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After evaluating the Cary area from a real estate standpoint i wanted to share it in this forum and spark some conversation. real estate in cary is too darn expensive and there is nothing to support it.I think this is a very tricky period.If a major company lays off 1000 people i think cary area is going to slide. But on the flip side,if a company decides to move 1000 people this(RTP) area is going to raise. wake/durham and orange county will benefit. But the benefit for comps to move here is the price.If real estate comps behave the way they are doing now,i dont see any advantage for more companies to move in here.Cary is exactly following the same foot print of other suburbs that get rich and will meet the same fate. I think it is time that we as citizens get innovative by not doing the same foolish mistake of marking up real estate value becuase we know that this stuff is going to crash and has a predictable cycle! In factwe know how the rich control the market!
We have to get innovative in our ability to substain boom
Is it time to move away from the idea of real estate as an "Investment".The effect of a controlled real estate directly affects the stock market!I hope county's do something to bring a balance w/o being socialist or too capitalist and money hungry!How can we as citizens make a difference and lead and not have power hungry politicians and money hungry business rob our peace of mind!
Cary is a highly desired place. There are a lot of people in this area that make a lot of money. Many of them like to live in places like Cary and Chapel Hill. Good luck waiting for prices to come down there. If they do it likely won't be much in the nicer areas.
After evaluating the Cary area from a real estate standpoint i wanted to share it in this forum and spark some conversation. real estate in cary is too darn expensive and there is nothing to support it.I think this is a very tricky period.If a major company lays off 1000 people i think cary area is going to slide. But on the flip side,if a company decides to move 1000 people this(RTP) area is going to raise. wake/durham and orange county will benefit. But the benefit for comps to move here is the price.If real estate comps behave the way they are doing now,i dont see any advantage for more companies to move in here.Cary is exactly following the same foot print of other suburbs that get rich and will meet the same fate. I think it is time that we as citizens get innovative by not doing the same foolish mistake of marking up real estate value becuase we know that this stuff is going to crash and has a predictable cycle! In factwe know how the rich control the market!
We have to get innovative in our ability to substain boom
Is it time to move away from the idea of real estate as an "Investment".The effect of a controlled real estate directly affects the stock market!I hope county's do something to bring a balance w/o being socialist or too capitalist and money hungry!How can we as citizens make a difference and lead and not have power hungry politicians and money hungry business rob our peace of mind!
Quote:
Originally Posted by Gatornation
Cary is a highly desired place. There are a lot of people in this area that make a lot of money. Many of them like to live in places like Cary and Chapel Hill. Good luck waiting for prices to come down there. If they do it likely won't be much in the nicer areas.
Cary stands for, among other things, "Can't Afford Raleigh Yet."
There are definitely more affordable towns than Cary and Raleigh.
Of course, if one wants to work in the Park, Morrisville, Cary, Raleigh, Durham offer the best commutes.
It would be worthwhile to consider resale if buying further from the centers of business activity. Cheap on the front end often equals cheap on the back end.
I like "net affordability." What was the overall investment, and the overall net return?
Sometimes the results favor the greater investment, and sometimes results favor the lower investment.
Last edited by MikeJaquish; 01-20-2009 at 02:11 PM..
Cary is a highly desired place. There are a lot of people in this area that make a lot of money. Many of them like to live in places like Cary and Chapel Hill. Good luck waiting for prices to come down there. If they do it likely won't be much in the nicer areas.
Ditto on this.
There are other very desirable areas as well. Location is a key player. All of the desirable areas with great location will fair better than the areas with poor location and are less desirable. The original post seems to show a lack of basic real estate valuation knowledge. It's all about location Baby.
After evaluating the Cary area from a real estate standpoint i wanted to share it in this forum and spark some conversation. real estate in cary is too darn expensive and there is nothing to support it.I think this is a very tricky period.If a major company lays off 1000 people i think cary area is going to slide. But on the flip side,if a company decides to move 1000 people this(RTP) area is going to raise. wake/durham and orange county will benefit. But the benefit for comps to move here is the price.If real estate comps behave the way they are doing now,i dont see any advantage for more companies to move in here.Cary is exactly following the same foot print of other suburbs that get rich and will meet the same fate. I think it is time that we as citizens get innovative by not doing the same foolish mistake of marking up real estate value becuase we know that this stuff is going to crash and has a predictable cycle! In factwe know how the rich control the market!
We have to get innovative in our ability to substain boom
Is it time to move away from the idea of real estate as an "Investment".The effect of a controlled real estate directly affects the stock market!I hope county's do something to bring a balance w/o being socialist or too capitalist and money hungry!How can we as citizens make a difference and lead and not have power hungry politicians and money hungry business rob our peace of mind!
I don't understand your post. Are you proposing ideas or asking for them?
Maybe I missed it, but what went into your "evaluation" and how did you draw your conclusions?
Nobody is forcing people to buy in Cary so I dont understand your point about "How can we as citizens make a difference and lead"
People are buying because they can afford to and like Cary - if they cant afford to or they dont like Cary they buy in other places.
I am not an expert but in my opinion, Real estate prices or any pricing for that matter is directly based on what the buyers are willing to pay. I do not think the government or citizens can do anything in particular to make just Cary real estate prices drop.If something drastic happens on the economic front then the whole area - Raleigh Durham Chapel Hill and Cary is going to affected. Cary will not be singled out.
It's all to do with high paid transplants thinking there are great bargains here.
If they get laid off and scurry home, prices will fall like a dropping meteor.
Cary's median income is 90k. That means for the higher end neighborhoods a whole lot of people are making 150k and above. Hoping prices come down in places like Cary and CH is a bit optimistic.
Cary's median income is 90k. That means for the higher end neighborhoods a whole lot of people are making 150k and above. Hoping prices come down in places like Cary and CH is a bit optimistic.
Median income in my part of Cary, 27519, is $118,019. I sure wouldn't mind being somewhere close to that, but we are not. We are combined under $100,000 and still do alright here. The median home price in this part of Cary is $410,310. There are other parts of Cary well off this pace. Three zip codes in Cary have a medium income of around $65,000. It varies a lot.
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