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Apple campus finished 1993. time elapsed to date, 25 years.
I don't think that if we're fortunate enough to get a significant economic engine move here, that our prices will jump drastically (say 20%+ within 90 days) overnight.
According to this real estate stats site I follow prices in Cary at least peaked April 2017. Would be interested to hear what the agents here have seen so far this year.
Apple campus finished 1993. time elapsed to date, 25 years.
I don't think that if we're fortunate enough to get a significant economic engine move here, that our prices will jump drastically (say 20%+ within 90 days) overnight.
Apple campus finished 1993. time elapsed to date, 25 years.
I don't think that if we're fortunate enough to get a significant economic engine move here, that our prices will jump drastically (say 20%+ within 90 days) overnight.
Not overnight but it can be fairly quick! I lived in Cupertino during those years so I know how fast it changed. The same neighborhood that I was talking about had housing prices jump to $900K/$1M within 6 years of Apple opening their headquarters.
Not only will you have the employees with large salaries and sizable stock options moving here but you are also going to lure even more H1-B AND EB-5 visas to the area. They will flock to areas near technology hubs with affluent neighborhoods that have better performing schools which will in turn drive prices up. This is exactly the reason why we are seeing these price increases in Preston.
NC, especially the RTP area, is a prime place for wealthy Asian immigrants.......especially to invest in. It's an area of innovation, highly educated and skilled people with rapid economic growth. The housing prices are still relatively cheap, we have highly ranked colleges that will draw Asian (especially Chinese) investors with children, we have mild weather compared to other areas of the US, and we already have a growing Asian immigrant community. You also have many "Targeted Employment Areas" nearby where the investment amount is half the amount of other areas to obtain a EB-5 visa. ($500k versus $1M).
I'm not saying all of this is bad but we have to be aware of what can happen with this type of growth. It's something that the average American can't compete with. While many of us older people (especially one's that have been in the IT/Biotech Industry) will be fine, I do worry about the younger generations (my youngest is in her mid twenties) because they WILL struggle and at some point they will most likely be priced out of the area.
You've picked one in Carolina Arbors.
55+. New Construction. 30,000SF clubhouse.
They trade at premiums there.
Fendol Farms might slow that down, when/if they can get their clubhouse and pool opened.
Quote:
Originally Posted by Funky Chicken
$234.18 per Square Foot, $100 of which is for the lifestyle and amenities.
You are not factoring in the Del Webb piece, which continues to be a huge draw. My mother's 10 year old resale in Carolina Preserve would likely sell for around $225/sq.ft., vinyl siding/slab and all.
Ah. Not being in the market for that, I didn’t realize what a premium it commanded.
As far as price escalation with a potential Apple Development or even Amazon. I’m sure there will be some impact, but it’s not as if Apple is the only major employer in that area, so I don’t see the effect being as large here by any stretch.
According to this real estate stats site I follow prices in Cary at least peaked April 2017. Would be interested to hear what the agents here have seen so far this year.
I'd have to look more into the methodology and collection of stats. We have a similar data function within our MLS that I use heavily with Sellers. For starters, I don't care very much about any stat that focuses on today's list price. I care about yesterday's SALE price.
I'd have to look more into the methodology and collection of stats. We have a similar data function within our MLS that I use heavily with Sellers. For starters, I don't care very much about any stat that focuses on today's list price. I care about yesterday's SALE price.
I registered and now have two solicitations to buy data for website and listing presentation use.
Meh.
Sales: 779
$372K median sales price, $398K avg
$148/sqft and 2,550 sqft house
6 DOM - median
36 DOM - avg
3/1/18 - 5/31/18
Sales 794 (up 2%)
$375K median (up 1%), $406K avg (up 2%)
$155/sqft and maybe a 2,530 sqft house
5 DOM - median
19 DOM - average
that looks like continued growth to me. Maybe the RATE of increase peaked in 2017, but I'd posit that houses that are 130% of the median or less are selling just fine.
Also, I feel like agents should at least be able proof read a listing for spelling mistakes.
This one close by went for $203 a square foot in the spring and its a few years newer. There are probably other recent comps you can find to figure out value. I don't know anything about this community so will be interesting to see what it sells for. At least they have great photos and appear to have spent time and possibly money to have it staged well. I have noticed selling in the summer here is a big mistake if you want top dollar.
Sales: 779
$372K median sales price, $398K avg
$148/sqft and 2,550 sqft house
6 DOM - median
36 DOM - avg
3/1/18 - 5/31/18
Sales 794 (up 2%)
$375K median (up 1%), $406K avg (up 2%)
$155/sqft and maybe a 2,530 sqft house
5 DOM - median
19 DOM - average
that looks like continued growth to me. Maybe the RATE of increase peaked in 2017, but I'd posit that houses that are 130% of the median or less are selling just fine.
Thank you.
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