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We moved to Raleigh last week and are renting until we get a feel for the area. I went to couple of open houses last weekend and aside from being shocked by price/what you get ITB (and we are from NE!) I realized that I am more picky in my old age than I realized.
I'd like to look into buying an inexpensive property close in for commute/proximity to things we like, tearing down/donating the house and rebuilding. We'd be looking 3000-4000sq on 3 floors, on 0.3-0.5 acres, green building materials.
Has anyone on here done this? I don't have a clue where to start, since we do not actually have the property. Before committing to this route we really need to get an idea of how much it costs for what we want. Can you just call up a builder and ask this question?
I've seen houses by Huntley Design and Build and Hollingsworth and White that look nice - anyone know about these builders?
Yes we are looking for vacant lots also, should have said that. I've seen plenty of shabby looking houses on zillow, etc. but just do not know how to go about getting an estimate for building costs before going too far down this road.
I haven't done this, but I did go into a house built by Greg Paul on a "green" house tour. The couple that owned the house had donated the small house that they had lived in for a few years and then built new, with lots of amazing green features. The house was really beautiful. I have no affiliation with Greg Paul, but he used to be our neighbor, and he is a very nice guy.
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Average ITB new construction over the last 18 months on MLS with .3 acre or more and 2800SF or more has been $236/SF with lot, and over 5000 SF.
Probably other sales NOT on MLS, but there are some figures.
ITB is not all it's cracked up to be. Being close to DT Raleigh has some perks. But $225 a SF in this market sounds a little crazy.
There are several nice subdivisions that are close to DT Raleigh.
But a tear down is always a very expensive proposition.
With the down market, there are a few vacant lots out there on some higher end neigborhoods that are not finished off. With the tough economy, some of the builders stopped in that higher end range.
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Quote:
Originally Posted by meh_whatever
Look in Meredith Woods. You might find a good candidate there for less.
I think you will still have a $200,000 building lot in an area where homes top out in the low-mid $300's.
And that $200,000 lot calls out for an $800,000--$1,000,000 home...
I think you will still have a $200,000 building lot in an area where homes top out in the low-mid $300's.
And that $200,000 lot calls out for an $800,000--$1,000,000 home...
Yeah. That's true. Still, more affordable than Hayes Barton area.
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