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Old 08-06-2011, 10:25 PM
 
42 posts, read 76,045 times
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Hey everyone,

My girlfriend and I will probably be moving to Durham next year, and I'm trying to get a feel for our financial time line for buying a house. (Don't worry, we'll rent and look first, but I like to plan ahead. )

I'm seeing several little 2/1s in Northgate Park neighborhood of Durham for around $120k. It seems like a good neighborhood from what I've read, but that is insanely cheap to me coming from Atlanta! Is there something wrong with these houses/streets?

For example:
1820 Northgate St, Durham, NC 27704 MLS# 1776065 - Zillow
1819 Northgate St, Durham, NC 27704 MLS# 1774582 - Zillow
102 E Hammond St, Durham, NC 27704 MLS# 1790172 - Zillow

Any insider info would be appreciated.

Thanks y'all!

Last edited by Green Irish Eyes; 08-07-2011 at 05:37 AM..
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Old 08-06-2011, 11:28 PM
 
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As far as I can tell, they're all two-bedroom houses. I don't even know of many of those, you don't see many and they are hard to sell. Most folks buying a house are going to want three bedrooms.

I live in a townhouse community, and even though I'm single with no kids, I was advised AGAINST buying a two-bedroom unit because it's easier to sell one with three.
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Old 08-07-2011, 05:36 AM
 
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no, there's nothing wrong with those houses. Northgate is a cute neighborhood of small homes and a tight-knit community. My preference in Northgate is the area on the northeast side of the park, streets like Shenandoah and Farthing.

there are a fair number of burglaries that occur in this area, so that is one thing you'll want to be aware of.

You can't really beat Northgate if you want to spend less than $150k and still be near downtown/Duke.
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Old 09-01-2011, 09:09 AM
 
Location: Durham NC
6 posts, read 14,350 times
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Default Northgate Park Homes

I am a realtor and have lived in Northgate Park since 1988. There is nothing wrong with the houses here. On the contrary, they have become very desirable. The neighborhood is popular with families, singles, couples, young and old. There is a good mix of renters and home owners. Diverse, involved and creative are words that come to mind in describing many Northgate Park residents.
Homes are priced based on size, condition, age, supply/demand and location, as they are everywhere. Northgate is conveniently located near downtown, schools, hospitals, shopping and within walking distance to the Museum of Life and Science and Edison Johnson Recreation Center.
Residents have adopted the park and the very active Neighborhood Association sponsors several park clean ups, the annual neighborhood picnic and yard sale. There is also a Halloween Street party, an active Neighborhood Watch Program, a dynamic list serve and the Northgate Park Dog Park. New events and activities pop up when residents take interest in organizing them. Neighbors Saved The Bronto, planted trees, held an Easter Egg hunt and sponsored a fresh produce stand selling items grown by former Northgate Park residents.

Last edited by Green Irish Eyes; 09-01-2011 at 10:54 AM..
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Old 09-01-2011, 09:43 AM
 
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$120k for a two bedroom house that's only 861sqft sounds about right for the Triangle.

Like Special_Guest, a two bedroom will be more difficult to resell than a three bedroom, but I feel like in the historic neighborhoods that doesn't tend to be nearly as much as a factor as it is with newer construction.
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Old 09-02-2011, 11:35 AM
 
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Default Thanks!

Thanks for the feedback everyone! It's good to hear that buying a house similar to these wouldn't be a bad idea. Since it will be just the two of us for a while, a nice cute little house like these would be perfect. I'm not terribly concerned with selling again - like it's been mentioned, they're in a historic neighborhood that seems to be popular with grad students and young families and it's not too far from the university. I'm thinking about renting it out once we move to a bigger place, anyway.

Can't wait ...
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Old 09-02-2011, 12:53 PM
 
Location: South Beach and DT Raleigh
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With mortgage rates so low now, a buying a $120K house is likely to be cheaper monthly than renting one. Borrowing 110K and putting down 10K would probably mean a house payment around $700 a month inclusive of PMI and taxes. Plus, you'd be getting a tax break.
While I agree that 3 bedrooms are easier to sell, I don't see a long term downside to a 2 bedroom single family home in a convenient location.
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Old 09-02-2011, 01:06 PM
 
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I'll chime in late that Northgate is a GREAT little neighborhood, and just second that the prices you are seeing is primarily due to 2bed1bath. It will be pretty easy to rent for more than your mortgage. Also, Washington street is easily the safest pedestrian route across the interstate, which puts downtown an easy bike ride or very long walk away.
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Old 09-02-2011, 01:14 PM
 
Location: Durham, NC
754 posts, read 1,618,183 times
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Quote:
Originally Posted by Special_Guest View Post
As far as I can tell, they're all two-bedroom houses. I don't even know of many of those, you don't see many and they are hard to sell. Most folks buying a house are going to want three bedrooms.
I disagree. Strongly.
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Old 09-02-2011, 02:48 PM
 
Location: Downtown Durham, NC
915 posts, read 2,275,065 times
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Quote:
Originally Posted by toot68 View Post
I'll chime in late that Northgate is a GREAT little neighborhood, and just second that the prices you are seeing is primarily due to 2bed1bath. It will be pretty easy to rent for more than your mortgage. Also, Washington street is easily the safest pedestrian route across the interstate, which puts downtown an easy bike ride or very long walk away.
And they're currently in the process of adding sidewalks down Washington all the way from Club to downtown....
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