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There are some of the older homes that I'd drop 500k on (if I had it) ... I'd pay for the character and location.
That's just it though, Raleigh offers locations that are better than the other but the entire area just isn't worth spending that kind of money on a house. IMO of course. But, we have the luxury of being able to live anywhere.
If I'm spending $500k, I want a lot of things this area can't provide. Namely climate.
I've noticed that new construction is sooo expensive here. $300,000 for a track home and $400,000 for a very builder grade home. I'm not looking to buy, but happen to ride through some neighborhoods when the kiddos fall asleep in the car. I drive through and think, hmm these aren't bad but they don't impress me. Then, I see the price tag of $450,000 and they are nothing special inside. It seems like $330,000 will get you a zero lot new home minimum. I guess they must have buyers for these not so special looking $400,000-$500,000 homes, but I can't imagine paying that high cost for what I'm seeing. Maybe that's the way it's always been as far as new construction... But wow!
Because more buyers prefer new construction, than a home that needs updating.
You can easily spend much less here and still get a higher standard of living. We went from a 1960 1800sf cape cod that we sold for 500k to a much larger, nicer house, for under 350k. It's not brand new, it doesn't have the bells and whistles of new construction, but it's a nice house in a good location and suits us well.
We do have less land, which is a big factor in price, but I'm not missing maintaining an acre of land. Never again.
Yeah... and you could take someone who sold their place for 800k and moved here to a new house that cost 600k and say they got a higher standard of living, too. Know what I mean?
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That's just it though, Raleigh offers locations that are better than the other but the entire area just isn't worth spending that kind of money on a house. IMO of course. But, we have the luxury of being able to live anywhere.
If I'm spending $500k, I want a lot of things this area can't provide. Namely climate.
Climate? Like my parent's $825K 1,500 sq ft house in Boston?
Yeah... and you could take someone who sold their place for 800k and moved here to a new house that cost 600k and say they got a higher standard of living, too. Know what I mean?
My original post was referring to people who sell that house for 800k, and buy here for 800k. You lost me
If I'm spending $500k, I want a lot of things this area can't provide. Namely climate.
It's difficult to find a nice large home in good condition, in a growing city with good paying jobs for less than this these days. You also have excellent public schools associated with this price as well. It looks good for those of us on the outside looking in.
My original post was referring to people who sell that house for 800k, and buy here for 800k. You lost me
Well, yeah. That's illogical unless a lower COL wasn't someone's objective. I mean, if they lived in a higher COL area and moved here because they got a promotion or a new job that made more money, maybe they already felt fine in a house in that price range and now they're here, likely in a newer home in the same price range, with a job that pays more.
So, that's a possible scenario.
Another is that they were someplace else in a tiny house they paid 500k for, and they got a good job here and wanted to buy a larger home to start or expand a family, and were fine with the 500k price tag for a newer, larger home.
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It's difficult to find a nice large home in good condition, in a growing city with good paying jobs for less than this these days. You also have excellent public schools associated with this price as well. It looks good for those of us on the outside looking in.
Well, if you are in a high COL area trying to raise a family, this place can look very good.
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I recently have heard of a local builder having to lay off some of his long time employees due to not being able to purchase the land needed to build homes. The national builders are coming in and swooping up the land and the local guys can't compete. I guess I would not be surprised if this is indeed true.
It is true for local builders in the under 500k market.
My dad is local builder in the very high-end market ($2million +) and business is getting better now after a huge dip after the recession. This market is almost exclusively ITB infill and North Raleigh.
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