Where are the young professionals / new money buying in Asheville? Why? Where are the future hotspots?

Asked by Nathan Cox, High Growth, U.S.A. Sat Aug 4, 2007

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6
Rowena Patton, Agent, Asheville, NC
Thu Mar 20, 2008
Hi Nathan - I wanted to also add that many young professionals are buying into a growing condominium market here which is a fairly recent growth market compared to many other cities. For this group, often the lack of maintenance required is a huge plus, along with the modern comforts of the many new condos available or those that have been newly refurbished. Here's a few so you can see the condo market here under $200,000. It's worth working with a professional that can set you up with a refined search that will send you homes as they hit the market. This way you can watch what the market is doing.
http://www.wncrmls.com/wnc/maildoc/b006lU5084.html
1 vote
Jason, , Asheville, NC
Fri Jan 18, 2008
I'm a "young professional" and know several more in the area. Few, if any of us can afford anything but rentals with the abysmal pay rates of this town. I've seen Wallace's answers on another post, and I have to tell you, he'd try selling glasses to blind people. I live on the north side of town and see more of my neighbors with for sale signs in front of their houses everyday. You can buy in, but selling out is gonna be a problem.
1 vote
Wallace Shea…, Agent, Weaverville Asheville, NC
Sun Jan 6, 2008
Nathan:
Western North Carolina is a great area for investment. Recent statistics from the WNC-Green Building Council indicate that the average young professional is commuting 20 minutes into Asheville. That means there are great opportunities for investment all along the new I-26 corridor. Two new Walmarts are going in North of Asheville. There will be great investments in this area before what was once rural becomes suburban. If I can help please contact me.
Wallace
Web Reference:  http://wallaceshealy.com
1 vote
Wallace Shea…, Agent, Weaverville Asheville, NC
Sat Jan 19, 2008
By the way my home stats are from:
Web Reference:  http://www.city-data.com/
0 votes
Wallace Shea…, Agent, Weaverville Asheville, NC
Sat Jan 19, 2008
Jason:
I actually think we agree! I spent the start of my career when I was a young professional commuting an hour into Dallas, TX. I rented and owned outside the metroplex before being able to afford living in Plano. I agree with you that Asheville's core has priced itself out of what most young professionals can afford. That is why I suggested North of Asheville. A $500-$750,000 home in Asheville sells for $250,000 in Weaverville (15 minute commute) and $150,000 across the Tennessee line (30 minute commute). Both reasonable and much easier commutes than I had. In these areas you can easily afford to rent and earn your way into buying a starter home outside of town. Asheville proper is quickly becoming a destination spot for retires with lots of disposable income. With Asheville's limited land I expect it to out pace many fast growing markets in appreciation. Its market prices compare more with California over the last few years because of the limited land area and absence of track building than some of the SE more economical areas with large open flat tracks of land. Jennifer has already suggest several good areas in Asheville proper that a professional should be able to afford once they progress up the career ladder a little. I also agree with you that WNC is not Austin or Redmond when it comes to the young professional job market although I think there are many opportunities for the more entrepreneurial who can market themselves at a distance and that the I-26 corridor will attract new businesses. Since I was a kid the entry level home here is still a double wide modular and can be had for $100,000. compared with my first stick built home that I bought for $79,000 two decades ago. There is definitely a premium to be paid for mountain living. I expect the I-26 corridor to attract businesses and professionals who can not afford downtown over the next 4-5 years. I-26 has much untapped potential between Asheville and Johnson City, TN. Many developers are already staking claims. I stand by my response. If as Jennifer suggested you can afford West Asheville it will be a great investment and still offers opportunities for remodels. If not the I-26 corridor is where the future is at. I think that is what Nathan originally asked. It is a great place to have a rental or remodel a entry level home. After all an investor needs the young pros as renters or buyers of starter homes. Jason with a 15 minute commute I can show you a nice stick built starter home for less than $200,000. that will pay you gains when you are ready to move into Asheville when you make VP.
0 votes
Jennifer Mor…, , Asheville, NC
Mon Aug 6, 2007
West Asheville is a hot spot for young professionals with a moderate income. West Asheville has mostly older homes that are being renovated so often they are smaller homes. Biltmore Park is another spot for young professionals with children and a higher income. Biltmore Park has a lot of new larger homes and amenities being built in the area. Below is a website to search the Asheville MLS if that helps.
Web Reference:  http://mls-wnc.com
0 votes
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