Development Beat: Mind Your Manors Monday

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Brought to you by Rufty-Peedin Design Build

Monday, December 5, 2016

Mind Your Manors Monday is a relatively new feature that will take a look back at the previous week’s single-family and town home renovation and new building projects. 

Welcome back! After a not-quite-long enough break from the Development Beat, we’re back with another edition of Mind Your Manors Monday. Two big changes today: new and hopefully improved infographics, and data on residential home sales! Also, since we took last week off, we’ll be looking at the last two weeks worth of sales, renovations and new homes built.

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Two things worth noting before we dive in:

  • While our new homes/home renovations/home demolitions categories do not include condominiums, sales of condo units will be included in this category. Why? It’s easier that way.
  • This data is compiled from a comprehensive database, updated daily, put together by Wake County. Some of the data is a little weird: home sales listed at $0, deed dates listed 100 years in the future, etc. We did our best to screen out these obvious errors, but can’t guarantee we didn’t miss a few other anomalies. So we’d say the figures below are “close to exact” rather than being 100 percent precise.
A heat map of recent home sales in Raleigh

A heat map of recent home sales in Raleigh

A total of 401 residential units were sold in Raleigh between November 21 and December 2. The total value of all the combined sales was about $92.8 million; the average cost of each home was $254,848 and the median cost was a somewhat more reasonable $197,750. For all you math nerds following along at home: $92.8 million divided by 401 is not $254,848, but 37 of the sales recorded in that two week period were listed at zero dollars, so we excluded them from both the average and the median figures.

The least expensive of the nonzero dollar sales was the $11,000 purchase of 1020 Harvey Street in the Hayes Barton neighborhood, but it’s also an example of how the data in this section is somewhat misleading: additional records show that the “land sale” price was $375, o00. County records don’t show any photos, and we think this may have just been a vacant lot. So…who knows. As time goes on, we’ll hopefully be getting a better grip on how this data works.

At $1.4 million, the most expensive home purchase from the last two weeks was for a newly built home at 1416 Ridge Road. Constructed by Lambert Development, we felt an obligation to share this wonderful description of this five-bedroom, five-and-a-half bathroom house we found in an old advertisement:

Like a Carolina summertime thunderstorm, our latest addition to Ridge Road is sure to make some noise. It’s a rare offering, the second in a collection of three completely custom homes to adorn one of Raleigh’s most desired locations. Local artists and architects blended a classic, substantial exterior with clean, modern interior design. Refusing to play it safe, we swapped two exterior walls for a fully integrated door system. The glass panels fold open, extending living space& bringing the outdoors in.

This newly built home was sold for $1.4 million on November 23, 2016, the day before Thanksgiving.

This newly built home was sold for $1.4 million on November 23, 2016, the day before Thanksgiving.

 

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Speaking of newly built homes, 46 of them received permits between November 21 and December 2. The homes ranged in size and cost from a sextet (giggle) of $85,000, 1,654 square-foot town homes in Abbington Ridge on Volkswalk Place (fun fact: Volks is a German word/concept meaning “nation/people/race) to a $700,000, 6,200 SF single-family dwelling at 2732 St. Mary’s Street. Homestead Building Company will be handling the construction of this majestic St. Mary’s manor. The average cost of a new home permitted over the last two weeks was $310,615, while the median was $322,478. The median is usually lower, but was offset by those relatively low-cost town homes. The total cost of all these homes was $14,288,328.

Both the largest and the smallest homes permitted in the last two weeks were also the least and most expensive. The total square-footage all of new single-family homes permitted was 148,833 while the average size was 3,235 SF and the median 3,050 SF.

Female Hands Framing Custom Kitchen Design Drawing and Photo Combination.

64 homeowners received a total of 78 renovation/addition/”other” permits last week at a total cost of $2,978,779. The average cost of each permit was $38,189 while the median cost was about half of that at $20,500. The costliest project was a $220,o00, 55(!) square-foot interior renovation for a home on Langham Lane, where the owner are also undertaking a $30,000 master bedroom expansion, also listed at 55 square feet. Both jobs will be handled by Homequest Builders.

The largest renovation project by square footage was a job that will see a new fire alarm & sprinkler system installed at a home that is described as a child care facility. Should we be including it here then? Who cares. Lanier Construction will be doing the work.

The total square footage involved in all renovations permitted last week was 32,381 and the average size of a renovation project permitted last week was 415 SF, with a median size of 271 SF.

Note: If you’re wondering what “other” means, most of the projects with that work description are deck/garage additions.

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A surprisingly high number of single-family homes received demolition permits in the last two weeks: 22. There was no “most expensive” teardown, as four of these jobs were priced at $20,000. Of those, the largest in terms of square footage was an 1,834 square-foot home at 517 Grove Ave that was first built in 1952. Interestingly enough, the company behind the demolition is Homequest Builders, which was also responsible for that pricey renovation job we mentioned above. Homequest purchased the property in August of this year.

The least-expensive demolition from the last two weeks was a $1,500 teardown at 1419 Collegeview Avenue. The 676 square-foot home was first built in 1959 and acquired by a subsidiary of RE/MAX on November 30. Demolition permits were issued to Build Raleigh, LLC on December 1.

The total cost in dollars of all this destruction was $246,850, while the average expense for a teardown was $11,220. The median cost was $10,150.

One thought on “Development Beat: Mind Your Manors Monday

  1. Several months ago I inquired about the stalled Hillsborough Lofts apartment/retail project. There has been no work done on the site in well over a year, and I would appreciate your insight into the goings-on, or lack thereof. Are there requirements for the public welfare that have to be met when a project goes into hibernation like this?

    It appears that the same fate has befallen a similar project further down Hillsborough, near the corner of Logan Court. No activity on the site, just a half-finished shell. These do not inspire confidence in the integrity of the developers; what is going on?