before.
So much of the new tech innovations are useless junk like fridges that tell you what to cook tonight. People will get fed up with hacking into their homes and gadgets that break and nobody can fix.
Your right. This area is the worst and we should all move somewhere else. Perhaps you should be a trendsetter and lead the way? I can offer my recommendation for a moving company if you are interested?
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