Sadly, small is right…
Cool, wish there was an elevation. It indicates condos but I am interpreting these to be townhomes. Anyone know?
Three stories but one bedroom?
I thought the same thing. All one bedroom? That’s odd.
If priced reasonably, these 30 units will fly off the shelf. I can’t imagine that they are going to have much over 1000 square feet each, if that much. I’m very interested in seeing the plans. If they come on the market over 300K, then they will just continue to push the DT market higher. I’m really hoping that they come in around 250K. It’s wishful thinking I’m afraid.
I totally agree with you and I hope they enter from 230-250 also and not 400,000 or something even crazier.
It seems to defy logic sometimes with these escalating prices. It also doesn’t seem to matter where the exact location is downtown either. Put luxury condos overlooking a sub-station? Sure! Put million dollar townhouses across the street from a government building parking lot? Go ahead! No matter where housing goes up, the price escalation seems to follow. It’s like they are pricing into these properties what they think the neighborhoods will be in the future, not what they are today.
And the crazy thing to me is folks are actually paying 500,000–million to overlook a parking lot or storage building in Raleigh, NC.
There is only one or two locations like that. We are looking at the Saint Mary’s town homes right now. They are expensive, but we are considering them based on what the neighborhood will be like in 5 years.
I’m building a house in College Park kinda based on that same notion. Thankfully I’m getting it at a price I could not turn down. Hopefully it pays off in the future. Fingers crossed lol.
This house in the area had its price reduced. Have we hit a ceiling?
That’s a good observation. Here’s a new construction on lane street that’s been for sale for a month now. I went to tour it on Sunday and it’s not worth 500,000 and apparently I’m not too the only one who thinks so. Although the one I toured might be a true case of overpricing. I wonder if we have hit a ceiling too.
Maybe we have hit a ceiling, but all it will take is news of Apple or Amazon coming and that ceiling will open back up.
That said, this house is almost $600,000. It’s still in an transition area. It’s big enough for a family, but it has no yard. It also is not super-walkable to downtown (about 20 mins).
IMO, it’s a mistake by a developer to build a house this big, with that small of a yard, in that part of Raleigh, at this particular time.
I agree, that is just a bad house for what they are asking. If that house were on New Bern, near the grave yard, it would have sold already.
Just because a house or two has a price drop, that’s not indicative of a ‘ceiling’. When analyzing real estate prices, you must look over a 12 month horizon and Raleigh is growing at a very strong clip of 6+%/year; considerably higher ITB. This said, it doesn’t mean a builder hasn’t “shot for the moon” on their original price point to ‘test the ceiling’ so to speak. There are no indications Raleigh and especially ITB are nearing any sort of ‘ceiling’ on real estate prices. Demand side is high. Supply is low and east Raleigh is underdeveloped and the only remaining area of the City that is primed for mass scale redevelopment.
I looked at an aerial shot of that location and it’s another not-so-perfect location. The house is on an absolutely tiny lot and it’s across the street from another…wait for it…parking lot. But, this time it’s a suburban style church. The other influencer is the adjacent values. This is clearly the most expensive home in the neighborhood by sometimes more than double.
I walked to this open house a few weeks ago, and as other people have mentioned, square footage is only part of the equation. For almost 600k you get zero garage, very small yard, no formal dining room, and a very underwhelming bathroom which basically requires one-in-one-out. Although the Ware down the street is about to introduce units starting at 650K for 1800 square feet, they have garages and I believe a better use of space.
And the house on E Lane St. is pretty strange.
Regarding the plans submitted by 5 horizons for the 1 bedroom condo projects.
This brings almost 70 new residents to lots downtown that were basically vacant.
Wow. That first floor is essentially a box with a kitchen in the corner and a staircase up the middle. It’s also in a neighborhood where their price is more than doubling the neighboring values.
One guy’s opinion …
@John yup and the upstairs has two small bedrooms and they have a small coat closet they’re selling as an office downstairs. It’s essentially a 2 bedroom house for half a million. I’m building a few blocks down in college park so I’m watching this listing carefully. It is ridiculously overpriced and I think maybe a pie in the sky wish for the developer. It will drive up values and taxes for whatever it sells for. It’s a block from St. Aug.