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I'm an NYC transplant myself. Used to pay $1,500 for a one bedroom with no dining area, no laundry facilities, box bathroom- you get the idea. By following this forum, I am realizing there are so many people overpaying for their house in the Tri area. Not all- but quite a bit. Why is this so? I am very curious as to why people from the city are choosing to move to another big city, and paying big bucks for it.
We also bought a house last year, but we bought at the same price it was built decades ago, which is not even $100k. To be fair, it's in the country, an hour away from Raleigh, but that's the whole point of leaving NYC... To have enough space and not smell what your neighbor's dinner is.
I would pay big bucks to buy a house in NYC, since there's massive public transport system and you never run out of renters. But that's not the case here. I love NC and especially the triangle area, you can look back to all my posts and they are nothing but love for this area... But is there something I am missing? I am genuinely baffled and would like to know why my a lot of fellow transplants are paying up for a spot in the Triangle- in case they're seeing something I'm not.
I would rather not live in Raleigh than have to live in a far out area. This is why I live right outside of DT Raleigh and am considering buying property in that same location.
I'm an NYC transplant myself. Used to pay $1,500 for a one bedroom with no dining area, no laundry facilities, box bathroom- you get the idea. By following this forum, I am realizing there are so many people overpaying for their house in the Tri area. Not all- but quite a bit. Why is this so? I am very curious as to why people from the city are choosing to move to another big city, and paying big bucks for it.
We also bought a house last year, but we bought at the same price it was built decades ago, which is not even $100k. To be fair, it's in the country, an hour away from Raleigh, but that's the whole point of leaving NYC... To have enough space and not smell what your neighbor's dinner is.
I would pay big bucks to buy a house in NYC, since there's massive public transport system and you never run out of renters. But that's not the case here. I love NC and especially the triangle area, you can look back to all my posts and they are nothing but love for this area... But is there something I am missing? I am genuinely baffled and would like to know why my a lot of fellow transplants are paying up for a spot in the Triangle- in case they're seeing something I'm not.
Describe "overpay."
Some folks leave NY/NJ and they were fine paying X for a house there, but X for the same house here gets them a newer/better/larger (or all 3) house and they're cool with that.
I am guessing this accounts for a lot of what you are seeing.
They only "overpaid" if they paid more than the appraisal, no?
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These discussions on "worth" and "overpaying" are just baffling to me. If people are willing to pay $400k for a house, then it is worth $400k. An item is worth exactly what it can be converted into currency for. What you personally feel a property is worth has zero value on what it is actually worth. If the market drops, and people are only willing to pay $350k for that same house 5 years from now, it is then worth $350k at that time. That doesn't mean the house is only worth $350k today.
The cost of a house has little to do with the cost of the labor and materials to build it. Market forces will always drive the value of real estate.
I bought a townhouse ITB recently - my friend bought a townhouse along Glenwood North, twice the size and for less the price. Is it worth it? I think it is - I love downtown Raleigh and North Hills and I can bike to both and walk over to Five Points. I grew up in Boston so proximity to the city is important to me. It's not everyone's cup of tea but it was something that I was looking for and I think it's something that won't be hard to sell if I ever have to move on. I'm originally from Boston but I'm not a "transplant" looking for a bigger house - I moved here for my job.
I find it interesting that some people feel that their choices are the only or correct choices. Everyone has different goals, dreams, and wants. What is right for one is not right for another. It is as simple as that.
Hey, maybe you're good with living in the country. Personally, I can't think of much I would like less. Neither of us is wrong. It's just preference. And yes, I realize that it costs more to live closer to the center of things, and it's absolutely worth it to me.
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