Seriously $700k to $800k for a 1,600 to 1,800 (assuming stick built) townhouse. Sorry, but that is completely insane. I would truly love to live in (or near) DTR, but those prices are over three times what my 2,100 sqft townhouse cost in a very nice and fairly walkable neighborhood in N Raleigh.
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Agree on the price - I donāt want to live in DTR, but when I read about the price of living in some of these units I think they are priced for what people want DTR to be one day in the future and not what it is today. That amount of money got you new construction waterfront in Boston when I lived there (of course that was a long time agoā¦).
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There are definitely folks out there that think they are sitting on property that is worth more than it probably is. Just one story from me, I know the former owner of a house on East Martin. We talked once years ago and he literally said, āLeo, we are sitting on beach front property here!ā
It was the brick house on 829 East Martin.
Big property, big house actually but the catch is that it needs some serious work on the inside. This house sold for $460k with an interior that looks like this (from zillow)
Maybe he was right. 
Iām hoping the new owner goes duplex or even triplex with this one.
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With enough sea level rise your friend could be right. 
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Itās also nearly double the price of my 2100 sf new construction SFH 10 minutes from downtown. I donāt understand the pricing for this at all, but if people are willing to pay, I guess it works.
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As a young professional hoping to own my own home soon, it sucks to see how much inflation is happening around this city in regards to homes. Iād love to own a house near downtown, but Iāve got a feeling itās just not going to be possible. Itās crazy to think a 400K budget doesnāt get me a semi decent home here. I donāt want to leave downtown, so may settle in a condo for a few years.
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If you want to live downtown, and these prices scare you, look at existing properties; they donāt command as much. For example, the Lynde and 615 Peace are asking $500-$600 a foot, while existing condos at The West, The Paramount and 222 Glenwood are asking between $315-$400 a foot, and the existing buildings come with MORE amenities in them. A gorgeous penthouse unit at Bloomsbury Estate is on the market for $389 a foot. A townhouse on the market at 150 St. Maryās street is for sale for $288 a foot.
Why does everyone have to have brand new?
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Semi-decent you say? The house next door to me is for sale for 240k, near downtown, and itās overpriced at that point I think. Itās definitelyā¦SEMI-decent.
Also want to mention more generally, tonightās Board of Adjustment meeting will be considering the commercial property along the 200 block of Branch St. in South Park, across from the Carolina Coach site that is still supposed to become apartments/condos some day. The submission includes a nice site plan and spec drawings. A small public ālawnā area is included. This request does NOT cover the southeastrn quarter of the block, which has the same owner and is expected to be redeveloped similarly. (We had a lot of pictures of this development posted earlier on this thread. Nice to see some progress on it.)
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Merge certainly seems to be preparing the ramp up on the other side of the 'demicā¦
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ITB in general is expensive to us North Carolinians. Pretty much all of my neighbors at Transfer are from out of state, primarily California. We have a tendency to forget how many buyers are coming from much more inflated markets.
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After watching my mom just drop $12,000 on a new foundation, $12,000 on new siding + paint, $7500 on a new ac over the last 12 months these older homes scare me. My momās house is 30 years old. Iām really not trying to drop thousands of dollars in my first years of home ownership to maintain the place. New would be nice, but Iād be okay with something thatās in good shape, and younger than 10 years.
Iāve considered the condos, very familiar with them, I like them a lot. But again do I really want to pay $500 a month in HOAās? Iād also potentially like to have a yard, I like hosting parties, and enjoy a good outdoor space. Iām also envisioning using this property I buy in 4-5 years as a rental property and I go out and buy a 2nd home, donāt think the condos allow to be as good as of an investment.
All this said, Iād just like to see some more projects near downtown where I can get a new 1500-1800 sq ft home for $400-500K. I donāt need those extra expensive finishes that theyāre putting in these new places. For example I donāt need the $65 a sq ft quartz countertops theyāre putting in all these new builds.
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Any chance you can link me to that St. Maryās property? Donāt think Iāve come across that one. Would like to check it out!
You can get that in some of the areas off of Bragg street. Might be the first gentrifier on your block but itās available
Itās contingent, but it gives you an idea of what can be had.
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Well, one pays 500 a month so that they donāt pay in lump sum for these repairs when they are needed. Itās pay me now or pay me later.
That said, there are also assessments to consider for things that are not well funded by the association over time.
As for investment potential, Iāve owned nothing but condos and have done quite well. That said, the new condo prices would certainly give me pause about their potential future value gains.
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For only 15k more you can also get this new build with almost 200 more sqr ft. yard, and garage.
Iām actually pretty shocked this hasnāt sold already on S. State St.
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I donāt really want to live in that area, but I like the house and the price!
Itās a presale. It wonāt be ready until April supposedly. Itās just proof that you have to stay on top of these things and be diligent, and not distracted by just the flashy high-end projects that are coming to the market.
Itās my hope that the future taller builds will allow the cost of land to be spread among more units and bring the costs per unit down a bit. Where everyone is being killed today is because the projects are relatively small and the land costs are relatively high.
The land for 615 Peace was sold last year for 1.65M, and that cost spread among the 24 condos is nearly 70 grand a unit, and you donāt even get any land under your feet for that spend.
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Iām quite biased because itās my hood, but considering the forthcoming improvements at Dix park, the farmerās market, and Downtown South, Iām super stoked on Lake Wheeler - South Saunders corridor, especially for a first time buyer. You can still get a nice house with a nice yard and mature trees 3 miles from downtown (1 mile from Farmerās Market) for less than $300k. My hood was built in the 60ās, back when we used quality lumber to frame houses, not the 80ās/90ās when particle board was the norm. Great upside potential for a first time buyer and still convenient to greenways, downtown, dog parks, etc.
Now if the city would just improve the pedestrian infrastructure over 440 on the south side of DTR!!!
https://www.zillow.com/homedetails/2100-Shenandoah-Rd-Raleigh-NC-27603/6418671_zpid/
https://www.zillow.com/homedetails/2807-Crestline-Ave-Raleigh-NC-27603/6400481_zpid/
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Thanks for sharing. I did actually come across that house. Definitely would of been one of my top choices if I was in the market to buy today.