Price for school site in Wake County (N.C.) district falls by nearly one-half

Jan. 10, 2011
District will pay $4 million less than what was offered in 2007

From The Raleigh News & Observer: The Wake County (N.C.) school board has approved a contract to buy a large swath of land in Apex for $4.67 million - about half the price the county almost paid for the property in 2007, at the top of the real estate bubble.The contract indicates how far the market has fallen in an era of tight lending. In early 2007, the school board agreed to buy the 108-acre tract for $8.7 million. But that price was criticized as too high by some county officials, and the school board killed the deal. The site would be used eventually for a high school and middle school.

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