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And the high property values that NoVA, including Reston, enjoys today is because of the density of the region not because of some planned community.
Partly perhaps, but the fact that the median income of Loudoun, Fairfax and other northern VA counties is well north of $100k per household is the main reason really. The Federal Government at their back door makes the property values high, that's about the sum of it.
As far as the Pittsboro Development goes, I'm not sure it'll reach full build out in 40 years like they plan, but who really knows? With the new wastewater treatment facility coming online in August in New Hill Western Wake Partnership - Town of Apex, western wake, especially west Apex and west Cary are set to expand rapidly even further towards Jordan lake. 30-40 years from now western wake and eastern Chatham (Jordan lake sandwiched in the middle) could be just like western Fairfax and eastern Loudoun counties in NoVA where there is really no difference between the two.
Location: Chapel Hill, NC, formerly NoVA and Phila
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Originally Posted by Waterboy526
Partly perhaps, but the fact that the median income of Loudoun, Fairfax and other northern VA counties is well north of $100k per household is the main reason really. The Federal Government at their back door makes the property values high, that's about the sum of it.
Yes, the bolded goes without saying. But that was really my point. Reston is no different than the other areas around it. Build a Reston in the middle of SW Kansas and it's not going to make the property values of surrounding areas suddenly increase. Reston's property values increased because the whole area increased.
And yes, the Federal govt' brings the jobs which brings the people which makes the pop. density so great making the land value so great, I agree.
Pittsboro's land values will go up as the region grows and the population has to move farther and farther out from job centers. The new development might make Pittsboro more attractive than other areas but it will still take quite a while for the people who own property there to make a fortune. Pittsboro needs the population demand to support it.
Yes, the bolded goes without saying. But that was really my point. Reston is no different than the other areas around it. Build a Reston in the middle of SW Kansas and it's not going to make the property values of surrounding areas suddenly increase. Reston's property values increased because the whole area increased.
And yes, the Federal govt' brings the jobs which brings the people which makes the pop. density so great making the land value so great, I agree.
Pittsboro's land values will go up as the region grows and the population has to move farther and farther out from job centers. The new development might make Pittsboro more attractive than other areas but it will still take quite a while for the people who own property there to make a fortune. Pittsboro needs the population demand to support it.
Chatham county is not exactly in SW Kansas, Wake County has almost as many people as Fairfax and will probably surpass it by a fair amount by the time this development is complete. Once more the triangle is increasingly becoming an economic engine and average incomes particularly in wake county have been rising. Given This is just across the lake I would not be surprised to see it become significantly more valuable as time passes.
Location: Chapel Hill, NC, formerly NoVA and Phila
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Originally Posted by Egbert
Chatham county is not exactly in SW Kansas, Wake County has almost as many people as Fairfax and will probably surpass it by a fair amount by the time this development is complete. Once more the triangle is increasingly becoming an economic engine and average incomes particularly in wake county have been rising. Given This is just across the lake I would not be surprised to see it become significantly more valuable as time passes.
But the development is in Chatham County, how will that increase the population of Wake County? Anyway, my point about mentioning SW Kansas is that the development itself is not going to make other property values in Chatham become that much more valuable; it is the population increase of the whole area that will raise the property values in Chatham as more and more people will need to move out there as closer-in areas become too congested and pricey. And I agree that over time it will happen, but I don't think people should be kicking themselves for not having yet bought land near Pittsboro because they missed out on a big money-making opportunity. It's going to be awhile before the values go up a lot. Reston was built in the 1960's. It didn't become very valuable until the mid-2000's at the same time that real estate in all of Northern Virginia became extremely valuable. The fact that it was a planned community didn't make the area around it inherently more valuable.
News reports today highlight the potential economic impact of this project:
Quote:
A recent economic impact study by N.C. State University shows that the controversial Chatham Park could bring in a total of $154 billion for North Carolina and about 115,000 permanent jobs.
Chatham Park is a planned development on the edge of Pittsboro that could bring thousands of jobs and 55,000 new residents to a town that now only has about 4,000 residents.
The study, which was led by economist Michael Walden, shows that once the park is completed in 40 years, it could bring a total of $80 billion to Chatham County and 61,000 permanent jobs.
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