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We are new to Charlotte area and are debating between a resale house in Ballantyne area and a new construction with relatively bigger sq. footage for the same price in Harrisburg. Does anybody know how is the home value appreciation rate in Harrisburg? Are there any forecasts of growth? We want to safe gourd our investment, just like everybody else!
Anyone that could consistently and correctly predict the appreciation of one are over another would be running a real estate investment firm and buying (not making honest recommendations) ahead of the trend.
I think the relevant questions are 1) Which house do I like better? 2) Which area do I like better? 3) Where can I find employment if I must?
That said, if I ever found myself unemployed, I'd rather be looking for work in Ballantyne then Harrisburg. The other two questions, I can't offer any insight except that bigger is not always better (more expensive in utilities, maintenance, time to clean, ect.).
It's an interesting area and poised for either great appreciation or slow appreciation. It's a wild card with the 485 loop being closed very soon. I think once that happens, the Harrisburg area and up North will boom a bit more. But that area is so saturated with new construction that I couldn't begin to guess how much it will boom. Plus there's so much land out there to be developed.
A few things that did worry me while I was out there was lack of shopping. I know there was supposed to be some in the works along Rocky River Road but when I looked the ground hasn't been cleared for it. So shopping in Harrisburg near the 485 exits will be crowded once all those homes are sold and the shopping isn't built to accommodate them. Plus if you want to sell your home, you will be competing with new sales and inventory homes. Also, the schools were a concern for me if my kids didn't get into the STEM program. If we were zoned for the Harrisburg schools, I would have been fine. But we were literally on the boundary line. And that was my last concern, since it's an upcoming area, redistricting is bound to happen.
But if your new home purchase is well within the Harrisburg city lines, and you like the shopping and don't mind the commute times, and you aren't looking to sell in 3-5 years, I say go for it. It's a beautiful area. Ballantyne is gorgeous but you do get less house for your money. And values are steady here with a slow climb up. There's nothing really here to jumpstart the sales as they are near Harrisburg with the 485 closing the loop. Tough choice really.
Your guess is as good as ours OP. But if I had to guess I'd say it will be a pretty steady growth, probably about on par with Ballantyne.
momtothree, when you say "if you don't mind the commute" are you referring to uptown? IMO the commute from Ballantyne or Harrisburg is pretty much a wash. Yes there are a good amount of jobs in Ballantyne itself but there are also a good amount in the University area where a Harrisburg commute would be very easy.
OP, are you not looking to stay in the house long or something? If not, then a new build may not be the best idea since like a new car it's going to be worth more to you new than to someone else used. Although if you're there for awhile and the area appreciates you should be okay.
If your main concern is your investment (although you didn't say what your budget was), the fastest appreciating areas IMO (despite some subpar public schools) are probably some of the closer-in neighborhoods...SouthEnd, Dilworth, Madison Park, etc.
momtothree, when you say "if you don't mind the commute" are you referring to uptown? IMO the commute from Ballantyne or Harrisburg is pretty much a wash. Yes there are a good amount of jobs in Ballantyne itself but there are also a good amount in the University area where a Harrisburg commute would be very easy.
In another thread I think he was asking about the commute and there were other suggestions made. I was referring to that.
I would have to go with Ballantyne over Harrisburg. All things even you are going to have better more desired schools in Ballantyne with better amenities allowing for appreciation.
Thank you everyone for your responses. We are not sure how many years we will be in Charlotte ((2-3 min for sure)and so wanted to factor in the re-saleability.
For a 2-5 year window, I would not go for Harrisburg.
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