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We are contemplating relocating and building in the Chapel Hill area in a few years. Due to the national housing situation we are rethinking whether doing this sooner might get us a much better deal. Does anyone know if the cost of new construction in the area has fallen much or been relatively stable?
There is very little new construction in Chapel Hill compared to the rest of the triangle. Chapel Hill is always one of the highest places for real estate so I'd assume it hasn't fallen much at all since a lot of the triangle hasn't been hit hard.
I'm not sure what the cost per sq foot is going for now, but I'm sure that can be found on the web. Last I looked it was hover around $150 sq foot average.
I think Chapel Hill and Carrboro will retain their values much longer than elsewhere in the Triangle for a couple of reasons:
Everyone touts the school system, and that is one reason people come.
The other reason I think it will hold longer is not one frequently addressed. Chapel Hill is just about out built. There is a rural buffer, and it is just about abutting that, with the restrictions of other communities/counties, there is very little land left to build upon. That, coupled with the "way of life" and schools, will make property values increase.
Just food for thought.
I've heard 175 to over 200 for new construction. I am no expert in this. My suggestion would be to call some local builders or you may want to contact City Hall. Maybe someone there would be able to help you.
Cost per sq. foot is going to vary widely depending on how nice the materials are, how difficult the structure is to build, etc. The new places I love are in The Woodlands (you can google them) in Chapel HIll. They blend into the landscape beautifully and have kind of a Frank Lloyd Wright look to them. Each has quite a bit of land too. There are some lots still available and you work w/the builder t design the home. Finally a development which isn't transitional, soul-less home on .25 acres! They start around $800-$1,000,000 (land included). I'm sure they are more to build that your avg. boring house but so pretty.
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