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I appreciate your perspective, given that you've spent time in the area (PNW local here). I'm confused, though, since it seems like Apex has been far more expen

I appreciate your perspective, given that you've spent time in the area (PNW local here). I'm confused, though, since it seems like Apex has been far more expensive than Raleigh since 2015 (and likely long before). [1] Is this a function of micro-communities within the two cities? Any ideas what is going on here? I just can't believe the $758K home in Apex as a discount option (per the family in the article). Agree with you on the unintentional growth at the root of all this. Even the article calls out the schools not funded/steered by the city itself. I wouldn't be surprised if more folly lies in municipal codes near Apex. [1] https://public.tableau.com/shared/WHYKRP88W?:display_count=yes&:origin=viz_share_link https://public.tableau.com/shared/WHYKRP88W?:display_count=y...

sgerenser 7y ago
$700K+ is not a "discount option" in Apex. It's at the high end of the market. Average new construction (let alone existing home sales) in the area is probably around $400K for a 2500 sf house. The house in question is probably over 4000 sf on a decent sized lot (most lots for new construction are under 1/4 acre) and built by one of the "luxury" homebuilders like Toll Brothers. Definitely still depends on the area within the town/city, but Apex in general is still cheaper than Raleigh comparing neighborhoods of similar demographics. E.g., $500K gets you 6bed/4bath 3700sf in this neighborhood of relatively new homes in Apex: https://www.redfin.com/NC/Apex/2851-Lumber-River-Trl-27502/home/105542900 https://www.redfin.com/NC/Apex/2851-Lumber-River-Trl-27502/h... vs. close to $1Mil for 3500sf in North Hills, one of the most desirable suburban-ish neighborhoods within the Raleigh city limits: https://www.redfin.com/NC/Raleigh/118-Lake-Boone-Trl-27608/home/146729901 https://www.redfin.com/NC/Raleigh/118-Lake-Boone-Trl-27608/h...
apohn 7y ago
Raleigh includes everything from downtown apartments to suburbs. There's quite a spread. Apex is mostly suburbs, albeit the nicer suburbs where stores are a quick drive (5-10 minutes) away. $700K is definitely at the upper range of new construction in Apex. That new house will also have a lot of upgrades. There's also a particular part of Apex (the parts that are basically Cary) where you'll see those prices. Move further south away from Cary and Raleigh and the prices in Apex drop very quickly. I think where you'll also see the "We could afford Apex but not Raleigh" also has to do with the age of the home. ~$450K will get you a nice new home in Apex in a community with amenities (e.g. a pool, clubhouse, etc). In Raleigh you may end up in a smaller older home that needs a substantial amount of renovation. There are 1000 other nuances of course, but hopefully you get the idea.

sgerenser 7y ago

$700K+ is not a "discount option" in Apex. It's at the high end of the market. Average new construction (let alone existing home sales) in the area is probably around $400K for a 2500 sf house. The house in question is probably over 4000 sf on a decent sized lot (most lots for new construction are under 1/4 acre) and built by one of the "luxury" homebuilders like Toll Brothers. Definitely still depends on the area within the town/city, but Apex in general is still cheaper than Raleigh comparing neighborhoods of similar demographics. E.g., $500K gets you 6bed/4bath 3700sf in this neighborhood of relatively new homes in Apex: https://www.redfin.com/NC/Apex/2851-Lumber-River-Trl-27502/home/105542900 https://www.redfin.com/NC/Apex/2851-Lumber-River-Trl-27502/h... vs. close to $1Mil for 3500sf in North Hills, one of the most desirable suburban-ish neighborhoods within the Raleigh city limits: https://www.redfin.com/NC/Raleigh/118-Lake-Boone-Trl-27608/home/146729901 https://www.redfin.com/NC/Raleigh/118-Lake-Boone-Trl-27608/h...

apohn 7y ago

Raleigh includes everything from downtown apartments to suburbs. There's quite a spread. Apex is mostly suburbs, albeit the nicer suburbs where stores are a quick drive (5-10 minutes) away. $700K is definitely at the upper range of new construction in Apex. That new house will also have a lot of upgrades. There's also a particular part of Apex (the parts that are basically Cary) where you'll see those prices. Move further south away from Cary and Raleigh and the prices in Apex drop very quickly. I think where you'll also see the "We could afford Apex but not Raleigh" also has to do with the age of the home. ~$450K will get you a nice new home in Apex in a community with amenities (e.g. a pool, clubhouse, etc). In Raleigh you may end up in a smaller older home that needs a substantial amount of renovation. There are 1000 other nuances of course, but hopefully you get the idea.