Food for Thought (Charlotte, Raleigh, Alamance: sales, car insurance, mortgage) - North Carolina (NC) - City-Data Forum

Weis02 · 06-21-2006, 04:31 PM

While I know Raleigh is more tech, bio, etc and Charlotte more financial, my neighbor and I were spking that are so many people going to flood the area with out this new housing, then the people will outgrown the jobs.

Are there a lot of job openings down there (for those who have been there a while) compared to a few years ago when NC just became the in spot?

I know a lot of people are retiring down there too but with all the newcomers, without more business, will there be enough jobs?

DOes anyone know if a lot more companies are relocating too?
To both areas??

I posted a day or so ago that BMS Was but went to Boston?

just_sayin' · 06-21-2006, 05:57 PM

Well one thing this area learned back in 2001-2003, is that Raleigh is certainly not recession proof. It hit Raleigh HARD, one of the hardest hit markets in the country actuall, with Wake county having fastest rising unemployment rate in the country in 2002. Being such a young city though, it just had a great ability to bounce back quickly. Charlotte got hit pretty hard too with many banks merging and laying off quite a few workers, it has since bounced back to where it was too. As for the future... who knows? 50 years ago they thought Detroit was going to boom forever.

Weis02 · 06-21-2006, 06:37 PM

I'minformed - I think the entire market got hit in the period as it was just after 911, more here and the it world got hit big, now is a total 360, like everything else it is cyclical )??sp

Miker2069 · 06-21-2006, 08:20 PM

Also there are a lot of people who are buying homes with cash (from equity from a previous sale) or they may have a very low mortgage. So having a high/moderate paying job isn't a requirement. Happened to a friend of mine who moves from MA with $350K leftover after his home sold, and bought a house for $365K .... it's a beautiful thing when it happens that way!

salatheel · 06-21-2006, 08:23 PM

That is exactly what I am looking to do. With all bills paid off and no mortgage how much do you really need to make?

Weis02 · 06-21-2006, 08:29 PM

my game plan too - sell the house here in NY, buy one for cash or a small mtge down there, if it works out that way, the housing has gone down a little here and up there, like the market, knowing way to buy and sell .. my crystal ball is out for repair

just_sayin' · 06-21-2006, 08:41 PM

OK NOW. Stop telling everyone.... THIS IS WHAT HAPPENED TO FLORIDA. The same exact pattern was going on down in Florida around 2000. People realized how much they could get a house for down there when they sold there homes in more expensive areas, went down and bought up all of the land, word got out vast, overspeculation reined supreme, and POP, there goes the bubble. Now people from Florida, California AND NY are ALL coming to NC and doing the same thing. By 2010 it's very possible that NC will be right up there with all of those areas with a soaring cost of living.

Miker2069 · 06-22-2006, 01:16 AM

Quote:

Originally Posted by i'minformed

OK NOW. Stop telling everyone.... THIS IS WHAT HAPPENED TO FLORIDA. The same exact pattern was going on down in Florida around 2000. People realized how much they could get a house for down there when they sold there homes in more expensive areas, went down and bought up all of the land, word got out vast, overspeculation reined supreme, and POP, there goes the bubble. Now people from Florida, California AND NY are ALL coming to NC and doing the same thing. By 2010 it's very possible that NC will be right up there with all of those areas with a soaring cost of living.

May be, and then, may be not. Georgia has had the same if not higher growth rate (well rather Atlanta). The ATL market hasn't bubbled. You can still find a nice home for around $250K there and they are many years ahead of NC in terms of their housing market growth

The fed rate increase, and the RE bubble bursting in speculative areas like the NE and CA, might actually work towards *keeping* the NC market growing at a normal or better than normal rate.

Although I'm not saying put up a big sign that says come to NC either

mmdj43 · 06-22-2006, 10:08 AM

Quote:

Originally Posted by i'minformed

By 2010 it's very possible that NC will be right up there with all of those areas with a soaring cost of living.

Yes but the big difference is that our mortgages will be paid off (if we had one to begin with). Living here on Long Island, we are forever indebted (don't know if i spelled that right) to our mortgages.

Steve W · 06-22-2006, 11:03 AM

We did exactly the same thing: Sold our overpriced house in MA and got a slightly bigger one in NC with a much smaller mortgage. We would have done better had we been ready to get out early last year but our situation is still pretty good.
As a bonus, I managed to stay with my employer for nearly the same pay plus a company car.
I've found, after nearly a month now in our new home, that some costs are more than back in MA but overall it is much cheaper to live in Alamance County! The sales tax is somewhat higher and we can't sneak over the border to NH for big-ticket items. Property taxes are MUCH less (and we're getting more services for that reduced sum!), car insurance is MUCH less and electricity is MUCH less.
From our POV, as long as the region doesn't get caught-up in the rat race of voting themselves higher taxes to keep a ridiculously unsustainable property appreciation rate going so that folks can mortgage themselves up to their eyeballs, we will be in great shape when the ever-faster-approaching retirement day comes!