Good neighborhoods for buying/renting

[fromDCwithLOVE]

Gurl, MikeJaquish, & wanderintonc,

Thanks for the insightful advice.

As gurl mentioned, its still hard for me to imagine that houses can be so cheap in NC. To answer your question about what kind of a place I'm looking for - well I'm so used to the idea of living so close to work (5 minutes drive), that in my mind I'm thinking its going to be the same in RTP area. So the natural thing for me is to plan to buy a condo close to there. I read in a thread here that RTP is not your typical suburb. Is that true? Based on what I read in that thread I was thinking the condo scene is similar to DC!

I do agree with MikeJaquish. I think negative-cash flow can come and bite me in the bottom in the long run, unless I strictly make the move to NC in a couple of years.

[Funky Chicken]

I'll offer up the fact that even in a booming RE market (which we are clearly not in right now) the Raleigh market has always tended to appreciate at a consistent pace that shouldn't create a situation where affordability is very different in 2-3 years. The area closest to RTP is a high growth area and there will be major changes to the following over the next 2-3 years-

Road Network
Commercial Development (See Cary's Alston Activity Center)
New Communities, both SF and Townhome/Condo

I would be hesitant to buy a rental property in the RTP area right now especially if my ultimate goal was to make the property my home. I'd wait for the development out there to play out a little further so I could tell exactly what's going where.

[coltank]

Originally Posted by Funky Chicken

I'll offer up the fact that even in a booming RE market (which we are clearly not in right now) the Raleigh market has always tended to appreciate at a consistent pace that shouldn't create a situation where affordability is very different in 2-3 years. The area closest to RTP is a high growth area and there will be major changes to the following over the next 2-3 years-

Road Network
Commercial Development (See Cary's Alston Activity Center)
New Communities, both SF and Townhome/Condo

I would be hesitant to buy a rental property in the RTP area right now especially if my ultimate goal was to make the property my home. I'd wait for the development out there to play out a little further so I could tell exactly what's going where.

I'd agree here with Funky Chicken. The fact that normal appreciation in this area is 4-8% on average, it might not be the best investment. The only way I'd buy something in this area ahead of time is if I truly found my dream home, and could afford to carry it for the short term. Then, maybe try to find a renter to help with the cost.

[raccemup]

Originally Posted by fromDCwithLOVE

Thanks!

I'm totally out of options here; I know I want to move the area in a few years, but I don't want to wait until then to buy a house when homes may become un-affordable. I can't really buy anything here, as I already said. So basically my situation is like a double-edged sword :-)

How's downtown area? Are there condominiums there that people live in?

I can totally relate having moved from an unaffordable area myself. As another posted stated, the appreciation here is pretty steady, healthy, and consistent and there are usually always affordable options in most areas if you look hard enough or are willing to fix a property up.

As for downtown... yes, there are MANY condos and apts going up downtown and plans for several future ones as well. Currently, I believe they start in the 100's and go up to around a mil depending on just how much luxury you want. Here is a somewhat comprehensive list of those developments Condo, Townhomes, Residence Developments in Downtown Raleigh, NC : Glenwood Agency Real Estate

In the past, the growth of downtown has been stagnant due to the fact that it's different here in that work life centers mostly around RTP and not any one downtown area. However, there has been a renewed interest in revitalizing and growing downtown Raleigh in recent years. It's still more pricey than the suburbs here but way less that most downtown areas in other cities. In a few years, there will be tons of new shopping, dining, and nightlife options. I'd say to buy in dt Raleigh in the next 5 years would probably be a good investment. After that, when the new growth and urban lifestyle take hold it will be very hard to afford.

Also, I just wanted to say not to overlook downtown Durham for that urban life you may be desiring. They are also renewing DT Durham and building apts and condos and it is more culturally diverse and has a more urban feel than DT Raleigh.

Good luck!

[Desdemona123]

Originally Posted by fromDCwithLOVE

I read in a thread here that RTP is not your typical suburb. Is that true?

RTP is not a suburb at all.

[DanielChang]

Originally Posted by Desdemona123

RTP is not a suburb at all.

RTP is a corporate park.

[MrsSteel]

FromDCwithLove, I just wanted to say that I agree with what others have said. There's no need for you to rush into the real estate market now. Besides, your lives might change dramatically after your wife graduates. I think it would be smarter to wait & keep you options open.
And ...
As others have noted, RTP is not a suburb. It's a huge, corporate, industrial park - about 8 miles long and 2 miles wide - located along the southeastern edge of Durham. Here's the official website for RTP:
The Research Triangle Park
Poke around on that site for a bit & you'll get a better understanding of it.

Good luck!

[fromDCwithLOVE]

Thanks each and everyone of you! You people are awesome for having given me such great advice, and it makes me want to move to NC even more than I did before.

I guess I'll just wait a couple of years, and then make my move. Who knows, one of you guys here may become my neighbor :-)

Good bye for now...