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We're torn between N Raleigh and SW Durham (specifically SouthPoint area). Seems this forum has lots to say on N Raleigh, any comments on this area of Durham? Particularly when it comes to resale and appreciation.
The realtors we've talked to are either Raleigh OR Durham based (or biased, should I say?). To us, seems like two similar areas.
We'd be looking at homes that rank very closely in terms of cost, size, age, etc. We are looking at purchasing a newer townhouse or older SFH (seems thats our price range here). We've lived in Charlotte previously, and are pretty new to Raleigh.
I think there are a couple of differences in the areas, and it really does depend on where you are thinking of purchasing in north raleigh. SW durham is definitely a new area for people to live in, the mall came into being in 2002, at that time the homes started popping up as well. I don't know if you can really judge appreciation factors in that area simply because it is so new. The schools, from what I have heard from friends, are good, and they seem to enjoy them. For us, the reason we decided against that area was it didn't have that "hometown" feel to us, as in there wasn't neighborhood hangouts (because it was close to the mall, and people came to the mall from all over the place), the property taxes were higher, the schools were not ranked as highly was wake county schools. Those were only OUR reasons, others could probably disagree!
North raleigh, well, it depends on where in north raleigh you are talking about. I like most of the area, but there is a big difference between the north hills area and the bedford area. Not a big difference as in one is better than the other, simply they are different. I feel like north raleigh definitely has its subareas that makes for nice neighborhood communities with amenities that support those different communities. The area just gives me a more homey feel than the southpointe area.
I often think of Durham as reverse of Raleigh in some ways. Raleigh's shiny new suburban areas are predominately to the north while its more basic working-class side is to the south. For Durham, it's opposite: South is where you'll find the shiny new suburban areas, and the north is where you'll find the basic working class side.
So long story short, South Durham is simply becoming the next North Raleigh.
I was over on Grandale today, and homes are popping up for sure.
I saw a mix of homes up to the $500,000 range, and also see a great location.
Mall, Durham, Jordan Lake, short run over to HWY 55. Seems like a good deal to me.
We bought a 3BR 2.5 BA starter home (built in '89) in an established subdivision 3 years ago for about 150K. We plan to sell next spring. Per my realtor, if we were to put it on the market today, he'd price it at $215. Not bad, IMO. We love the location.
I'm no realtor, but I also believe that the appreciation would be MUCH greater with a SFH than a townhouse. Especially in south Durham, townhomes are popping up like crazy... We actually thought about selling and moving to one (for less maintenance and a garage), but our realtor advised STRONGLY against it given that we'll be leaving NC within the next year or two and appreciation of all the new townhomes is rather uncertain.
I live in an area called Hope Valley that is very close to the mall (5-10 minutes from the mall). I myself live in a townhome endunit in Elm Grove, a fairly new development that is still finishing up on some units...I have met lots of people from my community from all over the place as we all seem to be transplant coming together for the same reasons...Everyone I've met is really nice, friendly, and courteous...The area is beautiful for walks, biking, running and very safe as I've seen women running by themselves after dark...I love the location as it is close to my job, a bike ride away from downtown Durham, bike ride away from the shopping near the mall, very close to Chapel Hill which I visit often, and about 20 minutes from Raleigh...I would say it is very central to what the Triangle area has to offer opposed to North Raleigh where it is kind of away from the places I mentioned...it is your personal preference but I as well as any realtor says, location, location, location...I would estimate that in about 5 years, once the downtown Durham area is flourishing at it peak, or pretty close to it (revitalization there is set to go at a fast pace), most areas in Durham that are close to downtown will benefit greatly in appreciation...I am pretty confident that the re-sale value of my place, because of it's location in relation to RTP, and all other areas, amongst many other reasons, will increase at a great rate...
When you bought your townhouse, did you get any specifics on resale? I don't mean to inquire as to what you paid for your house, but rather how they compare to traditional SFHs and/or how you can determine the type of townhouse (or community its in) which yields more favorable terms. Again, I'm not familiar with the market here, but the market I'm from they typically did not appreciate to the extent of the SFHs. Usually, they were seen in the outlying areas whereas here they are mixed well into communities. Mostly, I like the larger square footage and knowing I can escape mowing.
Have you looked at the Woodcroft area in SW durham?
map: http://tinyurl.com/3arqfj (broken link) -- all those roads snaking off of the parkway are considered part of 'Woodcroft'
Homes from the 80s-- lots of trees and a really nice paved trail system for jogging/walking/biking. Really convenient to I40, the mall, etc. We live in the Fortune's Ridge subdivision and really love it.
The realtor 'bias' is probably just due to their geographic location-- much simpler to show homes closer to where they work-- and they'd have a better sense of the different neighborhoods.
I live in an area called Hope Valley that is very close to the mall (5-10 minutes from the mall). I myself live in a townhome endunit in Elm Grove, a fairly new development that is still finishing up on some units...I have met lots of people from my community from all over the place as we all seem to be transplant coming together for the same reasons...Everyone I've met is really nice, friendly, and courteous...The area is beautiful for walks, biking, running and very safe as I've seen women running by themselves after dark...I love the location as it is close to my job, a bike ride away from downtown Durham, bike ride away from the shopping near the mall, very close to Chapel Hill which I visit often, and about 20 minutes from Raleigh...I would say it is very central to what the Triangle area has to offer opposed to North Raleigh where it is kind of away from the places I mentioned...it is your personal preference but I as well as any realtor says, location, location, location...I would estimate that in about 5 years, once the downtown Durham area is flourishing at it peak, or pretty close to it (revitalization there is set to go at a fast pace), most areas in Durham that are close to downtown will benefit greatly in appreciation...I am pretty confident that the re-sale value of my place, because of it's location in relation to RTP, and all other areas, amongst many other reasons, will increase at a great rate...
Well said. I would say that Durham would have a better increase in value in the years to come b/c of its proximity to RTP and the Airport. Also, housing values are still a little lower b/c of the bad publicity Durham has gotten over the years, but with all the revitilzation beginning to happen downtown, and the rich diverse history Durham has, I would expect a big rise in it's overall property values.
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Thanks elnene2k
