Miss Carrboro so much! (Cary, Chapel Hill: real estate market, to rent, chapel)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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My family and I lived in Carrboro from Aug. 06 to Feb 07 and I just fell in love with the place. We had planned to settle there, but my husband got a job opportunity in CA (which I hate) so we reluctantly moved (my husband said--of me--that it was like "dragging a mule across the country"). Now we have an "opportunity" (some might call it a layoff) to move again. I really want to come back to NC (specifically the Carrboro/Chapel Hill area) and STAY!!! but I'm not sure if this is realistic. Is there anywhere to buy that is sort of affordable? We're trying to get by on one salary (my husband's an electrical engineer) so I can stay home with our two boys, but I'm not sure if we can swing it in Carrboro.
Anyway, I'm just feeling kind of "home" (I'm originally from upstate New York) sick for the Triangle and looking for some way to get back there. Any suggestions (or just a few friendly hellos) would be sooooooo appreciated.
I think it all depends on what you want/need in a home. Carrboro prices have been on the rise, but it is still more affordable than chapel hill. Carrboro definitely has homes in the 250-300 range, some may need some work, but it depends on what you want.
We're looking in both Carrboro and Chapel Hill, and leighbhe is right, Carrboro's prices have been increasing at a rapid rate. We've been checking out Quarterpath Trace and some of the neighborhoods in that area. Depending on your price range, you might want to keep an eye out for Barrington Hills. There are a couple of homes in that area currently under 300K. The styles there tend to be 80's rustic/modern and seem to be around 1400-2000 sq feet. Behind Quarterpath Trace is Spring Valley, another 80's style neighborhood that often has homes in the mid-upper 200's.
If you're open to Chapel Hill, you might check out Colony Woods. We've been looking there as well. It's off Ephesus Church Rd.
I'm originally from the Triangle, and when we moved back I really wanted to move to Chapel Hill / Carrboro too. But my husband found a job in Cary, and argued that it was easier for us to drive Cary-Carrboro once or twice a week than for him to drive Carrboro-Cary every day. So we picked a very reasonably priced house 1.5 miles from his work. I have very few regrets; we have small children and he can come home at lunch. So I'd focus on finding a job in the Triangle and figure you can drive to Carrboro. Some of my favorite things (the farmer's market, music at Weaver Street) are on the weekends anyway.
We just moved here in July and have been checking out Carrboro real estate too. Some other neighborhoods to check out would be Plantation Acres (older 70's style ranch houses on good lots) and if you like being more rural, Robin's Wood.
Honestly, I think I'm starting to realize that the best thing to do will be to rent for the next year or so and see how the housing bubble plays out in Carrboro. The last 4 years have seen a dramatic rise in home prices and the prices are disconnected from fundamentals. I know that everyone says that Chapel Hill/Carrboro is special and won't face any declines in home prices but my hunch is that we will see 20-30% drops in the next couple of years. This area won't be completely immune to the credit crunch. We're seeing it the most in California and Florida but those states are just first to experience what we'll see in a couple years. The housing bubble came here later, so it will deflate here later too. These are just predictions, though and partly wishful thinking on my part. I don't want to eat Ramen noodles for the rest of my life so that I can afford a house.
I know the real estate agents on the board will strongly disagree, but it's in their best interest to predict more gains for the local real estate market.
I respectfully diagree with you, Omamia ... and I am not a realtor.
Chapel Hill & Carborro schools are the very best in the area - possibly in the entire state - and one of the reasons they have maintained that high quality is that they haven't had the high influx of growth. New construction is severely limited in Orange County on a governement level. This has controlled the population growth in Chapel Hill and Carrboro and limited supply. This control has saved Orange County from suffering the growing pains seen in Wake County.
Then factor in the things that people love about the area ... the walkability, the locally-owned restaurants, Weaver Street, the university. Those aren't going away.
So to sum up ...
Great schools = high demand for real estate
Charming town with plenty of activities and restaurants for people of all ages = high demand for real estate
High demand for real estate + low supply of housing = high prices
Also consider that the university supplies a lot of the jobs for the residents of Chapel Hill and Carrboro. Unless the university begins to suffer from low enrollment, the jobs there will stay steady (and conversely, demand).
Is there a chance that the popping of the housing bubble may trickle down and affect the Triangle? Yes. But I think it is foolish to hope that housing prices in CH&C will drop 20 or 30%. That may happen in places like Cary where there has been a huge surge of new construction, but I don't see it happening in Chapel Hill and Carrboro where new construction has been so strongly limited.
I respectfully diagree with you, Omamia ... and I am not a realtor.
Chapel Hill & Carborro schools are the very best in the area - possibly in the entire state - and one of the reasons they have maintained that high quality is that they haven't had the high influx of growth. New construction is severely limited in Orange County on a governement level. This has controlled the population growth in Chapel Hill and Carrboro and limited supply. This control has saved Orange County from suffering the growing pains seen in Wake County.
Then factor in the things that people love about the area ... the walkability, the locally-owned restaurants, Weaver Street, the university. Those aren't going away.
So to sum up ...
Great schools = high demand for real estate
Charming town with plenty of activities and restaurants for people of all ages = high demand for real estate
High demand for real estate + low supply of housing = high prices
Also consider that the university supplies a lot of the jobs for the residents of Chapel Hill and Carrboro. Unless the university begins to suffer from low enrollment, the jobs there will stay steady (and conversely, demand).
Is there a chance that the popping of the housing bubble may trickle down and affect the Triangle? Yes. But I think it is foolish to hope that housing prices in CH&C will drop 20 or 30%. That may happen in places like Cary where there has been a huge surge of new construction, but I don't see it happening in Chapel Hill and Carrboro where new construction has been so strongly limited.
There might be some softening but not as severe as other parts of the country or even other areas of the triangle. Here in MA we've seen house prices soften and we have the same housing demand issues CH has since restrictions on building (wetlands, minimum acreage requirements, etc.) limit stock. Keeps housing prices high but adds some protection in a weak market. I think CH will see more of a "correction" as MA has, not a downslide.
We just moved here in July and have been checking out Carrboro real estate too. Some other neighborhoods to check out would be Plantation Acres (older 70's style ranch houses on good lots) and if you like being more rural, Robin's Wood.
Honestly, I think I'm starting to realize that the best thing to do will be to rent for the next year or so and see how the housing bubble plays out in Carrboro. The last 4 years have seen a dramatic rise in home prices and the prices are disconnected from fundamentals. I know that everyone says that Chapel Hill/Carrboro is special and won't face any declines in home prices but my hunch is that we will see 20-30% drops in the next couple of years. This area won't be completely immune to the credit crunch. We're seeing it the most in California and Florida but those states are just first to experience what we'll see in a couple years. The housing bubble came here later, so it will deflate here later too. These are just predictions, though and partly wishful thinking on my part. I don't want to eat Ramen noodles for the rest of my life so that I can afford a house.
I know the real estate agents on the board will strongly disagree, but it's in their best interest to predict more gains for the local real estate market.
It's going to be more then the real estate agents that disagree with you. I think you are engaging in some extreme wishful thinking if you think that home prices are going to go down 20% much less 30%....especially in Chapel Hill/Carrboro. I don't mean to laugh....but that really is wishful thinking.
They price gains may be slower (but we've been steady with inflation, so I am not even sure that will happen)...but they aren't going to drop.
We just moved here in July and have been checking out Carrboro real estate too. Some other neighborhoods to check out would be Plantation Acres (older 70's style ranch houses on good lots) and if you like being more rural, Robin's Wood.
Honestly, I think I'm starting to realize that the best thing to do will be to rent for the next year or so and see how the housing bubble plays out in Carrboro. The last 4 years have seen a dramatic rise in home prices and the prices are disconnected from fundamentals. I know that everyone says that Chapel Hill/Carrboro is special and won't face any declines in home prices but my hunch is that we will see 20-30% drops in the next couple of years. This area won't be completely immune to the credit crunch. We're seeing it the most in California and Florida but those states are just first to experience what we'll see in a couple years. The housing bubble came here later, so it will deflate here later too. These are just predictions, though and partly wishful thinking on my part. I don't want to eat Ramen noodles for the rest of my life so that I can afford a house.
I know the real estate agents on the board will strongly disagree, but it's in their best interest to predict more gains for the local real estate market.
I think that anyone who is waiting for home prices here to drop are going to have a rude awakening. Increases here have always been fairly steady because there has never been a huge influx of investors or speculators. And, we always have a great job market. Now, you will see builders offering some great deals for a short amount of time b/c of hardships in other parts of the country, and they're just trying to stay afloat.
For example, M/I recently started offering 1/2 off options up to $50k. One of the reasons is b/c the Ohio market is hurting so bad. They used to sell 3500 homes a year there, and now they are down to about 1200. They have lots of land, and no one is buying, therefore they have to make up for it somewhere, and we happen to be one of the best markets in the country!
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