Land Values
LAND in Wake County appears to have reached a plateau. Tax values have increased astronomically and may continue to climb as the needs for roads, schools, and infrastructure increase.
The Wake County market including Apex has been affected only slightly due to the national housing slow down but analysts project Wake County is behind the curve and the worst may be yet to come in late 2008 to mid 2009.
The Triangle area is still one of the most desirable areas to live in the country. In the future the Triangle will see a major influx of young retirees and older people seeking stable living and superb hospitals such as Duke, UNC, Wake, and Rex.
The big question is, how expensive will the Triangle become as a place to live? The cost of basic necessities, property taxes and fuel continue to rise at rapid rates. These items will definitely affect affordability and thus land values and home prices.
Apex & Cary
Both towns have expanded without taking necessary steps to insure infrastructure to serve growth. Both Apex and Cary will have to slow down for a number of years due to lack of adequate waste water treatment facilities. Apex will be hit extremely hard as it is about out of sewer capacity. The new wastewater facility planned for New Hill was scheduled to be operational in January 2011 but is now being delayed to mid 2013 or beyond.
The big boom that many landowners cashed in on from 2003-2007 may be over for quite some time.
Banks have tightened their reins on land financing, and the democrats are hinting at eliminating the favorable Capital Gains treatment enjoyed by large investors for the last 5 years.
The conclusion is that landowners could be in for a very unfair and rude awakening with many being forced to sell.