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The whole triangle seems to be going crazy. I live in Fuquay, the land of squatted trucks and goats. I would say I live in a nice subdivision down here, and I bought at about 285,000 in 2015. I could probably sell for $540,000 right now. They're building toll Brothers homes right next to us that are going for almost $800,000 with everything included. Last I heard. It's turning out to be a nice supplement to retirement with the equity.
It’s not just the Triangle. A home I lived in growing up in the Triad sold for 450K last summer (just slightly below Zillow estimate). The Zestimate is $600K now. Up $150K in 6 months.
It’s not just the Triangle. A home I lived in growing up in the Triad sold for 450K last summer (just slightly below Zillow estimate). The Zestimate is $600K now. Up $150K in 6 months.
Wow, that is crazy. My wife's family is in South Florida and their home prices have more than doubled. It is insane.
The whole triangle seems to be going crazy. I live in Fuquay, the land of squatted trucks and goats. I would say I live in a nice subdivision down here, and I bought at about 285,000 in 2015. I could probably sell for $540,000 right now. They're building toll Brothers homes right next to us that are going for almost $800,000 with everything included. Last I heard. It's turning out to be a nice supplement to retirement with the equity.
If it’s a Toll Brothers house, I can tell you with certainty, everything is most definitely not included for their advertised price. Maybe they started at $600k?
Yes, Austin is comparable because it too is being overwhelmed with money from Big Tech. Austin is further down the road then we are, but we are both driving on the same highway and the Bay Area is at the end of it. The only thing that will mitigate our prices somewhat is our geography; its easier to build here. The same applies to Austin too, but it hasn't really slowed the price increases down much. At the end of the day, the driving force is the same, technology and it's sky high salaries compared to the other industries of our economy. It will create a class divide and homelessness crisis just like it has in SF and Austin. The middle class will be completely priced out.
I agree it is like there are tech workers with their tech money.... and then everyone else.
I guess they got their revenge. But what about all the other folks who are not mathematical savants? Not just restaurant and retail (they have always struggled) but nurses, teachers, accountants, first responders, construction, small business, service (repair/mechanics/trades).... really... just about everyone else. And these are often the folks that can't work remotely... they NEED to live close to their jobs. Oy. In some more established tech places now even some doctors are being priced out by the obscene tech wealth.
Mamas, don't let your babies grow up to be doctors
Don't let 'em use scalpels and deal with that muck
Let 'em be programmers and data scientists and such
higher prices means more commission MIKE! (I hope) Too the moon! Got my house in 2008 for $85 dollars a sq ft, they are selling for $200+ in my hood now. Multiple folks are cashing in and moving to more rural parts of NC, the demographics are definitely changing.
If it’s a Toll Brothers house, I can tell you with certainty, everything is most definitely not included for their advertised price. Maybe they started at $600k?
This area is quickly looking like the Bay Area in terms of the people and companies it attracts as well as the real estate market. I always liked it here because it was an "easy" metropolitan area to live in - convenient, but not too congested nor expensive and just the right blend of urban and rural. Not so much when you're looking at houses at these prices.
The core cities and towns of the triangle will soon be attractive only to people who work in an industry that requires living nearby. Otherwise, you can find similar amenities and landscapes almost anywhere else in North Carolina for significantly less money. A friend of mine works in engineering and makes over 100k per year, but since he can work remotely, he's moving to Wilmington. It has the benefit of being near the beach, and also significantly cheaper. I work in automotive repair, which I could do anywhere for similar money. Being close to a tech company or university doesn't benefit me in any way, so why pay for it? I wonder how the service and sales industries will be able to attract workers when they can't afford to live here any longer. It's not like we have a great rail system that people can commute in from far out. I wonder how long this is going to be sustainable.
The Bay area is unique in that its constrained by it's geography...(The bay, peninsula...) Austin is a better comparison.
Wilmington? I don't know how you'd call it 'significantly cheaper.'
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