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Old 11-19-2009, 11:20 AM
 
26 posts, read 73,474 times
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I posted this question in another thread but not sure it was the right one.

Hasentree has several completed homes that our realtor is encouraging us to consider. He thinks this is the time to grab a house for a steep discount there and that Hasentree will only go up in value. There are a couple in the Groves section that look really nice. The lots are smaller than we wanted but the amenities are so great, we can probably live on a smaller lot.

Since we are coming from out of town, we don't have a feel for how bad things are for Hasentree and if it would be a mistake to invest there at this time. I guess it could be the best investment we ever made OR the worst.

The Wakefield High School district is one where we have spent time looking at houses. Any thoughts?
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Old 11-19-2009, 12:09 PM
 
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What's the saying, buy low sell high. I'm not sure if that subdivision will be this low again. Good Golf Course from what I'm told too.
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Old 11-19-2009, 12:19 PM
 
2,410 posts, read 6,731,394 times
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What are your house buying goals? It seems you're found a place you would like to live in at a price you can afford. In my book, those are nice things to have.
Or is this an investment?
I understand that home buying is the largest purchase most folks make, but we purposefully picked a home/location we liked over where we thought the best appreciation would be. Especially since predicting the future is dicey ...
Your objectives may differ and that's OK, just consider it.

Frank
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Old 11-19-2009, 12:47 PM
 
26 posts, read 73,474 times
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Frankpc - I have asked the question about Hasentree's viability because buying a house IS an investment. We certainly are not looking to flip a house in two years. In fact, we only seem to change houses when we move due to my husband changing jobs. In the last 18 years we have been in Houston, Illinois, SE Connecticut and now our move to NC. So far, I have always been happy with where we have lived. But ... I have agonized over the decision and try to leave no stone unturned. That is why I keep posting on City-Data and appreciate all comments. It gets me thinking.
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Old 11-19-2009, 02:05 PM
 
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We've looked in Hasentree and in the right spot I think it's a good investment. We were looking at one foreclosed lot that sold for about $150k in the main section, about 1 acre, those guys I think made a smart move. However if you go there now you need to be able to sit out for the long run as you are that little bit further out than everything south of 98 and development isn't going to catch up there the way it did during the boom time. It will take a long time for the inventory to work it's way out and then there are hundreds of lots yet to be built out. Also the Groves section I personally wouldn't even consider, you have to cross a main road to get into the "real" Hasentree. I think these will always be looked down on. If you're going to live in a high end community, live IN that community not a "cheap" annex

To me the best opportunities in Hasentree are the dozens of sold lots where owners bought to flip and are now stuck. I am sure there are good deals to be had there. The inventory that's not sold... well when you look at them you see why they've not sold. As in every other subdivision it's the not so impressive stuff that's stuck on the shelves. I'd rather get a discounted lot and get a builder to work off a reasonable fixed fee and get a house I liked rather than bottom fishing through poorly done spec houses
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Old 11-19-2009, 03:57 PM
 
9,558 posts, read 26,436,673 times
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Quote:
Originally Posted by ma91pmh View Post
However if you go there now you need to be able to sit out for the long run as you are that little bit further out than everything south of 98 and development isn't going to catch up there the way it did during the boom time.
Just an FYI but you will not see that area get much commercial development period, boom or not. It is in the falls lake watershed and their are tons of restrictions on what can be built there.

I like Hasentree, I'm not familiar with "the grove" part.
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Old 11-19-2009, 04:09 PM
 
Location: Wake Forest
2,834 posts, read 10,819,396 times
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I live close to hasentree, know people who live there......I really like the houses, the neighborhood is very nice, they have some very good amenities (and planned activities for the neighborhood), the golf course is amazing.

I think I would agree with your realtor, buying now, knowing that you would probably need to stay in the house for 5 years, you will probably make money on the house. You have to think, most of the people in there bought their homes higher than the prices that are currently listed. Being able to wait out the market will help you.

The homes are of very good quality. NRG is right, there will not be much in the line of commercial properties any place around there, the watershed prohibits that.

Leigh
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Old 11-19-2009, 05:50 PM
 
Location: Chapel Hill/Chatham County
57 posts, read 96,230 times
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Personally, I'm not sure that the million dollar plus market will rebound any time soon. Until a few years ago million dollar homes were extremely rare; now the market is glutted with them. Hasentree is not in the ideal location and it will take longer to rebound. There are other areas that will have better resale potential than Hasentree.

One thing that we have seen over and over again in downturns like this is that a development will be sold to a new developer who builds a completely different product. So you might have a few million dollar homes in Hasentree, and the new development might bring in Centex to build production homes which will not increase the value of your property.

I think the last couple of years have shown us that it's wise to use some caution when investing in real estate.
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Old 11-19-2009, 06:12 PM
 
Location: Wake Forest
2,834 posts, read 10,819,396 times
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Quote:
Originally Posted by lynnhayes View Post
Personally, I'm not sure that the million dollar plus market will rebound any time soon. Until a few years ago million dollar homes were extremely rare; now the market is glutted with them. Hasentree is not in the ideal location and it will take longer to rebound. There are other areas that will have better resale potential than Hasentree.

One thing that we have seen over and over again in downturns like this is that a development will be sold to a new developer who builds a completely different product. So you might have a few million dollar homes in Hasentree, and the new development might bring in Centex to build production homes which will not increase the value of your property.

I think the last couple of years have shown us that it's wise to use some caution when investing in real estate.
Hasentree is a bit different with developers coming in in that the lots are on a watershed, and they are very very careful regarding the homes being built, regardless of the developer. The developer must keep with the original plan of the neighborhood, and the lots must stay the size they are. You will not have a production builder going into to hasentree and building 2500 square foot homes.

Leigh
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Old 11-19-2009, 06:23 PM
 
Location: Chapel Hill/Chatham County
57 posts, read 96,230 times
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Perhaps Leigh, but I see there's a lot out there now listed for $160,000. That suggests a home price in the $600-700,000 range and in fact, there is a home listed right now there, as I'm sure you already know, for $774,900. All I'm saying is that it's risky right now and that prices there could continue to decline as more inventory is added and the new phases open up.

Quote:
Originally Posted by leighbhe View Post
Hasentree is a bit different with developers coming in in that the lots are on a watershed, and they are very very careful regarding the homes being built, regardless of the developer. The developer must keep with the original plan of the neighborhood, and the lots must stay the size they are. You will not have a production builder going into to hasentree and building 2500 square foot homes.

Leigh
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