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Old 01-17-2010, 11:11 AM
 
15 posts, read 29,694 times
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Thank you so much- everyone- for such helpful insight. Funky Chicken, it always sounds like you have time traveled to the future and come back to share what you've seen. I thought you loved Weycroft? Perhaps the past few months have given you more reason(s) not to value the investment there.

The next 6 months will give us ample time to watch the progress/lack of progress on resales. Weiland is actually RAISING prices on the homes he has in Southbridge that he is building right now and had listed for less.

Sounds like what I am hearing from these posts is that resale in an established neighborhood will be safer and cheaper than a new construction in a neighborhood that is heading south or not yet there yet. Just not sure I have seen "it" yet. Maybe I need to consider extending beyond west cary...by the way, haven't seen "it" in morrisville either.

What are thoughts on WESTON OAKS off of Weston Parkway?

Thanks.
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Old 01-17-2010, 01:34 PM
 
Location: Virginia (again)
2,697 posts, read 7,611,774 times
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Default Weston Oaks

We considered Weston Oaks when we bought in 2006, but we didn't want to wait for a house to be built (we ended up buying an inventory home in Highland Oaks). I like the neighborhood (nice topography) and thinks Centex builds a good house. The school assignments aren't great at the elementary level (or weren't last I checked). Also, the HOA dues seem high for a neighborhood w/out a pool, unless I'm missing something. It's a bit strange though because I've never noticed large numbers of homes on the market in that neighborhood. It seems like there have been very few resales--maybe an indication of happy homeowners.

ETA: If you like Weston Oaks have you looked at Bishops Gate? I like Bishops Gate although you have to be careful about the lot. I don't love the townhome neighborhood being right next door and sharing a pool. I do prefer the location of Bishops Gate to Weston Oaks although that's very subjective. I also think Bishops Gate has (or had) a better elementary school assignment.
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Old 01-17-2010, 02:20 PM
 
295 posts, read 856,734 times
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Quote:
Originally Posted by jshallen View Post
the planned developement at 540/55 went bankrupt....nothing planned in there yet

all of the builders in weycroft do good work. if i had to pick one it would be poythress.
Went bankrupt? Nothing planned? Sounds like someone needs to cite their sources.

Kite Realty Group is currently trading at $4.20 (Symbol: KRG). They are not bankrupt.

According to the Parkside Town Commons website they are still planning to open in Summer 2011.
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Old 01-17-2010, 05:53 PM
 
1,841 posts, read 4,092,354 times
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Quote:
Originally Posted by MRG1 View Post
Thank you so much- everyone- for such helpful insight. Funky Chicken, it always sounds like you have time traveled to the future and come back to share what you've seen. I thought you loved Weycroft? Perhaps the past few months have given you more reason(s) not to value the investment there.

The next 6 months will give us ample time to watch the progress/lack of progress on resales. Weiland is actually RAISING prices on the homes he has in Southbridge that he is building right now and had listed for less.

Sounds like what I am hearing from these posts is that resale in an established neighborhood will be safer and cheaper than a new construction in a neighborhood that is heading south or not yet there yet. Just not sure I have seen "it" yet. Maybe I need to consider extending beyond west cary...by the way, haven't seen "it" in morrisville either.

What are thoughts on WESTON OAKS off of Weston Parkway?

Thanks.
Thanks for the kind words.
I do like Weycroft, but I'm a realist. I bought in NW Cary before it was the next big thing and sold just as the bottom began to fall out. During 2004-2006it was like people had lost their minds. The relocators were coming in by the busload and were giddy about how big a home they could afford as opposed to what they had sold elsewhere, and I think a lot of people got swept up in the boom and ended up making iffy decisions. Nobody thought it would ever slow down, but it did.
Now that buyers are in charge and the relocation boom is over, those decisions that might have been just a bit iffy have turned into big mistakes. The pricier the neighborhood, the further to fall.
We left West Cary because there really wasn't anywhere for us to go-we were caught in between decent tract buiders (which we had done already) and custom homes we liked on lots that were unacceptable.
We ruled out the following in 2007 with a budget in the low $500s-
Southbridge (I don't really care for Wieland Floorplans and Elevations-nothing but a taste thing)
Cameron Pond (at the time the south side was $550K and up and the north side had nothing but bad lots in the high $400s)
Peninsula At Amberly (Chatham County was a deal breaker for us)
Village Square at Amberly (again the lots didn't work for us)
Weldon Ridge (we were leaving an Orleans Home)
Greystone (M-I would have been a lateral quality move at best)
Weycroft (just out of reach pricewise for us at the time)
Horton's Creek (their 2007 Parade Home, the model on the corner as you pull in, was priced at $740K. $740K. I said $740K. They finally put down the pipe).
Highcroft was built out except for a few lots on the west side of Highcroft Drive that will soon have 540 in the backyard. Highcroft village was just getting started but the same lot objections that I had to Cameron Pond applied.
Hilliard Forest was not underway yet-I would have LOVED to have DJF build us a home in there but in hindsight I'm glad I didn't get that opportunity.
We probably would have considered Stratford at Abbington as well but it wasn't open yet.
We were on the advance list for Copperleaf for 2 years. The pricepoints were supposed to start around $500K, but by the time they broke ground they had risen to $650K and I think only a couple of homes have closed below $700K. I would have done anything to get in there in the low $500s but that's not the way it played out.
If you take a look at all of those choices IMO any one of them has liabilities here in January 2010. If I was forced to move back to West Cary I would have a very difficult time deciding what to do, but I know I would be looking at resales.
The other thing I'll throw out there is this-I don't expect the West Cary market to get back to where it was anytime soon, if at all. If mortgage money goes back above 6% the high end will suffer further. I'd look to buy less home than my budget would allow and I wouldn't bank on anything more than nominal appreciation over the next 5 years. Not trying to be Henny Penny here, but the perfect storm has come and gone.
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Old 01-18-2010, 06:17 AM
 
513 posts, read 1,411,567 times
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Quote:
Originally Posted by gobirdz27 View Post
Went bankrupt? Nothing planned? Sounds like someone needs to cite their sources.

Kite Realty Group is currently trading at $4.20 (Symbol: KRG). They are not bankrupt.

According to the Parkside Town Commons website they are still planning to open in Summer 2011.

Looks like I shouldnt have listened to the guy at the bank! Thanks for the update.

Another Wal-Mart?
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Old 01-18-2010, 07:55 AM
 
15 posts, read 29,694 times
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Durham public schools are not where we want our kids to go to school and so we began to consider Chapel Hill...the schools are much better but the tradeoffs are that our current house in chapel probably lists for almost twice what i paid for it 5 years ago...plus the property tax is 33% higher. All this and you don't really have convenient access to route 40 or any kind of upscale retail/grocery of any scale until you come toward Durham.

West Cary, real estate woes aside, is beautiful, has solid public education (albeit rezoning can be an issue), has home prices that are STILL lower than Chapel Hill, property tax that is comparable to Durham, and has great access to all triangle points of destination.

If you subscribe to the theory that the best time to buy is when prices are low, then markets that spin down like this give pause to investigate. The things we like about west cary are not going to be chnaged by a bad market. It seems like this next 12-18 months would be a VERY good time to buy a home in west cary..especially at the high end...with prices coming down and perhaps getting closer to what they should have been to begin with.

Timing is everything...might we overpay a bit vs waiting. Sure. However, getting 4,000 sf of a VERY nice home in a great family neighborhood with all the amenities and having the upside of west cary and priced at 85% of what Chapel Hill would cost us is a "go" for us. Remember- a 3,400 sf home in Southern Village costs $650,000 and it doesn't have any fancy amenities in it like many of the homes I've seen in that price range in west cary neighborhoods. The guy who owsn that home in southern village
buys that house in southern vilage isn't going to make any money on that house either for a long time. Same can be said of Copperleaf...it is gorgeous...but the lots aren't THAT nice. The one I toured at $739K was sweet but the lot has drain rivine running just behind it in woods.

In any case, we PLAN to hold this house for at least 15-20 years and aren't looking for it to make money as much as to not overpay too much.

Thank you to everyone who has helped us with good reads on what is happening in that area- especially the emerging neighborhoods. These observations will help us to steer clear of the pitfalls we might have run into otherwise.

All this said, I'd like to ask if others have opinion on new emergiing parts of Cary/North Raleigh that might also be considered as alternative to west cary?
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Old 01-18-2010, 10:17 AM
 
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FC, you have great insight. We loved Hilliard Forest, mainly DJF builder, and about a month ago called them and put an offer in on 1220 Riggins Mill, for $415,000, he took it! Then on our final walk through we decided against it due to the NO BACKYARD and the highway proximity. Felt bad, loved the home and details, but really wanted my kids to be able to put a soccer net up, and there was no room. We also did not like the fact of payin $700.00 a yr for no pool and little landscaping...what's up with that!

I am happy to see it sold for $445,000, which shocked me, as this builder and I imagine many other builders are more negotiable than the buyers believe, and unfortunately I think it is the buyers agent that are trying to keep the market high. We put the $415,000 in without our Buyers Agent, as she was away that weekend, when she came back she was outraged and claimed he would never go that low...well I guess she was wrong. She was also wrong in trying to get us to purchase a home in the Reseves for $425,000 when we knew the home was not worth $425,00 (comps don't lie) The offer we put in they laughed at (which was $410,000) The home is still sitting and they have reduced it substantially!

We decided to work alone and one week later we finally settled on Preston Village, as we feel it is the best location and we love the schools, pool, fishing pond, large lots and playground...we had to let go of the new construction for now. Hopefully we did not overpay? We had to find a home for our children as we were renting for 1.5 years and it was time to settle down!
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Old 01-18-2010, 12:07 PM
 
1,112 posts, read 2,488,326 times
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Quote:
Originally Posted by weiyan8 View Post
jshallen, how did you find out the development went bankrupt? I thought the project was simply delayed due to the economy.
Parkside Town Commons is delayed by the economy but the Amberly Town Centre close by on Okelly Chapel / Yates Store is delayed as a result of the developer being declared bankrupt by 5th/3rd Bank as stated by the Cary News 6 months ago. That probably explains Jshallens confusion.

Cary News | Amberly shopping on hold

It will be interesting when work starts on these various developments as the economy improves. Most probably it will be 3 or 4 years before any of these retail developments is open for business, but with the 540 extension and the continued growth of West Cary it is inevitable that the shops and restaurants will follow the $$$'s - with a population of 20,000+ living in $300k to $600k homes this is an oportunity which is an an attractive propositon for property developers.
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Old 02-02-2010, 02:19 AM
 
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Default Interest rate

The biggest risk is the hike in the mortgage rate.
most people's budgets are calculated based on how much monthly payment that they can afford. If the rate goes up to 6% or higher, these homes in West Cary would have to lower their prices.

Currently, the historically low rate is what is keeping the high end homes in area not sinking. On top of that, there are just too many new home lots available. The simple rule of supply and demand still works in this case.

Personally, I would want to wait out for another 12 months. but I will have to make my decision soon.

HC vs Weycroft. Man~ it is a tough decision!
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Old 02-16-2010, 09:03 PM
 
62 posts, read 172,227 times
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Default Still like Weycroft

We have been looking for a neighborhood to build our new home for some time now. Having looked at north Raleigh and West Cary we still think Weycroft fits our needs.

-Location: location was key since both my wife and I work in RTP we wanted something close with an easy commute. It's also convenient to most of the rest of the triangle. With the Alston Activity Center going in (eventually) it will be close to shopping and dining.
-Schools: West Cary has some great schools, though we know it cannot be counted on. The close proximity of Weycroft to Alston Ridge, Mills Park, etc should give us a better chance of being assigned there.
-Custom Home: We wanted a truly custom home where we were only limited by our budget and Weycroft offers beautiful custom homes. We built with Toll Brothers in our last house (Brier Creek) and did not like not being able to change certain things about the house to fit our needs.

Some of the things that made us hesitant are the lack of a pool on site, the available lots, and buying a 600K+ home in this economy. We really did not like the Cameron Pond pool but plan to make some friends in Amberly. :-) Some of the remaining lots were not that great but we think we have found one that will work. We realized that buying a house in this price point will not be a good investment if we have to sell in the next 5yrs. However, this will be our "forever" house so we do not plan on selling anytime soon. I think in 10yrs or so once the area is built out and the neighborhood is sold out, we should not be losing too much.

As for the new spec homes coming in at under 500K, it did concern me some at first. After looking at it some more, those houses are for the most part smaller so price per sq foot is still up there. There are a few by Impact which are a little watered down and those are the ones that may end up hurting the neighborhood if the quality is not there. Builders are still building spec homes there for 600K+ so hopefully the sub 500K homes remain a small percentage of the neighborhood.

Overall, I think the positives of the neighborhood far outweigh the negatives. Anyone else thinking about purchasing in Weycroft?
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