It's been almost a year since we first told you about plans for eight new homes at 230 Race St., which was at that time in use as a surface parking lot. As we're all well aware, a whole lot can change in a year. Visiting the site the other day, we realized that all eight homes have been framed out, with sheathing now underway. We'd imagine that there's a bunch of interior work happening now as well. Here, take a look:
Remember, this project is called Bread Street Estates and it comes from the Revolution Development Group (an appropriate name for an Old City developer). Architecture work was done by Ambit Architecture, and here's an idea of what the project will look like when it's finished.
With this much progress, we figured it would make sense to see whether any buyers have stepped forward to put some of the homes under agreement. From what we can tell, that's the case for three of the homes so far. What's really interesting is that the homes have gone under agreement at prices that are much lower than we would have expected. The first went under contract at just under $800K, the second at $830K, and the third at just under $900K. It seems that as time passes the price keeps rising, because the newest listing has a price of $950K.
Still, when you consider the fact that these are 3,000 sqft homes in Old City, each with 4 bedrooms and 3.5 bathrooms, we would have expected even higher prices. The homes in the 7Inspire project on Church Street, for example, sit at a $1.5M+ price point, going all the way up to $2M. Sure, the Race Street homes aren't quite as large, but we're still surprised to see such a significant price gap.