Note that the houses being built on Maywood are on small lots. This type of infill I approve of. Yes the price is astronomical but you sell a house at what the market will bear. Also, this neighborhood will change slowly as Windsor Crest Properties own ALOT of houses as rentals. They have no plans on selling any time soon.
I was lucky! I bought my home in Caraleigh 12 years ago before downtown happened. I didn’t pay 6 figures. I’m not bragging I totally acknowledge that I was lucky and know it. I guess I can quit buying lottery tickets since I already won once in life.
These astronomical prices are associated with the homes being new as well. It’s amazing how much someone will pay to get that “new car smell” in a home with all the shiny baubles and trinkets. There’s a larger, and I’d argue much more charming, house for sale in Boylan Hts right now that’s move in ready for less money and much more walkable to downtown. Of course it’s contingent! https://www.realtor.com/realestateandhomes-detail/407-S-Boylan-Ave_Raleigh_NC_27603_M97403-32102
I certainly like the outside look, and I love that neighborhood - but lawdy, that inside is gonna need a lot of work. You are so right about that segment of the population who want only a new house - this was the joke out in Tucson, no one wanted to buy a “used house.” I am pretty much the opposite, I ain’t imagine living in anything brand new! lol
The exterior of that house is lovely. I’ve always loved it when we walk past it. Although if someone is purchasing it to be a single family home, it’s going to take an astronomical amount of work. I never realized it had 3 units in it.
I’ll add, I’d rather buy a newly built home over some of these homes that the previous owners have cheaply flipped. Older homes have always been my favorite though… hard to beat old bones and building quality.
I’ll be very curious what gets build on this lot - single family homes vs townhomes. Also… Does 350,000 seem like a lot just for land? It backs up to the country club golf course, but still seems high
Looking at the surrounds, I’d say this may end up a SFH. It’d be hard to get comps though if they intend to build to sell. Would probably have to be the owner who builds and lives. If it were a little closer to downtown I’d say they’d get 6-8 townhomes on it.
If it gets subdivided into smaller lots, it will have been a cheap land purchase. Lots for SFH’s in Raleigh are just ridiculous, especially that close to the city center.
It is in the King Charles NCOD, which means .7 acres per home… incredibly shortsighted NCOD. for 3 miles from Downtown right off a BRT line. With the new missing middle changes, it might be feasible to put a 4 plex here though. But, only one structure per .7 acres. 10 townhomes would go well here if they were allowed.
BoardDocs to the rescue! http://go.boarddocs.com/nc/raleigh/Board.nsf/goto?open&id=C7GTG6717AA2
It’s an assortment of “additional tools to facilitate housing choice in Raleigh’s neighborhoods”: 3-4plexes in R-4/R-6, examining FAR to limit bulk within the building envelope, lot subdivisions (a la SB 9 or Durham), allowing townhouses to have ADUs, and adjusting “infill compatibility” a bit.
Seems pretty early in the drafting process, so don’t count on it being adopted right away.
Something to keep in mind about listed home prices is that the actual sale price is often higher than the listed price. A low-ish listing price may be presented intentionally to incite a bidding war. The house @John referenced above on S. Boylan sold for ~$50k more than the listed price.
Have these been posted? On Lexington Dr. which is behind Bojangles on Western. I saw them from the parking lot and had to drive by. Good idea by someone.
I looked them up and they’re rentals. Yeah, this is a really dreary looking neighborhood so I think these are a great idea. (I don’t live over there so I’m speaking at them, not for them.) These days I’m for pretty much anything not neo-colonial or with acute triangles.
