Friday, May 16, 2008

OTT Award for May

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?
One thing is certain:
  • It will change the land / house price equation for the residents of this stretch.
Neighbors will welcome or reject this development. There is no way it will just slip in to the existing fabric unnoticed.

See Losing Lake Boone Trail for more hyper-ventilation.

$2.5 M? Even FP is shocked.

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