The Summer of Brighton Square

Brighton square is a neighborhood of condos, located off of Main St. in Carrboro, NC. The average size is less than 900 sq/ft, they are generally one level with 2 bedrooms, and 1 bath, built in the early 1980's.

So why they feature their own blog topic today? Because since 1/1/2005 17 of these units have sold. Compare that to the 8 units that sold in 2004 and 5 units in 2003.

As a REALTOR, I have to wonder, why are so many people buying units in Brighton Square? They aren't particularly large and they aren't new. Perhaps it's because they are one of the last places to buy a home for less than $100,000. In fact, it's hard to find a unit for under $100,000. The trend has been for people to buy these, fix them up and (recently) sell them for between $110-115k.

There are two on the market today. Unit #13, $118,900, 792 sq/ft and unit #31, $119,900. 860 sq/ft. If you have looked back at the archives of this blog, you see that on April 27th I mentioned unit #52 was on the market for $101,000. This is a perfect example of what's going on in Brighton Square. A few months later the new owner has added hardwood floors, new paint, new appliances, and new cabinetry. Are these changes worth an additional $18,000. I don't think so, but then again, what else can you get in Carrboro for under $120,000? If this trend continues, it may be a very wise investment for a first time home-buyer.