Will new construction lose its premium? (Raleigh, Wake Forest: real estate, apartments, condos)

[hey_guy]

I was noticing how 2k-3k sqft houses on 1/3 to half 1/2 acre lots seem to be topping out in the 300 to low four range when new construction on postage stamp lots of 2k sqft seems to go in the four to fives.

Don't most people find the more spacious lots more appealing than the shoulder to shoulder clear cut builds of new construction? Are people just turned off by an early 90s 80s home? I know it might need big ticket repairs but that's just saving some budget hell seems like roofs are free

What am I missing here? On older newer homes early 2010s how are they assessed

[MikeJaquish]

You would be surprised...
Many people who live in condos, townhomes, apartments, or foreign countries with many times the density and noise we have here tend to consider more than .18 acre as a burdensome maintenance issue, while they have more privacy than they ever had before.


And, I see tons of houses with no evidence that a resident uses the yard, goes outside, etc, unless they are going to a gym, pool, or other central location.

[m378]

Can you give an example? Are you comparing zip code to zip code?

In the case of the Triangle, most larger lots are "further out".

[hey_guy]

Originally Posted by MikeJaquish

You would be surprised...
Many people who live in condos, townhomes, apartments, or foreign countries with many times the density and noise we have here tend to consider more than .18 acre as a burdensome maintenance issue, while they have more privacy than they ever had before.


And, I see tons of houses with no evidence that a resident uses the yard, goes outside, etc, unless they are going to a gym, pool, or other central location.

I can't stand hearing neighbors I think if you grew up rural you just aren't as acclimated to people in close proximity to your house

[twingles]

Buying a house on larger than .25 was pretty much our #1 criteria when we moved here. Haven't regretted it a day since. Maintenance issues will force a move to a smaller plot eventually and I don't look forward to sidebyside living again (lived on .16 in NY...in a house much smaller than what they're building here). It lessens neighborly annoyances considerably LOL.

[robin3904]

Originally Posted by MikeJaquish

I see tons of houses with no evidence that a resident uses the yard, goes outside, etc, unless they are going to a gym, pool, or other central location.

For me, the "use" of my yard is the nature-watching and separation from neighbors that it allows. Last year I was one of the people who specifically sought out houses on .25+ acre lots even if the house needed some work. I like trees and birds.

[m378]

Originally Posted by m378

Can you give an example? Are you comparing zip code to zip code?

In the case of the Triangle, most larger lots are "further out".

Nevermind - I thought the OP was comparing new construction to new construction, not resale to new construction.

[BigRedBeth]

We are on a postage stamp lot here and looking forward to moving back to the Raleigh area next spring. The house we used to live in was on .27 and that felt big! When we visited the area recently I was really surprised to see that most of the new homes were on lots smaller than what we have now! What I really want is a small lot, but not 2 ft from my neighbor's house. Hope the new neighborhood we have been eyeing in Wake Forest will have a bit of room between homes. I need to have room for a pollinator garden, but don't need a lot of lawn for sure.

[Sherifftruman]

So, in a world where we will probably be dealing with this virus for some time, will people stop liking houses no one has ever lived in and they don’t have to tour houses where someone you know nothing about is living in? Seems unlikely.

[919 rtp]

Not a builder/real estate person, but I'm thinking houses with an in-law suite will become more popular. Essential health-care worker can stay in it during the next pandemic. Or for Grandma to keep her safe and out of a nursing home.