Boone, North Carolina

People ask why I choose Boone, North Carolina and surrounding counties and towns as a target area in which to invest. My answer to them is that after several years in the retail housing business and through real estate investing, I can attest to the fact that the market is always driven by the economy. Boone has a tourist economy that is growing every year. Boone offers year round tourism opportunities catering to the outdoor enthusiast in the spring and summer and magnificent fall colors and ski slopes in the fall and winter. In addition, Appalachian State University, located in Boone, greatly contributes to the local economy and the need for affordable housing.

Boone caters to several types of homebuyers, and thus investment opportunities, not found in other parts of the country:

• High-end log homebuyers from out of state looking for vacation homes.
• Affordable log homebuyers with a more limited budget.
• Local workers who can only afford homes of $140,000 to $200,000.
• Local workers with moderate incomes needing homes of $85,000 to $139,000.
• Locals on a fixed incomes and using section 8
• Student housing or rooming houses.
• Retirees looking for typical housing ranging from $150,000 to $250,000.
• Time Share Log Home rentals
• Log home rentals
• Special needs renters

Buying land in the Watauga County area is a sure bet for a great return. Many building lots will sell from $20k to $70k per acre. Large tracts of land may be purchased from $12k to $40k an acre. There is profit in subdividing even more so than normal markets. Many of the locals complain of the high price of land. I feel the land is still affordable in large tract purchases. This window of opportunity will close within 10 years as the 350 to 400 residential building permits increase and land becomes more scarce. Now is the time to buy!

An added dimension to the scenario is the 4 lane highways opening up the area. Originally the roads were narrow and winding making travel an arduous task. However, the emergence of the three 4 lane highways will make land in the outer parts of the county an easier commute for the residents of Watauga County. The new Hwy 421, already in place, has reduced travel times as much as 15 minutes in some areas. Boone has become accessible on the east side, 15 minutes from many locations.

Another concern is the high dollar trading in the area. The local tradesmen are accustomed to working for out of state owned projects. The tradesmen get a much higher rate than in some of the metropolitan areas of North Carolina. To combat those prices we use modular homes that have 90% of electrical, plumbing, HVAC and finish work complete. If need be, we will import trades from Winston-Salem, Statesville, Wilkesboro or other areas. Paying hotel bills would work to an advantage on cost savings.

FACTS OF INTEREST:

• The unemployment in this area is 1.9%.
• Retail sales in the county last year due to tourism and local consumption was ¾ of a Billion dollars.
• Annual economic impact of the local university is 407.1 million a year and climbing.
• 1/3 of all building permits are seasonal housing.
• The Blue Ridge parkway runs all around Boone making northeast and southeast parts of the county easy to travel.
• Web sites to check the area are www.wataugaedc.org www.boonechamber.com and www.regiond.org
• Appalachian State is fastest growing College in North Carolina. The state recently bought a major hotel for 10 million to convert to dorm rooms.
• Appalachian State is having a difficult time recruiting professors due to the fact salaries cannot match a decent affordable home in the real estate market. (Naturally we can cater to the need).

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