Home Buying in Cary>Question Details

Ralwala, Home Buyer in Cary, NC

What is the average value of houses sold in last 6 months in stonecrest, Cary? Is it worth buying any house there for over $375k?

Asked by Ralwala, Cary, NC Sun May 26, 2013

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Stonecrest has three sales in the last six months averaging $114/SF. In that same time, several similar homes in the area have sold in Harmony and Upchurch Farms for an average of $111/SF.

Currently, there are several homes on the market that are similar in size and construction to the house at 302 Gravel Brook. On average, these houses are listed at $128/SF, so the asking price on this one is right in line. It is worth noting that the homes in Stonecrest were built in the mid 2000's, as were the homes in the Harmony neighborhood. Other surrounding neighborhoods with comparable homes,such as Wellsley, Westpark, Devereaux, Montclair, Walden Creek, Ashley Woods and Upchurch Farms, were built in the mid to late 1990's. This is worth noting because older HVACs and roofs could be potential costly repair items sooner rather than later in older homes.

Our team works out of the Coldwell Banker Advantage office on High House Road in Cary, right around the corner from all of these neighborhoods. We earned the distinction of winning the Sterling Society Award in 2012 for our production. As neighborhood and area experts, it would be our pleasure to assist you with your home search, by familiarizing you with these neighborhoods and conducting the in depth research necessary to help you find the right home for you and your family.

Regards,
John Davison
The J. Davison Realty Group
Coldwell Banker Advantage
(919) 449-7721
0 votes Thank Flag Link Mon May 27, 2013
I would highly recommend hiring a buyer's agent that can evaluate any neighborhood you are interested in. In my opinion you have to carefully analyze purchasing the most expensive house in a neighborhood. There may be valid reasons why a house is priced higher than the rest such as upgrades that you are looking for. For a comparison of different neighborhoods or zip codes you can go to http://www.livingincary.com and sign up for Market Insider to get your comparisons. Let me know if I can assist you with the buying process.

Azita Wilson
Broker, Keller Williams
919-656-1439
azitaw@livingincary.com
Web Reference: http://www.livingincary.com
0 votes Thank Flag Link Mon May 27, 2013
There have not been many sales in Stonecrest in the past 2 years, in fact over the past couple of years the only recorded sales in the Triangle MLS have all been within the past 6 months.

I'm assuming you're considering 302 Gravel Brook as this is the only home on the market for sale in Stonecrest that I know of. It's a nice home but significantly larger than many in the neighborhood. The three most recent sales have all been homes ranging between 2300 - 2800 square feet and have sold between $274,000 and $303,000 averaging around $115 per square foot. One of the three was a distressed sale (foreclosure)

There are larger homes in the neighborhood but there aren't too many that have sold for $375,000 or above except back in 2005, and 2006 at the height of the market. If you were my buyer client I would suggest you think carefully before buying what appears to be one of the more expensive homes in the neighborhood.

Hope this helps.
0 votes Thank Flag Link Mon May 27, 2013
Ralwala,

It is an interesting question, and average sales value over the last 6 months will be less than helpful as the sample is just too small, so comparable sales will need to be located elsewhere.
Only two sales have closed in Stonecrest in the last 6 months.
Both were built by First American Builders.
The currently available home in Stonecrest was built by Royal Oaks, whom most agents would agree would be the preferred builder of the two. It will trade for a higher than average value of the First American homes..

If you are uncomfortable with being among the highest priced homes in any neighborhood, finding a neighborhood where your price point falls into a lower percentile range may be one way to feel more comfortable.
.
http://NoHasslePropertySearch.com
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0 votes Thank Flag Link Sun May 26, 2013
Hello Ralwala,

Just did a quick CMA. Looks like the average on closed sales in around $114/sq foot, although one was as high as $133/sq ft. Depends on lot premiums, upgrades, etc. I would be happy to assit you in your home purchase and be YOUR representiative as the on-site agents work for builders and are required to get the best deal for them.

Please contact me here through Truila
or email melissaalbert@kw.com, 919-610-1585
0 votes Thank Flag Link Sun May 26, 2013
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