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Hey now, Wakefield Plantation isn't all bad. After all, we're getting a Sheetz!
Seriously though the house I bought in 2011 has gone back up in value but I am not on the golf course side. I do think some of the houses on that side are overpriced for the tiny postage stamps of land they are on but that may not matter to you. The traffic is annoying but getting to RTP from anywhere in Raleigh isn't great.
The schools are good, the community is good, the HOA isn't overbearing and we like our neighbors. We do have some occasional excitement like a domestic shooting, high-schoolers driving fast, carjackers hiding out in the neighborhood and random thefts from unlocked vehicles and open garages. But I wouldn't stay away if you can get a good deal on a house.
It is a difficult situation for those people that paid tens of thousands of dollars to back up to the golf courses. That value is no longer there. And, when those golf courses are no longer sustainable, the land is sold and that means houses (better than gas stations) are being built right behind them.
When I show homes that back up to vacant land, I always let the buyers know of my concern as to what can/will be built behind that home. Even if the land is zoned residential, that can be changed.
But...when you have homes that back up to golf courses, does anyone think that it is possible (depending on who owns the golf course) for the golf course to be sold and something else to be built on that property?
A couple of years ago, I noticed that homes in Heritage that backed to the golf course were losing value but when I asked around my office, no one really noticed it. I guess you wouldn't unless you had buyers looking to buy those homes.
Interesting. I feel like the reverse is happening in Macgregor and Preston.
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some of those are tract-built homes of far lesser quality than custom homes.
Wakefield itself has struggled since build-out.
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Originally Posted by NYC2RDU
The location isn't great. It's a drag to get to RTP from the area, it's a nightmare to get onto/off of 540 during peak drive times and the community doesn't offer much in terms of amenities if you're not a golfer.
Close friends bought a home there in 2007, it lost over 20% in value within the next 18 months and never really rebounded. Many current owners have been under water on their mortgage for more than a decade and are often looking to cut their losses and move on. And to be honest, the quality of the homes is lacking with so many issues caused by inferior materials or sloppy work.
Many of the ones i've seen in the $400k+ price point have site finished wood floors, extensive trim, good quality cabinets, tile in bathrooms. A lot better materials than whats going in at similar price points now. Also one of the few areas in the Triangle that basement homes are not hard to find. However these homes are getting to that age where things start falling apart. Window seals, wood rot, HVAC, and they are looking pretty dated. I think the quality of the homes there are actually pretty good overall but I would never own a one in there unless I got a really great deal on something or absolutely needed a ton of square footage for cheap.
OP asked a good question because I myself have wondered and some of the explanations in this thread can be challenged. I don't think it has anything to do with it being a Golf Course or far location.
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some of those are tract-built homes of far lesser quality than custom homes.
Yes, can not compare tract vs custom but many of the tract homes in Wakefield are John Wieland homes that are much better constructed than most tract homes elsewhere today from Pulte, Lennar, KB, etc.
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The location isn't great. It's a drag to get to RTP from the area
That hasn't deterred the growth in Wake Forest, Holly Springs, or FV which are equally if not farther out.
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It doesn't seem like buyers of today think the golf course homes are worth $50,000 more than those that back up to their neighbor's homes.
Many buyers would gladly pay for lots without neighbors backing up vs tiny postage stamp size lots where one can touch their neighbors. That is why houses backing up to woods, golf courses, etc still demand lot premiums.
From my observations, Golf communities such as Preston, MacGregor, and Brier Creek still sell well. Other Golf Communities even farther out than Wakefield TPC such as 12 Oaks and Wake Forest Heritage sell well also. I can't speak for Lochmere or North Ridge as I'm not too familiar with sales there.
The house I had my eye on apparently was a great deal because it sold in 24 hrs. It was a custom home on .50 acres in a nice section. At under a hundred dollars per sq foot, it seemed too good to be true. I guess that is why it sold so quickly.
I still like the neighborhood, but I agree with the statements made about some sections not being as nice as others.
Personally...If I were going to live out that way; I'd find neighborhoods like Bedford/Falls River and Heritage more appealing than Wakefield.
This is mirrored way on the other side of town too in Chatham Co. Governors Club is flat or declining in value while Briar Chapel is selling at a healthy clip (resale in BC does sit for a while since there is still a lot of new construction to be had out there)
Personally...If I were going to live out that way; I'd find neighborhoods like Bedford/Falls River and Heritage more appealing than Wakefield.
Maybe you can shed personal insights on why the others are more appealing? And that may help answer the OPs question. Thanks!
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