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Yes, not only are rents skyrocketing because of housing shortage here but you have to ask yourself to I want to buy in an inflated market with high interest rates...its scary sometimes not only affordable but is this a good investment
Yes, not only are rents skyrocketing because of housing shortage here but you have to ask yourself to I want to buy in an inflated market with high interest rates...its scary sometimes not only affordable but is this a good investment
I am very grateful that I was able to buy a townhouse right before the explosion, I think I was one of the last to actually be able to negotiate prices !
There is a reason for joke about Cary standing for Containment Area for Relocated Yankees. The old tax law was that you could defer paying Capital Gains on the sale of house, as long as the next house you bought was more expensive.
Back in the 80s, things were beginning to explode. People were moving here from the north, where the average house may cost $200k, while the same thing were was $80k. The need for the transplants to spend at least $200k on a new house helped to start to drive an exploding housing market. There were reports of the Cary inspectors doing "drive-by" inspections since there were so many to inspect.
Back in the 80s and 90s, I started saying that Raleigh was also an acronym but it meant Relocated And Local Engineers In Giant Houses. That only seems to be accelerating as modest/small homes in prime locations (like midtown) are being replaced by $4M+ mansions over 7000 square feet with ALL the bells and whistles.
Yes, not only are rents skyrocketing because of housing shortage here but you have to ask yourself to I want to buy in an inflated market with high interest rates...its scary sometimes not only affordable but is this a good investment
Housing shortage and inflated market in the same sentence?
It's not the immigrants. It's the folks from the Northeast and California. Since COVID sooooo many jobs are work from home. Those folks in those super high real estate markets can sell their home in NY or CA and still buy twice the house here and WFH. They can keep the same job.
I beg to differ on the immigrants, I live in a midrange priced neighborhood and we have tons of Indian ones.
Maybe 40% of the neighborhood is Indian. You can't say the two tech salaries aren't pricing out Americans. The immigrants are driving around in pricy cars, while I watch SOME of my older American neighbors who moved here (from cheaper areas) to help babysit their grandkids struggle with mortgages. It's worrisome to me to see 70 year olds with mortgages. Half of my old neighborhood is owned (as rentals) by Chinese immigrants, it's not really that hard to figure out from looking at the deeds. I vote Dem, but I can understand why some people are resentful and turn to Trumpism.
To the original poster, many who could afford this area bought before the Covid run up. Stuff here went up like 75% (or more) since 2019. This area is not anywhere near as Expensive as the NYC Metro, I was talking about it with a friend earlier today. Was looking at a relatives old house that was a 40 min train ride to midtown Manhattan. Their 1900 square foot old raised ranch, in a top notch school district, is worth about $900k and has an $18,000 tax bill. You could still buy something for far less here and the tax bill is probably about 1%.
I don't think the values here are going to go down, this is a desirable area.
Last edited by Fiona8484; 04-01-2023 at 06:30 PM..
High income/net-worth immigrants; yes. High income/net-worth relocatees from other (often higher-cost) areas of the US; yes. Out-of-state and international investor/speculative owners; yes. All are factors in the upward pressure on home-prices in the Triangle for sure. None more to "blame" than the others really.
Last edited by TarHeelNick; 04-01-2023 at 07:31 PM..
I used to complain about the same prices when I was thinking about a possible move to NOVA (northern virginia). Now those same numbers are down here!
NOVA especially anywhere within the beltway like Falls Church/Arlington area is still incredibly expensive; almost 2x more expensive than Raleigh but there is at least mass public transit, proximity to DC, great restaurants, booming job market and many things to do. I can't see these prices to justify staying in Raleigh/Durham when you have to drive literally everywhere and there are no great malls, stores, or decent places to go. I am Raleigh native and moved/bought a condo in Falls Church City in 2021. Expensive and I have much less space than my townhome in Brier Creek but WORTH it! I am back in North Raleigh where my parents still live helping them out after a recent surgery and I am desperately ready to get back home to NOVA. I toyed with the idea of selling my condo and moving back in with them but in the end it will be hard giving up the great area I live in.
NOVA especially anywhere within the beltway like Falls Church/Arlington area is still incredibly expensive; almost 2x more expensive than Raleigh but there is at least mass public transit, proximity to DC, great restaurants, booming job market and many things to do. I can't see these prices to justify staying in Raleigh/Durham when you have to drive literally everywhere and there are no great malls, stores, or decent places to go. I am Raleigh native and moved/bought a condo in Falls Church City in 2021. Expensive and I have much less space than my townhome in Brier Creek but WORTH it! I am back in North Raleigh where my parents still live helping them out after a recent surgery and I am desperately ready to get back home to NOVA. I toyed with the idea of selling my condo and moving back in with them but in the end it will be hard giving up the great area I live in.
I'm moving to Ashburn at the end of this week as a matter of fact, which is just as expensive (if not more) than locations inside the beltway (richest county in the US after all). But I actually find that I have many more conveniences close by in Cary than I will in my new location. I'm sure there will be a lot of changes in 5-10 years, if I'm still there that long. But at this point in time, I feel like I'm giving a lot up.
I'm moving to Ashburn at the end of this week as a matter of fact, which is just as expensive (if not more) than locations inside the beltway (richest county in the US after all). But I actually find that I have many more conveniences close by in Cary than I will in my new location. I'm sure there will be a lot of changes in 5-10 years, if I'm still there that long. But at this point in time, I feel like I'm giving a lot up.
Ashburn is out there......geographically like Pittsboro to Raleigh but with a lot more between Ashburn and D.C. including traffic.
We lived in Potomac, MD before moving to Cary. In the last 3 years prices in Potomac have increased roughly 35% vs 70% in Cary. But on a price per sq.ft. basis, Potomac is still almost double. Average household income is also significantly higher in Potomac vs Cary.....partially due to a greater number of double income households.
Drift. In the late 80's and early 90's I used to ride out to Ashburn. There was a country store we would stop at......it was very rural back then.
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Afford Raleigh
