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To be sure....this is not limited to just ITB or to the city of Raleigh. Region-wide.
yep. there were other topics she discussed with different links below the one I pasted here. One was on affordable housing in raleigh. I think she mentioned that 80% of raleigh was not zoned for multi-family... which surprised me (why, I'm not sure but it did) and that work had to be done with developers to build multi-family duplexes, apartments etc. to help people afford housing.... I always thought- perhaps incorrectly- that the pre-existing community had to have a majority vote to allow zoning to be modified in their neighborhood ?
I think the Mayor is sincere in this. But after all, she is from the development community. In general her approach is Build, Baby, Build... as long as it's inside or along 440. Low end, high end, and anything in between.
How much new construction besides the urban core is actually desirable? Why would someone who got in a 1800 rancher on a 1/2 half acre pre 2010 ever want to move to a townhome for more money?
Housing prices are just insane now. Average prices in my North Raleigh neighborhood are now well over 300k with some near or above 400k. Great for realtors and long time homeowners looking to sell but at some point prices will become out of reach except for the higher wage earners that can still afford the mortgage payments.
Housing prices are just insane now. Average prices in my North Raleigh neighborhood are now well over 300k with some near or above 400k. Great for realtors and long time homeowners looking to sell but at some point prices will become out of reach except for the higher wage earners that can still afford the mortgage payments.
If said longtime homeowners are looking to sell and buy locally; it isn't quite as "great" for them as one might believe if they are staying local unless they are "moving up" to custom-built new construction. Otherwise they are faced with the same daunting task of getting an offer accepted on their new house as well...hence the cycle of insanely low inventory we see right now across the spectrum.
I can also say, without hesitation and with more generalization than I usually care to use... that this market is the exact opposite of "Great" for Realtors as well.
Housing prices are just insane now. Average prices in my North Raleigh neighborhood are now well over 300k...
Insane from whose perspective? To someone from California, metro DC, metro NY, metro Boston etc the housing prices in Raleigh look dirt cheap. A family member owns a 2080 sq ft home built in 1967 on a small lot in a suburb of LA. It's valued at $1.3 million... about 4X the value of my same-sized house here that's newer and on a larger lot.
Back in the 1980s and 1990s when my employer Nortel was relocating many people here from the northeast, those folks couldn't find houses here expensive enough for them to avoid capital gain taxes on the sale of their houses up north. Most of them had to go to custom builders. Not much has changed since then... except that someone can now drop a million dollars plus on a downtown high-rise condo.
Last edited by wizard-xyzzy; 03-16-2021 at 09:54 AM..
Insane from whose perspective? To someone from California, metro DC, metro NY, metro Boston etc the housing prices in Raleigh look dirt cheap. A family member owns a 2080 sq ft home built in 1967 on a small lot in a suburb of LA. It's valued at $1.3 million... about 4X the value of my same-sized house here that's newer and on a larger lot.
Back in the 1980s and 1990s when my employer Nortel was relocating many people here from the northeast, those folks couldn't find houses here expensive enough for them to avoid capital gain taxes on the sale of their houses up north. Most of them had to go to custom builders. Not much has changed since then... except that someone can now drop a million dollars plus on a downtown high-rise condo.
Yes....I get what you're saying. A house in my neighborhood recently sold for $300k. The buyer spent several weeks remodeling and now flipping the house back on the market for $475k. That's what I call insane...and I'll be amazed if they actually get it.
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