July 27, 2006

Wakefield Plantation: Not just for the wealthy... I overheard a conversation between two women the other day that really caught my attention. The first woman asked the other where she lived. When the other person answered "Wakefield," the first woman said, "Oooh! Do you think you could adopt me...!" The implication there being that only a person with great wealth could afford to live in this desirable North Raleigh location. In fact, there's something for just about everyone in this planned community. New townhouses, called Magnolia at Wakefield, are now under construction and will be priced in the $180s. Wakefield also has a large neighborhood at the end of New Falls of Neuse Rd. where very nice homes only a few years old are priced in the low $200s -- right at the average home price for Raleigh. True -- there are some very expensive homes near the beautiful TPC golf course, and the homes on the west side of Falls of Neuse, Wakefield Estates, go for $1 million and more. But there are also apartments at Wakefield, Greenspointe townhomes in the low $200s; there's even an apartment complex for seniors right next to several doctors' and dentists' offices. So don't write off Wakefield; there are lots of options for most budgets. And don't forget about those highly-regarded schools and a YMCA right in the middle of the development.

You've heard about the housing slowdown, right...? CNBC, the financial cable news network, featured a program earlier this week in which several guest pundits discussed the national slowdown in the housing market. (Triangle residents can be forgiven for not knowing that there has been slowing in real estate markets elsewhere in the country!) Some of the phrases the experts were tossing around included "slowing but orderly," "homes that are priced right are still moving," "just a more realistic situation" and my personal favorite, "the bubble is starting to fizzle but not pop." One startling fact reported by one of the correspondents was that nationwide, orders for Centex Homes were down 21 per cent... But there was one more quotable comment made in this discussion, and it is the one that makes all the difference: "If the local jobs market is vibrant, so is the housing market..." Bingo! Welcome to Raleigh-Durham-Chapel Hill. With the local newspapers reporting on almost a weekly basis news of companies opening or relocating in the Triangle, this area's job market will continue to keep our housing market strong.

Real Estate Affects the Triangle...

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