Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
WOW, that's like 4x what I would have expected them to cost.
We have a house that was built 10 years ago in NW Cary. It's custom, not tract. At 1/4 acre it is assessed at 134k for tax purposes.
We owned a new house in West Cary last year (sold it after 6 months and moved back to our older house, which really is more to our liking, in terms of layout, neighborhood, proximity to the things we need, etc.) and that lot is 1/5 of an acre with no really good characteristics to speak of, not really.
It's assessed at 145k.
LOL.
Funny, eh?
There's a guy building a house out in MacGregor right now on a lot he paid over a million dollars to buy (he also had to raze a house to build on it). And, the lot isn't huge. I think it may be a half acre. It's on the lake, but has a crappy view, I think.
Go figure that one out.
While you're at it, tell me why the 2mil Parade home over on Hogan's Valley in Preston is on lot that the builder paid 500k to get when that lot is only 1/3 acre. I know it's on the golf course and Hogan's Valley is pricey real estate, but it's not THAT great a lot, really.
I think the real issues around here are what the others have said... popular area, not enough houses... people like new houses because they cannot mess with remodeling... running out of decent land to build on... etc.
__________________
When in doubt, check it out: FAQ
Many of us who have been here on and off since the '70's and are now retired, but still have many contacts in the "working world", sit around east Cary out by the lake and wonder if the "COL" here is staying consistent with the employment situation... All I can say is that this "normal" buying population (and I would love to hear specifics about what these people do/what their situation is; as in those from say LI selling their small house on the water for $1.8 and pocketing it all (yes this is a specific reference) are not counted) better have some serious income, some serious stability, and some significant "down" to be in this $400+ market in these "less than stable" times...
There are very few people here pocketing $1.8 mil on a house in NY and moving here with all that to spend....for starters flood insurance has become unpalatable since Sandy; people can take over a house at the current rate and after that it skyrockets. Of course if you're paying $1.8 that's not much of a concern. But those houses are hard to sell and aren't selling for gazillions. I'm curious where this $1.8 mil house was on LI.
I know PLENTY of people who are not from the northeast, in fact plenty of my neighbors are from VA, NC and I know a lot of people from the midwest and they make more than enough money to live comfortably here in new construction. Are they spending like crazy as well? Is there keeping up with the joneses? Hell yeah. And it's probably worse with those people because NYers who move are "over it" and those from other parts of the country have something to prove to the folks back home. And maybe to themselves. But the idea that this market is driven exclusively by northeast transplants is hogwash.
There are very few people here pocketing $1.8 mil on a house in NY and moving here with all that to spend....for starters flood insurance has become unpalatable since Sandy; people can take over a house at the current rate and after that it skyrockets. Of course if you're paying $1.8 that's not much of a concern. But those houses are hard to sell and aren't selling for gazillions. I'm curious where this $1.8 mil house was on LI.
I know PLENTY of people who are not from the northeast, in fact plenty of my neighbors are from VA, NC and I know a lot of people from the midwest and they make more than enough money to live comfortably here in new construction. Are they spending like crazy as well? Is there keeping up with the joneses? Hell yeah. And it's probably worse with those people because NYers who move are "over it" and those from other parts of the country have something to prove to the folks back home. And maybe to themselves. But the idea that this market is driven exclusively by northeast transplants is hogwash.
Actually, there are plenty of waterfront homes on LI selling for "gazillions". Go ahead and search the towns in Nassau County north shore. I'd hazard a guess that the average listing is $3-5 million. (I'm excluding the $85million compound for sale in Kings Point.)
But I agree with your second paragraph. And I'll add that some people move here and have a HIGHER COL - like us, coming from phoenix.
Last edited by Jkgourmet; 10-15-2016 at 09:54 AM..
The generalizations of the new home purchasers are just that, generalizations. It amazes me how people are prone looks down on another's choice. Personally, my husband and I purchased a new home. It came down to many different reasons as to why we purchased the home we purchased. Location was one of the biggest factors. We had a list of what we wanted in a home and in the end didn't want to knock any of those off the list and settle for something else. After searching for over 9 months looking at both existing and new construction, we chose new construction. For us, quality is one of the top things we look for when purchasing a home. Our home is one of our largest assets and we have found that quality pays off. Looking at builders we have found that local builders that live off their reputation give the highest quality products. Now, there are some local builders in the area that I would not buy from. Homework is important! There are a myriad of reasons I am not interested in buying an existing home, fortunately I have that choice.
Just because someone purchases a new home does not mean they are "spending like crazy" or "keeping up with the Joneses." For me, people who purchase their kids a car, a cell phone with data plan, and pay 100% for college are throwing money away - but that is just me (my kids would would disagree with me on this one .) I do not go around complaining about parents that have purchased the latest iPhone or Samsung for their kid - that is their financial choice. Not mine.
In essence, we all have choices in life and wouldn't it be boring if we all thought the same way.
I have been watching land sales in the area and for developments have not seen more than 200K per acre for SFH. So whoever claims $175K for a 1/4 acre lot is maybe exaggerating, unless it is an infill lot in a older, trendy area like Oakwood.
No exaggeration, there is a big difference between an undeveloped land sale and a developed lot or group of lots being sold to builders. I stand by my earlier posts and have grown quite familiar with Wake county deeds and records. iMaps and other sites contain a great deal of data..
I do wonder why the new houses in the communities look so boring and uninspiring when I look at for what's for sale.
I see interesting one off modern homes being built in Raleigh. They must have all replaced tear downs? I would be interested in one of those if highly rated public schools weren't at the top of our list.
I would not buy one of these new houses, they are too far out and you have to wonder if the resale value is not going to be there when you have millennials starting families moving in down the line. Doubt this is what hey are going to want in a home style and location. I bet there are going to be more rowhouses built in the future that have more convenient locations to work and nightlife.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
