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I believe that after the closing of the 540 Davis Drive exit, they are planning to reconnect Kitts Creek rd to Davis drive using the old 540 exit ramp. This will make Davis Drive and RTP much more convenient for this neighborhood, but may lead to a lot of commuters cutting through the neighborhood.
Homes all over Cary in the 500,000 price range have hit a major slump. No one wants 'jumbo loans,' and few qualify for them anymore. Kitts Creek is at no greater disadvantage than any of the other developments in this area of Cary, and homes in the 300-400,000 market are still selling, albeit slowly. When I searched the 299,000 - 450,000 homes for sale, I had almost 500 hits just recently, so for buyers, there is an awful lot from which to choose.
For many, this is still a tough economy. Unemployment is at 11% in NC, and while the current month shows a decline in claims, there are a number of closings forecast in the coming months, especially in RTP, which has, historically, made this general area of Cary attractive. Add to that, cuts for teachers and other school personnel, as well as other state and municipal employers scaling back, and you might have a better understanding of the surge of homes on the market right now.
Where I am, new homes being built in Highcroft Village are selling before many here in Highcroft itself, developed as recently as 2003-2006, are closing. Many are opting to buy new, for whatever reasons, in this 300,000 price range. I wouldn't think Kitts Creek has been hit any harder than other areas on this end of Cary, and I wouldn't be afraid of purchasing in Kitts Creek because of any number of homes, resales or new, there. There have been as many as 20+ homes for sale here.
Doing your homework, spending some time researching the area and major employers, and the outlook forecast for the coming year, and you can make better, informed decisions. It is a good thing that the upper scale homes there in Kitts Creek have sold recently; as for losing on an investment, it will take all homeowners as well as builders and developers, a number of years to bounce back. To be honest, the market here in Cary has been flooded with new construction for a numbers of years, and the justification for such growth just isn't here now. While I don't wish any one any ill, many homeowners are in worse predicaments than what some builders and developers right now.
I can't imagine paying that kind of money (or any money really) for a home so close to an interstate highway, or in this case 540. What is the road noise like?
RDslots - I am afraid you are wrong. Other comparable neighborhoods in Morrisville and Cary have sold much better than Kitts Creek have in the past 18 months. Providence Place (just down Chruch Street), TownHall Commons on McCrimmon, StoneWater in Cary have all sold a good number of homes in that time period. They are all in the $250K and upwards price point and offer comparable amentities.
The bottom line seems to be that there were around 200-300 people who liked "avant garde" design and that was that. This would explain why they sold well in the first few years but essentially ground to a hlat in the last 18 months when other developments continued to sell. The greatest example is TownHall Commons which is close by, but has much worse aircraft noise, it has sold around 40 homes in the same time period it took Kitts Creek to sell 8-10.
The unemployment rate in the triangle is around 6% and I am not sure many teachers who are on $40-50K are buying $300K+ homes!
Even Experience One have admitted defeat and are selling (or giving) the development to another company. Haven`t heard of that happening with Lennar, Centex, M/I homes or any of the other developments I listed above.
I believe that after the closing of the 540 Davis Drive exit, they are planning to reconnect Kitts Creek rd to Davis drive using the old 540 exit ramp. This will make Davis Drive and RTP much more convenient for this neighborhood, but may lead to a lot of commuters cutting through the neighborhood.
Exactly.
First the Davis Drive exit gets shut down. Next the toll booths on 540 get set up and it suddently costs you money to get off at NC55. Where does everyone get off? NC54
Once you get off at the NC54 exit, you have 4 ways to get over to Davis. Go all the way down to McCrimmon, all the way up to Hopson, or. . . . . you cut through the Kit Creek subdivision or the Keystone office park. I'm guessing that all of the Cisco, NetApp, Synthon, Credit Suisse, Biogen, etc employees will be cutting through Kit Creek.
I drove by the Kitts Creek entrance on Church Street, and saw a sign that made me think that they were re-defining their neighborhood concept. I don't remember the exact wording, but that was the impression I got. Maybe the new builder wants to make a point that he is building more traditional houses? I might have to go in and take a look at the new floor plans.
Once you get off at the NC54 exit, you have 4 ways to get over to Davis. Go all the way down to McCrimmon, all the way up to Hopson, or. . . . . you cut through the Kit Creek subdivision or the Keystone office park. I'm guessing that all of the Cisco, NetApp, Synthon, Credit Suisse, Biogen, etc employees will be cutting through Kit Creek.
Church St will close completely at 54 at some point - so they are going to have to go to have to go all the way to Hopson or McCrimmon - at that point doubt it would make much sense to go up or down church St and through Kitts Creek or Keystone office park.
Church St will close completely at 54 at some point - so they are going to have to go to have to go all the way to Hopson or McCrimmon - at that point doubt it would make much sense to go up or down church St and through Kitts Creek or Keystone office park.
I was not aware that Church street was closing at NC54. Will they be removing that intersection with NC54 altogether, or just making Church Street end prior to the intersection and letting the intersection remain?
They'd better widen Hopson between Davis and NC54 because it can't handle much more traffic.
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