The other 14 new homes were all together on Sasser St., Norris St., & Virginia Ave. all in one clump. Looks like 57 total in the development. But built over multiple years. Average price of these was $728,000. Location wise this is really close to the ~$440,000 town-homes.
Kind of tells you how strong the Market for Single Family homes on the really high end is. These homes are pretty high end too. Here are three of them. Last pic is a good view for the feel of the neighborhood. There are subdivisions out near 540 that kinda look similar.
Looking at the zoning, I think they just tore down the old & built the by right 10 units per acre. I guess that “fits” in with some of the surrounding, but would have probably been more affordable to do a few small condo buildings like the GOVERNOR’S SQUARE condo building.
I am going to change the number for Mordecai & say there was just a net new 7 homes built. Big SFH’s just replaced people would could afford $500 a month with people who can pay for a $700,000 mortgage. From 1521 units the places to live in Mordecai increase by .0046% in 2018.
How is there this much demand for these $550k - $1.1M homes? I wish there was an anonymized database on who’s buying them–I’m really curious. Is it retiring boomers? Dual income high-earning tech workers? Doctors? Kids with trust funds?
All of the above, plus transferees who come with a nice cash-out from a previous home sale in another more expensive housing market. I’d also expect that some of these are empty nesters who are selling their larger homes in other ITB locations for big $$$.
Would be a fascinating survey to see the results of. I would also like to see a documentary on the people going around knocking on doors and asking. Would be a GREAT N&O or INDY piece.
Thought this article was very applicable to this thread. Raleigh’s population grew .8% last year while Knightdale grew the fastest at 10%. I am betting there is a correlation between building homes and growing population. https://www.newsobserver.com/news/local/article230699979.html?
Well to be be fair for a city with the population of Raleigh to grow by 10% it would take over 45,000 to move there in one year’s time. Percentages mean little in this situation.
Central CAC
Going to take a look at the Central CAC. The ITB CAC with the most different stuff going on. Central has about 870 acres downtown, but a big “leg” goes south of ITB for a ways.
Not a lot of housing that someone could buy got built here in 2018. I found 9 single family homes and 3 town-homes in zillow, but only counted 4 net new SFH. Average Sales Price of $665,254. Only three CAC’s had higher average prices. Imaps showed 12 SFH & 5TH built in 2018
One big big thing to add is that a very large & important building was completed in Central CAC (Warehouse district) in 2018. The Dillon Raleigh! @thedillonral which has 271 residential units. That is a little under 4 times the new new units from TH & SFHs ITB in 2018
Zillow said that the last two of the Brownstones at https://www.hargettplace.com/ completed & sold in 2018. I maps says 3 finished in 2018. Very high end & have an elevator. They were built on old parking lot. City gets a lot of new tax money from these. $1.4Mill town-home.
I can totally see how these are shinning examples of income inequality where they are. But, it is a big deal that no one was displaced to make them. That was not the case for the tear downs & the tear down multiple units for 1 examples I see. Those anger me more.
One more town-home, In the Warehouse District, was completed in 2018 when I checked this a few months ago… I am thinking a few of these finished in 2018, but groups of townhomes can confuse Zillow. Imaps thinks 5 TH in Hargett Place & no TH in warehouse dist. in 2018
Now onto homes that make me angry. Little duplex in South Park was sitting around be naturally affordable AF. Now, Raleigh’s craziest rafter system home. I think they left the original roof rafters & build a second floor over it. 1 step forward 2 back. https://www.zillow.com/homedetails/208-Bledsoe-Ave-Raleigh-NC-27601/6431554_zpid/ …?
Next one is tricky. A home was torn down & replaced by two homes in Boylan Heights, near the prison. Look up the old street view & there was a 4 plex there before! Do people realize how few fourplex’s Raleigh has? Should all be protected IMO. Also the new SFH’s are 4plex sized
Having some issues with google street view. Won’t give me the go back in time option for lots of Raleigh right now. Will have to come back with those pics. Can anyone get 1102 W Lenoir St to show the past street view right now?
Kind of a big part of my shtick. Imaps still shows the 4plex’s silhouette.
The last homes are the cover homes from the @UpshotNYT article by @emilymbadger@qdbui & @gebeloffnyt did. Highly recommended reading! There are 3 new homes that replaced this home. All three still for sale. Betting the article has not helped sales
The homes on the cover story are sadly in the category of new stuff that is least sinister to me. Still not good, Raleigh Needs 4-plex’s & more tax subsidized affordable housing. But cheap duplexes becoming expensive SFH is definitely worse than a 1 for 3
Going through the data on the Central CACs total homes, so I can see the % of net new in 2018. Some of the Condo’s (very few) are missing middle. This might be my favorite “new” missing middle in the city. Check out these 4 condo’s buildings. Would be average SFH in Glenwood CAC
Did anyone know that the Bail Bonds place next to Virgil’s Original Taqueria was built in 1926 & has 6 condo units in there somewhere? Because I did not.
Central CAC has 3 RES/BUS buildings. First one from 1901, second a funeral home (spooky place to live), and there seems to be a live in tattoo place out there as well. I have aspirations to own a building where I live above food of some type some day.
In the STORE/APT category: There are apparently 4 units above this corner store. It also says two units for the roast grill. The Pour House has 4 units too. Might be a loud place to live. I guess the Cutler Street Place in Boylan Heights was a store front apt above once.
On to Garden Apartments. Red 5-plex from the 66. A greenish 13-plex from 67, 122 units of Heritage Park from 75, and 14 units in a bad picture on Blount Street.
Got some total Numbers. There are 3,626 units in the CAC & SFH only make up 20.44% which is just less than the LUX/APT. Which I think means Luxury Apartments? The 815 units in three of those had 22.48% of the units. With the Dillon there was a 7.67% growth in homes in 2018!
There’s a little forward progress with this development, taking 1/2 Acre surface parking lot and building two duplex’s. Although looking at the size and each having a two car garage, these will be expensive.
809 Brooklyn St. (Near Fred Fletcher park of Glenwood South.)
Also I can relate on the need for more density in close proximity to the city core, but many of the recent flips/teardowns near me(Ligon) have been vacant for years.
Here is one of Redeeming Homes newest projects on Alston in 2016 and current:
New housing community near RGA off Poole Rd. and Rawls Rd. has received preliminary approval from the city. 27 acres would feature 66 single-family homes and 32 townhomes in the $375,000 to $550,000 range.
Pretty cool they will all be zero-emission
-“She says The Montage will offer zero-energy homes, where the home will produce as much renewable energy as it consumes. The homes will be built air-tight with premium insulation and solar power.” https://www.bizjournals.com/triangle/news/2019/06/03/proposed-development-in-east-raleigh-gets.html?iana=hpmvp_trig_news_headline
Next up is the North Central CAC. This CAC has a little over 5,500 people on 770 acres. The average age is 30 yrs old & average HH income is $71,000. In Zillow I found 26 new homes built in 2018 but only 20 net new
This CaC has 500+ unit apartments, the cities Victorian home district, the historic African American Neighborhoods of Idelwild & College Park, HBCU St. Augs University, & Washington Terrace affordable housing. Lots in there! Here is info on the housing https://twitter.com/JWDemby/status/1131772741114355713 …
The average home price (back in Jan when I looked) was $491,517. 10 of those 28 new homes were on E Edenton or New Bern, so on the main drag where we are planning for BRT. 3 townhomes (condos) & 7 SFH. Kind of like Un-Transit Oriented Development, so I will start with those.
Back in 2009 the stretch on E Edenton that got 3 SFH was empty, then you an see them in the latest street view. Had to miss as you drive or take the bus into town.
Those three were on the north side of the dirt in this overhead view. There were three others built on the south south. Not real cheap, that is for sure.
That’s the first 6 houses & just down the road this SFH was built & sold. Looks like it was a 1 for 1 tear down, so I need to adjust the new new # down.
Everything from 2018 from here on will be SFH’s. E Jones Street had 3 tear down a SFH & build a bigger one. This neighborhood is essentially being flipped, and I am not a fan of the result.
These are all on the same block of East Jones, I am betting the builder liked the location next to the new East College Park project by the city http://ecp.raleighnc.gov/ Zillow says I missed a home from 2018, but also it has been on the market for 5 days, so not 2018 imo.
Sometimes it feels like there is an old @indyweek article for everything in Raleigh.
East Lane St had 6 new homes in 2018. Two look like 1 or 1 tear downs. So no new housing, just more expensive housing replacing smaller homes. Both looks like they could have been good duplexes.
Sometimes zillow lines up the street view to help me just do one screen shot, other times no help. These three were built on empty lots, but pretty uninspiring. I just don’t see SFH’s helping us get where we want to go in the ITB neighborhoods. Not seeing it.
The last home on E Lane street is a crazy place. Makes the last three look like vanilla, bland, track houses. Check out the staircase that greets you as you walk in. Only 5 houses of the new houses are less expensive too. Seems to be pure infill for
Hill St got 3 new homes. Street views show pasture before. 7 & 5 Hill St are the same house. 3 more infill. One issues with counting in this neighborhood is that if you go far back enough there were homes on all the lots. But the 70’s, 80’s, and 90’s were hard on this place.
Two left Heck St, & Pender St… I think Pender St was part of the East College Park Stuff. But Heck is really funky. Did this house get “remodeled” or torn down and built in a similar style? Looks like some alleyway action in there.
Need to change my numbers a bit because I found some differences. Looks like 17 new home were pure infill & 7 where 1 for 1 tear downs. So, if there are ~3,534 units in the CAC that is a .0016% increase. There is a 1,000 unit apartment on the way though, so…
Here is the zoning for this CAC with historic & NCOD overlays. Anyone have thoughts or comments from experience on the ground? One more CAC to go after this!!!
