8XX E Franklin Street $175/sqft. Asking $740,000 for 4,214 sqft. Unsold for 175 days.
7XX E Franklin Street $411/sqft. Asking $3,350,000 for 8,144 sqft. Unsold for 62 days.
I've left the first digit intact on these two properties because I wanted to emphasize that these houses are a block apart. One is significantly more expensive than the other. 2.3 times as expensive per square foot. I think the cheaper of the two has a better chance of selling. It goes without saying, of course, that multi-million dollar properties are often on the market for a year or longer and that the 7XX E Franklin property is in the earliest phase of its' time on the market. However, the 8XX E Franklin property is not outlandishly more expensive than most Chapel Hill houses. Yet it languished on the market all summer.
Whatever the 8XX property sells for should set a ceiling for every other property in Chapel Hill. Southern Village's $200/sqft? I don't think so.
2 comments:
The 7 block home deserves a per-sqft premium over the 8 block one. It is nicer and is a historic home. Plus its lot is 5X as big. A greater than 2X premium...
The 7-block is truly an awesome home, but is so far out of my price range I have no idea whether that is a reasonable price or not. Only time will tell.
Both these houses are out of my price range, and I agree that the 7XX house is nicer.
And you're right in calling me out on how I'm discounting land size in my posts. I've kinda stopped caring about a yard. I had to mow 3/4 of an acre for a couple years and now look at a yard as a huge burden.
I would happily live in the 8XX house, though. Very little of Chapel Hill is actually walkable, but Franklin street totally is. A few years back, I had an apartment near campus and loved being able to walk to UNC.
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