Molly Logan and her husband used to pass by this empty lot on Drewry Lane and wish someone would buy it and build on it.
Until 2009, the half-acre lot featured a ranch-style house typical of the 60s and 70s, but the previous owners moved the existing house to Garner, and the lot was taken over by the bank.
In December 2013, the Logans decided to take matters into their own hands, buying the lot for $179,500 and starting construction on a 4,000-square-foot home with four bedrooms and three-and-a-half baths.
Their timing was perfect. Finished in December, it sold in February 2015 for $775,000, listed by Realtor Bryan Moore of Bryan Moore Realty Group.
“Inside the Beltline in Raleigh is one of the hottest markets in the country,” says Moore. “Homes priced correctly usually have multiple offers and go for or above list price. Other homes that need work are being donated or torn down and new construction taking its place.”
It wasn’t the Logans first time building on a hunch. They’ve built three homes on spec with builder Randall Shirley, including their own. This project was their most recent.
Real estate snap shot
Overall sales price increase: 6%
Total inventory: Down 14%
Average days on market: 52
Average closing price: $273,600
Triangle stats, reported June 2015 compared to June 2014.