Market Conditions in Apex>Question Details

Ncredwolf75, Other/Just Looking in Apex, NC

What is the impact of 540 to neighborhoods around the new road including Scotts Mill?

Asked by Ncredwolf75, Apex, NC Mon Apr 25, 2011

I am looking to how it may impact resale value if I would choose to buy in this neighborhood.

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In my opinion, the closer access you have to the interstate the better. The easier it is to get to the neighborhood, the more people will be interested. HOWEVER, highway noise kills value! I don't risk it with buyers and advise them to stay away from the proposed 540 areas. If you already own there and you think you may be affected by the noise, sell now!
Web Reference: http://www.ConderRealty.com
1 vote Thank Flag Link Sun Aug 28, 2011
In the neighborhoods to the North (ie, the already open part of 540), it has mostly been only the homes which are visually AND noise-affected by 540 which have had their value affected. For example, Dominion Park, the homes which back to 540 have certainly lost value, while the homes well-away from 540 have done just fine. If the noise is very high, then that will also have a negative effect. If you have a Realtor, perhaps you should look at 1 or more homes in the northern neighborhoods, just to get a feel for how far away from the highway you will need to be.
1 vote Thank Flag Link Mon Apr 25, 2011
It all depends upon where in Scotts Mill you are buying. I have listed and sold homes in Scotts Mill where the Buyers could care less about 540 and others where it was a big issue.

Though, some buyers, no matter how far away from 540 the house may be, will always see it as a negative.

But in my opinion, if you are east of Rushing Wind, you should be fine. Even some homes closer to Scotts Ridge Trail should be good too - depending upon how many homes are between them and 540.
Web Reference: http://www.drewludlow.com
1 vote Thank Flag Link Mon Apr 25, 2011
You are smart to be considering this. It's an important issue, and proximity to the highway will definitely affect the resale value. There will always be buyers who absolutely won't touch a house where they can hear highway noise and have to cope with road grime making its way into the house. There are also people who don't care, particularly if a house is priced accordingly. My own personal thinking is why deal with the issue if you don't have to. I would look at houses at least a few hundred feet from the highway.
0 votes Thank Flag Link Mon Apr 25, 2011
Resale Value depends on a variety of factors including when you buy, how much you pay and when you sell. In particular when you are talking about a neighborhood adjacent to a new highway, this can be tricky. Once the road is in place and is established for many years, it will depend on the other choices Buyers have when your home is available for sale. Often the common denominator for choosing one home vs another does come down to location and road noise levels.

It is my understanding that toll roads have a much different affect on residential developments than other freeways. In addition, the NC Turnpike Authority, according to what I have heard, will be constructing high noise-barrier walls that are above and beyond what we are used to seeing in this area. I guess the noise level will be the most determining factor in the years ahead. Meanwhile, as our area continues to urbanize, the proximity to RTP will be harder to find in Western Wake County, and access to Triangle Expresway could possiby draw a premium in future markets.

Location in the neighborhood is the critical part of buying with reasonable comfort of less impact.

There are a lot of other factors that make Scotts Mill a great purchase for the future. It's never been a better time to buy, with the quality and charm of the homes to future school locations in the near future. The neighborhood will not be located at an Exit, so there are plenty of reasons to be confident in Scotts Mill.
0 votes Thank Flag Link Mon Apr 25, 2011
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