what has anyone heard about this place?

i see that they have homes going from the $140s, anyone thing that area would be a wise investment?

10/21/2007 9:01:54 PM

yeah, some good builders in there, but not at that price point, it's a good investment if you want to buy a house and live there

and i'm curious to see what they do about the shopping center to NE of the clubhouse area

also - see real estate thread

[Edited on October 22, 2007 at 1:14 AM. Reason : thread]

10/22/2007 1:13:37 AM

i was thinking i'd live there at least 2 years and was wondering if that is a good enough area that i'd at least get my money back (even if i had to rent it out for another few years)

and link me to this real estate thread plz

10/22/2007 8:04:18 AM

not just 2 years man... that is a HUGE development project of which it is only in its infancy. It will take at least 5 to 6 years (info from the ladies at Renaissance Park) to complete.

If people can buy a new home, they're not going to buy yours. It's a 5 - 7 year investment... but probably a good one.

10/22/2007 10:04:41 AM

are they townhomes?

10/22/2007 10:36:53 AM

mix of townhomes and single family homes.

It's by Wakefield Development, they did that one community up in North Raleigh, Bedford at Falls River, whcih is a pretty nic eplace.

10/22/2007 10:39:44 AM

i went and looked through it, they have some nice places out there

privacy is going to be an issue though since everything is smashed together

what to do, what to do

10/23/2007 12:49:49 PM

the $140s homes are the townhomes on the southside of the new tryon without basements. 2BR, 2BA... I'd be careful with those... 2 bedroom townhomes are tough to sell.

10/23/2007 2:18:20 PM

do you happen to know what the others are going for?

10/23/2007 8:20:29 PM

Quote :

"It's a 5 - 7 year investment... but probably a good one."

10/23/2007 9:57:10 PM

Quote :

"If people can buy a new home, they're not going to buy yours. It's a 5 - 7 year investment... but probably a good one."

not true. it can be a little harder to sell a home in a developing neighborhood in some aspects, but far from impossible and you can still easily get a return. there are a number of very good reasons to pick and existing home in a development vs. buying a new one. also, it's not like the new home prices don't (usually) track with average appreciation rates.

Quote :

"Bedford at Falls River, whcih is a pretty nic eplace."

nice by what standards? there are very few homes i would really consider "quality" in bedford, and they're WELL out of the price range being discussed here. more than anything, bedford was just a (important) lesson in genius marketing and amenities development.

10/24/2007 4:15:14 AM

Quote :

"it can be a little harder to sell a home in a developing neighborhood in some aspects, but far from impossible and you can still easily get a return."

Unless you get lucky and have a ton of appreciation I don't see how you can get a positive return. Between moving costs/closing costs/agent costs I don't see how you could come out positive after only being there two years.

10/24/2007 9:49:31 AM

i've seen it happen regularly when i was selling. if you buy in a good neighborhood, it shouldn't be much of an issue. a new development should be appreciating at roughly +/- 5% a year for the first few years.

i definitely don't think it's a smart thing to do, but if something came up and you needed to sell there's no reason why you can't come out okay if you did your homework on buying the place.

10/24/2007 9:48:21 PM

Quote :

"i've seen it happen regularly when i was selling. if you buy in a good neighborhood, it shouldn't be much of an issue. a new development should be appreciating at roughly +/- 5% a year for the first few years."

Even so, the costs I mentioned above will easily eat up all appreciation gained within 2 years.

10/24/2007 11:00:17 PM

do you think new houses don't have those costs? i'm not sure what your point is.

lets do some math. 150k house. assuming 5% appreciation for two years is 15k. i sincerely hope your moving/closing/agent costs aren't anywhere close to that on a 150k house.

10/24/2007 11:53:25 PM

That's 10% appreciation, when you bought the house you probably paid about 3% of its value for closing costs and when you'll sell it you'll pay 6% commission. That leaves you with 1% profit before you account for moving costs and yearly maintenance.

10/25/2007 9:47:54 AM