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Old 05-27-2008, 03:30 PM
 
103 posts, read 68,882 times
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I figure MikeJ will love this article:

Home prices drop nationally but Raleigh sees slight increase :: WRAL.com

It seems that the Raleigh-Durham area is actually still squeaking out a positive appreciation rate on homes, while the national housing market is in the tank.

Good for us....................or lucky us.
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Old 05-27-2008, 03:35 PM
 
Location: Cary, NC
31,595 posts, read 55,307,520 times
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Quote:
Originally Posted by West_Raleigh_Guy View Post
I figure MikeJ will love this article:

Home prices drop nationally but Raleigh sees slight increase :: WRAL.com

It seems that the Raleigh-Durham area is actually still squeaking out a positive appreciation rate on homes, while the national housing market is in the tank.

Good for us....................or lucky us.

It is SO hard to discuss "the Market."
Micro-markets, hyper-local pockets can have wide variations.

TARR report today says that Cary showed a 2% increase in listing price and 1% decrease in sales price, over the first quarter, '08.
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Old 05-28-2008, 08:39 AM
 
245 posts, read 727,847 times
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Um, this is a market of smart people making good choices (for the most part) IMO. I just wish I could convince my husband that barring something really extreme (massive layoffs affecting several industries, natural disaster, overnight global extreme warming, cobra infestation, etc.) this market still has a lot of growing room. Our rental house, on the other hand, does NOT.

Nationally there's this avalache of litigation brewing over the subprime mess... which is great for the lawyers obviously, but to me, this makes the internet bubble look tiny in comparison.... I personally have friends who were able to obtain $800K in financing WITHOUT A JOB or cosignor (right out of B school), and on NPR yesterday I heard about motel maids in southern CA who claimed $15000 monthly income to qualify for $500K mortgages. What a shocker, now they're victims of the foreclosure 'crisis'!
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Old 05-28-2008, 08:57 AM
 
997 posts, read 4,159,480 times
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This is what I keep trying to tell people when they post about the housing crisis. We are in one of the better markets here. We are stabilizing if not +/- a few percent if that. I'll also say this again, compared to the rest of the country we are not doing bad at all. We are lucky that we haven't been hit as bad as the other markets. This is not a bunch of Realtor garbage either.
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Old 05-28-2008, 10:53 AM
 
Location: Raleigh
279 posts, read 1,001,140 times
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Statistics can be twisted and skewed to the point you don't know who to listen to....
Prices are up 1% here since last year, well that means (somewhat) a 1% appreciation rate...WELL, the MLS board is giving a number based on all homes sold..this means foreclosures, short sales, homes in Preston, homes in less desireable areas.....in other words; the appreciation rate can't be 1% and that's it, some areas may still have the 3-4% rate, all real estate is local AND as Mark Twain said, there are 3 types of lies.........lies, damn lies and statistics. I have said that before on here, but worth repeating. With that said ironically I am a huge fan of statistics especially when talking with clients. All Real Estate is LOCAL.
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Old 05-28-2008, 12:02 PM
 
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I think the area's in good shape, but we could still see at least some housing declines. Atlanta, for example, was doing well for a while, then their appreciation rate dropped to near zero a month or two ago, and is now in the negative (by 6%). So with our prices basically not changing, there's a chance that we could see some small pricing drops before it's all over later this year. I'm guessing we'd see a 2-3% drop, 5% at most. Compared to many places, that would be terrific!
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Old 05-28-2008, 12:24 PM
 
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it also depends on what kind of house you are looking at.
While those 200k-300k houses might still held the value, the over 500k houses' value drop a lot starting this year. With the high paid jobs leaving RTP (ask the GSK, IBM folks), this section will see more dramastic drop in the near future
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Old 05-28-2008, 03:29 PM
 
103 posts, read 68,882 times
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Quote:
Originally Posted by duhrambull View Post
it also depends on what kind of house you are looking at.
While those 200k-300k houses might still held the value, the over 500k houses' value drop a lot starting this year. With the high paid jobs leaving RTP (ask the GSK, IBM folks), this section will see more dramastic drop in the near future
I do not think a statement that high paying jobs are leaving RTP is accurate. There have always been jobs that leave from some companies, while others are created. I cannot count the articles I have read lately about new or growing companies creating more high paying jobs in RTP. On that front we look really good.

I do agree that the higher end homes will be the ones that stand more of a chance of a price reduction. Higher end homes have more upgrades and builders make a lot of money off of them. They will cut their profit line on the upgrades to sell the home. Entry level homes are more true to cost, therefore will not suffer much of any reduction, not to mention there is still a great market for them.
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Old 05-28-2008, 04:45 PM
 
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Traditional Raleigh wages won't support the luxury homes and retail that have recently arrived.

If the high paying jobs wind down, there will be a very limited audience for these upscale offerings.
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Old 05-28-2008, 05:31 PM
 
245 posts, read 727,847 times
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It's a good market overall around here. Look at the forest and don't get lost in the trees. I agree that the more expensive market is probably getting softer, but then again, two friends of mine both saw the houses next door to them sell for more than the asking price... one house in Raleigh for $520 and one in Cary for ~$690. I drive my daughter through the Wellsley subdivision every morning, and noticed that of the 4 For Sale signs we pass by, 3 were changed to "Sold" over Memorial DAy weekend. I would guess that these houses go for high 300s- mid 400s (although I am not 100% on the price range of these particular houses.)

There are some new subdivisions that seem to be hurting pretty badly. Gee, I wonder why.... could it be the ugly lack of landscaping, the fact that the houses are 5 feet from each other, bad construction, and/or the fear of living in a ghost town????

As for Atlanta, I think part of the problem there is that people were taking the statement "a man's home is his castle" a little too literally, not taking into account that they didn't have a king's inheritance to pay for it. Oy vey, on my last trip there I drove through a gated subdivision with no residents that would make "Avenue of the Estates" off of Regency Parkway in Cary look modest. A guy literally ran out and stopped our car and offered to sell us a house for "1.2..... $300K less than listing!" Meanwhile, 1/4 mile away our relatives have enjoyed some nice, normal appreciation on the beautiful brick front 2900 sq/ft house they bought for $250K four years ago.
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