Did we suddenly turn the real estate clock back to, like, 2005?

There are certain advantages to living in a popular in-town neighborhood like Trinity Park or Watts-Hillandale (or sought-after areas like Woodcroft, for that matter), in that there's usually a steady stream of buyers looking for houses when they go on the market -- or, in some cases, before they do.

Watching the local real estate market over the past few months, it's been gratifying to see houses in our corner of northern Trinity Park generally moving well, though there's always those properties -- usually the under-renovated, over-priced ones -- that sit around for a bit.

Still, this week's eyebrow-raiser from the real estate section has to be 1411 N. Gregson, a home that just got listed for a cool million bucks -- $998,000, to be exact.

Which is all the more surprising in that, according to the (sometimes unreliable) folks over at Zillow, this house last sold around Thanksgiving '07 for a mere $400,000.

What, pray tell, marks the difference between then and now? Well, a ginormous swimming pool swallowing the entire back yard, for one thing, with a very prominent fireplace set into the corner. Very trendy stonework set around the pool and rear entry. Massive screened porch. What appears to be a new, two-car garage.

Is all this starting to sound like something, well, not usually found in Trinity Park? You might be onto something; the house, post-renovation, looks a lot like some of the newfangled renos you might see in Inside-the-Beltline Raleigh, or over in Cary, for instance.

Yet there's one overwhelmingly surprising thing about this house: It's a house on North Gregson Street.

Now mind you, Gregson (and Duke, for that matter) are perfectly fine streets. I happen to live on Duke myself. And it's nice talking to the neighbors across the street -- except we have to pause conversation when a bolus of automobiles whizzes by at high speed.

Million-dollar houses do, occasionally, sprout up in Trinity Park, but almost singularly in one location: the south end of the neighborhood, on the Watts/Buchanan corridor, and only then as the most extraordinary of properties.

But never on the TP Freeway that I know of.

The idea of a 4,100 sq. ft. house -- however nicely renovated -- selling for asking price at just under seven figures on Gregson is remarkable as an example of, as our possible next president might say, the audacity of hope.

On the bright side, depending on how you look at it: Northgate Mall, a mere few footsteps away!

There is another house, of about the same size, listed for sale in the neighborhood at a nearly-identical price. On Markham, that is. Meantime, the similar-sized (yet badly un-renovated) home across the street from the pricey N. Gregson abode has sat on the market for several years, at a $395,000 price point.

Seriously, gentle readers: how the heck long is it going to take to find a willing buyer for this seller? And what will be the magic price at which the house sells?

Is this two car garage-havin', pool-party hostin', circle drive boastin' house going to sell faster than muffin tops? Or is this house breaking out the rocker to sit on the market for a while?

Post your thoughts in the comments -- we'll see who comes closest.

Comments

[hut hustler]

This house was in the same family for many years, as was the one across the street. The 400K price paid is the un-renovated price, and it did have the pool back then. I haven't seen the house since it went on the market, so cannot comment on the quality or sensitivity of the renovation.

As always, I hope folks get their asking price in a bidding war. ;-)

[etslec]

I've seen stranger things happen - although that was in the D.C. area on the upward side of the housing market bubble. I bet it will sell in a month; if not, I bet it stays on it for a year with ever-dropping asking price.

[Lisa B]

You couldn't pay me to live on Gregson or (sorry!) Duke Street. I think this house will sit on the market for a while, unless they take a few hundred grand off the asking price. Especially considering that their renovation looks a bit blah and generic from the photos--like they got all their ideas out of some kitchen and bath sales brochure. A cursory look at the comps on Zillow doesn't show a lot of support for their asking price, not even considering that the house is on the Trinity Park Southbound Speedway.

[Myers Sugg]

Unless I'm mistaken, the driveway is asphalt which IMHO would make it less appealing and less valuable. Concrete, in moderation, is more attractive, and looks a whole let less like the parking lot at your local strip shopping center. More frustrating is that asphalt absorbs tons of heat, and makes anything within a certain radius hotter, including the interior of one's house. A/C units have to work harder, requiring more energy. I didn't even mention the rainwater runoff issue with any hard surface this size.....

I frankly like the sprawling Williamsburgy looking house across the street. When the house does sell, I do know that the new owner will get a nice new next door neighbor, the Ritz family.

Myers

[lwn]

It looks as though the house has been stripped of its original charm... gone are the original banisters, bathrooms, entry area etc. Why is such a lovely formal home would I want to see the interior of my kitchen from my didning room table? The pool looks cheap as does the fireplace. I applaud the renovation of older structures, but not the banalizing of them.

[TSQ75]

dude! I spotted a couple of orbs in the upstairs picture!

that comment may up, or drop the price...lol

I do see them though...lol

[Myers Sugg]

LWN:

That is so disppointing to hear. The reason people are attracted to old houses is for their charms, uniqueness, patinas, workmanship, history, and the fact that they are "not new." LWN, if what you say is true, what a shame. I'm 99.9% certain this house is within the expanded Trinity Park N.R. historic district which would have made it eligible for the 30% rehabilitation tax credit. Had they taken these credit, changes like you describe would have been avoided. Once the features are gone, they are gone for good.

Myers

[lwn]

To cap the discussion of this house and Durham desirability... the N&O had a rather good article about forclosures in Durham... We seem to have our fair share. Only Forest Hills and Hope Valley seem to have escaped (so far) this troubling trend. I don't see home prices rising or even remaining constant for a number of years in most neighborhoods. This trend is fraught with peril... it makes land more reasonable for teardowns and the horror that follows. Get your neighborhood protected!

lwn

[KeepDurhamDifferent!]

This is the Lecky home, owned by the mother-in-law of the scoutmaster for watts baptist. I examined it in great detail prior to the sale as I briefly considered buying it. First, I can confirm the $400K price as accurate; secondly, they'll probably get about $700K. Glad to see they got rid of the green carpeting; it's a pity there are no pictures of the basement, which I considered the most challenging part of the renovation. I especially abhor what they did to the pool, which we used to teach swimming to many a cub scout over the years.

[-]

Myers:

A point to note is that the 30% tax credits are subject to recapture if the owner sells within 5 years. This means you have to live in (or rent) the house for 5 years or they take the money back.

[Myers Sugg]

Anon:

What you say is NOT correct. There is no (or wasn't a year ago) a recapture requirement for the State of NC tax credits. Recapture does apply for the Federal credits, but not State alone. State tax credits alone are for non-income producing properties. If you are rehabbing something for rental, you should only have the opportunity to take the 20% State, 20% Federal credits, assuming you meet slightly more cumbersome guidelines related to cost-basis. This is as per Tim Simmons, of the State Historic Preservation Office. Feel free to contact him and verify what I've stated here. I repeat, I'm 99.99% certain there is no recapture of the State only credit. I'm still owed 3 years worth of State credits (as I've only taken 2 years thus far), and could sell my house today, and still legitimately claim the credits for the next 3 tax years.

Myers

[drhmrltr]

After a year on the market and multiple price reductions, the home has been re-listed today at $799,900.