Does anyone expect home prices to rise of the next few years in Garner now that Amazon is bringing a new distribution center there? How do you think the new center will affect the market?
I wonder if it will bring mainly 'blue collar' jobs to the area.
I hear it is 1500 jobs to the area
Yeah as @Shaun Palmer mentioned, this will bring about 1,500 blue color jobs ($10-12/h).
I usually get the most excited about hi-paying jobs from an investment perspective. This is still good and it should bring more people to Garner. Earning $10-$12/h would qualify you for about $600 in rental property.. This is just more traffic and low income.
The construction has already started. It will be on Jones Sausage Road and close to i40. This will just bring more traffic so there will be some infrastructure improvements in that area..
@Noureen A S. to answer your specific question about the property values, i think that depends. I'm not an economist or specialist in this field, but as an investor and realtor, i don't think this would have any immediate impact on the property values. I think in might add more job security and bring more people to that location but again, those are not the hi-paying jobs like it would be the case of amazon HQ2.
The higher traffic would be mine main concerns. Overall, long term, i think its good but i would not change my investment strategy just because of this. Just something to keep in mind when investing in that area. To me, that is a neutral thing, depending on the exact specifics of you intentions..
Thanks for all your input everyone.
Yes - this all makes sense.
I read an article announcing the new facility and in the comments section, most people were concerned about the increase in traffic.
My expectation is exactly what was mentioned. More traffic and little impact on housing market. It's been some years since I lived in Cary and I know the area has changed since. I wouldn't expect home prices to significantly rise because of this- looking at the avg wages. I think there will be a demand for more homes that won't be met because of the price range and people will have to commute.
This will add strain to an already challenging price range- additional demand. This will create more demand for new construction. Will this be met? Slowly- or slower than higher price points I believe. New construction prices have risen. Interest rates have risen, lowering buying power. This makes building in the lower price ranges challenging.