According to the tax page it’s currently split into four lots with a single rear alley, I feel like it’s gonna be way more than 1,600 sf.
or does it create a supply that “more?” people prefer over box on top of box on top of box? granted, two story box attatched to two storybox , i guess isnt much different perhaps. but where will most of the people buying these be coming from…box on top of box dwellings?
in the late 60s my folks lived in modest apartments here. https://www.zillow.com/homedetails/2309-Lowden-St-Raleigh-NC-27608/113223222_zpid/?utm_campaign=zillowwebmessage&utm_medium=referral&utm_source=txtshare im a bit over 6 feet and i can almost touch chimney to chimney with arms outstretched to SFH homes now…is this a specific market demand here? as opposed to an 800k box on top of a box for 12+ stories?? or is the ideal 7.5 feet between one 800k house and another with a postage stamp yard with garage and driveway?
My brother used to live in those apartments as well.
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You guys must be old.
Personally I have no desire for a townhome or condo or duplex. I have a single family home that is close by other single family homes. If anything I would like more space and a bigger yard, but that means moving far away from things I like, having a small/old house, or taking on another half million of mortgage debt.
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picture update.Where are these townhouses?
these are in mordecai across from conn elementary
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Brookside Dr. near The Optimist coffee shop
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The development is by Build Raleigh.
Brookside Dr. Condos — Build Raleigh
Looks like they will be in the mid $700’s. It will be interesting to see how these sell versus the Edge at Brookside just a few doors down. Those haven’t exactly been flying off the shelf. I think with the slightly lower price point and the fact that these will have more parking (appears they will have some driveway space for parking).
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The pricing of townhomes ITB is all over the place. You often see 2-300k differences in price for what appear to be very similar from a sq foot, location and amenity stand point.
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It looks like they are hovering around 2000 ft2. I’m presuming that the mid 700s means the starting price without options that folks will want. It’s difficult to imagine new construction housing downtown being under $400 a foot.
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Interesting that they don’t have an elevator shaft or option as at Brookside almost all sold units had buyers put in elevators, also no rooftop on these.
Right now you can pick up a Brookside townhome for $800,000 (probably less given how long its been for sale)
https://www.redfin.com/NC/Raleigh/517-Edgecreek-CT-Unknown/home/191435383
Especially considering that property sellers/brokers are trying to push “land” at $100+/SF
Land $100/SF
Construction Cost: $200/SF-$250/SF
Soft/Financing: $60/SF
Sales Cost: 6% [~$20/SF]
Profit: ??
At $400/SF, the developer is not really seeing a profit margin in the current enviornment. Even if realtors lowered their commissions 1-2%, somehow construction cost (in a high inflation/tariff environment) went down 10%, you would still need redevelop-able property sellers to accept that the sales comps from 2021-2023 are not likely for the foreseeable future which still results in maybe getting to $350/SF new construction pricing all in (assuming reasonable home SF sizes)
The only reason that townhome product like Brookside, City Hike, South Heights, and The Grey can sell for around $300 (and way under at the Grey) is their cost are skewed based on “over-sized” units and lower land cost.
Sale Price: $800,000 @ 2,600SF (4 bed/3 bath)
Land Cost: $80,000/Unit ($30/SF)
Hard Cost: $400,000/Unit (~$150/SF)
Soft/Financing: $60,000/Unit ($25/SF)
Selling Cost: $40,000/Unit ($15/SF)
Developer Profit: $220,000/Unit
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