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I am flabbergasted at a recent sale near us, I still like to follow the market after moving last summer. We hit a sweet spot before things went nuts. We bought a 6,000sqft home and a home just sold near us that is 1708sqft for the exact same price we paid. It sold for $776sqft!
I am flabbergasted at a recent sale near us, I still like to follow the market after moving last summer. We hit a sweet spot before things went nuts. We bought a 6,000sqft home and a home just sold near us that is 1708sqft for the exact same price we paid. It sold for $776sqft!
that is the "value" of the lot to the Buyer. Hopefully, they don't think they can subdivide it. Now, personally I'd say the line had already been drawn at $1MM/acre in that neighborhood, and I doubt I'd like to pay that to live right across from the school. But somebody decided to bid 37% over asking cause I guess they really wanted it. And paid cash.
Got a Zillow email this AM about a sale in Heritage. Me and my neighbors had jokingly called it “almost dream house like”. Great home, I think un-developable area behind the home, fantastic outdoor space/pool.
Got 100K over list. $200/sq foot…keep it coming. I’m aiming to cash out refi this fall.
that is the "value" of the lot to the Buyer. Hopefully, they don't think they can subdivide it. Now, personally I'd say the line had already been drawn at $1MM/acre in that neighborhood, and I doubt I'd like to pay that to live right across from the school. But somebody decided to bid 37% over asking cause I guess they really wanted it. And paid cash.
A friend told me same, that despite the large lot it could not be subdivided. Are you thinking this will be a tear down? Wow!
that is the "value" of the lot to the Buyer. Hopefully, they don't think they can subdivide it. Now, personally I'd say the line had already been drawn at $1MM/acre in that neighborhood, and I doubt I'd like to pay that to live right across from the school. But somebody decided to bid 37% over asking cause I guess they really wanted it. And paid cash.
The one behind it sold for 2.99M in 2018, and is surely valued higher now. Including giant new house, of course.
A feller over in Morrisville paid $999,000 for a teardown on an acre in the flood plain, and custom built an 8153SF house now assessed at $2.2 million + $520,000 for the lot. 2016.
Houses and land are often assessed at less than market value, though.
I question if he got the house built for 2.2, especially considering teardown of a large existing house, and renovation of the foundation of the new house after Tropical Storm Matthew trotted through. Did I mention "flood plain?" Textbook, it was.
Well, at that price for the land, a $3-4 million+ project for your new neighbor is not out of the question.
But, no one knows what a new house costs today anyway. Volatility in commodities, etc.
Last edited by MikeJaquish; 08-14-2021 at 02:01 PM..
A feller over in Morrisville paid $999,000 for a teardown on an acre in the flood plain, and custom built an 8153SF house now assessed at $2.2 million + $520,000 for the lot. 2016.
Houses and land are often assessed at less than market value, though.
I question if he got the house built for 2.2, especially considering teardown of a large existing house, and renovation of the foundation of the new house after Tropical Storm Matthew trotted through. Did I mention "flood plain?" Textbook, it was.
Well, at that price for the land, a $3-4 million+ project for your new neighbor is not out of the question.
But, no one knows what a new house costs today anyway. Volatility in commodities, etc.
I think the Raleigh buyer got the better deal with the tear down on a 1.25 acre lot ITB.
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Volatility in commodities, etc.
