State of the Market: Durham City Council approves new housing developments

According to the News & Observer, the Durham City Council approved several new housing developments during their March 20th meeting, enabling builders to construct hundreds of new apartments, townhouses and single-family homes.

​Wesley Downs is a project by Lennar, which has been the nation’s second largest homebuilder for a decade. They have a project on 61 acres in Southeast Durham. The site plan calls for 124 townhouses and 102 single-family homes. The developer has promised to set aside seven units — 3% — as affordable housing for those making 80% of the area median income. Construction is expected to take one year. The project will be on city water and sewer.

But the best part is the price point, said Nil Ghosh, the attorney for the developer. The first townhomes will be sold starting in the $290s. That’s nearly a quarter below the current median home price in Durham. “I was shocked when they told me that. I can’t remember the last time I saw new construction in Durham starting with a two,” Ghosh said.

Local developer Jarrod Edens got approval for an even larger project in Southeast Durham. It’s a 78-acre site known as the Shady Grove assemblage. They can build up to 440 units. That breaks down to 320 townhomes and 120 single-family houses. Edens said they’ll set aside 5% of both the rental and for-sale units for affordable housing. He also committed to building a 5-acre public park with a large playing field.

The last project to get approval was an apartment complex already inside the city limits. The Crescent Communities project is on U.S. 15-501. It’s down the street from the art-filled mixed-use development University Hill, where the apartments complex average $2,100 a month. The city gave the Charlotte-based developer permission to build up to 400 apartments. In return for the density bonus, Crescent will offer affordable housing in other parts of Durham. They promised gap funding for 66 affordable housing units in Braggtown and a donation of eight vacant parcels to Habitat for Humanity. They’ll also pay for a new bus stop and sidewalks. The City Council unanimously supported the project.

Call Carl Johnson Real Estate to start a conversation. If you’re interested in buying a home in any of these or other new communities around the Triangle or an existing construction home. While it’s true that the builder’s agent will help you with the process of purchasing new construction. Get representation when purchasing new construction. You need your own real estate agent – someone like Carl Johnson who always protects your best interests. Give us a call to learn more about how we will help make the process as stress free as possible.
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