Raleigh developer buys land for new subdivision in rural area

More residential development is coming to a rural county north of Raleigh.

Custom homebuilder Marquis Homes and Company of Raleigh purchased more than 88 acres in Granville County southeast of Creedmoor in the Grissom area at the end of September for a little less than $1.15 million, according to property records.

The vacant land sits off Lawrence Road in the southern part of the county, roughly 25 miles north of Downtown Raleigh.

Tom Hankins, head of Marquis Homes and Company, told Triangle Business Journal that the subdivision is “still in the early planning stages” but they expect it to have 50 to 55 lots with average lot sizes between three-quarters of an acre to an acre. The subdivision will include roughly 25 acres of open space.

“Lots will be serviced by individual septic systems and private wells,” Hankins said. “We’re still evaluating the price point of the homes to be built with an objective of trying to address the affordability gap which currently exists in the housing market.”

Hankins, who is also president of Snyder Hankins Custom Homes, said his group will be partnering with Raleigh-based Julie Wright Realty Group to market the lots. He did not provide an estimate for when construction will begin and homes will hit the market.

Listings for Julie Wright Realty show multiple homes priced above $1 million.

The average value of a home in Granville County has surged in recent years, topping $300,000 in August, according to data from Zillow (Nasdaq: ZG).

With just under 5,000 residents, Creedmoor is smaller than some of the other Greater Triangle towns and cities that routinely attract new residents and investments. The city sat at less than 4,000 residents in 2010 and is experiencing a bit of a boom of its own, bringing in more housing opportunities.

In April, the city’s planning board considered a proposed subdivision called Yorkshire that would encompass hundreds of homes across 140 acres.

Ben Tobin covers real estate and economic development in the Greater Triangle, focusing on the counties outside Wake and Durham. Have a tip? Reach him at btobihn@bizjournals.com or (919) 327-1012.