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I am not looking specifically for an investment but I'm thinking in the long term how a property in NC would appreciate over the years. With all the new development, I think there won't be much appreciation, if any. Thoughts?
Supply and demand, basic econmics, now there is a lot of supply and demand and due to the demand the prices will go up but down the line, I cannot predicate how many years that will level off and if there is a demand and no supply that is where increase would be seen as it is happening in mid upstate New York - land is gone so if you have it and bought it prior to the past few years it has tripled.
remember I am on LI so I do consider Dutchess (as was mentioned in another post upstate_ anything over the bridge ...the areas I am referring to are very rural, maybe 500 kids in the whole school and a lot of the land is used by many as week-end get-aways (those with homes) or hunting
North Carolina is a big state and the answer to your question depends largely on where you will be buying.
Personally, I think you're correct about how building depresses appreciation. Remember: there are little to no barriers to building here, and many cities give carte blanche to developers. As a result, there is a glut of housing. Demand is peaking now because of prices being out of control in other parts of the country, but I'm not sure that demand can keep up with the growing supply.
Appreciation is a steady 4-6% in this part of the world, and there's a definite price ceiling (that is, natives won't spend more than a certain amount and there are only so many transplants willing to pay high prices). I think there are still deals to be had, but research them carefully.
I am not looking specifically for an investment but I'm thinking in the long term how a property in NC would appreciate over the years. With all the new development, I think there won't be much appreciation, if any. Thoughts?
On Monday, September 12, 2005, David H. Murdock, owner of Castle & Cooke, Inc. and Dole Food Company, Inc., and Molly Corbett Broad, president of the 16-campus University of North Carolina, unveiled plans for the North Carolina Research Campus, a massive scientific and economic revitalization project that encompasses the former Cannon Mills plant and entire downtown area of Kannapolis, North Carolina.
When completed, the 350-acre campus will house the most state-of-the-art laboratory space in the nation and is expected to become home to over 100 biotechnology companies. A partnership with the University of North Carolina, including UNC-Chapel Hill, North Carolina State University, and the University of North Carolina at Charlotte, has been forged to advance groundbreaking research focused on health and nutrition and to enable each of these institutions to have a physical presence in Kannapolis.
Murdock, owner of Dole Food Co., announced ambitious plans in September for a 350-acre research campus intended to bring investments of $700 million, create 5,000 technology jobs and 30,000 supporting jobs, and attract 100 biotechnology companies. As envisioned, the project would be the largest biotech development in state history and one of the largest nationwide.
Right now, Kannapolis is a fairly decrepit dead mill town. The downtown area was redeveloped in the 80s-90s as a furniture/tourist area, but that never caught fire as anticipated. It's an area comprised of a lot of old mill houses, with access to Concord and I-85.
Kudos to Murdoch and the developers in choosing an area that would be revitalized by the bio-tech industry rather than choosing a Big City and adding just another mega-business park, creating further congestion and traffic.
now we all know where the next hot spot will be. where is this is NC anyway??
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