Best Place to buy Real Estate- NC?

[StuckinCT]

I live in CT thinking of relocating to Raleigh or Cary and calling it quits at 47. Have three kids 9,8,6 and like the sports and opportunities in the triangle for them.

I will be taking loss on my primary home and getting out close to even VT house, should have $1-1.1mm cash proceeds if sell both, VT house worth $300k but no mortgage, $500k mortgage primary.

So if you had $1.1mm cash to spend on real estate what would you do keeping in mind you need at least 3,500 sf for one home? In Cary it seems like $750k gets you a new home, $650k gets you something nice but older. I also will never buy a high priced home for a market again, in Raleigh high priced is over $750k. VT is 12 hours so not sure I'd want to keep that house.

We would have $270k portfolio income and no debt if we spent $1.1mm on a home or two with two 2017 cars. My concern is top ticking a hot market like Dallas or Denver, Raleigh seems a little more subdued, nice climate and great healthcare amenities and sports for kids. Thanks for your thoughts in advance. Our travel budget would be like $50k, not sure we could even spend that with all the activities. I wouldn't join a golf club again either. I am hoping to do this going into a slow down and getting a few decent deals to recoup my losses. The second place could be more speculative..

 

[harllee]

i live in Chapel Hill, NC, a great college town. Chapel Hill probably has the most expensive real estate in North Carolina but the prices are very stable, during the 2008 recession the Chapel Hill housing prices stayed up. It also has great public schools and medical facilities. So I would definitely check out the Chapel Hill area while you are looking. I would think you could get a nice house in any of these areas --Raleigh, Chapel Hill, Cary Durham for under $500,000. For a great area for children check out Brier Chapel south of Chapel Hill. If you want a golf community check out Govenors Club, also south of Chapel Hill (Governors Club would be more expensive).

If you settle in the Triad area of NC then you could look at a second home at the North Carolina beach area (check out Wilmington and Southport and the Outer Banks) or in the beautiful mountains (check out the Asheville and Bowing Rock/Boone area).

 

[Starsky]

I own several homes in the Raleigh area including Raleigh, Carey and Apex, and these areas are very nice for raising a family; and housing costs are very modest compared to most other places. You should be able to easily get a nice, large home in that area for well less than $500K. Real estate dollars go a long way there. It's also in a decent area for weather, compared to further north or south.

It's a beautiful part of the country. Carey and Apex have both been rated the #1 place in the country to live over the years, and with the research triangle and the various colleges and universities in the area, it's not hard to understand why.

 

[JoeWras]

You'd probably feel comfortable in Cary. After all, it is called the Containment Area for Relocated Yankees for a reason.

Durham has an urban vibe that is catching on.

Chapel Hill is home to those wanting to be on the leading edge of progressive issues. (Just the facts, not saying that is bad or good.)

Raleigh is all American suburbia.

For 750k, you should find plenty of options.

Personally, I like living closer to any of the above city centers than far out because night driving the two lane roads is a bear as we get older. The more developed areas have better roads with lighting. Unincorporated areas have lower taxes, but skinny roads in the dark away from shopping. Sounds like a minor issue, but it isn't as you will soon find out pushing 50.

As for stability of pricing... The area has had an uptick in price which is currently leveled off. Our down times tend to be milder than the rest of the country. It is pretty stable overall with a general drift up.

 

[Bamaman]

I live in CT thinking of relocating to Raleigh or Cary and calling it quits at 47. Have three kids 9,8,6 and like the sports and opportunities in the triangle for them.

I will be taking loss on my primary home and getting out close to even VT house, should have $1-1.1mm cash proceeds if sell both, VT house worth $300k but no mortgage, $500k mortgage primary.

So if you had $1.1mm cash to spend on real estate what would you do keeping in mind you need at least 3,500 sf for one home? In Cary it seems like $750k gets you a new home, $650k gets you something nice but older. I also will never buy a high priced home for a market again, in Raleigh high priced is over $750k. VT is 12 hours so not sure I'd want to keep that house..

There are many fine places in The South with far less expensive real estate markets than central North Carolina--and still have fine schools. For $400K, you could get plenty of home. If I was looking to spend more than $500K, it'd be in a scenic location--on top of a mountain or waterfront property. We are seeing price escalations in real estate the last 2 years, however.

 

[karen1972]

Lots of people speak highly of Cary schools. This area has an odd way of assigning schools so I think people like it there as they know all the schools are good so it won't matter if they change the school district assignments. Cary is also just been named the safest city in the USA.

Apex is growing and lots of people being pushed out of Cary/Raleigh pricing and moving that way putting pressure on house prices. Apex was recently named on one of those best places to live.

There are 69 people a day moving to the triangle thus has been good at putting pressure on housing. There is tons of new construction everywhere and many come down with a pocket full of money, but no reason to spend it all on housing as you can get something very nice, big and new for $600k.

We moved to Brier Creek/Durham side as it is close to everything and is growing like crazy so lots of potential upside. However, not a good choice for you as the schools are terrible (rated 2/3) but is perfect for 55+ as indicated by crazy amount of 55+ communities being built here which should hopefully put a large influx of money into the schools making them better, raising property values for everyone else. You can get new construction sub $400k and not have to be in the middle of nowhere which was very appealing to us.

btw, I do have a great agent if your interested (just PM me ) i really appreciated her attention to detail with new construction.

 

[euro]

Check out www.biggerpockets.com for more detailed real estate advice. Obviously, it depends on your standards and expectations but while the Triangle area market is pretty hot, your 750k will buy an enormous mansion with tons of acreage even in prime locations.