Resale Value in Southeast Raleigh (Wilmington, Garner: new home, neighborhoods, buyers)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Attention Realtors or anyone else with the answer to my question:
I would like to know how the resale value is looking in southeast raleigh, particulary the chastain or battle ridge at chastain community. I'm looking to purchase a brand new home out there that will cost 175,000. My goal is to stay in at for about 5 years and then sell. Do you all think this is a smart way to go? Please help me out!
Your appreciation will be linked to new construction costs, pricing, and inventory.
Like someone said on an earlier thread, Raleigh is running out of development land and SE Raleigh will increase in value due to that fact alone, since there is still land available.
I would think you would do all right. Not as well as closer into the city, but all right in five years.
Hard to say...if only the darn crystal ball was working today!
In the past...anything around Poole Road had a stigma attached to it. It does seem that alot of new construction is going on out there. It does seem like the developers and builders think it will be the next area to grow.
Only time will tell.
Don't you just hate it when people tell you that "it depends"!!!
If only we all knew which area would appreciate faster and best...
Attention Realtors or anyone else with the answer to my question:
I would like to know how the resale value is looking in southeast raleigh, particulary the chastain or battle ridge at chastain community. I'm looking to purchase a brand new home out there that will cost 175,000. My goal is to stay in at for about 5 years and then sell. Do you all think this is a smart way to go? Please help me out!
I don't see that area increasing in value that much over a five-year period. The location isn't that great of a selling point right now (although they are building grocery stores, etc... in the area) and the roads are terrible in the area (two lane roads getting to those areas that get backed up now). The homes themselves are ok but none of those neighborhoods has that “wow” factor that excites people. Cookie cutter, not much land and not a lot of pizzazz or upgrades. You can try to improve your house yourself but many people in that area are first time working class buyers who aren't looking for something that extravagant anyway.
SE raleigh and the whole 27610 zip code does have a stigma attached to it. The areas you are looking aren't deserving of this stigma, they're still relatively new and aren't in the historically bad parts of SE raleigh. However the thing with SE raleigh is that even though many new subdivisions/communities/shopping are being built the homes all seem to be geared toward people looking to spend less than $200k. Where are the $250k and up neighborhoods? Where are the million dollar homes? What does the area have in the way of housing for the upper middle class? If builders in SE raleigh offered neighborhoods like these the area might be able to take off because it would be more attractive to a wider range of people.
You will have no problem selling the home in five years, there are plenty of people looking for homes like these. I feel you will have a problem if you buy in that area and think you can flip it and make a profit. Look at the resale value of other subdivisions in that area that have been around a few years (Maybrook crossing area comes to mind). The homes are not selling for much more than when they were built.
Where are the $250k and up neighborhoods? Where are the million dollar homes? What does the area have in the way of housing for the upper middle class? If builders in SE raleigh offered neighborhoods like these the area might be able to take off because it would be more attractive to a wider range of people.
They are in the process of building a golf course development (Olde Towne Raleigh) that is supposed to have 3,000+/- single famile homes, And 350,000 s.f. of retail space at the corner of Rock Quarry Rd. and New Hope Rd..I think this, along with the Wal-Mart that will be built near the Alltell pavillion and some other projects getting under way will help jumpstart the "bigger", "nicer" homes that are missing in the area.
They are in the process of building a golf course development (Olde Towne Raleigh) that is supposed to have 3,000+/- single famile homes, And 350,000 s.f. of retail space at the corner of Rock Quarry Rd. and New Hope Rd..I think this, along with the Wal-Mart that will be built near the Alltell pavillion and some other projects getting under way will help jumpstart the "bigger", "nicer" homes that are missing in the area.
That will be nice, I hadn't heard anything about the project. The area definitely needs some upscale homes/neighborhoods to attract a wider range of buyers...
They're also building that huge development at the corner of Tryon and 401and Wilmington Street. I think it's called something like Tryon Palace. It may be considered Garner, but it's still on the edge of SE Raleigh. From driving by it looks like it'll border RGA golf course some too. They've built the club house first, so it may primarily be town houses?
Old Town if not going to be built. The land is now owned by a bank in Ohio, I believe.
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