Teardown Watch

Cutting through Drewry Hills I turn the corner at Landor and notice, first, the urban Renewal signs, perhaps 3 on one lot. The house has been missing for several months now. It was the RR signs that alerted me that something speculative was on its way.

Here is the history:

Zoning R-4
Acreage .40
Permit Date 12/19/2007
Permit # 0000071343

Transfer Information
Deed Date 7/31/2007
Pkg Sale Date 7/31/2007
Pkg Sale Price $609,000

Land Value Assessed $603,750
Bldg. Value Assessed
Total Value Assessed $603,750

Take a stroll through the neighborhood here and you can get a sense of its current character.


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Just around the bend is Marlowe Rd, which is getting a bump in prestige these days as the site of several new estate-style homes. It seemed to begin on the short spur of highrise homes near the greenway that were an infill development, say, 7 years ago. Ironically, several homeowners on W. Drewry Lane who were now looking at houses instead of protected flood-plain woodlands (FP note here: how does this happen?) commented at the time that while they did not understand this trend in large houses, to each their own. They did not know at the time that their neighborhood could be redeveloped in this way.

So this is one of two teardown lots with urban Renewal signs on them on W Drewry, and there is one house for rent on E Drewry with a yellow sign too. Drewry Hills, the Teardown Watch is for you. The real estate activity in your neighborhood shows signs of coming redevelopment. If you watch these properties you can get a sense of the intent for your neighborhood.

At $600K purchase price, this will likely be a $2M house. How long can you afford to call this neighborhood home?

. . .


RESEARCH UPDATE: Permit plans indicate a 8114 SF house is being built here.

8 1 1 4 ... W O W

Did FP mention that one owner of this project is a prominent spokesperson for personal rights by way of Renewal of Raleigh....