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Gotta chime in on the Cary Park listing @ $180K below the original purchase price.
7,083 square feet in an section of that neighborhood that averages about 4500- BAD DECISION ON THE PART OF THE FIRST PURCHASER.
$907,500 purchase price in a neighborhood where the current average sale price is around $225K- ANOTHER BAD DECISION.
Yes, I realize that Cary Park is enormous and that Southbridge is arguably one of the nicest subsections, but it is still Cary Park, a neighborhood where the sweet spot on pricing was never anywhere near $900K. Buying the most expensive home in ANY neighborhood is never a good idea-buying at the top 5% of pricing where you are a quarter mile from a $99,000 apartment in the same subdivision is just plain stupid.
7,083 Square feet on .34 acres- GUESS WHAT I'M GOING TO SAY.
$907,500 for a tract home (John Weiland builds a nice home but still a tract home)- SHOULD HAVE BOUGHT FROM A LOCAL CUSTOM BUILDER.
At that price you could have had 5000 square feet on a much bigger and nicer lot in a neighborhood that had at least a fighting chance of supporting that kind of pricing.
Did you really need that extra 2000 square feet? Are you the Duggars family or something?
I'm 99% confident that the home wasn't a spec home-those people built that home from the ground up. John Wieland would NEVER have taken that kind of risk-even their model homes are nowhere near that big.
I can hear the laughter when they left the selections center.
Last edited by Funky Chicken; 09-02-2010 at 08:30 AM..
Reason: content
Gotta chime in on the Cary Park listing @ $180K below the original purchase price.
7,083 square feet in an section of that neighborhood that averages about 4500- BAD DECISION ON THE PART OF THE FIRST PURCHASER.
$907,500 purchase price in a neighborhood where the current average sale price is around $225K- ANOTHER BAD DECISION.
Yes, I realize that Cary Park is enormous and that Southbridge is arguably one of the nicest subsections, but it is still Cary Park, a neighborhood where the sweet spot on pricing was never anywhere near $900K. Buying the most expensive home in ANY neighborhood is never a good idea-buying at the top 5% of pricing where you are a quarter mile from a $99,000 apartment in the same subdivision is just plain stupid.
7,083 Square feet on .34 acres- GUESS WHAT I'M GOING TO SAY.
$907,500 for a tract home (John Weiland builds a nice home but still a tract home)- SHOULD HAVE BOUGHT FROM A LOCAL CUSTOM BUILDER.
At that price you could have had 5000 square feet on a much bigger and nicer lot in a neighborhood that had at least a fighting chance of supporting that kind of pricing.
Did you really need that extra 2000 square feet? Are you the Duggars family or something?
I'm 99% confident that the home wasn't a spec home-those people built that home from the ground up. John Wieland would NEVER have taken that kind of risk-even their model homes are nowhere near that big.
I can hear the laughter when they left the selections center.
Isn't it amazing...when you know the WHOLE STORY, it all makes sense!
I recently listed a home in Cimarron. It had two offers in 10 days. We sold for full price. It closed yesterday. THE REAL ESTATE MARKET IS LOCAL.
The real estate market is SO local that it is by neighborhood. For example, there are homes around North Hills that are selling for $175 per square foot and there are homes down the street selling for $100 per square foot. Local.
This is really hilarious, I mean flat out hilarious. Breaking news:
News Headlines (http://www.cnbc.com/id/38971537 - broken link)
Pending sales of previously owned U.S. homes rose unexpectedly in July, an industry group said on Thursday, suggesting a tax credit-related housing market decline was close to bottoming.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in July, increased 5.2 percent to 79.4 from June.
Hmmmmm is it really a good time to wait or buy? Gotta roll the dice if you are a buyer or seller. This may be the last opportunity to do the right thing. What is the right thing? Only time and your money will know when it all plays out.
Gotta chime in on the Cary Park listing @ $180K below the original purchase price.
7,083 square feet in an section of that neighborhood that averages about 4500- BAD DECISION ON THE PART OF THE FIRST PURCHASER.
$907,500 purchase price in a neighborhood where the current average sale price is around $225K- ANOTHER BAD DECISION.
Yes, I realize that Cary Park is enormous and that Southbridge is arguably one of the nicest subsections, but it is still Cary Park, a neighborhood where the sweet spot on pricing was never anywhere near $900K. Buying the most expensive home in ANY neighborhood is never a good idea-buying at the top 5% of pricing where you are a quarter mile from a $99,000 apartment in the same subdivision is just plain stupid.
7,083 Square feet on .34 acres- GUESS WHAT I'M GOING TO SAY.
$907,500 for a tract home (John Weiland builds a nice home but still a tract home)- SHOULD HAVE BOUGHT FROM A LOCAL CUSTOM BUILDER.
At that price you could have had 5000 square feet on a much bigger and nicer lot in a neighborhood that had at least a fighting chance of supporting that kind of pricing.
Did you really need that extra 2000 square feet? Are you the Duggars family or something?
I'm 99% confident that the home wasn't a spec home-those people built that home from the ground up. John Wieland would NEVER have taken that kind of risk-even their model homes are nowhere near that big.
I can hear the laughter when they left the selections center.
To be fair, Southbridge is a separate section of Cary Park where the average sales price is in the mid to lower $600's.
This house is actually about 6775 sq ft not 7083. It's tax value is right around where they have it listed right now, and it is the second highest priced home to ever sell in there.
You are right, it wasn't a spec home - it was a pre-sale with just shy of $180k in upgrades. Hmm, I wonder where we heard that number before...
But I guess it is the poster child for the horrible real estate market that is the Triangle.
I don't - it's a national forecast that does not have any bearing on the local markets. I subscribe to a local one that has everything to do with the local markets.
To be fair, Southbridge is a separate section of Cary Park where the average sales price is in the mid to lower $600's.
This house is actually about 6775 sq ft not 7083. It's tax value is right around where they have it listed right now, and it is the second highest priced home to ever sell in there.
You are right, it wasn't a spec home - it was a pre-sale with just shy of $180k in upgrades. Hmm, I wonder where we heard that number before...
But I guess it is the poster child for the horrible real estate market that is the Triangle.
Rick-
I have a hard time separating Southbridge from the rest of Cary Park.
It shares the amenities.
Its streets connect directly with Cary Park 'proper' and with Weldon Ridge.
John Wieland was building on scattered lots in Cary Park as early as 2000 and built out a couple of streets adjacent to Orleans' section before ground broke on Southbridge.
I know Southbridge wants to be different from the rest of Cary Park but to me the only two ways it is different are both negatives-
The lots and orientations of homes relative to one another are uniformly worse than in other sections of Cary Park with similarly sized homes on them,
and
As a group the elevations are more ostentatious/pretentious/currently out of favor in a bad economy than other Cary Park homes of similar size/pricing.
For that kind of money I'll take 912 Alden Bridge in a heartbeat. 4600 Square feet on the lake with superior construction.
There's almost nobody that needs 7,000 square feet and there is hardly anybody that would be willing to make that kind of conspicuous consumption decision in this economy.
Rick-
I have a hard time separating Southbridge from the rest of Cary Park.
It shares the amenities.
Its streets connect directly with Cary Park 'proper' and with Weldon Ridge.
John Wieland was building on scattered lots in Cary Park as early as 2000 and built out a couple of streets adjacent to Orleans' section before ground broke on Southbridge.
I know Southbridge wants to be different from the rest of Cary Park but to me the only two ways it is different are both negatives-
The lots and orientations of homes relative to one another are uniformly worse than in other sections of Cary Park with similarly sized homes on them,
and
As a group the elevations are more ostentatious/pretentious/currently out of favor in a bad economy than other Cary Park homes of similar size/pricing.
For that kind of money I'll take 912 Alden Bridge in a heartbeat. 4600 Square feet on the lake with superior construction.
There's almost nobody that needs 7,000 square feet and there is hardly anybody that would be willing to make that kind of conspicuous consumption decision in this economy.
I see what you are saying but you can say that about any PUD like Cary Park, Wakefield, Heritage, etc. I’m just saying to evaluate market value or do an appraisal it is best to stay with Southbridge for comps.
wow I feel bad that I ever mentioned a home for sale where the listing agent opened the description with the words that the sellers were taking a loss of $180k. I was using it as an example that the Triangle isn't immune from the problems the national housing market and the reason I feel bad is that the owners are slammed by people who don't even know them or their circumstances for the decisions they made 3 years ago in a completely different economy.
Just imagine how the sellers are feeling after reading the recent posts about their home on this forum. I can only offer my apoplogies but I was careful not to mention the specific home and I never imagined that readers on here would be so openly critical - maybe a case for the Mods to do some editing?
Quote:
Originally Posted by Funky Chicken
Gotta chime in on the Cary Park listing @ $180K below the original purchase price.
7,083 square feet in an section of that neighborhood that averages about 4500- BAD DECISION ON THE PART OF THE FIRST PURCHASER.
$907,500 purchase price in a neighborhood where the current average sale price is around $225K- ANOTHER BAD DECISION.
Yes, I realize that Cary Park is enormous and that Southbridge is arguably one of the nicest subsections, but it is still Cary Park, a neighborhood where the sweet spot on pricing was never anywhere near $900K. Buying the most expensive home in ANY neighborhood is never a good idea-buying at the top 5% of pricing where you are a quarter mile from a $99,000 apartment in the same subdivision is just plain stupid.
7,083 Square feet on .34 acres- GUESS WHAT I'M GOING TO SAY.
$907,500 for a tract home (John Weiland builds a nice home but still a tract home)- SHOULD HAVE BOUGHT FROM A LOCAL CUSTOM BUILDER.
At that price you could have had 5000 square feet on a much bigger and nicer lot in a neighborhood that had at least a fighting chance of supporting that kind of pricing.
Did you really need that extra 2000 square feet? Are you the Duggars family or something?
I'm 99% confident that the home wasn't a spec home-those people built that home from the ground up. John Wieland would NEVER have taken that kind of risk-even their model homes are nowhere near that big.
I can hear the laughter when they left the selections center.
yes the Case Shiller index increased 4.4% in the 2nd quarter as it states in my atachment. The point I was raising is that IHS Global Insights who are the leading global economic forecasters are forecasting that prices will drop a further 6% - 8% before bottoming in 2011
Quote:
Originally Posted by Beermat
interesting that IHS Global Insight don't share your optimism
"We expect them to rise for another month or two, but then start to decline," says economist Patrick Newport at IHS Global Insight. "In our view, the housing glut and foreclosures will drive the national Case-Shiller index down another 6–8 percent, with prices bottoming out in 2011."
Didn't Case /Shiller have prices going up? Sales down prices up. Where did they forecast prices falling? I heard Shiller on CNBC and the bottom line was they could go down but that is to be determined.
Again, you are making a very strong case that it is a bad time to SELL.
very true
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Pending home sales jump in july
I feel bad that I ever mentioned a home for sale where the listing agent opened the description with the words that the sellers were taking a loss of $180k. I was using it as an example that the Triangle isn't immune from the problems the national housing market and the reason I feel bad is that the owners are slammed by people who don't even know them or their circumstances for the decisions they made 3 years ago in a completely different economy. 
