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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I can see this drawing people from the west coast, where the cheapest new homes are $1.5 million, and an older small house, if one can find it, is $800k. A brand new starter home for $525 will appeal to a lot of young couples and even retirees, and now you have shared it with the rest of the country.
I can see this drawing people from the west coast, where the cheapest new homes are $1.5 million, and an older small house, if one can find it, is $800k. A brand new starter home for $525 will appeal to a lot of young couples and even retirees, and now you have shared it with the rest of the country.
Absolutely. They will be hugely appealing for them.
For the target market for these homes; I don't think 1200 sq ft living space will feel small at all. That's honestly larger than many of the existing pre-WWII bungalows near downtown/Old West Durham that have been selling like hotcakes for the past few years; even before the 2021 madness began.
Though I agree with Mike's hinting that many if not most of them will likely sell to non-owner occupants and end up as AirBnB and the likes. Ironic considering the alleged "intention" of the development to make more housing units available for residents but hey...
EDIT: Just noticed that the homes are designated in the MLS as officially being located in the Trinity Park neighborhood.....kinda debatable if they get to claim that moniker but I have no doubt people will eat it up.
Yeah, I don't know the Durham market at all but what Mike said (didn't see his post until after I posted) makes sense. As for the bungalows that you were referencing, I'm assuming since you stated bungalow these are single stories? Are they also on larger lots where one could at least build additions (whether it be up or out)?
While I'm starting to like smaller homes versus Mcmansions (especially at my age) 1200sf and below would just be too small for me even if I was single. But I guess if someone was used to living in apartments for a long period of time 1200sf would feel a lot more spacious and this wouldn't be a deal breaker for them.
While I'm starting to like smaller homes versus Mcmansions (especially at my age) 1200sf and below would just be too small for me even if I was single. But I guess if someone was used to living in apartments for a long period of time 1200sf would feel a lot more spacious and this wouldn't be a deal breaker for them.
Right! I could absolutely see NYC people relocating who have lived in not as nice apartments and thinking they've moved to a palace.
My house is 1020 square feet and I'd love one extra room. For me, 1200 would be kind of perfect. Apparently I can sell my house now for absolutely stupid prices, based on recent sales here, but gotta live somewhere.
I'd say that a lot of people don't like to share any kind of wall or roof, but are ambivalent about having much yard.
That's me and my husband, so this type of housing is very appealing to us. Actually he's the one that doesn't like having shared walls/roof, and I'm the one that has absolutely no interest in having much, if any, of a yard. Give me a patio or balcony so I can sit outside and have a few plants (that I will eventually kill), and I'm good.
I think the size is perfect for a couple without kids at home or maybe even one (or even two littles that can share). But I have a family of four in a bit over 1300 square feet, so I'm not used to tons of space.
A similar development is happening near where I live (in Washington state). From the article published today: "The future 24 homes will rise on a 2.37 acre strip of land, with a winding path through the center of the property. The development aims to be done in 18 months, and it broke ground last week. Prices for the homes will be between $589,000 for a 900-square-foot home and $629,000 for a 1,300-square-foot home."
Median home price in the area is about $450k to $500k, which is still way out of reach for many buyers. But I'm sure these new homes will be snapped up quickly.
If these homes in Durham weren't so expensive, I would definitely be interested. I'm single with no kids and don't want a big yard to take care of. And 1200 sf is more than I need.
Given the location and price, I suspect these homes will be snatched up within a day of hitting the market.
For context, I live in 1,450 sq/ft home located on a 3,900 sq/ft lot and homes in our neighborhood are selling in the mid-to-high $300's....but they are 20 years old and 13 miles outside of downtown Raleigh.
It's crazy, but I have added a lot of shrubs and a few trees and flowerbeds to my yard over the years and I marvel at how I can spend a lot of my time on the weekend working in my .09 acre yard.
I see more and more new developments with no yards and they are selling. I've seen many younger people (and others) prefer this over a big yard that they would have to maintain. So I don't think this will be much of an issue. What may be an issue though is the 1200sf of living space. That just seems very small especially for the price. But if the area is nice and close to amenities (I don't know that area at all) then I'm sure they will have no problem selling.
I’ve inspected a good number of townhomes that are right around 3000sf. It’s a legit single family home just joined to others, but someone else handles the exterior maintenance, so I agree that there are certainly people out there that prefer less maintenance. I’m sure if someone makes some larger houses than 1200 sf but at least semi-detached with maintenance included it will sell somewhere. There’s this Destin neighborhood in western wake, where there are 5000+sf houses on big lots but all maintenance is included in the HOA fee.
Looks like three have already sold, per MLS, so somebody can afford them.
Quote:
Originally Posted by ITB_OG
I think the size is perfect for a couple without kids at home or maybe even one (or even two littles that can share).
Which is a huge market: the average Durham house has 2.3 people living inside.
Quote:
Originally Posted by NM posts
Nobody is making anything illegal
In the context of what the original poster asked, I think the price is prohibitive and doesn't really go with the Durham push toward density as a solution to finding affordable housing.
But under 2019 this had been illegal, and only recently is it now legal to build a house on a lot this small.
No, these aren't houses that are "Capital-A Affordable," government subsidized for people with low incomes. But there are many people nearby in this price bracket; nearly 80,000 households in Durham have incomes over $100K. For them, it could be more affordable than (based on actual nearby sales):
1. Buying a comparably small renovated house nearby for $620K
2. Buying a comparably small needs-work house nearby for $450K and spending $100K to renovate it... thereby also denying someone less-well-off and less-choosy the chance to buy that house as-is or DIY
3. Buying a larger house in a suburban location for $400K, plus a second car (plus fuel, etc.), plus additional furniture, etc.
$525k asking price aside, that is a pretty impressive use of a half acre lot on a busy corner. Looks like they bought a cute 80yo house for $620k last year and bulldozed it. I'm sure they'll find plenty of demand just in the transient Duke market, good fit for residents and fellows, or grad students with rich parents.
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