What is happening to "Luxury Home" quality? (Raleigh: how much, new home)

[VickiR]

Prices in this area are determined by square footage, therefore, it is difficult to spend $500,000 on a home that has 2500 sq. ft.

It seems to me that when people say "that home isn't built well", they are talking about the upgrades, not really the building. I often wonder how much the average person knows about "well built" homes. There are certain BUILDING CODES in every area so I wonder when someone complains about a home not being well built, if they even know what they are talking about.

The problem with finding acreage and building a home is that most people in this area prefer neighborhoods so when it is time to re sell, it is very difficult. I know this first hand, as my brother, did a very similar thing. When I told him that it would be difficult to re sell, he assured me that he was going to live there "forever". Well, 5 years later, forever is gone and he has had his home on the market for over 2 years now.

Buyers expect certain upgrades. If you were going to purchase a home for $500,000, you'd EXPECT hardwood floors and granite and tile. You'd expect fiber cement siding, not vinyl siding. If you were to build a home for yourself and not take the expectations of future buyers into account, just know that when it comes time to sell, you may have issues. Make EDUCATED decisions when purchasing a home.

Vicki

[sugarandcream]

Originally Posted by sls76

Most millionaires wouldn't be caught dead owning a vinyl sided house. I'd love to see a picture of Martha's home. Most Cape Cod homes are clapboard. There is very little vinyl in the NE in high end areas. Hardiplaink, brick or stone for me (or wood siding if I were in the NE).

About the vinyl cottage I saw up north....I saw the cottage many years ago, and I am not positive it was Martha's. It seems that you are well informed about Martha's homes, and I don't really care about that topic, so I may be wrong and you may be right. I was simply basing my post on what my mother and I were told by a friend of ours who owns a cottage and summers on The Cape (this is someone who is very "in the know" there).

I am sorry but I have to disagree with the remainder of your post. I know many millionaires who are from Raleigh and other places and they aren't the types of people who would be embarrassed to live in a vinyl siding home, because they are very confident with themselves and don't have an emotional need to make an impression. I agree with the idea that people with means like the finer things in life, but one of the richest women I know sometimes buys her clothing from Walmart and laughs at people who are into labels. I don't mean to sound rude but I think the whole idea of not being caught dead in a vinyl siding house is very shallow and typical of someone who is insecure with a new money attitude. Not trying to turn this into a "money" post, but the attitudes out there make me laugh. I know people who are multi-millionaires and they have told me personally that they wouldn't be caught dead wearing labels, or driving a new car.... comments like that. Many of my wealthy friends take pride in buying junk and turning it into something tasteful. I have seen it over and over again. I think I just mentioned in another post that one of my close friends who is worth millions just bought a vinyl siding home for the purpose of renovating it (this is where I took the idea).
It is clear that you don't understand the way truly wealthy people think. Wealthy people just aren't into the phony bologna stuff (I'm not talking people who live paycheck to paycheck with their $250,000 salaries to make their mortgage payments and eat at the fancy dining establishments regularly to create an impression). If a house is cute and charming, it doesn't matter what kind of siding is on the house. And if someone is happy in a vinyl siding home, don't judge them for that. That person could have an investment account that is worth more than most homes in Raleigh.... you never know these days. Look at Warren Buffet.

And BTW- what is the real difference in vinyl and clapboard. Let's be honest; vinyl will last longer and doesn't need to be painted. If you want to see "proof" that vinyl siding homes are owned by tasteful people, glance through Martha Stewart Living, Cottage Living and other magazines. They are a dime a dozen!

[itscolduphere]

I'm not ashamed to say that the house I sold two years ago was vinyl sided in New England.... we qualify for an $800k + home, but do we live in one... no. We put away for retirement and emergencies, and enjoy living life. We are so busy that we also loved the low maintenance of vinyl siding. I may go with hardiplank next time, because the color can be changed and it won't crack if it gets hit by a tree limb. I have to agree with sugarandcream... good point.

[Claire_F]

Originally Posted by sugarandcream

If you want to see "proof" that vinyl siding homes are owned by tasteful people, glance through Martha Stewart Living, Cottage Living and other magazines. They are a dime a dozen!

I completely agree with you. I also have close friends who are wealthy, yet they're definitely not into labels.

And BTW, our house has vinyl siding, because we LIKE it. We could have had brick, but chose siding because we like the looks, and it fit the style we wanted - and I think we have good taste.

[adlnc07]

What's really funny is that I had never even heard of fiber cement siding until I moved to Raleigh. Back in the DC area there certainly wasn't any negative stigma associated with vinyl siding and I saw many $1M+ homes with it (although brick was very popular as well). If I had tons of money to spend on a house, I wouldn't buy new construction at all unless I was having a house built on lots of land. I wouldn't get caught dead in a "luxury home" subdivision, that's for sure!
And I also agree with the previous two posters about millionaires - my ex-boss is probably the least label conscious person I know and he is quite rich. His house isn't showy at all, and he drives a 15+ year old Mercedes. His wife did buy a new car recently - a Honda Pilot. And this is someone easily worth $20M!

[Claire_F]

Originally Posted by adlnc07

I wouldn't get caught dead in a "luxury home" subdivision, that's for sure!

I wouldn't either, because my idea of luxury is having lots of space and privacy.

[sugarandcream]

In my opinion, luxury is subjective.... it is based upon feeling and senses and not objects or things. I personally don't feel "luxurious" in a gated community, standing on a property occupied by a 7,500 sq ft. house (no matter how it is built), that looks similar to the house next door, or a few homes down from it. I grew up in "Old Raleigh" and still love the area, because the landscaping is mature and the homes have character and offer privacy in a quiet setting. I also like older architectural styles.
Still, though, I have to feel a certain way when I am standing on a property to feel a sense of "luxury." I, like the poster before me, appreciate my privacy and I have NEVER found that in a gated or restrictive community, where the guard at the gate monitors my comings and goings. I had enough of that when living in one of my former communities (in another state), and I grew tired of coming home from an outing and feeling forced to speak to my neighbors who were already standing in the street, huddled and gossiping. Just not my thing. I am not saying that this happens in ALL gated, upscale or "luxury" communities, but it has been my experience that this kind of behavior is prevalent in these types of neighborhoods.
Oh, and one more thing in reference to some of the other comments above. One of my closest friends from Raleigh whose family is known for being well accomplished and ultra wealthy, lives in a vinyl sided home in a blue collar neighborhood. I am not kidding here. When I took some of my other friends over for a visit, they asked me, while we were entering the driveway, "Well if he is related to the ...... family, then why is he living in that house?" I was floored! That was just plain ignorant. Little did they know, this male friend of mine has a portfolio worth 1.8 million even after the market slump. I told my friends, "Pay attention to the person and not his things or the lack of." This guy is very classy, speaks VERY proper English, and treats everyone with the utmost respect- a few tell tales about his background. After these friends met and interacted with the guy who was living in this vinyl sided house, they understood. His behavior "reeked" of class and it was undeniable that this was a person of excellent breeding. This is just another example of how you can't judge a book by its cover. Funny how people initially judge you, based on what type of house you live in, or what type of car you drive (possessions).
And for some shallow people in society, the illusion of "wealth" never dies. I think that is one of the reasons builders make a ton of money, playing into that illusion and building an environment that looks "the part." They know that certain types of people are willing to pay a high price to fit in or portray themselves as the "elite" while paying very little attention to the actual quality or genuine craftsmanship of what they are buying. The "image" of the community comes first. And I think many builders play into and profit from it by cutting corners on homes, setting a certain price range, and hyping the place in advertising by labeling it as a "luxury high-end" community. I don't think luxury is something money can buy; it is something you obtain by creating your own environment, according to what makes you happy and free. IMO, freedom to be yourself is the biggest luxury in the world.

[theofficenc]

Property Details for listing # CA6392824Price: $1,600,000City: LUSBYBedrooms: 3Bathrooms: 3 full 1 halfType of Home: DetachedStyle: VictorianYear Built: 2000Lot Acreage: 1.85Subdivision: JONES County: CALVERT, MD State, Zip: MD, 20657 Status: ACTIVE DescriptionsComments: WATERFRONT!!!MUST SEE TO APPRECIATE.Fanatastic 463′ waterfront on its own point. Modern custom home built in 2000 with high ceilings and waterview from every window. Amenities are all modern nicely nestled in a traditional style home. Full walkout basement unfinished so you can create your very own space. Call for an appointment to see this great property.


Here is your 1.6 million dollar home with VINYL Siding!

[theofficenc]

Another cottage I found on Marthastewartliving.com Went in to read the details and saw that this one has vinyl siding. Article talks about NO MAINTENANCE needed.

Sugarandcream, you make a good point. Nice.

[uncletupelo]

Originally Posted by VickiR

Prices in this area are determined by square footage, therefore, it is difficult to spend $500,000 on a home that has 2500 sq. ft.

It seems to me that when people say "that home isn't built well", they are talking about the upgrades, not really the building. I often wonder how much the average person knows about "well built" homes. There are certain BUILDING CODES in every area so I wonder when someone complains about a home not being well built, if they even know what they are talking about.

The problem with finding acreage and building a home is that most people in this area prefer neighborhoods so when it is time to re sell, it is very difficult. I know this first hand, as my brother, did a very similar thing. When I told him that it would be difficult to re sell, he assured me that he was going to live there "forever". Well, 5 years later, forever is gone and he has had his home on the market for over 2 years now.

Buyers expect certain upgrades. If you were going to purchase a home for $500,000, you'd EXPECT hardwood floors and granite and tile. You'd expect fiber cement siding, not vinyl siding. If you were to build a home for yourself and not take the expectations of future buyers into account, just know that when it comes time to sell, you may have issues. Make EDUCATED decisions when purchasing a home.

Vicki

It is rather easy to spend 500k on 2500 square feet inside the beltline. In fact, it is very hard to find a nice home in Five Points that is 2500 squares for under 500k. Just check realtor.com and the zip 27608.