Quick Hits: Leyland Post in Old Five Points

Quick hits are posts about development news as I hear about them! If you have feedback on the format, please share in the comments below!

Leyland Post


Neighborhood:
Old Five Points

Size:
22,500 square feet

Purchase Price:
$132,500

Estimated Cost:
Unknown

Expected Completion Date:
Unknown

Details:
12 Units, All 2 Bed/2 Bath, priced between $545,000 and $589,000

Developer:
Headwall Development

Located at 106 and 108 Broadway, this is another smaller development to hit the Old Five Points neighborhood. Old Five Points is starting to feel a little like the next Central Park area: consistent growth over time with high-end buildings. However, the construction is on a much smaller scale (see Mangum Flats).

I have always thought that Old Five Points was an interesting part of the city. I would love to see this growth continue with interesting businesses in those old, historic-looking storefronts. It could be a really cool, additional, walkable neighborhood.

I am sure people will be up in arms about development at these high price points, but an article that I tweeted recently frames density as a good thing, even the higher-end buildings. The more wealthy people that are moving into high-end condos, the fewer there are to purchase and renovate existing supply for those with less money.

That said, a mix of old and new is important. I would be sad if those old storefronts were demolished as they add great character to the area.

Comments

  1. > " I am sure people will be up in arms about development at these high price points, but an article that I tweeted recently frames density as a good thing, even the higher-end buildings. The more wealthy people that are moving into high-end condos, the fewer there are to purchase and renovate existing supply for those with less money."

    I am one of those people who continues to be surprised by how many half-million dollar condos are being built in Durham, but I also know that it's inevitable, and necessary The unfortunate truth is that the biggest factor determining how reasonably-priced your housing is today is the number of units that were built 30 years ago. These aren't going to be affordable today, but the more housing that gets built now, at all price ranges, the healthier the housing stock will be in future decades.

    That said, with the rising real cost of housing, and in light of stagnant real median income, it seems like there is a huge market that could support smaller, more basically-equipped, but more affordable new construction. Then again, tiny studio apartments outside of downtown are still being marketed as luxury and renting for $1000+/month, so maybe because of how inelastic demand for housing is (especially in fast-growing populations) means developers will never opt to build something cheaper as long as no one else does? I'm hoping to see some disruption in the housing construction business within my lifetime, because the way it is now seems unsustainable. I fear our housing market is doomed to look like the UK's in a few decades.

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