Fayetteville/Fort Bragg/ Sandhills NC

VOL6 ISS2 2016

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THE ORIGINAL RELOCATION GUIDE — FAYETTEVILLE | FORT BRAGG | SANDHILLS REGION VOLUME 6 — ISSUE 2 60 REAL ESTATE Fayetteville/Sandhills REAL ESTATE BY LAUREL HYATT city, town or country Any potential relocation of an individual or a family obviously involves some sort of real estate transaction be it a rental, purchase, or some hybrid of the two. Knowing the trends and at least some of the current pricing information puts you miles ahead in your decision making process before you pack the first box or place your "for sale" sign on your current lawn. Fayetteville, North Carolina, located in Cumberland County, is one of those interesting places that stands alone as a town but when combined with the immediate surrounding "metropolitan area" grows exponentially. Of course best known as home to Fort Bragg, the Army base, with a population of approximately 200,000 — the Fayetteville "metropolitan area" has a population of approximately 340,000. So there must be something (other than military life) that draws people to the area. Part of it is affordability. Based on how the region has grown, travel a short distance from downtown Fayetteville and you're in a very proper "countrified" setting of the South. The cost of living is below average and so is the cost of housing, two very important considerations for people who would like to retire in North Carolina. One real estate fact is for sure: in the Fayetteville area, there is no shortage of rental properties and with a little bit of phone/email time and maybe some "shoe leather" you are likely to find just the spot for you. Fayetteville has median household income of approximately $45,175. 45% of residents of Fayetteville are married and 33% are families with children. Half the residents in Fayetteville commute just 18 minutes or less to work, with 38% of residents holding white collar jobs and 62% residents holding blue collar jobs. The median age of homes is 24 years. In Fayetteville, 45% of homes are owned, 45% are rented, and 10% are not occupied. Last year, 2,485 Fayetteville properties were sold and the median sale price of a home was $123,872. For renters the median rent per month was $950. For those building new homes per sq. foot costs averaged $96-$100. Most people in Fayetteville commute by car. But that too could be changing somewhat when in the fall the new $12.2 million bus transit hub opens. The transit hub will replace a transfer stop on Old Wilmington Road and be the main transfer point for the bus system. It will also house some of the offices for the city's Fayetteville Area System of Transit. The center will have a Greyhound bus station, cab stands and retail shops and be within walking distance of the train station on Hay Street. The two-story transit center is being built on a 2.5-acre city block at Robeson and Franklin streets. The roof of the structure will resemble the nearby Airborne & Special Operations Museum. Another factor sure to affect real estate and livability of Fayetteville is the city's exploration of the possibility of a downtown baseball stadium and mixed-used commercial property, including a parking garage as an economic catalyst for the downtown. This redevelopment would provide patrons and residents access to linear trails, downtown businesses and restaurants. One of the reasons for the renewed interest in baseball is the Houston Astros' ongoing efforts to streamline their Minor League operations and their interest in placing a Minor League team in Fayetteville. The Astros have sent a letter of interest to the city of Fayetteville that outlines to move to a nonbinding memorandum of understanding to move a Minor League affiliate to the city if it can get a ballpark built. The Astros would have to purchase a franchise and then relocate it. As mentioned earlier, within easy access to Fayetteville and other central North Carolina cities are other great small community cities, towns, and communities that also might meet your needs. Nearby Hope Mills' demographics are similar to those of Fayetteville however if building in Hope Mills the cost per sq. ft. is closer to $82. A little further to the west in Raeford the building cost is also low and the median age a bit higher than either Fayetteville or Hope Mills. >>

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