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A house just sold in our neighborhood. The new owners have purchased 3 houses in the area over the last two months. I think we will see more and more of this with the Amazon/Apple possibilities. My HOA is moving to limit the number of rentals in our 'hood.
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Originally Posted by Sal_M
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How are they going to do this?
I was wondering the same thing.
Revising property rights in arrears seems to me would be quite challenging, and easily challenged.
If I were an HOA and wanted to limit rentals, probably the only way to do so would be financially, like a fee or something that landlords have to pay. Otherwise no idea how to enforce.
"Most Desirable" to ME (as a Realtor) means homes sell FAST for TOP DOLLAR, continue to go up in price, great schools, good shopping, to name a few things! I'm basing this on what my clients ask for.
So...here is MY OPINION, based on MY EXPERIENCE:
Wake County:
1. ITB
2. North Raleigh
3. Cary (Closer to RTP as in West Cary/Morrisville area tends to be more desirable than South Cary)
4. Apex
5. Holly Springs
6. Wake Forest
Chapel Hill is desirable due to the great schools (city, not so much county) BUT...many people don't love the "charm" of Chapel Hill. Homes are older and town is smaller so less homes plus great schools equal high demand equal higher prices.
Durham has some great areas and some not so great. And today, many of the not so great areas are up and coming and have become DESIRABLE! For example...the area around Holloway Street...has some issues but homes are selling like crazy! Especially the flipped homes.
Johnston County has grown in the last 8 years. There were a couple of years that the population increased 400%! Clayton is a great area for getting lots of land and house for your money. The Johnston County schools in the Clayton area have really good scores!
I could go on and on...
Thank you Vicki! Thats what I meant about most desirable
Thank you Vicki! Thats what I meant about most desirable
Mind your school assignments if considering the hottest areas. Massive growth in Western Wake County, Cary, Apex, Morrisville, is wreaking havoc with some folks' planning.
Don't invest heavily based only on current assignments.
Likewise, be careful investing in other outlying areas.
Select a location primarily because you like it and want to live there, not because it is hot.
The biggest hits and the most foreclosures in 2009--2012 were out on the edges, where builders slashed prices to move inventory and owners who bought hot hot hot properties could not compete or make a short sale work to move their homes.
Holly Springs and Clayton have a lot going for them (although town planning skills are suspect), but if you have a life change or just think you made a mistake, you will compete with new construction for many years to come.
I didn't post flippantly when mentioning DT Cary.
In 2010, buyers would ask me about appreciation, and I would speak of capital preservation. Location, Location, Location, with a long-term view. People who bought "close to the action" rather than out on the edges did better than the pioneers.
DT Cary and ITB provide some ongoing security, although both are a bit frothy.
Last edited by MikeJaquish; 10-12-2018 at 05:52 AM..
IDK. They polled us homeowners to if there is support to get an attorney involved. Overwhelming support ... so I guess the attorney consult will shed some light.
They aren't looking to tell current landlords they can't rent and there will be recognition of special circumstances (for instance we have neighbors that have been renting their house while they are on assignment somewhere else but they plan to move back....and they have been on top of getting rid of problem renters since they eventually plan to move back to the house).
IDK. They polled us homeowners to if there is support to get an attorney involved. Overwhelming support ... so I guess the attorney consult will shed some light.
They aren't looking to tell current landlords they can't rent and there will be recognition of special circumstances (for instance we have neighbors that have been renting their house while they are on assignment somewhere else but they plan to move back....and they have been on top of getting rid of problem renters since they eventually plan to move back to the house).
We lived in a HOA in Chandler, AZ that tried to do this. What Twingles described it pretty much what they wanted. Supporters went through the community (Maybe 400-500 homes) with a petition to see if they could anticipate getting support for the change. To make the change would have required a very high number of yes votes. I forget The exact percentage - maybe 90%??? The petition indicated it wouldn't pass, and the idea was dropped.
I'll add that this occurred around 2007 when Metro Phoenix had its first real estate recession, the one before the 'Great Recession' of 2008. Phoenix was the 2nd worst drop in the country, and RE prices in many areas still haven't recovered. The community DID fill with rentals (many owned by investors who picked up the properties after foreclosure), and it HAS gone downhill.
Last edited by Jkgourmet; 10-12-2018 at 09:04 AM..
IDK. They polled us homeowners to if there is support to get an attorney involved. Overwhelming support ... so I guess the attorney consult will shed some light.
They aren't looking to tell current landlords they can't rent and there will be recognition of special circumstances (for instance we have neighbors that have been renting their house while they are on assignment somewhere else but they plan to move back....and they have been on top of getting rid of problem renters since they eventually plan to move back to the house).
i would think that is going to be tough to enforce and expensive to create/implement. Plus, they could all claim "I have been reassigned but I plan to come back... I really, really do!"
"top dollar" as in highest price per sq ft is ITB Raleigh, Chapel Hill, DT Durham, West Cary, Apex.
since it's a pleasant Friday afternoon, of 319 sales this year in the Triangle = > 300/sqft (excluding > 1 acre land plays):
149 or 55% are ITB
5 or 1.6% are in Cary/Morrisville/Apex
81 or 25% are in Downtown Durham
38 or 12% are in Chapel Hill
the rest are smattered all over.
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