I get what you all are saying here about $1+m within spittin distance of Glenwood South, but if are moving from high cost markets from the West Coast or Northeast, it looks like a bargain.
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Only 1 has sold. Parking garage in back is the issue . The ones over a million have an elevator. These would move around the $850,000 range. Already seen about a $100,000 price reduction needs another one.
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Your point is very well taken. 
Do you happen to know how many people move from those more expensive places vs. everywhere else? 
I am thinking that āthose otherā people probably donāt think our prices are quite that low?
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Not to get too far off topic but I came from Atlanta and felt our prices were pretty low / fair. Itās much easier to get a decent home much closer to the city than there even if the overall market prices are similar. Basically you can get something 10 miles from downtown for the price youād have to go 30 miles in Atlanta. I will say, the acceleration of prices here is insane right now.
As for these, if Iām paying that much, I need a sweeping view of downtown, not a parking garage.
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Itās true that those coming from more expensive markets will see the Raleigh market as a bargain. However, itās highly unlikely that someone is looking at these townhouses in a vacuum. If they are looking at these, they are likely seeing others in the same price range.
The Clark Townhomes a mile west have sold out for right at the million dollar price point, and all of them have elevators and full roof decks. There clearly is a market, partly based on those coming from higher priced markets as you suggest, but those buyers will still make the best decision based on what these units offer, where they are, and what their views are.
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Agreed, even those these might look like a bargain from a Bay area or NY transplant, there are other options would look to be a better value. I think the garage and lack of city views are great points, but the biggest downside for me would be so close to late night crowd on Glenwood South. Itās a great spot for recent college grads or a younger crowd to hang out but doesnāt strike me as a great spot for the buyers of these units. Time will tell and for the record, I usually end up eating my words!
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I think people who move here from higher priced markets often buy something they wouldnāt have in the previous location - a large house with yard. Not always, but Iāve seen it. Even those who arenāt wealthy who move here from higher priced markets initially flock to developments with pool, tennis, golf course - things that they could never have afforded where they came from. Who is the buyer for the $1M+ townhome in DTR? Older people who moved here to be close to their kids (who themselves might have yard/pool)? Young couples who both have high-paying jobs? I donāt know the answer - the people buying the $1M+ houses in North Hills are typically couples with young children as far as I can tell.
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I have friends who are leaving Manhattan now that their jobs are allowing them to be remote. They are currently renters of a nice sized upper west side apartment. They are moving to Philly and buying a 2500ft2 urban (new construction) townhouse in the city. They are buying in Philly what they could never imagine buying in NYC. So, itās not all people buying large houses in the burbs.
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Right - hence why I said āNot alwaysāā¦
I mean, to be fair thatās probably what a million dollar purchase at least right? If we take a look at the letās say 300-500k more normalish range people coming from expensive cities theyāre probably 90% going for the yard and amenities.
Itās absolutely wild what the town homes on St. Maryās go for. I guess the market is the market, but considering what it costs for something similar in Boylan, East St, Oakwood or 5 Points - which imo are significantly better locations - I am floored people pay 1M+ for those.
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Have we talked about this one? Canāt remember. 40 story removing request at the corner of Glenwood and North.
Currently zoned 7 want 40 for commercial.
ā A Raleigh-based digital marketing company appears to be planning big changes for a collection of properties in Glenwood South with a 40-story rezoning request in the works for the firmās headquarters and surrounding properties.ā
Neighborhood meeting August 26th
https://www.bizjournals.com/triangle/news/2021/08/17/centerline-plans-40-story-rezoning.html?utm_source=st&utm_medium=en&utm_campaign=me&utm_content=ra&ana=e_ra_me&j=24765337&senddate=2021-08-17
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This is new and I was just reading it. This is the block where TinRoof is currently.
300, 304, 306 Glenwood Ave and 509, 519 W. North Street
This would take out Clockwork, North Street Beer Station, Rockford, Pirates and Peril (former Parliament), Tin Roof, former Devolve Moto spot.
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Iām not usually opposed to new tall buildings on Glenwood or anywhere downtown, but that seems like a lot of businesses to get rid of when thereās so many empty lots with projects in limbo or cancelledā¦
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Ideally theyād keep some of the small buildings along Glenwood and go big backing up against the tracks, but I wouldnāt call any of these buildings unique or irreplaceable. Maybe the Rockford because itās two stories tall. But not necessarily.
That said, I am getting less and less excited with each of these 40 story rezonings. Have we seen even a single one of them get out of the ground yet, the vast majority of them appear to be cynical plays to lock in entitlements to boost the landās value while thereās a seated council that isnāt afraid of density, and then probably flip it (or hold it forever).
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Further from the article
ā Two parcels on the block were not included in the rezoning: 517 W. North Street ā owned by Centerline ā and 320 Glenwood Ave. ā owned by Raleigh-based East Side Garden LLC.ā
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Iām actually going to be NIMBY on this one as well. I donāt like this block for a tower. Selfish perhaps, but Iām entitled to my own opinion.
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I think Iām āokā with it if they keep the corner building, which it looks like they are, and if they try to integrate some of those businesses.
Maybe they just want the zoning flexibility and will build back off the street.
Thereās so many other lots that could better fit a tower right now but if Iām reading it right the company that is there wants to build it for themselves.
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Maybe, but not necessarily. The rezonings are always done by the current owners and could be contingent for the sale to new developers. Although, in this case, I feel like Iāve heard Centerline talking about building up at some point.
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