Fallonia reported the demise of a classic Lake Boone Trail house in summer of 2007. Well sir, the successor is on the market and can be had for a cool $2.49 million.
Take a look around the hood and you will find the price point of the surrounding homes range from $500K and up. Can't find a million dollar home on that stretch, nor a 1.5M house. So what is this?
Here is where FP gets a little hot under the collar. Is this really about revitalizing Raleigh, or is it about replacing Raleigh?
One would think a compatible updated home ranging to the 3/4 mil mark might be a boon(e) to the street, but an outlier like this, with so much investment involved, is not sitting pretty, it is sitting loud.
What happens next?
- Will it look out of place? or
- Will it determine the look of this area?
- Will it attract another similar venture to validate its price in that location?
- Will it sit unsold, like the one on Glenwood, waiting for that special buyer who wants to take a risk on the most expensive house in a less expensive area?
- It will change the land / house price equation for the residents of this stretch.
See Losing Lake Boone Trail for more hyper-ventilation.