Latest Multi Million Dollar Spec Development in Charlotte, NC

Latest Multi Million Dollar Spec Development in Charlotte, NC

Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes

Purchased an outdated house on a large piece of property in one of the most exclusive infill neighborhoods near center city Charlotte, North Carolina for 890,000.  We subdivided this property into 3 lots and built 3 new construction spec houses.  Due to the size of the homes (4300-5100 sq ft each) and the level of detail required, these homes did take about 10 months to build out.  The 3 plans were similar, all homes being 3 stories to maximize square footage on narrow lots, and used a ton of porch space to make up for the smaller yards.  We also had to take several measures to keep neighbors happy and mature trees safe!  Sales prices were between 1.2 million through 1.35 million.  Pics below:

6Reply
21 views

14 Replies

Jump to latestLatest
  • Flipper/Rehabber · Clarksville, MD · Member since 2014 · 85 posts · 66 votes
    10y

    Great job Bryan - beautiful homes!

    I'm just curious what kind of project IRR (pre-tax) you look to get on luxury speculative development? Personally for rehab projects (not builds) we look at around a 15-20% annualized IRR for a green-lighted project, is that around what you aim for when running your initial numbers?

    Thanks!

    Khaled

  • Clover, SC · Member since 2016 · 30 posts · 4 votes
    10y
    Looks great! Thanks for sharing.
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    great looking product.. how is the market there at that price level.. we are seeing it drastically slow down in other markets at those price points.. And maybe we simply got spoiled when things were pre selling or selling within a week on the market.

    I just went into contract today on one I built in Charleston that sold in 5 days for full price  549k.. not nearly as nice as what you have here of course. under 2k sq ft on those little sliver lots in Charleston...

  • Troy GandeeBusiness Member
    Real Estate Broker · Charleston, SC · Member since 2013 · 795 posts · 454 votes
    10y

    Those are beautiful. Great Job!

  • Flipper/Rehabber · Charlotte, NC · Member since 2015 · 33 posts · 12 votes
    10y
    Bryan A. Way to go man!
  • SILVER SPRING, MD - Maryland · Member since 2015 · 77 posts · 43 votes
    10y
    Really nice job, thanks for sharing
  • Rental Property Investor · Fort Mill, SC · Member since 2016 · 83 posts · 12 votes
    10y

    Great Job @Account Closed!  Thanks for sharing.

  • Flipper/Rehabber · Charlotte, NC · Member since 2015 · 93 posts · 31 votes
    10y

    Love it, great job @Account Closed

  • Real Estate Investor · Charleston, SC · Member since 2016 · 57 posts · 12 votes
    10y

    @Account Closed, beautiful!  Thank you for sharing!  I love to hear stories like this.  All the best on your future endeavors!

  • Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    10y

    @Account Closed

    Gorgeous interiors! I take it you got those sold before finish?  Out of curiosity what is the setback between the houses? I haven't been to Charlotte in some time. 

  • Licensed Contractor · Carolina Beach, NC · Member since 2016 · 83 posts · 22 votes
    10y

    @Account Closed thats a great looking development!

  • Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
    10y

    @Khaled Helmi, my goal is to net 20% of sales price.  Doesn't always happen but keeps me safe on the buy side.  

    @Jeff Brown, thank you!

    @Jay 

    @Jay Hinrichs, market is good if built and priced right.  Maybe not as easy as 2 years ago since inventory and builders have picked up a bit.  I actually priced these a tad too high and only presold 1.  Had to finish, and relist at lower pricing.  Still did well, but it was an eye opener that people aren't as easy anymore.  Congrats on your contract

    @Troy Gandee, thank  you!

    @Greg Mucha, thanks.. could've showed you in person :)

    @Kelvin Letron Brantley, thanks!
    @Zachary Betters, thanks.  Hope to see you in person at more meetings :)

    @Amy Bates, thank you.

    @John Thedford, 1 presold.  The 2nd one sold a few days on market once complete and staged.  The 3rd one lasted maybe a month (ish) on the market.  Required side setback is 5 ft.  

    @Kevin Breed, thanks.  They were a lot of fun (and stress) to build :) 

  • Wholesaler · Charlotte, NC · Member since 2013 · 269 posts · 66 votes
    10y

    @Account Closed Looks Great man, glad to see business is doing well. Congrats on everything! 

  • Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
    10y

    Thanks @Audrey Truesdale.  Good to hear from you.  Hope business is great for you :)

Join the conversationCreate a free account to reply, vote on answers and follow this thread.