This can be to discuss the subject as a whole, or as it pertains to my situation.

Ok so I'm buying my first home, got approved, etc. and I'm trying to decide whether to get a large townhouse in North Raleigh or a condo in downtown proper. The max I want to pay is $225k but I'd like to be closer to $200k ideally.

About me:
- Work in RTP with flexible hours, alternative work schedules, and telework options (usually I go in 10-6pm)
- 27
- Single
- I'm from North Raleigh and my family lives there.
- No pets currently, but would like a large dog if it makes sense (i.e. not an elevator 6 stories down to walk it 4 times a day)
- Excellent credit if that matters
- I will have to pay mortgage insurance most likely

I'd like to be able to walk to at least one bar because I don't want to pay for cable and I can watch sports at said bar. If the place is big enough, I'd get a roommate (and have one in mind) but the downtown condos I would be paying it by myself unless I find a rare two bedroom in the price range.

For downtown I was specifically looking at Palladium Plaza if anyone has any specific experiences there. The HOAs are $238 and include water/sewage/trash. I'd rather be near Moore Square or Warehouse District than Glenwood but I'm open to whatever.

Any thoughts on what's the better investment, situation, etc.?

6/11/2014 2:33:00 PM

Downtown is the better investment if its in a well-managed place.

(actually my personal opinion would be not at all; I wouldn't want to be tied to a condo as a single person since condo's can sometimes be tough to sell)

Can you really get a condo in Palladium Plaza in the $200k-$225k range?

6/11/2014 2:40:09 PM

Yeah there's one right now listed at $219k for a loft with ~1000sf. They have two that just went under contract @ $200k (1br single floor w/ balcony ~1000sf) and $180k (1br single floor no balcony ~700sf)

They usually sell for 95% of the asking price in that building.

The other thing would be down the road if I marry or whatever and need more space, I could hang onto it as a rental.

There's also one at the West for ~$200k ~750?sf but Glenwood isn't really my scene.

Nothing at 1001 Hillsborough, The Atrium, Park Devereaux, Martin Place, etc. in the past year. Hudson, Bloomsbury, The Dawson, and PNC are too expensive.

[Edited on June 11, 2014 at 2:46 PM. Reason : .]

6/11/2014 2:43:13 PM

I usually prefer to live as close to work as possible, but if I could just be anywhere, I'd go downtown for sure, esp as a single person.

I'd prob have to up that number to 250k though. 200k isn't going to get you much, i'd prob at least want 1100-1200 sqft of space, somethign not too cramped.

6/11/2014 2:46:33 PM

Quote :

"- 27 - Single"

That's all the info I need to tell you to buy downtown.

6/11/2014 2:47:12 PM

Quote :

"The other thing would be down the road if I marry or whatever and need more space, I could hang onto it as a rental."

just make sure with your mortgage that you are allowed to not live there

6/11/2014 3:10:52 PM

HOA rules will typically dictate a certain percentage of rentals as well

6/11/2014 3:15:54 PM

I lived both places. Having space and land is very nice. North Raleigh all the way

6/11/2014 3:57:04 PM

^^^I think with first time home buyers program it's three years before you can move without penalty.

^^I'll have to comb through the HOA handbook but thanks for mentioning that.

^Glad to see a differing opinion although I wouldn't have much land with a townhouse. I'm not opposed to an actual house, but have yet to see anything really tempting in the areas I like

6/11/2014 4:29:15 PM

I'm another vote for downtown. Just be mindful of condo fees. That can be an extra $400 or so a month.

6/11/2014 4:41:24 PM

Downtown condo.

If you wanted a house with land N. Raleigh might not be a bad choice, but a North Raleigh townhouse just sounds

6/11/2014 5:14:34 PM

Oh if you don't want a home then go downtown

6/11/2014 7:21:30 PM

Downtown.
And there's a lot of large breeds that do very well in apartments, including Great Danes.

Buddy of mine bought a house a few years ago, same time as my wife and I. Turned out that while a house in the burbs is a great place to start a family, its not so great for a single dude.
He basically used it as a fortress of solitude, and due to the fact that it wasn't near anything resembling a social establishment, he never went out.

He's selling it now so he and his brother-in-law can buy a place in downtown Durham.

Plus, if you want to rent it out in the future, I'd imagine downtown will always be a stronger market than the burbs.

6/11/2014 8:03:43 PM

rent.

6/11/2014 8:37:16 PM

I'd also recommend buying a home in east raleigh. think east of boundary up lord berkley, all of which is still ITB. east raleigh is up and coming, lot of graduates from the school of design are headed that way, meaning that things will change there fast.

sure, it'll take 3 years before people don't think you're crazy but when that hits you'll have an actual house, in a desirable area, that you could either sell for a solid profit or continue to use.

6/12/2014 8:54:06 AM

If it were my place, I would skip the $$$ swanky condos, and get a cheaper one I could make my own. And when I mean "make my own" I mean pay someone else to do the heavy-lifting with the money saved. A place like this is pretty cool

But otherwise, since you seem set on downtown, maybe check out the other options? There's tons of new housing projects going on.

6/12/2014 9:11:56 AM

You don't really want a "house" if you're a single dude. Stick with the condo. And 1,000sq/ft should be plenty enough (to the person who said they'd want at least 1,100 or 1,200). You don't need all that space...just more area to clean and furnish.

All that being said...rent until you can afford to put down a real down payment. Fuck mortgage insurance.

6/12/2014 9:26:01 AM

downtown, not even a question

6/12/2014 11:12:37 AM

I bought a townhome on Tryon when I was in my mid 20s and regret it. Probably should have lived downtown.

We want to move to a more urban area now.

6/12/2014 11:37:56 AM

as jbrick said, you can get by with a LOT less space. I rented in Cameron Village for years, loved it, then bought a pretty big house in North Raleigh (3 stories, 2500sf, 3 bedroom) and it was WAY too big. I basically got it because that was what one was supposed to have recently out of college. I caught myself buying furniture just to fill a room. I had a giant dining room table that I never used except as a flat surface to throw my mail on... it was stupid. When I moved to Atlanta I went from 2500 sf to 800 and I LOVE it. I can walk to everything I need (so no traffic concerns at all and I stay svelt), have plenty of room, great view, tons of social opportunities (when I had the big house I caught myself being a LOT less social, tended to stay in "my own yard"). As for the dog, large dogs dont typically need to go out as much, but I have a small one and have 18 floors to go down each time she needs to go out and its worked fine.

6/12/2014 12:34:34 PM

Meh, I still love my single family home I bought near RTP years ago b/c I was tired of my commute, although it doesn't really sound like your commute will be affected too much living in North Raleigh vs Downtown. Personally I like being able to play my music loudly, have lots of people over, and my yard to grill out, play cornhole, etc, but it's all about personal preference. It is super nice when I know someone living within walking distance of downtown, however, at 30, I just don't go downtown that often. I'm certainly not a homebody by any means. In fact now that I work at home, I go out more than ever, I'm just kind of sick of that 'scene' however if you find yourself on Fayetteville St at least once a week than that's an entirely different situation.

From a purely investment standpoint, I think a townhome would be easier to sell, but you'd probably get better appreciation with a place in downtown Raleigh.

6/12/2014 1:31:00 PM

Just out of curiosity when you say North Raleigh what areas are you referring to?

6/12/2014 5:16:34 PM

Quote :

"Personally I like being able to play my music loudly, have lots of people over, and my yard to grill out, play cornhole, etc, "

+1

Quote :

"Just out of curiosity when you say North Raleigh what areas are you referring to?"

Jibbles is talking about the ghetto but the OP is referring to a more civilized part of North Raleigh

6/12/2014 7:09:23 PM

Cameron Village Condos

6/12/2014 9:49:31 PM

Downtown is where it's at. If you're looking for a unique property and growth. North Raleigh is a dime a dozen. I usually like to live where I play, not where I work.

Downtown is growing leaps and bounds. I've very familiar with Palladium, but we ended up at another condo. Floorplan is excellent at Palladium, two floors. Also, location is booming, two blocks from Fayetteville St and that whole block right in front is being built up with Skyhouse and a bunch of new apartments and retail.

Good luck.

6/12/2014 10:34:04 PM

Quote :

" North Raleigh is a dime a dozen. I usually like to live where I play, not where I work."

Er not many people work in North Raleigh. Perhaps you're the outlier.

6/12/2014 11:59:15 PM

^AllScripts, SECU, RTI (call center), ROI, and Salix have major offices in North Raleigh, among others. but I agree with whoever said that - I'd rather live where I play. Brier Creek and Morrisville offer a lot of bang for your buck but it would be a hassle to get anyone to come chill with me out there.

I'll try to respond to questions/comment but don't want to link every quote.

As far as what I consider "North Raleigh" would be at the absolute boundaries for roads running North-South - Atlantic and Glenwood; East-West 440 and 540. True North Raleigh to me is between Falls and maybe Creedmoor but more like Leadmine; N-S and 540 to Millbrook E-W. I'd love to call it down to 440 but now that's "Midtown" although if I could afford something in North Hills / Lakemont / Quail Hollow / Northbrook I'd love to live there.

I'm from Summerfield/Weathersfield/Bent Tree (Strickland and Falls) and I love North Raleigh but I've spent the last year living back at home after a breakup where we shared an apartment downtown (and I lived near state by myself 6 years during undergrad/gard school) to save money to buy.

As far as renting, I've done that my whole life and I can't see renting a condo downtown for $1300+ a month with no equity at all, especially when it would just hinder my ability to save for a "real deposit". If it really came down to it, I could get my parents to loan me money interest free to avoid mortgage insurance, but that's only ~$90 or so a month so why bother?

Cameron Village is cool but if I'm going to do the downtown thing, I'm gonna do the damn thing and live in the center.

I have a negative opinion of East Raleigh (what I'd say is 540-440 east of Capitol Blvd) but that could easily be a naive and outdated opinion. I'm sure the area is making strides and I've actually looked at buying a lot and building a place out on the East Raleigh/Knightdale border because my cousin would be my neighbor, but I don't think that's what I should do.

I think my initial inclination was to move downtown but I thought that maybe it might be impulsive and immature at first but at 27 and single, I think that's the way I should go and the comments here have reaffirmed that idea.

thanks guyzzzz

[Edited on June 13, 2014 at 12:06 AM. Reason : I really appreciate y'all's input. ]

6/13/2014 12:01:42 AM

I was in raleigh this past weekend, and did a bike and brew around downtown and surrounding areas. the person st/mordecai area near peace college is pretty badass. probably way out of the $225k price range though.

6/13/2014 12:02:55 AM

yeah Five Points and Oakwood are cool but they're skyrocketing in price. Anything decent I can afford would be a ~700sf bungalow trying to cram 2-3 bedrooms in there for $200k+ that sold a few years ago for $140k.

I guess more specifically, I was comparing something like this downtown:

http://www.zillow.com/homedetails/444-S-Blount-St-STE-106-Raleigh-NC-27601/80199754_zpid/

badass location and decent living space. not my ideal layout, but just to give an idea.

to this in North Raleigh:

http://www.zillow.com/homedetails/7226-Doverton-Ct-Raleigh-NC-27615/50109351_zpid/

I looked at this one. The counters are not real granite - they're laminate. but the basement is great for a pool table / entertainment room and the door in the basement goes into a HUGE storage area with concrete floors that could be turned into a 4th bedroom or you could just put a bar and poker table in there (I brew beer). When I say huge, I mean it's seriously a big ass room the size of the formal living room upstairs.

I seriously considered putting in a $200k offer on that one. You can fish and kayak on the lake/pond too.

[Edited on June 13, 2014 at 12:16 AM. Reason : come stalk me brah]

6/13/2014 12:08:46 AM

Quote :

"AllScripts, SECU, RTI (call center), ROI, and Salix have major offices in North Raleigh, among others"

That's great and all, but it doesn't really compare to RTP at all.

Quote :

"yeah Five Points and Oakwood are cool but they're skyrocketing in price."

and also wildly outside of your budget, and have been for a long time.

[Edited on June 13, 2014 at 12:35 AM. Reason : ]

6/13/2014 12:34:11 AM

Quote :

"I usually like to live where I play, not where I work."

Meh, in my old job I was in the office 4-5 days a week, the same with most of my friends, so unless I'm going out 5-6 days a week it just didn't make sense to live where I play. Plus, I'd much rather 'commute' at 8pm at night vs 8:30 am and 5:30 pm.

Quote :

"I could get my parents to loan me money interest free to avoid mortgage insurance, but that's only ~$90 or so a month so why bother?"

I'm not sure all the condos downtown go for "1300" rent, but even so, $90 is still a 7% discount which I'd happily take for free in a heartbeat.

6/13/2014 12:43:20 AM

For that kind of money, you can get a ~1100 sqft home with a yard that's within easy (5-10 minutes) walking distance of Moore Square, and no HOA fees to worry about, which would ease some of the pain of mortgage insurance.

Alternatively, a little farther east, you can get a larger house with larger yard for much cheaper if you come to Longview (my neighborhood, behind Enloe). It's not quite walkable in a practical sense, but a leisurely bike ride from my house to Fayetteville Street is 15 minutes.

6/13/2014 1:33:46 AM

I'd rather walk home drunk once or twice a week and drive to and from work sober...than the opposite.

Live close to where you play.

6/13/2014 8:42:36 AM

I agree with the other posters who said to rent. Paying condo fees and PMI is ridiculous and will hamper your budget.

6/13/2014 10:34:36 AM

Quote :

"I'd rather walk home drunk once or twice a week and drive to and from work sober...than the opposite."

wait what's the opposite...walking home sober and driving to work drunk?

6/13/2014 10:44:27 AM

Walking/driving short distance to work....but then a long distance to go out??

Definitely see how that can be taken several different ways...

6/13/2014 10:48:11 AM

a friend of mine is selling his house NEAR (NOTE NEAR) Oakwood for like $153,000. 3 bedroom. etc. Let me see if I can get the listing.


Here it is: http://2461stevens.com/


not close enough to downtown for me, but may work for you, especially with the big back yard. But I would do a condo. And HOA in a condo isnt a bad thing. There is a LOT of shit you wont have to do that cost money and your time that the HOA takes care of... people just view it as a shitty cost because its easy to perceive as you send in the money each month whereas the benefits arent always at the front of their minds. Mine is $300 a month and includes the use of our pool, gym, landscaping, exterior maintenance, insurance, internet, garbage, sewer, water, security, club room with a private theater, 24 hour concierge which handles all deliveries, dry cleaning, etc. Well worth $300





[Edited on June 13, 2014 at 5:17 PM. Reason : d]

6/13/2014 5:08:39 PM

If you're even considering anything except a single family home, just go downtown and be done with it. Just think of the advantages:

1) no traffic headaches associated with North Raleigh (I used to work up there off Capitol, fuck that)
2) no lawn maintenance/tools/time
3) people around for safety as a woman
4) bars, restaurants and fun things nearby
5) walkability for the large dog (I never understood people who move to the suburbs without sidewalks because they want a large dog. Then they drive to the dog park. Live in an urban area and walk the damn thing).

6/14/2014 1:49:58 PM

not quite in your price range, but maybe relevent for others


http://www.thetenatsouthperson.com/

and the Lincoln is breaking ground right now

6/14/2014 4:24:42 PM

Ugh okay, The Ten looks neat, but my budget would be a little below that. Although I'm single... could rent out the other room. Hmmm.

6/14/2014 6:13:01 PM

Quote :

"Geppetto All American 1145 Posts user info edit post I'd also recommend buying a home in east raleigh. think east of boundary up lord berkley, all of which is still ITB. east raleigh is up and coming, lot of graduates from the school of design are headed that way, meaning that things will change there fast. sure, it'll take 3 years before people don't think you're crazy but when that hits you'll have an actual house, in a desirable area, that you could either sell for a solid profit or continue to use. 6/12/2014 8:54:06 AM "

I disagree with this... There are way too many low income rentals in east Raleigh. The owners of these homes are the types that are content with not selling making the up and coming not so up and coming.

6/14/2014 11:42:41 PM

I'd go with mordecai or near oakwood for some up and coming areas that are a lot less risky

6/15/2014 9:43:36 AM

I had friends that bought in Mordecai a good 6-7 years ago and paid out the ass then. Is it still affordable?

6/15/2014 12:08:51 PM

yeah on certain streets

6/15/2014 1:25:59 PM

I'd much prefer n raleigh, but if it's gonna be a townhouse, you might as well just do downtown.

6/15/2014 9:57:41 PM

Quote :

"no traffic headaches associated with North Raleigh (I used to work up there off Capitol, fuck that)"

I love how people keep offering the cesspool of Capital Blvd as the example of living in North Raleigh.

6/15/2014 11:47:03 PM

hahaha

6/16/2014 12:16:13 AM

Six Forks and Falls of Neuse are also shitty and also have traffic, there is no good way to go north-south through Raleigh so no point living in shitty North Raleigh

6/16/2014 6:09:49 AM

Mordecai and Oakwood aren't what I would describe as up and coming. They have already up and come. east raleigh, despite what was said above, is transitional. lots of the artsy types are moving that way (vinylbandit for example, lots of people i know from design school, raleigh architecture is building new homes that way, etc...) hell, i even know a couple who bought into mordecai a few years ago, sold and purchased a different home in Longview.

usually when the arts groups move in that is when areas really turn around. think soho, or, noda in charlotte for something more contemporary and relevant)

i agree with the users above who have said get a condo because you can be truly walkable, not worry about maintenance, etc.. BUT if you are interested in a single family home, within your budget, and that will see some solid appreciation ... i'd look into east raleigh. anyone who tells you to look into mordecai or oakwood for your price point or something up and coming is out of touch.

6/16/2014 9:29:57 AM

The one thing I always tell people to consider is where do you see yourself in five years? If you plan to still be single then you should be fine. However, buying a place and then ending up having to sell it within a few years typically leads to a large loss in money and a huge headache.

I took this into consideration when I thought about buying several years ago and ended up just renting which worked out better for me. Once I got engaged it was simply wait till my lease runs out then move. Just one of those things sometimes people dont think about.

6/16/2014 10:09:39 AM