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My wife and I recently got married and will be relocating from Boston to the Raleigh/Durham area in mid-August. We have narrowed our search to NW Raleigh and love it's proximity to the airport, shopping, and potential commute to Duke Medical (I'm a physical therapist who will be starting work at Duke Medical at the end of August).
We will be looking at housing this coming weekend and our real estate agent has suggested looking into properties in Durham County as well- just over the border from Wake County (off Route 70).
We know we can get more house for our money in Durham County vs. Wake County, but what are other advantages to buying in that particular area of Durham County? Appreciation of home? Resale Value? Commute to Duke? Proximity to shopping? Recreation?
Wake Co:
Higher prices;
Better schools;
Some areas under flight path;
Traffic is more congested heading into RTP or toward Duke.
Durham Co:
Prices can be far lower for exactly the same house with more land than Wake*;
Schools are generally below par (consider private school, home school, or charter school unless in one of the better districts);
Flight path is typically further southeast, so not much of an issue;
Better traffic into RTP and toward Duke.
For instance, we just signed a contract today on a home in a development called Brightleaf on Hwy 70 in Durham. Very nice, new development. Same builder and same house plans in Cary (which is priced roughly equivalent to the part of Wake you're talking about) were right at 100k more, with a much smaller lot, and no community amenities (Brightleaf will have tons of stuff).
I'm a sucker for value-priced quality (not cheap, just something that is underpriced). I searched everywhere within 20 minutes of RDU, and I didn't find anything else I thought was nearly as good a value as Brightleaf.
But it really depends on exactly what you're looking for and how much you're willing to spend. I didn't want to spend more than 500k. There are some nice "estate" developments in that part of Wake for about 750k or more. There is also an interesting development in the edge of Chatham County near Southpoint Mall, just off I-40. It is also very conveniently located and a solid value, IMO.
I think the main singular difference might be in property taxes - and schools. Property value to a degree, but here's something to consider - Raleigh has grown to a point where you can actually buy property that's located in Durham County, but has a Raleigh address and ZIP code. I don't personally know where these areas are specifically (obviously adjacent to Wake County) but a little research would certainly lend some insight for you.
I don't know any big advantage to looking in this area, but it exists and quite a few people aren't aware of it. Some of the realtors on this board would be able to mention any specifics better than I could.
Wake Co:
Higher prices;
Better schools;
Some areas under flight path;
Traffic is more congested heading into RTP or toward Duke.
Durham Co:
Prices can be far lower for exactly the same house with more land than Wake*;
Schools are generally below par (consider private school, home school, or charter school unless in one of the better districts);
Flight path is typically further southeast, so not much of an issue;
Better traffic into RTP and toward Duke.
For instance, we just signed a contract today on a home in a development called Brightleaf on Hwy 70 in Durham. Very nice, new development. Same builder and same house plans in Cary (which is priced roughly equivalent to the part of Wake you're talking about) were right at 100k more, with a much smaller lot, and no community amenities (Brightleaf will have tons of stuff).
I'm a sucker for value-priced quality (not cheap, just something that is underpriced). I searched everywhere within 20 minutes of RDU, and I didn't find anything else I thought was nearly as good a value as Brightleaf.
But it really depends on exactly what you're looking for and how much you're willing to spend. I didn't want to spend more than 500k. There are some nice "estate" developments in that part of Wake for about 750k or more. There is also an interesting development in the edge of Chatham County near Southpoint Mall, just off I-40. It is also very conveniently located and a solid value, IMO.
fwiw,
Mike
Mike-
Thanks for your feedback. Does the Brightleaf development have houses in the low to mid $200? That's the range we're looking at.
We will be purchasing our "first home" during this relocation and don't have immediate plans to have children...and if we do, we plan on buying a bigger home, perhaps in Raleigh. I guess basing our decision to buy will not rest on the reputation of the school systems of Wake/Durham Co. If we were to buy in Durham and then try to sell in let's say, five years, will it be difficult to sell?
Have you seen a difference in resale value/length of time a house is on the market in Durham vs. Raleigh?
I think the main singular difference might be in property taxes - and schools. Property value to a degree, but here's something to consider - Raleigh has grown to a point where you can actually buy property that's located in Durham County, but has a Raleigh address and ZIP code. I don't personally know where these areas are specifically (obviously adjacent to Wake County) but a little research would certainly lend some insight for you.
I don't know any big advantage to looking in this area, but it exists and quite a few people aren't aware of it. Some of the realtors on this board would be able to mention any specifics better than I could.
Thanks for the feedback! I'll look into the Durham areas that actually have a Raleigh zip code as you suggested....
We live in wake and honestly if I were in your shoes (newly weds, first home, no kids, and need to be close to Duke) I'd seriously look in Durham COunty where previous posters have mentioned. I agree that home values will probably increase more quickly in Wake, but that is the nature of buying in a large, high growth county. Your home values will still appreicate there if you make a good buying decision. I think that area will grow quickly, maybe just not quite as quickly as Wake, which is really not necessarily a bad thing. My biggest concern would be the schools, but since you don't have to worry about that, Durham County seems like it would be a good place for your situation. Having a decent sized lot in Wake County is going the way of the dinosaur, and you can probably find an actual yard in Durham Co which will definitely be positive selling point in the future.
It really all just depends, but the housing market in Durham is doing just fine. I think in terms of appreciation, the "good" parts of Durham are keeping pace with Wake Co.
Interestingly, my plan is to keep the house we are building in Brightleaf for 5 years and then sell it. I think that will be very good timing in that part of Durham.
Brightleaf does have houses starting in the 190s. They are by Standard Pacific and are built on slab foundations. They also have a section by Standard Pacific that starts in the mid 200s; these are also built on slab. You have to get in the mid 300s (Drees or St. Lawrence) to get off the slab foundations.
Slabs have a somewhat bad reputation in this area but are losing some of the negative rep.
Of course, the lots at Brightleaf in the mid 200s are not nearly as large as the lots in the mid 400s.
Personal plug - I'll be selling my current house (probably for about 250k) just after the new year, but that will be out of your timeframe. My current house is near Southpoint Mall, just off I-40 in Durham. I think it is a great location, but we've been here seven years and it's time to take a step up. It was built in 2000 and has about 2500 sq feet (4BR, 2.5 BA, plus bonus room) on a lot that is slightly larger than 1/3 acre. That should give you some idea of what you can expect in the area for the mid 200s. Good luck!
We live in a subdivision off US98 (Wake Forest Highyway) in NE Durham. Convenient to everything, very reasonable prices (mid100s-high 200s). Golf course community or lakeside. The subdivision is grove park. There is a pool, tennis courts, gym, volleyball court. Very well maintained neighborhood. I also work at Duke Medical Center and have a 15 minute, no traffic commute which is great. Before this we lived in S. Cary and that was a hell of a commute. Homes also turn around pretty quick in Grove Park.
My husband and I are in a similar situation (no kids, similar price range). After a few months of research, we chose to buy in southern Durham in a neighborhood approx. one mile north of Southpoint Mall. There are TONS of homes in that area in your price range in gorgeous neighborhoods. There's plenty of shopping and restaurants, outdoor recreation is close (we have bikes & the American Tobacco Trail is practically on our doorstep), and we're centrally located to everything. Appreciation seems strong, too. I'm not exactly sure what a commute to Duke might be like from here, but I imagine it would be about 15 minutes or so. Talk to your realtor about it.
The commute from Southpoint to Duke is right at 20 - 22 minutes during normal drive times. It can be as little as 15 minutes if you're going during off hours.
fyi,
Mike
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That's tough
