Summary. “The Triangle” is made up of multiple towns and communities within as many as13 counties anchored by the cities of Raleigh, Durham, and Chapel Hill. It’s integration of the Research Triangle Park and association with the Universities of North Carolina, North Carolina State and Duke make it one of the most attractive areas for business and technology growth in the country. The Triangle has a population of nearly 2,000,000 and is the state’s second largest urban area after the Charlotte Metropolitan Area. Whether you call Apex, Cary, Chapel Hill, Clayton, Durham, Raleigh, Wake Forest or any of the other towns in the region home, we know that when we come out to inspect we will find a a variety of housing that ranges from private waterfront homes, to golf course communities, to planned subdivisions. We understand that The Triangle offers a wide choice of housing alternatives. Each of the towns and villages within the area have varying access to the local amenities and accessibility to Raleigh and Durham via I-40 and I-85. As much as people outside “The Triangle” like to lump the location together, each of the towns are unique and care must be taken to evaluate the differences in each area.
Education. School districts and the proximity to the commuter bus transit system and highways are often determining factors when new residents begin their search for a home in the area. As such, these factors can have a direct impact on your valuation. Lot size and subdivision amenities are also important to buyers in these markets. Wherever your home resides, it is important that your appraiser be familiar with the impact that all of these factors can have on your home’s value.
Commerce. The Research Triangle Park is a major attraction in the area. Created in the 1950’s and anchored by leading technology firms, government and world-class universities and medical centers, the area’s economy has performed exceptionally well. Significant increases in employment, earnings, personal income and retail sales are projected over the next 15 years. Research Triangle Park and it’s appeal has a direct impact on values in the area. The area has fared relatively well during the Late-2000s recession ranked as the strongest region in North Carolina by the Brookings Institution and among the top 40 in the country. The change in unemployment during the period and the change in home prices was also among the lowest in the country.
Technology. The region’s growing high-technology community includes such companies as IBM, SAS Institute, Cisco Systems, NetApp, Red Hat, EMC Corporation and Credit Suisse First Boston. In addition to high-tech, the region is consistently ranked in the top three in the U.S. with concentration in life science companies. Some of these companies include GlaxoSmithKline, Biogen Idec, BASF, Merck & Co., Novo Nordisk, Novozymes, and Wyeth. Research Triangle Park and North Carolina State University’s Centennial Campus in Raleigh support innovation through R&D and technology transfer among the region’s companies and research universities (including Duke University and The University of North Carolina at Chapel Hill). All of these economic factors contribute to a unique and ever-changing housing market that requires a distinct local perspective.
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