Saturday, October 27, 2007

Million Dollar Babies

There are now 9 over-a-mil ready-to-buy houses within a mile of my modest homestead (actually I think my home is quite nice, but the scale is changing dramatically, so I guess I am living in a future teardown in someone else's mind).

There are also two tornout lots available for approximately 500K each. One of these lots had plans for a 5000 square foot private home, those plans were abandoned after the teardown. (see several stories in June and July).

Two in the 1.25-1.5M range have sold this summer; the on-sale prices were $1.1M and 1.15M.

The replacement house for the poster child for teardowns on Anderson has a SOLD sign already on its new build. I am thinking it is less expensive than its half-sibling, dubbed "Entertainer's Paradise " by their builder cum real estate company. That house has a price tag of TBD, BTW.

This means that over on the sidestreets of Anderson, there are still 5 spec castles in the over 1.25M range, and some have sat vacant a long time (a year is a long time, right?). The over-a-mil spec house on Cooleemee has been in process since before Tropical Storm Ivan blew through.* Unsold: 6 out of 9, 2 out of 2; shooting too high? We are looking at approximately $10 million dollars at stake here.

And this does not include 3 properties in process on Claremont.

* The original speculator on this property was fined for his failure to secure the site against runoff. During Ivan, a red stream flowed from this construction site to Fallon Creek for days.

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