Do You Think Real Estate In RR Is Overvalued?

Cap'n Slappy · Do You Think Real Estate In RR Is Overvalued?

I keep hearing people complain about the real estate prices in Roanoke Rapids. Do you think the housing market is out of whack here?

REBEL WITH A 'CAUSE

I think so. Sad

summer

It is extremely out of whack in the area---Especially considering that there really isn't alot offered here as far as decent payin' jobs. Not to many ppl in the area are financially able to pay the outrageous prices ppl are asking for their property!!!!

Nighthawk

As you know from several previous posts, I have been searching for a house in RR and have been unable to find anything nearly affordable on a state employee salary. So I am forced to drive from the other side of the county to afford a decent house without an OUTRAGEOUS cost of living.

A couple more years of experience and unless I get a decent payraise and some of the glut of houses from Rivers Edge and the people still sitting on houses that are asking WAY over value come off of them to get rid of them, then I am likely headed to Wake County.

he who must not be named

I think more importantly is the lack of options - they might be trying to keep a certain clientele in town. Just look at the school districting.

meljo

I totally agree that it is out of whack. If you are lucky enough to currently own a home, it is too costly to move into a larger home when your needs require it. In our case, adding on to our home would probably "outprice" the home for the neighborhood, (I think that is the word.) but we cannot afford the steep prices to move.

yankeesfan

the rising cost of real estate here has gone above and beyond the top. Where as i think the town is growing, and all the new developement is good, no one can afford it. There aren't enough "top pay" jobs in this area for people to afford it. I mean, Minimum wage is popular pay around here, or not much higher. People can't afford to buy a half a million dollar condo. I know i RENT a house in the county. I can't afford the RENT on a decently located home. I opt not for apartments because, frankly i don't like many people. I certainly don't want people that close to me even i f i do like them, much less if i don't. And the apartment neighborhoods in town leave a lot to be desired. Thankfully I don't have the need to be in the school district. When a single wide trailer behind manning school rents for 500+, its overboard. i rent a 3 bedroom house for less than that. The cost of real estate has risen too quickly compared to the economic growth of people buying. The cost has risen to what you would expect out of larger cities like charlotte. Last time I checked, rorap was nothing close to charlotte as far as jobs, real estate, etc. Nighthawk is right. I have done some searching in wake county, as im looking to move there as soon as i can. Its more affordable to rent an apartment in raleigh in a decent complex than it is to rent a duplex on marshall st. The average family in RR just can't afford the rising costs.

slash

At one time I thought it was over priced but I guess I was wrong. If the price was too high people wouldn't buy it and it looks like most of the houses are selling.

rorapid

I agree with slash, if the prices were too high, no one would buy them. As for the people saying that living in Wake County is cheaper, you all are nuts! When I was in college, apartments were around 650-750 per month for 2 bedrooms, in a crappy complex-that was about 9 years ago. Now the same apartments are going for 875-975 per month. You can rent some nice houses and apartments in RR for around 550-750 a month.

SkygreenLeopard

I myself have a HUGE loft apartment, 2 bedroom, for 425 a month.
I'm happy. *shrug*

meljo

Nighthawk

Yes, rent can be expensive. When I was at State it was. But that was for apartments right around campus. I don't have to live in downtown Raleigh, and I really would rather not. If you remember, it is Wake County schools there, so as a parent, I don't have to worry about being in the city limits/school district to have my kids go to school.

I would try to compare stats on rent for the city and places in Wake County like Wendell, Knightdale, etc. but the fact of the matter is, it doesn't compete. The median is about $300/month more for Knightdale than for RR. But the median income is over twice as high, and one other fact, the apartments we have in RR that aren't in the school district are not nearly as expensive to rent. Where they get you is the apartments/houses that are in the district.

But to be honest, I'm not talking about renting. I don't care anything about renting. And rentals have a lot more demand, and its less about schools and more about the neighborhood/location your at. I have no desire to rent again. I intend to purchase a home, and this is the main advantage of Wake County. There are tons of houses for sale, and you don't have any crazy misconstrued premium associated with land there. You buy in Wake County, and your in/near a major established city, and the capital of our state, where you can find lots of high paying jobs to justify higher housing costs.

RR has this perceived premium to it for CCroads and the lake. I love the lake and the concerts were nice, but Raleigh already has a great entertainment venue. Land development in the district for new housing is very limited, hence why houses are being built on every scrap of land available in it. This has been driving demand up, as unlike Raleigh you can't just move out to the newest hot subdivision (Rivers Edge being the one major exception, and that is only recently beginning to develop) or buy a house in an established subdivision. Hell RR also stinks compared to Raleigh or most other places, and smell of money or not, I won't miss it if I leave.

rorapid

Raleigh is great-TRAFFIC, TRAFFIC, TRAFFIC, RUDE PEOPLE, TRAFFIC AND MORE TRAFFIC-I would rather smell the paper mill than sit in traffic for hours. I did a little research and the average home cost in Raleigh is 218,400, The average in RR is 107,000. The national average is 217,200. This data is as of 2005. So just say average prop has increased by 50% in rr- then the avg cost would be 160,500. Ral. appreciation is around 14.4%-so 249,850 for the same house. I know this is average, but it still reflects the community as a whole. So I don't understand how someone could say living in Ral. is cheaper, unless he searches through a realtor's website and look at property that may seem similar, but he really dosen't know anything about the property, neighborhood, & etc...

Nighthawk

Again, why don't you look at the whole county instead of just downtown Raleigh. Or maybe you should use Cary for your damn example. People around here are so stuck on living in town because of the school district that it limits your options. If I already drive a half hour to work anyways then a 20-30 minute drive from Knightdale/Wendell/Zebulon/Garner/Wake Forest, etc. into town is not a huge deal for me, and the school system is countywide, not just in the city, so I don't have to pay for Cary or North Raleigh high prices to move there and still get a good education for my kids. Can I say the same for RR?? Nope, almost no options there.

Nighthawk

Wanna do another personal attack rorapid? Nobody else is making personal attacks here and it will NOT be tolerated. You have been warned. Feel free to do it again and your time here will come to an end.

slash

If the real estate sells it's not over priced. It might be out of someone's particular price range or someone may not think a certain piece of property is worth what someone is asking but the market determines the price. It's classic supply and demand.

Nighthawk

Well in many ways I agree with you. But it can be overvalued and then when the bubble breaks, people can lose a lot of money they have invested in their house. Look at places like Southern California and other places where whole blocks are up for sale and people are taking huge losses just to get rid of their overpaid houses. I'm afraid this might happen in the coming years and then many people that think they are on easy street in RR right now are going to be deeply in debt when they try to move or can no longer afford their house, or need to upgrade, etc.

slash

There's no doubt that there is some speculation going on but alot of it is people moving in from areas that have housing prices higher than we do. Some people down the block from me just moved here from Jersey and they think they stole the house they bought.

rorapid

The reason all those people are losing their houses is due to adjustable rate and interest only loans. A lot of people were betting that the interest rate would stay low, but everyone knows that the Fed has to step in to control inflation. The could afford the payments when the rates are low, but as soon as the rates started to rise so did their payment, some as much as 2 times. I think in the coming years, RR will see tremendous growth and econmic advancements. I have read many times in the Wall Street Journal that when a Starbucks comes to a town, invest in the real estate. They, Starbucks, invest tons of money in researching the development potential of the area and Look what we got in RR- a Starbucks!!! Easy street for us!!! Papermill and all!!!!

slash

I've heard a lot of references to the Paper mill lately, mostly negative, but I hope that it never goes away. They are a huge tax payer to the city.

rorapid

I agree that the paper mill is a great asset to our community!! I am just messing with nighthawk!!

rorapid

why did you remove my post!! This is not a real forum if you cannot combat with one another- You cursed in yours-you had better remove that one too!! I can't help that my post described you to a "t" I think you should repost it, so that everyone can agree with me!!!

Nighthawk

You couldn't be more wrong. I actually like my ride to work, as it gives me time to listen my XM radio. I simply used it to point out that I am used to a drive to work, and being that I used to live in Raleigh when I went to school up there, that the traffic and driving is not an issue for me.

And I just started a new job with the state a few months ago. It is not a dead end job, and its actually the kind of job I have always wanted, in the career I have wanted to get into. So I am actually very happy to get a real job that I can see myself working in as a career. However it does not pay much at the entry level, and currently I can't afford to drop $200k on a house to move into RR.

And nothing says you can't curse in here. However me saying damn doesn't mean you can drag me through the mud saying I hate my job and everybody hates me. That is a harassing personal attack and it is not tolerated.

rorapid

It wasn't harrassing-it was just for shits and giggles!!!

rorapid

Now go to bed mad and cry in your pillow!!

Kestrel

Yeah, I think property values have gone out of wack around here too. Though some housing was lost to Carolina Crossroads, but only about a couple dozen houses. People now want up to a million dollars per acre, when property within Carolina Crossroads is about a half million an acre. Also, people over a mile from Carolina Crossroads are trying to cash in, when there is still plenty of property to be developed that is a lot closer.

Same for housing. I don't think the population in this area has taken off. Perhaps rental property is more in demand due to the contractors working at Carolina Crossroads, but several of them are within 50 miles of here, so I doubt their workers are staying locally. But people think there is going to be a flood of people coming to the area, so they don't want to let go of their property for what they feel is a cheap price.

In short, many people think they are sitting on a gold mine, but they are at least 10 years away from being developed. But the perception is fueling property and housing prices.

Nighthawk

^That is my point Kestrel. I don't think this area can't have these housing prices. If the population does grow and there is no expanding the borders of the school district, then it will absolutely put a lot of pressure on housing to go up. But I think many are jumping the gun, and I worry that doing so may cause a bubble that eventually pops, and makes a lot of people who thought they had a good investment broke, and possibly destitute.

And why would I go to bed mad? I don't let things on this board bother me one bit. I have gotten into a lot more heated debates with others like Pirates, but I got more important stuff to worry about than a message board.

Besides, State upset UVA. I got nothing to be sad about. Sorry.

SkygreenLeopard

yankeesfan

rorapid

YEAH-I AM FOR REAL!!

meljo

SkygreenLeopard

doomster

Its not expensive to live or buy property inside of Roanoke Rapids. As a matter of fact, I'd say its cheaper here than a lot of places that don't have what we have to offer. Look at the schools you have here, look at the recreation here...the lakes, the river, Carolina Crossroads, the resturants, shopping. An hour and change from Richmond and Raleigh. Two hours from the beach. Employment here is not as bad as some of you all say......you might have to travel to Rocky Mount or the surrounding area, but there is good paying jobs here. Now, if you go major in journalism, don't expect a big pay in the valley. Same as law enforcement, EMS, or public service work. The problem with a ton of the folks here is that they live above their means............they are finally learning that the papermill will not support a 300K house, live in what you can afford and you'll do just fine.

Remember............if you have a desire to do better, you will. If you want a minimum wage job all your life and don't care, then Hardee's is looking everyday.

slash

Doomster wrote:

doomster

slash

The mill supports my 300k house just fine.

Kestrel

Since I work for a state agency, I would get the same poor pay anywhere in the state. And I've been told by many people that houses are cheaper in Rocky Mount. But then I've been told that people want to live in the county, and not Rocky Mount, which is generallly opposite of the sitiuation up here due to the schools.

Anyhow, sure RR City Schools look good compared to Halifax Co Schools, but it's not hard to be better than the worst in the state. Yeah, we have two good sized lakes in this area, but even Rocky Mount has a decent river. Even when Carolina Crossroads gets developed, I still won't have much interest in it. As for shopping and eatting, other cities have much better selection. For example, we have Wal-Mart. Rocky Mount has a Target, Wal-Mart, K-Mart, and others. But having said that, I pretty much only shop in Wal-Mart. LOL

doomster

The wal-mart deal is one that kinda bites me as well. I wish we had another big dept store style as well. But I have found doing business outside of wal-mart is a little better, you might have to pay a few pennies more but in the long run, you get better stuff. For example......I buy all of my meats from Butcher's Best, all good quailty stuff and usually very fresh. Stop by your farmer's market for some fresh veggies every now and then.

Rocky Mount is a growing area, especially towards the Nashville area. I work in the Rocky Mount area and have thought several times about moving there for good, but I grew up here and have grown to Roanoke Rapids, so I'll stay in this area. As far as home prices go.......you can buy more square footage for your money in that area than you can here, for some reason it has always seemed to be that way there vs. here.

Kestrel

I hardly buy any meat, so I don't bother to go to Butcher's Best. And the farmers market doesn't fit my schedule.

doomster

Thats my problem a lot of times with the so called specialty shops, but I do shop there often as possible.