Development Beat: Mind Your Manors Monday

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Monday, December 12, 2016

Brought to you by Rufty-Peedin Design Builders

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. 

Once again this week, we’ll be incorporating home sales data into our analysis, and using somewhat-professional looking infographics. As always, we’d love to hear any suggestions for new or additional Mind Your Manors Monday content.

Exterior of home with 'for sale' sign in front yard

Exterior of home with ‘for sale’ sign in front yard

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 total of 127 residential units were sold in Raleigh between December 5 and December 9. The total value of all the combined sales was about $23.8 million; the average cost of each home was $206,730 and the median cost was a somewhat more reasonable $159,000. For all you math nerds following along at home: $23.8 million divided by 127 is not $206,730, but 11 of the sales recorded last week 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 $500 purchase of 4312 Auburn Hills Drive in the North Raleigh Vaughn Trace neighborhood, but it’s also an example of how the data in this section is somewhat misleading: additional records show that the total assessed value was around $150,000. 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 $900,000, the most expensive home purchase from the last two weeks was for a home at 3313 Darien Drive. The 7,698 square-foot home was built in 2006 by Swift, Inc. Sold by Covenant Realty, we felt an obligation to share this wonderful description we found in an old advertisement:

This Beautiful French Provincial Custom Home Has It ALL. Stunning kitchen offers top of the line appliances including a Viking Stove, Dual Sub Zero Refrigerator, 2 dishwashers, ice machine, endless counter/cabinet space & lovely breakfast room w/fireplace. Exquisite master suite w/ luxurious spa bath. Lovely study w/ stunning bookshelves & f/place. The millwork in this home is unmatchable, truly gorgeous. Elevator visits all 4 floors. Upstairs offers 4 b/rooms and bonus room. 3 car garage. LOCATION!!!

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While that nearly-million dollar house was built more than ten years ago, 30 new homes will soon be added to the Raleigh market, thanks to permits issued last week. The homes ranged in size and cost from a $20,000, 672 square-foot home at 712 Mial Street to a $650,000, 5,741 SF single-family dwelling at 1231 Canterbury Road. L and L of Raleigh will be handling the construction of this costly Canterbury castle. The average cost of a new home permitted over the last two weeks was $256,452, while the median was $276,851. The median is usually lower, but was offset by a dozen $83,496 town homes. The total cost of all new homes built last week was $7,693,566.

The largest home built last week, a 6,396 SF single-family dwelling at 7520 Banksiana Way was the second-most expensive built at $631,925. The smallest home built was also the least-expensive one mentioned above. The total square-footage all of new homes permitted was 85,242 square feet while the average size was 2,841 SF and the median 2,503 SF.

Female Hands Framing Custom Kitchen Design Drawing and Photo Combination.

40 homeowners received a total of 44 renovation/addition/”other” permits last week at a total cost of $1,543,555. The average cost of each permit was $35,081 while the median cost was about half of that at $18,900. The costliest project was a $289,000 second-story addition to a home on Hanover Street, which will be handled by Crestview Design & Build.

The total square footage involved in all renovations permitted last week was 11,884 and the average size of a renovation project permitted last week was 270 SF, with a median size of 160 SF.

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

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Three homes with a combined age of 183 were permitted for demolition last week. The most expensive of these was also the oldest: a $20,000 teardown of a home at 1424 Banbury Road built in 1949. Build Tech Raleigh will be handling the work. The largest in terms of square footage was also the newest built, a 2,287 square-foot home at 3704 Stonehaven Way, built in 1966. Revolution Homes, which bought the property in August, is undertaking the demolition at a cost of $2,021.

The total cost in dollars of all this destruction was $32,021.

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