Monday, March 31, 2008

Over the Top Award for March 2008

The OTT award for March goes to Entertainer's Paradise on Anderson. Named by its builder, this house is now on the market for 1450 thousand dollars. 

Single Family Property / Bedrooms 5 / Bathrooms 4 / Carrooms 3 / Square Footage 5832 / Lot Size 0.42 acres

Take a stroll up and down the street and you can see what a unique house this is. (Until you meet its inverted twin across the street and down a few.)

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Here is a history of money changing hands for a modest property in a highly desirable area. Stamps divided by 2 equals cash.

% Own / Stamps / Date

ALL / 840.00 / 03-14-2007

ALL / 740.00 / 06-29-2006 (1 back)

ALL / / 04-11-2006 (2 back) *

ALL / 650.00 / 04-11-2006 (3 back) *

* how this works is beyond me.

The flipping fee runs about 45-50 K per.

It took a year for this house to be completed, or 2 years from the first flip to the final house. This is what a settled neighborhood looks like until that time comes.

This builder has 4 lots in play on Anderson Drive. Reports from other established neighborhoods in Raleigh report that each has one or two builders responsible for the lion's share of redevelopment activity. Up on Anderson, there is a lot of door knocking going on -- it is open season for hunting old houses. I am thinking we can rename Anderson Heights to Wakefield Central when they are done.

1 comment:

Bo said...

Fallonia -

I find your comparison to Wakefield to be humorous, because we do often refer to "it looks like a North Raleigh house" with some of the homes being built. As you might imagine, this isn't exactly a compliment.

Don't count me among the fans of this builder - but he did manage to sell the one down the street so in the near term my "market forces" won't help you here.