With the Apple campus bringing jobs to Research Triangle Park, many people have noticed the ‘the Apple effect’ on local real estate prices.
ACCIDENT. 2 OF THEM ARE STILL HOSPITALIZED TONIGHT. >> HERE NOW FROM SO MANY PEOPLE, THE APPLE EFFECT AND ITS IMPACT ON LOCAL REAL ESTATE PRICES. AND NEW TONIGHT AT 6 WRAL TRACES THE DIRECT IMPACT APPLE’S ANNOUNCEMENT HAS HAD ON YOUR ABILITY TO BUY A HOME IN THE PAST YEAR. WRAL’S MATT CALL HIM WORK THROUGH THE NUMBERS. JOINING US LIVE NOW WITH A LOOK AT THE BIG PICTURE. MATT. >> YET, DAVID, YOU KNOW, IN THE PAST YEAR, EVERY REALTOR I’VE TALKED TO HAS USED THE PHRASE SINCE APPLE AND THERE ARE REAL NUMBERS TO BACK IT UP. I WANT TO GIVE YOU AN EXAMPLE. SO RIGHT ACROSS THE STREET, ALL THESE TREES, THIS IS WHERE APPLE’S NEW SITE WILL BE. YOU HAVE TO LOOK ACROSS THE STREET HERE IN THROUGH THE STREETS TO FIND THE BRECKENRIDGE NEIGHBORHOOD. THAT’S WHERE A HOUSE BACK IN MARCH 2021. BEFORE THE BIG ANNOUNCEMENT WAS LISTED FOR SALE FOR 2.89, IT WENT UP $23,000 IN ONE MONTH AND IT’S ON THE MARKET NOW FOR 415,000. REAL QUICK PUB ON MOVED INTO THE TOWN HOME. HE BOUGHT IN HIS HOME TOWN OF CARY JUST MONTHS BEFORE APPLE ANNOUNCED PLANS TO BECOME A NEIGHBOR UP THE ROAD. BY THAT TIME, IT TO BE THAT WAY. THIS YOUNG TECH ENTREPRENEUR IS SEEING THE IMPACT OF THAT PROXIMITY OF THE PROPERTIES GONE UP OVER 200 K. >> SINCE I’VE I’VE GOTTEN IT, HE’S HOLDING ON TO THE HOME. THAT’S NO LONGER JUST A PLACE TO LIVE. BUT AN INVESTMENT. I DON’T SEE THE VALUE OF THE HOMES IN CARY GOING DOWN TOO MUCH JUST BECAUSE OF, YOU KNOW, THESE TECH COMPANIES COMING IN. WE COMPARED HOME SALES IN THE ZIP CODES CLOSEST TO APPLE’S RTP CAMPUS IN THE 3 MONTHS LEADING UP TO THAT APRIL ANNOUNCEMENT LAST YEAR TO THE SAME 3 MONTHS THIS YEAR, THE MEDIAN SALES PRICE FOR HOMES THAT SHARE THE SAME ZIP AS APPLE SKYROCKETED. 53% IN A YEAR. ALL OF THOSE AREAS ARE UP MORE THAN THE TRIANGLE WIDE INCREASE OF 24.2%. AND IT ALL COMES BACK TO APPLE REALTOR. CHRIS MORTON COMPARES THE TECH GIANT TO THE HIGH SCHOOL QUARTERBACK. EVERYBODY WANTS TO BE HIS FRIEND AND EVERYBODY WANTS TO HANG IN HIS CIRCLE. THAT PRESENCE IS ATTRACTING OTHER COMPANIES, THEIR PEOPLE AND INVESTORS. WHAT WE’RE GETTING RIGHT NOW >> ISN’T EVEN THE APPLE CROWD. IT’S IT’S THE PERIPHERY OF APPLE. SO ONLY IMAGINE WHEN APPLE COMES. WE HAVE RELOCATED OVER 1000 FAMILIES INTO THE AREA LAST YEAR. JULIE KOPECKY NANCY HARNER WITH COLDWELL BANKER HP W HELPED COMPANIES RELOCATE EMPLOYEES TO THE TRIANGLE. MANY OF THESE CORPORATIONS ARE COMING FROM AREAS THAT ARE MUCH MORE EXPENSIVE. THEY CAN SAY WHICH COMPANIES THEY WORK WITH BECAUSE OF CONFIDENTIALITY. BUT THEY SEE NO SIGN OF THE INFLUX ENDING. NOW THAT SOME OF THE BIG COMPANIES ARE COMING HERE AND THE ANCILLARY BUSINESSES NOW WANT TO BE HERE AS WELL. SO WE DON’T LOOK TO BE SLOWING DOWN ANYTIME SOON. >> BACK OUT HERE LIVE, THE ONLY SIGN THAT APPLE’S THESE NO TRESPASSING SIGNS UP ON THEIR PROPERTY HERE. THEY HAVE NOT TURNED DIRT JUST YET, BUT THAT RELOCATION TEAM THAT WE TALKED TO SAYS THEY HAVE SEEN A 20% INCREASE IN CORPORATE RELOCATIONS HERE IN JUST THE PAST 5 YEARS. AND SINCE A LOT OF THESE JOBS CAN WORK REMOTE, IT’S ALSO HAVING AN EFFECT ON THE HOUSING PRICES IN SOME OF THOSE FURTHER OUT SURROUNDING COUNTIES. DAVID, ALWAYS A PRICE
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