Gentrification in Raleigh. New York Times

[DeleteMe]

https://www.nytimes.com/interactive/2019/04/27/upshot/diversity-housing-maps-raleigh-gentrification.html

[RALNATIVE]

22 hours ago, MACyr said:

https://www.nytimes.com/interactive/2019/04/27/upshot/diversity-housing-maps-raleigh-gentrification.html

Interesting article. I'm amazed (but not really) that those homes are going for around $460,000. I knew that property values in that area would skyrocket, but this is incredible.

[ctl]

Relative to Atlanta, Philly, etc there's not that much housing stock in east/south Raleigh ITB that can be gentrified.  I'm not discounting the trend, which I expect to continue, but within 25 years I wonder if there will be any low-income housing left ITB. Of course, that's exactly what some people want to happen. The topic of low-income housing is sure to arise during the mayoral campaign, but I'm wondering if it will be just more of the same... OTB like Poole Rd and Fox Rd. 

[Jones_]

Walkable, street grid style ITB areas are probably passing 50% gentrified on the east side of DTR. I give it 10 years before everything that can be majorly rehabbed or torn down at a profit, is done within that area. ITB entirely could be 25 years but not all areas ITB have the downtown feel of places like 5 points. 

[Richhamleigh, DC]

I'm amazed by the prices of homes in SE Raleigh.  Of course, I'm amazed by the prices of homes inside the beltline....period.  We picked up our house on Kilgore Avenue near NCSU in 1989 and paid $72,500.  We sold it in 2000 for a modest profit but it resold last year for what I consider an obnoxious sum of over $460 a square foot for 1075 square feet.  

I'm looking at infill housing opportunities in Butner now.  The opening of the East End Connector will put Butner 15 minutes from RTP and RDU. 

Edited May 1, 2019 by Phillydog

[Richhamleigh, DC]

If we had a better transportation network - I don't know that I would be as bothered by the changes IF people had better access. 

 

[Jones_]

On 5/1/2019 at 4:47 PM, Phillydog said:

I'm amazed by the prices of homes in SE Raleigh.  Of course, I'm amazed by the prices of homes inside the beltline....period.  We picked up our house on Kilgore Avenue near NCSU in 1989 and paid $72,500.  We sold it in 2000 for a modest profit but it resold last year for what I consider an obnoxious sum of over $460 a square foot for 1075 square feet.  

I'm looking at infill housing opportunities in Butner now.  The opening of the East End Connector will put Butner 15 minutes from RTP and RDU. 

Yeah the area between Clark and Wade popped before SE Raleigh did...the Proximity to Cameron Village, NC State and Hayes Barton was eventually going to do that to what is/was left of Oberlin Village. 

I noticed something yesterday finally in my area of east Raleigh...there are numerous houses that have tolerance signs or flags of some type...right next to their security company sign. I dunno...It just strikes me as hypocritical...the security signs feel like a big middle finger to all the people who have always lived in the area. If I were to get a security system, I'd just stick to the doorbell systems or put up a few cameras inside. Or put the sign in the rear of the house ...nobody breaks in through the front door anyway. Real gentrification seems like more than just dollars and cents...there is an approach and attitude that overlays things too, and people seem to pick up on that. Who knows...I may lose my TV one day or bike, but I prefer that to 'sending a message' about the security level of my house. 

[dmccall]

On 5/1/2019 at 4:47 PM, Phillydog said:

I'm amazed by the prices of homes in SE Raleigh.  Of course, I'm amazed by the prices of homes inside the beltline....period.  We picked up our house on Kilgore Avenue near NCSU in 1989 and paid $72,500.  We sold it in 2000 for a modest profit but it resold last year for what I consider an obnoxious sum of over $460 a square foot for 1075 square feet.  

Buying a house at $72,500 and selling it 30 years later for $494,500 only represents a 6.6% return on investment.

While this is on the high end in Raleigh, consider that the Dow has risen by 8.2% during that period. Still think 6.6% is obnoxious?

[ctl]

A 4 or 5% compounded annual increase in value would be more typical for Raleigh overall, during the last 30 years.  

[BullDurhamer]

eventually raleigh will have to deal with the density people coming in and telling you that any single family housing inside the bel tine needs to be torn down to make a "better" city.