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I am asking for locals' thoughts on a new 55+ community by Toll Brothers called Regency at Olde Towne. My immediate thoughts are that it is going to take a long time to sell out. The prices start in the high $400K to $500K range. I see several factors against it.
1. The location is between Auburn and Knightdale although it has a Raleigh zip code 27610. The prices of similar sized homes in the surrounding developments like Eagles Chase are more in the $300K-400K range.
2. There are very few amenities that would be attractive to upper income seniors. For example, the closest groceries are Food Lion, with a Publix being further away in Wendell Falls. There is no upscale shopping for other things. One has a 7.5 mile trip to downtown Raleigh for entertainment.
3. The difficulty of finding Internal Medicine doctors who are accepting new patients. There are several practices where the only appointments are with NP's and PA's.
So, I am wondering if I am being elitist. Or is this area the next "in-demand", growing area?
BTW, the Toll Brothers link is here where they publicize its closeness to downtown Raleigh.
Not a local but have been researching 55+ communities in the area.
1. Any 55+ home there in the 500k-600k range is actually on the low side price-wise.
2. We are not upper income. We have saved for a long time and done fine with our home purchases and sales and can afford a nice enough house at this stage. So we aren't used to and don't need upscale amenities, but the Food Lion situation would be a deal killer for me. Maybe with the proliferation of these communities there will be better grocery choices in the not too distant future.
3. Not great but not necessarily a deal killer because NPs and PAs are often fine for routine care. Is there a forever wait to see specialists? (Still in the early stages of research here.)
Homesites in this particular community have just opened up for "VIP Presale" for Phase I and will take close to a year to build. They anticipate it could be 2025 before the clubhouse is built but before then residents can use the existing Olde Town clubhouse. A definite deal killer for us but the market is tight so I imagine some people won't mind waiting. Toll Brothers has other 55+ communities in the works nearby so I guess they're confident.
Hello - I have decided I would not want to be so far out in Knightdale. There are many acceptable resales in 55+ communities that are closer to nice amenities, example in Cary, Wake Forest and Durham. Responding to your points:
1. Yes, these are just starting prices. By the time you add desirable amenities like a screen porch, the price would be in the $700K range.
2. Food Lion is not bad, but I would also like the nearby option of a Whole Foods, Trader Joe's or Publix.
3. Regarding access to specialists, search the recent thread comparing Duke, UNC and WakeMed. With the growth of the area, I am sure it might take months to see a specialist. However, Duke has a 24 hour emergency room. https://www.city-data.com/forum/rale...-unc-vs-2.html
Hello - I have decided I would not want to be so far out in Knightdale. There are many acceptable resales in 55+ communities that are closer to nice amenities, example in Cary, Wake Forest and Durham. Responding to your points:
1. Yes, these are just starting prices. By the time you add desirable amenities like a screen porch, the price would be in the $700K range.
2. Food Lion is not bad, but I would also like the nearby option of a Whole Foods, Trader Joe's or Publix.
3. Regarding access to specialists, search the recent thread comparing Duke, UNC and WakeMed. With the growth of the area, I am sure it might take months to see a specialist. However, Duke has a 24 hour emergency room. https://www.city-data.com/forum/rale...-unc-vs-2.html
That's insane....why would a retired person want to go from debt free to having a potentially huge mortgage payment just to live in a 55+ community??
That's insane....why would a retired person want to go from debt free to having a potentially huge mortgage payment just to live in a 55+ community??
Everybody has their own financial story. One size does not fit all.
Some may have cash flow but not cash.
Some may be in a position to deduct interest from their taxes.
Some builders will buy down an interest rate to make the deal more attractive.
goldenage1 - Thanks for the link to that thread. Definitely something to get sorted before we make a decision. We're ruling out places and will check out medical options for those that remain under consideration.
Starglow - Not all retirees are debt free while some may simply have cash or ample equity in their current home. If you look at all the benefits of a 55+ community you'll see why some retirees (and even non-retirees) would pay for them. Also these homes appear to be a good investment and I expect that will continue as the population ages.
I am asking for locals' thoughts on a new 55+ community by Toll Brothers called Regency at Olde Towne. My immediate thoughts are that it is going to take a long time to sell out. The prices start in the high $400K to $500K range. I see several factors against it.
1. The location is between Auburn and Knightdale although it has a Raleigh zip code 27610. The prices of similar sized homes in the surrounding developments like Eagles Chase are more in the $300K-400K range.
Your closest area of note is really garner and the White Oak Shopping center or the East Raleigh/Hedingham areas.
Quote:
Originally Posted by goldenage1
2. There are very few amenities that would be attractive to upper income seniors. For example, the closest groceries are Food Lion, with a Publix being further away in Wendell Falls. There is no upscale shopping for other things. One has a 7.5 mile trip to downtown Raleigh for entertainment.
Right up New Hope you have a WalMart Super Center an Aldi, another Food lion, and another mile up you have the Lidl at New Hope and Buffalo.
If you take Poole to Hodge you have the Lowes Foods in Knightdale, and Target. The Lowes Foods and Lidl (and I get Lidl is a question mark) are both closer than the Wendell Falls Publix. For that matter, the Clayton Harris Teeter is about equadistant to Publix and the Clayton Lowes is closer.
Quote:
Originally Posted by goldenage1
3. The difficulty of finding Internal Medicine doctors who are accepting new patients. There are several practices where the only appointments are with NP's and PA's.
I can't speak to the availability of appointments with doctors but again, You're kind of in the middle of a handful of areas. Garner has a bunch of specialists on Timber Drive East, Clayton does near their hospital, Wakemed is 13 minutes away, Knightdale might have a few, all of which are under 20 minutes. Wendell Falls is getting an ER and with it, I'd imagine more specialty clinics.
Quote:
Originally Posted by goldenage1
So, I am wondering if I am being elitist. Or is this area the next "in-demand", growing area?
I think that the builder realized the schools in that might inhibit sales to younger families.
Quote:
Originally Posted by goldenage1
BTW, the Toll Brothers link is here where they publicize its closeness to downtown Raleigh.
A huge share of new home sales in general are to seniors; Boomers are ~20% of the US population but ~40% of home sales.
Keep in mind that WakeMed has a giant, well-ranked hospital in southeast Raleigh, and has proposed a community hospital in Garner as well. So it's not
Quote:
Originally Posted by JONOV
I think that the builder realized the schools in that might inhibit sales to younger families.
Yeah, that's the same story as Johnston County and Chatham County.
(A friend of mine then lived on Auburn-Knightdale Road, and it was waaaaay far out in the country back then! They had 20+ acres, enough land for a landing strip and weird pets.)
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