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Purchased an outdated house on a large piece of property in one of the most exclusive infill neighborhoods near center city Charlotte, North Carolina for 890,000.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:
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?
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...
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.
@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
@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 :)