Sunday, June 3, 2007

Rebuilding Royster

Two homes were removed from the short leg of Royster St where it intersects with Claremont. Each were purchased for $300,000 and each are being rebuilt for the $250K per 1000 sq. ft per .10 of an acre market. Above is the look of the block for the past 50 years.

These are good examples of the changes in the nature of this neighborhood.

Riverview on Royster
Another in the fine river house series, this one does does indeed back up to water -- we could call it Rich ditch, since anything it touches is all the rage these days.

$ 1,250,000 / 5 Bedrooms / 4 Bathrooms / 1 Half Baths
Sq Footage 4983 / Built 2006 / Lot 0.46 acres / Garage for 2

Transitional Traditional on Royster
This new home is closer to keeping with the tone of the new neighborhood springing up on Claremont. The prices of houses on Anderson Drive's sidestreets, though, are a major concern to many. Historically, homes on the sidestreets have been owned by the "workers" in Raleigh, while the business owners resided on the streetcar lines themselves (Glenwood, Anderson, Oberlin). This pattern has remained in this area with more modest homes on the side streets.

$ 1,425,000 / 4 Bedrooms / 3 Bathrooms / 1 Half Bath
Sq Footage 5743 / Built 2007 / Lot 0.43 acres / Garage for 2

The emergence of mansions in modest neighborhoods will bode well for those who wish to cash out, but not so well for those who wish to remain. The property re-evaluations of 2008 may force out some long time residents. In addition, the reduction in diverse housing stock for average income residents will be changing the economic flavor of the central neighborhoods, possibly forever.

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