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Old 08-25-2008, 02:32 PM
 
Location: Cary, NC
44 posts, read 161,378 times
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We want to purchase a new construction home in the $400-450K price range sometime in the next 12 months. Which of the following neighborhoods do you think would be the best investment in terms of holding its value? We've never bought a brand new home before (only resales) and lost $150K when we sold our house in Florida last year so we're a little nervous this time around.....

We are also nervous about the first two b/c they are SO new....and about Park at West Lake b/c of a future 540 and the water treatment plant. Which neighborhood would YOU buy in, just going by how well the neighborhood will appreciate (ignoring all the other obvious important factors of the home itself including lot size, proximity to a road, etc.)

12 Oaks
Woodcreek
Sunset Oaks
Park at West Lake
Highcroft Village

P.S. I loved the Harmony homes by Pulte but my husband flat out refuses to buy Pulte, he says its not good quality......
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Old 08-25-2008, 02:50 PM
 
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Which ever one is closest to closing out so you won't have to worry about competing with the builder, if you have to sell.
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Old 08-25-2008, 03:17 PM
 
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In your price range you can buy a better home than one constructed by Pulte.

These are just my opinions-

12 Oaks is beautiful, BUT it's still WAY OUT THERE. The 400 to 450K price point is kind of a funny one in that neighborhood-above the townhomes but not really in the meat of the single family homes. If golf is a priority, great-but if not, there are better choices.

Woodcreek-John Wieland builds a very high quality home. I would be way more concerned about future 540 in Woodcreek than in the Park at West Lake. I would choose my lot very carefully in Woodcreek. You are also going to face the fact that Sunset Lake Road will improve in small sections West of Holly Springs Road-there will likely be a couple of years worth of construction on that strtch of road.

Sunset Oaks-Nice Neighborhood with quite a few lots left. At 400 to 450 you will be looking at either a Custom Home on the south side or a "Habersham" home on the Wieland side. My preference would be the south side.

Park at West Lake-your opportunity to buy new in the 400 to 450K range in the Park at West Lake is disappearing fast. There are only a dozen or so lots/homes remaining in the Woodlands section. There are another 10 or so opportunities in the Heritage section (the L and L Builders section) and the rest of the neighborhood will be the "Commons" homes-smaller and less expensive.
(Disclaimer-I live in this neighborhood.)
The plant is not a dealbreaker IMO, and 540 will pass well to the north across West Lake Road, above the Middle Creek School Complex.

Highcroft Village-obviously a different and arguably more convenient location. I really can't get past the Gas Station thing-I can't imagine looking out my front window at gas pumps from inside my $450K house. Good builders, small lots, good schools.

Keep in mind the fairly substantial difference in tax rates between the two towns, Cary being the lower.

I looked in all of these neighborhoods and bought in the Park at West Lake. We found just the right house on just the right lot when we were forced into the market with a very tight time constraint (long story). We got far more for our money there than in any of the other neighborhoods on many levels-
Lot Size
Build Quality
Home Features
The fact that The Park at West Lake is a Cary neighborhood had an influence on us. We had already bought and sold once in Cary, and the name recognition of the town certainly didn't hurt. We liked the fact that we got a lot of the benefits of the Cary name at Holly Springs pricing.

If I were in your shoes I would look at resales in the Park at West Lake. There have been a few homes that have resold at prices slightly below the original sale prices, and I'd say that the resale homes are generally on better lots than the few new ones remaining. We are talking about homes that are 2-3 years old max, so they are not exactly run-down or outdated.
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Old 08-25-2008, 06:12 PM
 
116 posts, read 228,763 times
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Quote:
Originally Posted by Funky Chicken View Post
Park at West Lake-your opportunity to buy new in the 400 to 450K range in the Park at West Lake is disappearing fast. There are only a dozen or so lots/homes remaining in the Woodlands section. There are another 10 or so opportunities in the Heritage section (the L and L Builders section) and the rest of the neighborhood will be the "Commons" homes-smaller and less expensive.
(Disclaimer-I live in this neighborhood.)
The plant is not a dealbreaker IMO, and 540 will pass well to the north across West Lake Road, above the Middle Creek School Complex.

Keep in mind the fairly substantial difference in tax rates between the two towns, Cary being the lower.

I looked in all of these neighborhoods and bought in the Park at West Lake. We found just the right house on just the right lot when we were forced into the market with a very tight time constraint (long story). We got far more for our money there than in any of the other neighborhoods on many levels-
Lot Size
Build Quality
Home Features
The fact that The Park at West Lake is a Cary neighborhood had an influence on us. We had already bought and sold once in Cary, and the name recognition of the town certainly didn't hurt. We liked the fact that we got a lot of the benefits of the Cary name at Holly Springs pricing.

If I were in your shoes I would look at resales in the Park at West Lake. There have been a few homes that have resold at prices slightly below the original sale prices, and I'd say that the resale homes are generally on better lots than the few new ones remaining. We are talking about homes that are 2-3 years old max, so they are not exactly run-down or outdated.
This is great info. Is all of Park at West Lake in Cary or is some in Holly Springs? What about the waste water treatment plant? I could smell it near the homes that back up to it, but not further away. How is the commute from there to RTP?
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Old 08-25-2008, 06:19 PM
 
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Originally Posted by Fresh Start Today View Post
This is great info. Is all of Park at West Lake in Cary or is some in Holly Springs? What about the waste water treatment plant? I could smell it near the homes that back up to it, but not further away. How is the commute from there to RTP?
All of TPAWL will be annexed into Cary. Right now there are a few sections that are still under Wake County Jurisdiction only-this is simply a formality until the annexation is complete. What happens is that they annex in blocks of parcel numbers as homes are completed. Our house was annexed into Cary about a month after we closed.

We never smell the plant at our house. There is a faint smell at the point nearest the plant from time to time. The Town of Cary has spent a ton of money and is in the middle of a remediation program to address any complaints. I personally wouldn't buy a home that backed up to the plant, but I didn't have to.

The commute to RTP is not the best, but people do it. I commute to the Regency Park area so I have no complaints. Plenty of ex northerners who used to have 1-2 hour commutes don't mind the 45 minutes to RTP.
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Old 08-25-2008, 06:24 PM
 
116 posts, read 228,763 times
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Quote:
Originally Posted by Funky Chicken View Post
All of TPAWL will be annexed into Cary. Right now there are a few sections that are still under Wake County Jurisdiction only-this is simply a formality until the annexation is complete. What happens is that they annex in blocks of parcel numbers as homes are completed. Our house was annexed into Cary about a month after we closed.

We never smell the plant at our house. There is a faint smell at the point nearest the plant from time to time. The Town of Cary has spent a ton of money and is in the middle of a remediation program to address any complaints. I personally wouldn't buy a home that backed up to the plant, but I didn't have to.

The commute to RTP is not the best, but people do it. I commute to the Regency Park area so I have no complaints. Plenty of ex northerners who used to have 1-2 hour commutes don't mind the 45 minutes to RTP.

Thanks. We really like the variety of homes there. We are concerned about the long ride and gas prices, but the prices there are so much better than anything close to RTP. I am quite concerned about the resale with the water treatment plant there. Even if it does not smell, it may turn off potential buyers. But we are still drawn to the homes there.
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Old 08-26-2008, 05:06 AM
 
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Default Selection of Neighborhood

I was recently looking to purchase and looked at all the same developments.

12 Oaks - I didn't like due to location and the development seemed to be bordering on financial distress. Don't know how those builders are doing?

Woodcreek - Wieland is a great builder with the resources to fund this project. Going to be an awesome neighborhood, great location, and probably a solid bet for appreciation given the builder's track record.

Similar to Park at West Lake, this is a large 400 acre development -- the main entrance road, Lockley is 1 mile long. Future 540 will border the north side of the development. The closest 540 will come is north of the activity center. All the Wieldand homes will be on the South side of Lockley which is at least .4 to 1.5 miles off future 540. All these developers know where the road is going (between neigh developments of Woodcreek & Tuscany) or they wouldn't take the risk nor the banks back the investment.

(Note: There is another developer who will eventually build out the north side of Lockley and I would be concerned with my lot if purchasing from them.)

Sunset Oaks - For us, the lots were way too small for most houses on the South side. On the north side of Optomist Farm, the Woods at Sunset Oaks Wieland "Habersham" models were spacious and functional but did not have the upgrades for which we were looking. Both neighborhoods can easily be purchased for $450k but both are nearly sold out so one is unlikely to buy new in a year.

Highcroft & Highcroft Village - Lots were just too small and prices too high for us. What made Highcroft (virtually sold out) was the neighborhood-based amenities (school, pool, etc.) Highcroft Village will not have the same borders the gas station and apartments, so we have dropped this from consideration.

Highcroft is virtually sold out but there is a section of Highcroft which does border 540. This is the true meaning of chosing one's lot carefully.

Park at West Lake - Again, a large development with many different prices levels and "sub-neighborhoods." Sweeping statements about the treatment plant were not substantiated in any of my visits. No smell and I had to seek it out to find it. Lots in some of the subneighborhoods were too small. Also, we felt the neighborhood amenities were already over- crowded with development ongoing.

As an aside, really liked the Carriage Gate subneighborhood (Davis Homes - good builder) and can see they have laid a road for future development but looks as though plans are on hold. Carriage Gate is > $400-$450k price range.

There are many new developments in the boundary-confused region of Holly Springs/Cary/Apex but the residential pace is slowing for the time being. I think we'll see the commercial development continue to catch up in that area. Good luck.
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Old 08-26-2008, 06:45 AM
 
Location: Wake Forest
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Some things to consider in any of your selected neighborhoods:

1. What is the price you will be paying for your home in relationship to others in the neighborhood?

2. Will your home be one of the first in the neighborhood or are you buying one of the last being built? This has a direct affect on appreciation and resale opportunities.

3. Will your purchased home have anything unique in relationship to others in their respective neighborhoods to give you an advantage during resale time?


Also, I am in agreement with your husband and would stay away from Pulte homes.
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Old 08-26-2008, 07:48 AM
 
1,842 posts, read 4,093,822 times
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Quote:
Originally Posted by Fresh Start Today View Post
Thanks. We really like the variety of homes there. We are concerned about the long ride and gas prices, but the prices there are so much better than anything close to RTP. I am quite concerned about the resale with the water treatment plant there. Even if it does not smell, it may turn off potential buyers. But we are still drawn to the homes there.
Here are my feelings on resale value in TPAWL.

The neighborhood has done quite well up to this point. Prices of new homes have risen pretty consistently, and people reselling have done really well up to about the last 6 months when the market has suffered everywhere. The Heritage section has seen especially nice appreciation.

The Heritage and Woodlands will be built out in the next 6 to 12 months. The Commons will take longer, although the sub-300k price point will help it. along.

Once a sub-section has sold thru, lot location, floorplan, and elevation will have a strong effect on how a house does. There are some homes that have great natural curb appeal, and some that are beginning to look a bit dated already due to the materials used. Drive around and you can see what I'm talking about-there are plenty of examples of houses that are right next to each other that may have both sold initially for, say, $400K, but one of them looks a bit "cheap" and the other simply looks like a more expensive home.

The area of Capulin Crest between the West Lake Road/Larboard Drive intersection and the southernmost point along Capulin will always have resale issues due to plant proximity. Even after the town of Cary completes their odor remediation program, there will still be sightlines from those homes to the plant.

The nature of the neighborhood layout creates different issues for different homes. You could back up to any of the following depending on your location-
West Lake Road
West Lake Middle School Athletic Fields
Serene Forest Drive
Someone else's backyard
Wooded Buffer

We back up to the buffer. I would not have chosen a home that backed up to anything else on the list above. I have STRONG opinions about that based on previous experience.

The biggest advantages to TPAWL IMO are lot size and the Cary name. I sold a home in West Cary for virtually the same price as the home I bought in TPAWL. I gave up roughly 10% in square footage but went from a nice tract home to a true custom home. My new house has significantly better materials and detail work. My lot is 50% larger. The distance between my home and the ones on either side is SUBSTANTIALLY wider. I also went from a large neighborhood with widely varied home prices to one where all of my neighbors live in homes that are similarly sized and priced. I think that will help sustain values as well-some large West Cary neighborhoods are a hodgepodge of single and multi-family homes with huge price swings. Look at the Cary Park lake-Million Dollar homes on one side, and Beazer townhomes in Crayola primary colors on the other. Nothing wrong with those townhomes, but not the view someone spending a Million Dollars wants from a lakefront lot.
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Old 08-26-2008, 07:56 AM
 
232 posts, read 928,647 times
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Originally Posted by clumsygirl View Post
P.S. I loved the Harmony homes by Pulte but my husband flat out refuses to buy Pulte, he says its not good quality......
I would also agree with your husband a 100%; paying 450k+ for a Pulte home is totally not worth it. You can get custom home built in south side of Cary/Apex for that price.
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