Previous Residents

We got our renovation estimate from Corey this week. It was $100,000 more than we had budgeted. Awesome.

After reviewing the estimate, our realtor was able to get it down to only $37,000 over budget primarily by removing luxury items that we didn’t want in the first place. At that point, I was able to look at the estimate without my head exploding and was able to work with Corey to get it down another $12,000.

If you’re doing the math, you’ll see that this still puts us over budget. So we went back to the seller with this information and requested a lower sales price. Our argument was basically that after renovations, the property wouldn’t appraise high enough to justify the cost. By the end of the week we still hadn’t gotten a response back from the seller.

The fun thing this week: My friend, Emily, did a title search on the property. The earliest recorded deed transfer was in 1899. If I’m counting correctly, there have been eight other owners since then. Emily also found a document that lists all of the houses within the East Raleigh – South Park Historic District, along with their character defining features, date, and status as a contributing structure. This lists the house as pre-1900 as a “5-bay hipped-roof duplex with hipped metal roof and weatherboard siding; original 4-over-4 doublehung-sash windows; attached porch with flat roof, twin wood-post supports, jigsaw-cut brackets, wood railing”.

We found the 1896 Directory of the City of Raleigh which listed the widow, Mrs Charlotte King along with three sons, two daughters, and a Lee Coy as residents at that time. The men all worked at Caraleigh Mills, which is now a unique downtown Raleigh upscale loft style condo community, but was built as a cotton mill in 1892.

Here’s some more history for you: Joel Lane sold 1000 acres of land to the State of North Carolina in 1792. William Christmas carefully drew a plan for how the city of Raleigh would be laid out. The downtown luxury slum sits in square #1 of this original City of Raleigh plan. Check out that map!

One response to “Previous Residents”

  1. The history of the property is very interesting. Cool to learn that the lot is # 1 on the original city plan.

    Like

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