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With the revitalization of downtown Cary, what do you see as the future of nearby housing? Will it mostly become high-end renovations and tear downs? Will there be a push for more multi-family housing and splitting of larger lots for more compact new builds? Or is there some type of regulation to control a rapid increase in density?
What’s the area like now? Is it popular for younger families? How are the schools (Cary Elem, E. Cary Middle, Cary High)?
How risky do you feel it is to buy an expensive tear down/new build or invest in a major renovation in this area? Is the value truly there or do you feel current pricing is in anticipation of downtown Cary’s potential assuming no economic downturn?
I appreciate hearing your opinions of housing inside the Maynard Loop now and in the future.
All of the above. The closer to downtown you get, the more teardowns you see...existing homes are older with bigger lots, and with the land values highest there, it makes the most financial sense to subdivide and build big new homes. But it's also happening some as you get out from downtown a little bit. Some properties are big enough for larger projects, like Page Square where 50 townhomes (already sold out) are moving toward completion with the last units just getting started.
Densest stuff mostly happening right in downtown. Bunch of high-end townhomes just wrapping up, several mid-rise condo buildings along Chatham, a long-planned 180-unit multi-family project at Harrison and Chatham could be getting underway in not too long.
DT Cary has appreciated rapidly, and with the downtown park and associated developments underway, the potential is moving quickly toward reality. That means it's too late to get in on the ground floor to scoop something up, but people are still snapping things up.
Long term outlook is good IMHO. It's close to 40, it's close to Raleigh and it's really not terribly far from RTP. But like SF said the ground floor has risen substantially.
It has a lot to say about the town’s vision for downtown.
We moved down here from another part of Cary about 4 years ago based on what we saw as the potential. We’ve been rewarded with our property increasing in value 65%. Definitely a lot of current prices are based on the near term future that includes things like the park and Fenton. Our immediate neighborhood has avoided the tear downs we are seeing nearby. The tear down/infill stuff is mostly in decrepit homes, multi-tenant homes, and small cottages that were on large lots. (Our particular little neighborhood has a bit larger homes that are generally well kept). But, yes, you will continue to see tear downs, as the land is now starting to be more valuable than the homes sitting on it in many cases.
Along main corridors, you’ll see density. Condos, apartments, and townhome projects are all ongoing. This has long been the vision. There will be a new Amtrak station (and eventually commuter rail is planned) and Bus Rapid Transit is being ironed out now. There are a lot of projects going on.
Personally, I don’t think there’s much risk to buying/building here if it is long term you are looking at. But, you’ve missed the boat on getting in early (but, then again, I thought we’d missed slightly and we are now sitting pretty). I think what is happening will be similar to what has occurred in North Hills as far as an investment goes.
Ok, Schools. None of them rate out all that high on something like Great Schools, but I am not (at all) a fan of how GS rates things. We loved Cary Elementary, and felt like our kid thrived compared to a more highly rated school we came from. For Middle School: When we moved here, our home was zoned for Reedy Creek and had been for ages. But, we got switched to East Cary last minute. We were open to this, but really got bad vibes touring the school and opted for a magnet (that has turned out great although COVID has been a bummer and dampened the experience). Our kid will probably stay “local” and go with Cary High over a much higher rated magnet high, for a variety of reasons. Among them, just the PITA it would be every day to get to/from school if they went magnet.
There’s kids here and there all over the downtown area. When school gets out, you’ll see a lot of walkers heading home. But it isn’t like some of the newer neighborhoods with kids everywhere. Instead of multiple friends within a few houses, our kid has friends within several blocks. There’s a lot of older folks, some original owners from the 60s. It’s starting to transform and flip over to a younger demographic that wants to walk to things downtown, but it will take some time.
Last edited by Dire Wolf; 12-17-2021 at 12:24 PM..
In most built-out towns, the most desired locations are near downtown. In towns like Cary which are not fully built out, the "desired" locations shifts to wherever the newest construction is. Once Cary is fully built out, walkable to downtown will be the place everyone wants to live, and Cary understands that hence all the work they're putting into it. Unfortunately 10+ years ago was probably the time to be buying there, that boat has likely sailed, but still a great place to invest.
The convenience of Western Cary to RTP throws a little bit of a wrench in things, but the pandemic has likely shifted things a lot. I do think that West Cary will continue to be desirable, especially with those that work at the Apples, Cisco's, etc. It's clear that Apple still plans on having an office presence, otherwise they wouldn't be building a new campus.
Ok, Schools. None of them rate out all that high on something like Great Schools, but I am not (at all) a fan of how GS rates things. We loved Cary Elementary, and felt like our kid thrived compared to a more highly rated school we came from. For Middle School: When we moved here, our home was zoned for Reedy Creek and had been for ages. But, we got switched to East Cary last minute. We were open to this, but really got bad vibes touring the school and opted for a magnet (that has turned out great although COVID has been a bummer and dampened the experience). Our kid will probably stay “local” and go with Cary High over a much higher rated magnet high, for a variety of reasons. Among them, just the PITA it would be every day to get to/from school if they went magnet.
Would you feel comfortable elaborating on the bad vibes you had at East Cary Middle? Isn’t it also a magnet? The school situation definitely gives me pause. While I think magnets are awesome I worry about my older son spending prolonged periods on a bus as he struggles with anxiety. Nearby neighborhood schools would be ideal though I know that is never a guarantee in WCPSS. Thanks!
It really was just a vibe and impression. We’d toured a few schools and been impressed with leadership, but the ECMS open house just was very underwhelming. I followed up with a friend that had sent two kids there. Older one had been under the earlier leadership, and they had been happy. Younger experienced some time under new leadership and they’d been underwhelmed. We were already planning to at least explore magnets, but that tipped the scales. That said, we know families that did send their kids to ECMS and they’ve been generally happy, so maybe it just took some time with the staff turnover.
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