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Can anyone tell me what is up with a neighborhood called 12 Oaks? I picked up a New Home Guide magazine today and it is front cover saying A New Beginning For This Premier Community. The golf course looks great, so what was the issue with it? Where do you see it going from here and do you think it will be a good place to buy & live?
Last edited by Marietta Man; 06-08-2010 at 05:33 PM..
Reason: Location
12 Oaks was initially developed by Wakefield Development, a company that had (up to that point) had a midas touch in the Triangle. They ended up owing millions to Fowler Contracting (the company who ran utilities and built the road network). The property is under new ownership, hence the "new beginning".
A number of things didn't go their way as it relates to 12 Oaks-Really poor market timing and a location that simply didn't appeal to people at the price points initially offered were the two biggest issues IMO. They leaned heavily on the wrong type of product out of the gate-Charleston Homes and 4000 square foot plus custom homes at the same kind of pricing you would find in locations that were far more established and desirable.
In any case, the same liabilities still exist-a location that is not in line with the product offered, power lines, and a mix of homes that are not clicking with current Triangle homebuyers.
I suppose that once the Western Wake extension of 540 is complete (2012) the location could become more viable but I'm hesitant. The bulk of buyers for those homestyles are RTP executives and for 12 Oaks to become viable the West Cary market north of $500K needs to bounce back in a big way so as to justify saving some money by moving all the way down to 12 Oaks.
I would bet that for 12 Oaks to successfully build out they will need to substantially lower the price points and recruit national tract builders. That does NOT bode well for anyone who stepped up and took a risk early on in 12 Oaks.
I'd love to see 12 Oaks succeed. It would be good for all of us. In the end I think it's too ambitious a project in the wrong location.
Yep and you can see the cooling tower from many parts of the community. Yes I know we all live near Shearon harris but I do not want to be able to see it or be in the 10 mile zone... And sure not gonna drop 300 to 500 on a home there. but thats just me..
I've never understood where the appeal would be where your bordered by a) Shearon Harris b) southern Wake landfill and soon c) the new western wake freeway. I think things will eventually work out, but probably not on the grand scale that the original idea was for as far as pricing is concerned.
I drove thru 12 Oaks a long time ago and it was pretty sad.
Only a handful of people were in there and there were lots of homes all finished with nobody living there.
They had plans for $600-1 million dollar homes. But they need to tone it down pricing wise.
I think 12 Oaks has a great chance of coming back as a lot of bankrupt builders and bank owned homes are finding a 2nd life. The Raleigh NC area is bouncing back a lot quicker with real estate than some areas and builders look to getting back into selling again.
12 Oaks does have some really nice large lots. And if the pricing is right, they can bring people in who want to live in a golf course community for bargain pricing.
But they'll need to give people deals. That area of town is a bit dingy and it's a bit out there.
That's what they said about Sunset/Devil's Ridge too. The entire town was considered "dingy" by just about everyone who knew anything about Holly Springs. At that time, the population was 75% black, and sad as it is, a lot of people were just plain afraid to move there, or invest a lot of money in a home there, golf course or not. No one even knew that the old Cary dump was across the road from it. Eventually, people came, and the town was forever changed.
Heck, I still see posts here where people are told, or get the impression that HS is "dangerous" and/or "sketchy". There is plenty of low cost housing in HS...not sure we need a lot more of that, if we hope to attract a truly diverse (in all aspects) population.
That's what they said about Sunset/Devil's Ridge too. The entire town was considered "dingy" by just about everyone who knew anything about Holly Springs. At that time, the population was 75% black, and sad as it is, a lot of people were just plain afraid to move there, or invest a lot of money in a home there, golf course or not. No one even knew that the old Cary dump was across the road from it. Eventually, people came, and the town was forever changed.
Heck, I still see posts here where people are told, or get the impression that HS is "dangerous" and/or "sketchy". There is plenty of low cost housing in HS...not sure we need a lot more of that, if we hope to attract a truly diverse (in all aspects) population.
I agree with you, although I think a big difference here is location as well. Most people are not entralled with the idea of paying upwards of 700k for a prime view of the Shearon Harris tower.
I agree with you, although I think a big difference here is location as well. Most people are not entralled with the idea of paying upwards of 700k for a prime view of the Shearon Harris tower.
I dunno what the view is like but I think it might be cool to look at the cooling towers.
I would love to tour that power plant but you can't with all the security in place now a days.
No one even knew that the old Cary dump was across the road from it. Eventually, people came, and the town was forever changed.
I always wondered what that piece of land was near Sunset Fairways off Holly Springs Road. I had a feeling it was some sort of dump because that hill was very unnatural looking. I even google mapped it once to see what it looked like from the sky.
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