I would not drop $2mm for a house anywhere. Mainly because I don’t have $2mm…
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Not so fast.
Don’t forget that turning that land into an approved subdivision requires dozens of hours of land planning, hundreds of thousands in engineering and survey work, multiple battles with the city staff, several complete resubmittals that cost thousands each, and probably 16 months start to finish just to get the lots on paper.
To physically develop the parcel into residential lots probably over a million in site work and utility work.
The lot prices are likely determined by estimating these costs together along with the cost of funds (interest), and adding a 20% target margin to it. The financer will be in first position on turning a profit, so the developer likely won’t record a single profit until the very last 10-20% of lots are sold. It could be 5 years before the developer makes $1 on the lot sales.
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purchased in March https://www.bizjournals.com/triangle/news/2021/03/15/beacon-street-buys-josephus-daniels-house was-raleigh.html
House torn down a few months later
Fully approved subdivision by September according to the plat. Not much of a battle.
I’ll give you the developers putting $1 million into it, so $4.7 million cost plus whatever low interest rate loan they got (if any).
Average lot price is going to be over $1 million, so $11 million+ in revenue. No way they don’t turn some major profits after the 5th lot is sold.
If that is true, bravo to them for getting an approved subdivision that quickly. I’m honestly shocked if that’s the truth. As far as the cost of funds, I doubt a bank would have a higher LTV than 75% on something like this, so unless the developer just had a million cash to put into it there is probably some private equity involved as well which is demanding a higher rate than the bank.
These will not compare to drone pics from @OakCityDylan and @OakCityDrone, but I took some snaps of the Raleigh Iron Works project earlier today. They’re making progress on the Double Gable buildings, but the Bow Truss renovation has a way to go. Looks like they’re building a parking garage of prefabricated concrete. Someone correct me if I’m wrong.
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I think two houses are gone now. Sorry no picture today
First phase of East End Market looking close to completion on the outside. Electricians are finishing work inside.
Phase 2 demo in progress. All houses North of the townhomes are gone.
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Here’s a few from the other night. Still playing with night settings on the camera, maybe I’ll get it right one of these days. 
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That angle of Downtown makes it look so massive space wise in that last picture
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Great pictures! Terrifying looking down at that first pic and thinking of navigating that intersection! LOL
Very cool to see both of our skylines from the same spot. Agree with @atl_transplant that DTR looks massive!
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A traffic circle can’t be installed soon enough. Another moron wrecked last week on the outbound lane. Literally went airborne and clipped the top of a crepe myrtle across from 3rd Place. I’m sure alcohol was a factor but jesus christ, the number of accidents seems to be growing. A 15 year old kid was hit by a car, texting a couple months ago. Fortunately, the driver was on a tiny little Civic and the kid was on his bike which tossed him onto the windshield instead of crushing his legs.
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Imagine this intersection once it starts building up and there’s a bunch of wedge shaped 5 over 1’s with a big church on one corner. It’s going to have a very European feel to it. I’m honestly surprised that boom hasn’t started yet.
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The rich NIMBYs who live around there fight that kind of thing tooth and nail. It would be great to see though.
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Noooo doubt! Extra characters 
Shocking they still have Glenn Ave. dump out into it, too. Even if there isn’t a traffic circle, that should just be a pocket park.
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Yea there’s no reason that this corner shouldn’t be our “wow this is a cool spot” type neighborhood that most cities have. So much potential around there.
And @oakcityyimby I think I had started sketching one up for this intersection a while back. I’ll have to look through my files.
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Arguably, Five Points was “cool” before downtown started happening.
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