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We’re selling our home in our current city to move to Raleigh.
1. Which areas ITB are good for our $450-$550k budget? I’ve been looking online and notice that some seem to go quickly and at over asking, while others sit (still moving quicker than the average 60 days here). Any reason why?
2. We like the amount of space you get in Wakefield Plantation for the price but I’m trying to figure out why those homes seem to sit much longer than ITB.
3. If I’m looking for the best area that will appreciate over time, is it possible to predict whether that will be ITB or outer?
4. For instance, if we purchased in our price range in N. Raleigh, we’d have a much smaller home. But would the value of that home appreciate more quickly?
We’re renting for a few months to get a feel for the area. But this is what has me thinking.
ITB has a cache that other areas don't. If you were really Jerry Seinfeld from Massapequa, I'd day it's the difference between buying in a Manhasset or Garden City vs Massapequa or Bethpage.
No one has a crystal ball. But you know that. Regardless of where you end up, you're probably buying at or close to the top of the market.
We’re selling our home in our current city to move to Raleigh.
1. Which areas ITB are good for our $450-$550k budget? I’ve been looking online and notice that some seem to go quickly and at over asking, while others sit (still moving quicker than the average 60 days here). Any reason why?
2. We like the amount of space you get in Wakefield Plantation for the price but I’m trying to figure out why those homes seem to sit much longer than ITB.
3. If I’m looking for the best area that will appreciate over time, is it possible to predict whether that will be ITB or outer?
4. For instance, if we purchased in our price range in N. Raleigh, we’d have a much smaller home. But would the value of that home appreciate more quickly?
We’re renting for a few months to get a feel for the area. But this is what has me thinking.
Compared to ITB?......I think you are mistaken there. Generally speaking you will get much more house for the money in N. Raleigh vs ITB. Unless you are comparing areas of 27610 which while technically are "Inside The Beltline" are not in as high demand (though that is changing).
There is no way to predict where you can buy a house that is "the best area to appreciate over time". Though I will say, generally speaking, those are going to be areas that are considered not very desirable now. People who bought old 1200 sq ft Bungalows near downtown Durham for super cheap before the early/mid 2000s were probably laughed at and prayed for.....now they're laughing all the way to the bank.
Others will have more insight than I do. But, given I'm a semi-recent transplant myself, I want to say that this:
Quote:
Originally Posted by JerrySeinfeld
We’re renting for a few months to get a feel for the area.
Is absolutely the best decision we made when we moved here. We thought North Raleigh too, I was talking about it on this forum for 2 years before we even arrived. And we wound up on the southwestern side of Raleigh (Outside 440, inside the new 540) because we had this idea in our heads that didn't quite pan out in reality.
ITB is hot, for sure. Consider typical commutes to downtown, Durham and RTP and areas that are convenient for that, and those places are very popular.
if your Realtor can't explain it to you, then I'm guessing they were assigned to you by a Relo company? Either way, your professional advisor should be able to give you professional advice.
ITB isn't "magic". It's central, has "everything" you need within 10 minutes, and closest to downtown Raleigh, and away from traffic, and pretty darn high socio-economics given its age.
3. If I’m looking for the best area that will appreciate over time, is it possible to predict whether that will be ITB or outer?
There's going to be pockets around that appreciate faster than the average, but you probably need to look more granular than just ITB vs OTB. It also helps if you know the area a little better and know some of the long term plans.
The big jumps happen when you get in early to an area the becomes popular (or, in many cases, becomes popular again). Oakwood and Boylan Heights would be examples ITB. They'd become fairly rundown and I had friends renting homes cheaply in each in college in the 80s/90s. Now, they are highly desirable again and are all spruced up. If you bought in either early in the downtown revitalization, circa turn-of-the century/millennium, you would have seen large percentage appreciation.
Currently you are seeing downtown Cary neighborhoods going through this sort of thing. It was super cheap (relative to Cary) to buy into these neighborhoods with their bungalows and split levels and such a few years back. Things are changing fast (I still feel like there's good room to appreciate, but you'd definitely have missed the first or even second wave).
Def a relo guy. Just want to make sure we’re seeing all options.
he should be able to research functions in our MLS/Association website to determine the areas that are appreciating the best.
In general, the closer you are to something major, the better the appreciation. For ITB, that's downtown. For West Cary/Morrisville, that's RTP. Then it's a matter of scarcity - there certainly used to be something "mythical" to Raleigh natives about owning ITB, and so with a distinct border (the Beltline) and no more land to develop as a large project, the value of the land is much more than the house, basically. In Western Wake, they're about to run out of land CLOSEST to RTP, but the opening of 540 has allowed them to continue building, with a reasonable commute to RTP.
There's nothing that would indicate Wakefield will ever appreciate at the rate ITB or Midtown does (Midtown = within 1.5 miles of Beltline, running from Glenwood east to Falls of Neuse.
ITB is going to be $275/sqft or more in your price range for a nice home.
Go to Midtown, and you're saving about $100K. $550K will get you 2400 - 2900 sqft.
As noted, after that there are pockets. Downtown Cary has certainly exploded - homes are running over $200/sqft now - but it's also much smaller homes ... very few over 1600 sqft, and very few have actually sold.
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