Raleigh, NC: They said it wouldn't happen

Raleigh, NC: They said it wouldn't happen

Portions of the Triangle have long been in need of better travel routes to make getting around the triangle faster and less congested. The opening of 540 Outer Loop was long awaited and quickly embraced by many motorists. Now we embark on the next portion of the project; construction of the Triangle Parkway and Western Wake Freeway. The Triangle Parkway broke ground August 12, 2009 with the Triangle Parkway to be completed in 2011 and the Western Wake Freeway in 2012.

However, the Triangle Expressway hasn't come without controversy. To cover the cost of these roads, drivers will pay a toll. This will be North Carolina's first toll road. Many have spoken out against the toll road while others embrace it. Some have lived in places such as Florida and DC where toll roads are a way of life. Many reluctantly accept paying the tolls if it means better means of transportation. Most thought it would never happen.

For the sake of homeowners, it will be good for the project to move along. For homeowners who live anywhere near the projected path of these roads, they may already be paying the price. In the current economy, there are so many homes available to purchase, buyers are reluctant to buy in neighborhoods that are near the new roads. Buyers are fearful of the unknown. Today's buyer can afford to be pickier than ever and may be afraid to chance living near the projected new roads.

There are many gorgeous homes priced lower than ever in subdivision backing to or near the projected Triangle Parkway or Western Wake Freeway. Sellers have their homes priced similar or below what they paid 5 or more years ago. Would buying one of these homes be a good investment or a risk? No one can accurately predict if the value of these homes will increase, decrease, or stabilize. However, if what happened in North Raleigh is any indication of what's to come, we'll see plenty of new construction pop up around the new roads once they're built.

Interestingly enough, when looking at homes, many buyers, find close proximity to major roads a plus. Many want to get more home for the money and at the same time have an easy commute to work, entertainment, family, and recreation. Buyers often count the ability to access the highways or ease of their commute on these roads as a plus when considering a home.

So that leaves us to speculate:

What's a seller to do if they need to sell a home in today's market that's near a projected major road?

Should a Buyer invest in better home for a lower price near projected roads?

Perhaps...only time will tell who benefits and who loses out.

Contact Carla Freund, Broker, Fonville Morisey Realty/ A Long and Foster Company, Licensed Realtor® in North Carolina at 919-602-8489 to list your property for sale or to purchase a property in Cary, Raleigh, Morrisville, Apex, Fuquay-Varina, Garner, Holly Springs, Durham, Chapel Hill, Johnston County, and the surrounding areas.

Now accepting referrals. **Not meant as a solicitation to individuals already working with a Professional Real Estate Agent.**