Jedidiah Tuesday, March 25, 2008

Development

Parker Street - The Developer’s Remix

imageAt the North end of Parker Street in Oberlin Village sit six one story bungalows from the early to mid 20th century.  Many of these houses have been renovated throughout the past 70-plus years, all of which have kept their original character intact.  But, in the first week of 2007, things changed.  As the most historical structure of the neighborhood burned down, a new neighbor slowly creeped up like a skyscraper in a village full of small huts. 

The new house, pictured above, was under construction during the winter months of 2006 and was completed almost the same weekend that The Latta House burned. As a neighbor, the sun hit our porch at all points of the afternoon, winter or summer, but this changed as well. The house, situated at the top of a hill, started to dwarf its one story neighbors with a second, and finally third floor that diminished the amount of the sun on adjacent houses.  After completion, two guys moved into the house and were seen periodically watering the almost pretentious front lawn. With a circular driveway and plants unlike any of the neighbors, there were more things than just height that made this house stick out like a sore thumb.


Click Image Above to View Slideshow

It was good to have new neighbors, or so we thought. Only a couple of months later, the house was packed up and the neighbors were gone. The house was silently put on the market, but no sign was placed in the yard. With a little research, it seemed that the house had been put on the market for, yes this is true, $650,000. That is almost three times what any house on Parker Street was worth at the time. The house stayed vacant for the rest of 2007 and to this day is still vacant. This means that it has been finished for almost a year and a half and was only occupied for a couple of months. It was sold to Dawson Developers in August of 2007 for $680,000 and has been assessed at $683,886

But wait a minute. Is that the same house listed on Trulia at $499,900? Where did that extra $200,000 go?

And just up the street are lots/houses for $749,000, another for $635,000, and finally one for $535,000. All of these are sites that were cleared over a year ago and have sat vacant since.  A new lot around the corner on Van Dyke has just been cleared and is for sale for $200,000. No house, just land. Considering the proximity to Cameron Village, NC State, and Jaycee Park, houses in this neighborhood with responding character, scale and price would have surely already sold by now.  The location is spectacular, as is the neighborhood and its history.  Is it just me or were the wrong DJs picked to remix a very well known and classic song?

  • RaleighRob03/25 02:26 PM

    Interesting article.

    The sad thing about that house is, architecturally, it could’ve fit in if it was put in some of Raleigh’s other historical neighborhoods.  But definitely not Oberlin Village…and certainly not cramped on that tiny lot. 
    And sitting empty for over a year?  Crazy.  But at that price, I’m not surprised.

  • Rusty03/25 04:05 PM

    To quote a good friend, “All developers make money, or else they won’t be developers for very long.“

    Case in point perhaps?

  • Bo Bromhal03/28 11:40 AM

    yep, Rusty.  That area is “not quite” ready for this size/$$ of home.  Conversely, there were 3 spec “bungalows” built about 4 blocks away on Everett that sold quite easily in the high 400’s/low 500’s.

    On this specific house, there’s a great deal of backstory. Dawson Developers had nothing to do with the construction of that home.  The downhill neighbor actually sold the land for the Parker house - there was an article about 2 weeks ago in the N&O;.

  • Jedidiah03/28 12:13 PM

    Bo,

    I assume you are referring to Rusty’s comment via the Dawson Developers comment b/c the article said nothing about DD being involved with construction.

    Also, I read that article, which was title “Progress eats into History” in the N&O;a couple of weeks ago.  I was told recently that our generation uses the word Progress in a different way than past generations.  I assume they mean progress in the older sense b/c as a resident, there is nothing going on right now in Oberlin Village that is forward thinking “progress”.  It’s a mess.  The downhill neighbor’s house has also, sadly, been empty for years.

    To state it’s “not quite” ready for this size home is saying that it WILL be ready.  This sounds like a tiger about to pounce on an innocent mouse when it’s not looking.  As a resident of this neighborhood, I doubt that would be “progress”. 

    Is it money or is it relative planning that we need to consider when reconditioning our neighborhoods?  I doubt this spec house had relative planning or the future of the neighborhood in mind.  The emptiness is proof.

  • Francesca03/28 10:38 PM

    Ugh Jed -

    I am so terrifically sorry - it’s enough to make you heartsick.

    It is absolutely mind-blowing that this crap is going on - and sadly, it’s all too rampant. And that there is opposition to rezoning, a la teardowns/appropriate infill/standards, etc. - WTF?

    Years down the road, we’ll be wringing our hands and lamenting the loss of our neighborhoods and all those “dumpy houses” we tore down in favor of those ridiculous (and crumbling) white elephants.

    In this particular case, you can send your thank-you notes to Kevin Coats, real estate agent, owner of “Featured Properties”, apparently, a developer now, and an all around Grade A doofus. He’s a hateful little man, and it wholeheartedly smacks of his ookiness.

    Just as a little side note, which may or may not be of interest to you…Kevin (finally) sold the house on 8/20/07 to Dawson Developers, for what we have already established was a ridiculous price based upon his much lower listing price (please see link to his flyer below - note the $10,000 “bonus” offered if closed by July 30 - HA!).

    As per tax records, also on 8/20/2007, Kevin bought a 3,000sf white elephant unit at the Dawson for $720K - from…drum roll…Dawson Developers.

    He is all sorts of sketch and things that make you go hmmmmmmmmm…

    http://www.emailflyerads.com/display_flyer.php?flyer_id=30849

  • Bo Bromhal03/31 12:01 PM

    I just wanted to point out that Dawson Developers isn’t the scapegoat to folks for the house being built. 

    Everyone wants to make the builders/developers the scapegoats. As this is an example (and others, see the Lake Boone Trail discussion) - in general, if there weren’t demand for the finished product (a larger, newer home in the downtown area), then the builders aren’t there to build edifices to their greatness.  They are there to make a return on their money. 

    The issue is so much more complex than people want to demonize “evil developers”.  Rarely are they making “outrageous profits” as some are wont to declare.

    Folks need to remember - the builders don’t wave a magic wand and make this land available…someone has to sell to them.  And seldom (Parker St could wind up being an example)are builders approaching owners and offering them above market prices.

  • Bo Bromhal03/31 12:07 PM

    therefore the “yep Rusty” - developers won’t be developers long if they don’t make money.  Whether that applies to Kevin Coats or not, I have no idea.

  • Jedidiah03/31 12:13 PM

    Bo,

    Developers may not be the scapegoats, but they aren’t the victims either, the surrounding residents are, which makes it sad that you are arguing “pro-developer” relative to this article. 

    Just because someone sells you the land, doesn’t mean you have to build as tall as possible on it.  When you stop at a 7-11 on the side of the road and decide to get a soft drink, there are choices to be made.  You could get the 44oz big gulp for the same price as the small 12oz but you probably don’t b/c of the health implications.  You also have the choice of regular soda or diet, again caloric intake being a large decision in the choice.  This house is a big gulp slowly turning to syrup in a drink machine full of small diet sodas. 

    Obviously someone is losing money daily on this property and therefore are not “there to make a return on their money.“

  • Bo Bromhal03/31 12:28 PM

    Jedidiah said:

    To state it’s “not quite” ready for this size home is saying that it WILL be ready.  This sounds like a tiger about to pounce on an innocent mouse when it’s not looking.  As a resident of this neighborhood, I doubt that would be “progress”. 
    Is it money or is it relative planning that we need to consider when reconditioning our neighborhoods?  I doubt this spec house had relative planning or the future

    ************

    To you personally, it would not be progress.

    To the current owners, who have handed houses down through the generations, many of whom neither reside in the neighborhood nor maintain the properties they own amd so the very properties in question are “crumbling” - the opportunity to make $$ is indeed progress.

    And the folks who like the idea of living in downtown, in a functional, modern structural (structure, roof, wiring, plumbing, HVAC, absence of asbestos and lead, etc) call it progress.  They can walk to Jaycee Park, Gardner Park, the Rose Garden, and all the shopping at Cameron Village.

    The City owns 5.5 acres of land 100 yds away.  Nothing prohibits them from working towards a higher density (61 total units currently) of affordable housing right there.

  • Bo Bromhal03/31 12:29 PM

    oh, a developer is NEVER a victim, unless the rules are changed after he’s made the purchase.

  • Bo Bromhal03/31 12:32 PM

    I’ve also said in this case, the developer appears to have made a bad decision - ala “doesn’t have to build as big as possible”.

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