A fly-in home just went on the market a few doors down the runway

Bill Watson

Bill Watson

En-Route
Joined
Dec 5, 2007
Messages
2,703
Location
Durham NC
Display Name
MauleDriver
Home Airfield
Lake Ridge Aero Park
Obviously not listed by an agent familiar with Aviation since runway is not the first pic...
 
NoHeat said:
Yeah, I'm also wondering why someone would want a house on a runway without a hangar to park a plane?
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Looks like there is a set of t-hangars at the NW end of the field. I'd bet many (most?) of the aircraft are there. I could make an argument that it would be preferable to have your hangar 5 minutes from the house rather than attached. (If it is attached, it is really easy for your spouse to poke his/her head in the hangar and assign you non-airplane chores.)
 
SoonerAviator said:
Geez. $500K for a mid-80s 2,800sq ft house is "cheap" lol. Glad I don't live in a housing market that is inflated enough to make that a cheap price!
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It would be at least double that around Nashville right now.
 
I would have expected 150k more.
 
With the University shutting down/selling off the Chapel Hill airport, I’m surprised it was so low priced as well.
 
asicer said:
No hangar?
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Yes, no hangar. There are 11-12 homes with direct access to runway but only 4-5 actually fly, maybe 6 have hangars. Some people just thought it would be cool to be on a runway and never had any intent to use it. The home listed here was originally built by one of the non-flying siblings of the gentleman who originally developed the airpark.

There are approximately 50 aircraft based in the common area. There’s self service fuel and a now unused Jet-A setup for helicopters.

We built here in ‘96 so I cannot relate to current real estate prices. It’s been a good deal for us. We were originally planning on building near Chapel Hill Airport(!).

The good part is that the town of Durham has grown up quite a bit since then, as has the entire “Triangle” of Raleigh, Durham and Chapel Hill (and Research Triangle Park and Cary).


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kyleb said:
Looks like there is a set of t-hangars at the NW end of the field. I'd bet many (most?) of the aircraft are there. I could make an argument that it would be preferable to have your hangar 5 minutes from the house rather than attached. (If it is attached, it is really easy for your spouse to poke his/her head in the hangar and assign you non-airplane chores.)
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Mostly just open shelters with a few T-hangars and a couple of full hangars. I think only 1 person with a non-runway home hangars there. The 40 or so non-runway homes have little or no aviation interest or involvement.

In my view it is much better to live with your plane and hangar than having it even 5 minutes away. It’s a great way to build/maintain and fly in particular.


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how long before some non aviation home owner says the words "airplanes are too noisy" and forms a movement to shut down the runway.
 
scarcherpilot said:
how long before some non aviation home owner says the words "airplanes are too noisy" and forms a movement to shut down the runway.
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Nary a word in 25 years. We used to have a flight school.

Having moved from NJ where airports were closing at 1 per month in the 90s, I was hypersensitive to that issue. I noted that because of the lake and the protected watershed, no other subs could be build off the ends or the other side of the runway.

Fingers always crossed.


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A developer just started building in our downwind leg. We fought it and lost. In one of the meetings I clearly explained how the pattern works and that we’d be over the houses every flight and less 10 minutes later the rep said “the area isn’t in line with the runways so the airport is not even a factor” before he called for the vote and it was unanimous.
 
Looks nice. I love airport life. We build our house on a lot that sits on the corner of the taxiway for the off-runway lots. That way our house looks over the runway and the hangar is on the taxiway. We have one of the few houses in the neighborhood you can walk from the living space to the hangar without going outside.
 
flyingron said:
Looks nice. I love airport life. We build our house on a lot that sits on the corner of the taxiway for the off-runway lots. That way our house looks over the runway and the hangar is on the taxiway. We have one of the few houses in the neighborhood you can walk from the living space to the hangar without going outside.
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We too.

Used to fly into Lake Norman Airpark (old runway) almost weekly for a few years. Had some friends down the road on that side of the lake. We watched your place build up along with the lake. Having fallen in love with grass, your place was a dream but we had already settled.

Enjoy!


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SoonerAviator said:
Geez. $500K for a mid-80s 2,800sq ft house is "cheap" lol. Glad I don't live in a housing market that is inflated enough to make that a cheap price!
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NE and central/mid-atlantic are insane right now. I get at least 2 or 3 calls a week from real estate broker types looking to buy either of my two homes (one in PA, one in MA). And for a lot more than I paid.

But, then, I'd have to turn around and buy in an overheated market at inflated prices. May just sell PA, pay off MA with the profit, and flip the bird at the NJ/NY/PA area.
 
SoonerAviator said:
Geez. $500K for a mid-80s 2,800sq ft house is "cheap" lol. Glad I don't live in a housing market that is inflated enough to make that a cheap price!
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Shoot, our 2100sq ft downtown home is now worth $560k according to Zillow, and I think that's low as a similar home two houses up the street just sold for $650k. Housing prices are NUTS right now...

At $450k I think this house is a pretty good deal. Put up a hangar and Bob's your Uncle!
 
BryanAV8R said:
NE and central/mid-atlantic are insane right now. I get at least 2 or 3 calls a week from real estate broker types looking to buy either of my two homes (one in PA, one in MA). And for a lot more than I paid.

But, then, I'd have to turn around and buy in an overheated market at inflated prices. May just sell PA, pay off MA with the profit, and flip the bird at the NJ/NY/PA area.
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I get it, and I understand the regional supply/demand that makes housing prices what they are. I just shake my head at the thought of paying triple the price of my home I bought 10 years ago for less square footage. I've gotten plenty of the solicitations as well, but since we are happy with the area we live in, even if we sold for an absurdly high price I'd have to pay and absurdly high price to move less than 15 miles away. No winners in this market unless you were downsizing/moving to cheaper housing markets (city to rural).
 
I keep wondering what things look like to the next generation of hopeful homeowners.

When I was chasing my first house in the early 80s, prices were skyrocketing ($135k !!!) but more critically, interest rates had spiked. 12% mortgage interest on <$50k salary meant that it took a couple to combine incomes, marriage optional. Then we needed an aircraft.

The monthly nut for our 1/4 acre first home in central Jersey has never been equaled in this lifetime despite a bigger house, an even bigger hangar and 3.5 acres.


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Bill Watson said:
I keep wondering what things look like to the next generation of hopeful homeowners.

When I was chasing my first house in the early 80s, prices were skyrocketing ($135k !!!) but more critically, interest rates had spiked. 12% mortgage interest on <$50k salary meant that it took a couple to combine incomes, marriage optional. Then we needed an aircraft.

The monthly nut for our 1/4 acre first home in central Jersey has never been equaled in this lifetime despite a bigger house, an even bigger hangar and 3.5 acres.


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We refinanced in December last year to move to a 15yr from a 30yr that we had a decent rate on to begin with. Ended up having the payment not change but knocking 10 years off of the loan and significant interest savings. Mortgage rates were just too good not to refinance since it paid back closing costs in less than a year.
 
I know four people who have purchased homes recently. In every case, their offer was ABOVE listing price. Apparently, the way home buying works now is the seller gets offers (above asking price) and then accepts the highest one. Then they let the 2nd highest offer know that they are the "backup" buyer should the highest offer deal fall through.

SMH
 
Brad W said:
ebay real estate....
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They are competing against Free Fed Money that you or I don’t have access to, buying up inventory at sky high prices. You and I have to consider total cost plus interest, they don’t they are getting the money almost free.
 
That is a $250,000 house where I live.

Update: It's now closer to $300,000, based on how much home street value has gone up in the 2022 tax estimation...
 
FlyingElvii said:
...They are competing against Free Fed Money...
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The Fed's near zero interest rate policy is making for cheap money. I had been under the impression the little guy was losing out in the current market to private equity firms etc. b/c they can offer all cash. This is the first I've read about them being able to borrow for less. How is that considering they borrow from the same banks? How do they borrow for less?

Regarding the property referenced by the OP, this neighborhood looks to be bordered on one side by an extremely busy interstate and on the other by a public boat ramp. Throw an airport on top of that, it sure seems like a lot of noise and traffic to me. I would be hesitant.
 
MICHAEL MAHN said:
The Fed's near zero interest rate policy is making for cheap money. I had been under the impression the little guy was losing out in the current market to private equity firms etc. b/c they can offer all cash. This is the first I've read about them being able to borrow for less. How is that considering they borrow from the same banks? How do they borrow for less?

Regarding the property referenced by the OP, this neighborhood looks to be bordered on one side by an extremely busy interstate and on the other by a public boat ramp. Throw an airport on top of that, it sure seems like a lot of noise and traffic to me. I would be hesitant.
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The big boys like Blackrock and Citadel doing all of the buying are being handed money, literally, at 1/4% or less over the Fed Funds rate of 1/4%. They are paying 1/2% or LESS on hundreds of millions, while you and I are paying 3-4% if we an outstanding credit history, a lot more if we don’t. They only have to generate enough revenue to cover the interest and admin expenses, until they sell at a profit, using the rising prop value to cover other loans for other investments.

it’s a fine scheme if you are in the club. You make and book big profits as long as the market stays hot. And if it collapses, the taxpayers will bail you out, because you are “too big to fail”.
 
Location, Location, Location and migration. I blame a lot of CA folks and Yankess coming to our corner of TX. They have a load of cash from their sales so even if they spend 20-40% more than a local would think its worth they still think they got a good deal. That cheap money and sprawl has turned what I guess are about half the homes sold in my immediate area to be turned into rentals, as if everyone needs to be on a subscription service. Can a 98% White, owner occupied non-urban area be gentrified?

Then zwillow....
https://www.marketwatch.com/story/a...arket-heres-whats-really-going-on-11632511943
MICHAEL MAHN said:
Speechless. I cannot believe I haven't come across this sooner.
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You wanna turn silence into anger you can google- "Corker Kickback" from a few years ago.
 
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I get calls and texts nonstop from folks who want to buy the Steinholme. I always answer that I want a MILLION dollars and some frickin' sharks with laser beams in their heads.
 
Gary Ward said:
I agree...wonder why so cheap though?
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The area is a bit out of town, it's only 2800 sqft and there's no hangar. For how far away it is from everything, it is much more expensive than similarly sized properties nearby. Plus, it's Durham.
 
MICHAEL MAHN said:
Regarding the property referenced by the OP, this neighborh

ood looks to be bordered on one side by an extremely busy interstate and on the other by a public boat ramp. Throw an airport on top of that, it sure seems like a lot of noise and traffic to me. I would be hesitant.
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…and living here, I wish it were noisier and busier. But for the record:

I’m 3 or 4 houses closer to the interstate. At night, with the windows open, one can here the trucks hitting expansion joints though windows open in this part of NC is only for a month or so each year. AC and heating the rest of it.

The launch ramp is the smallest and least used on the lake and is undetectable from the homes. There is great trophy LMB fishing within sight of the ramp. The whole lake is a good LMB lake and I wish I hadn’t waited 10 years to sample it!
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And we just have too little air traffic to make a pilot happy. I liked it when there was a flight school operating and we were the refueling station for a local news heli. The airport just changed hands and there is a small fly-in coming up in 2 weeks. The new owners have some cool flying friends and hope springs eternal for some additional aviating. But we have Cubs floating around, a couple of Stearmans, a Bo or two and the usual Piper and Cessna stuff. Oh, and some good looking RVs!

I’m not selling but I know that the airport lifestyle is the best for a select few. Instant access to your aircraft changes everything if so inclined. There was a period of 5-10 years where we didn’t drive a car over 100 miles to go anywhere and yet we went somewhere weekly.

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Living with the airplane. Try it if you can.


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When I see houses like that, I always wonder what the story is. Someone obviously spent a lot of money to update the place to match their taste, its not the kind things someone would just grow tired of.

Lacking a hangar. I wonder whether the covenants and building restriction lines would allow one to knock down that garage addition and put a combined hangar/garage onto the footprint of the garage + some of the apron. That would maintain the nice view out towards the runway and make it a real airpark home. It doesn't look like it it needs any internal remodel:


Hangar_addition.jpg


white 42ft caliper
red hangar outline
green garage door for the wifes car
yellow RV/truck parking

Is this on well and septic or are there utilities ? May have missed it in the listing.
 
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