Score
0Raleigh, NC
3319 Milton Rd
2.9M
5 beds
8 baths
7,268 sqft
5 bd • 8 ba • 7,268 sf
This analysis was generated on 1/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$2,850,000
Price/Sq.Ft
$392
Year Built
2010
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This luxurious Milton Manor in Drewry Hills offers exceptional value and features:
1. Prime Location: Inside-the-Beltline (ITB) location in the prestigious Drewry Hills neighborhood, known for its high-end properties and proximity to downtown Raleigh.
2. Spacious Living: At 7,268 sq ft, it's significantly larger than the average Raleigh home, providing ample space for luxury living and entertaining.
3. Recent Price Appreciation: The property has appreciated by 19.5% since its last sale in 2022, outperforming the Raleigh market average of 8-10% annually.
4. High-End Features: Gourmet kitchen, first-floor owner's suite, study with fireplace, and built-ins add significant value and luxury appeal.
5. Income Potential: The basement's separate bedroom and amenities could potentially generate rental income (estimated $2,500-$3,000/month based on local rates) or serve as an in-law suite.
6. Energy Efficiency: Built in 2010, it likely incorporates more modern energy-efficient systems compared to older homes in the area. The EV charger in the garage adds value for eco-conscious buyers.
7. Unfinished Space: The 600 sq ft unfinished attic space offers potential for future expansion or customization.
8. Luxury Amenities: Theater room, gym with sauna, and wine room cater to high-end lifestyle preferences, setting it apart from standard luxury homes.
9. School District: Located near well-rated schools (Oberlin Middle and Needham Broughton High both rated 7/10), enhancing appeal for families.
10. Price per Square Foot: At $392.13/sq ft, it's competitively priced compared to similar luxury properties in the area, which can range from $400-$500/sq ft.
The Bad
1. Days on Market: At 43 days, it's slightly above the Raleigh average of 30-35 days, suggesting potential pricing or market fit issues.
2. Price Point: At $2,850,000, it's well above the median home price in Raleigh ($390,000 in 2023), limiting the buyer pool significantly.
3. Property Taxes: Given the home's value and location, annual property taxes are likely to be substantial, potentially exceeding $30,000 based on Wake County's average tax rate of 1.07%.
4. Maintenance Costs: With 7,268 sq ft and numerous luxury features, annual maintenance costs could easily exceed $28,000-$36,000 (1-1.25% of home value).
5. Utility Costs: Despite being relatively new, the sheer size of the home will result in high utility bills, potentially $500-$700 monthly.
6. Limited Outdoor Space: While the listing mentions a private landscaped backyard, the emphasis on interior features suggests the outdoor area may be smaller than expected for a home of this caliber.
7. Overimprovement: The extensive luxury features may make it one of the most expensive homes in the area, potentially limiting future appreciation.
8. School Ratings: While the middle and high schools are well-rated (7/10), the elementary school (Root) is rated only 5/10, which may concern some families.
9. Market Volatility: Luxury homes can be more susceptible to market fluctuations, and the rapid appreciation since 2020 may not be sustainable.
10. Potential HOA Fees: If part of an HOA, fees for a luxury property in this area could be substantial, potentially $500-$1000 monthly.
The Ugly
1. Market Timing Risk: The property's value has more than doubled since 2020 ($1,250,000 to $2,850,000), raising concerns about a potential market bubble or correction. This rapid appreciation may not be sustainable, especially in the luxury market segment.
2. Carrying Costs: Total monthly ownership costs are exceptionally high. Estimated breakdown:
- Mortgage (assuming 20% down, 30-year fixed at 6.5%): $14,400
- Property Taxes: $2,500
- Insurance: $1,000
- Utilities: $600
- Maintenance: $2,400
Total: Approximately $20,900 per month or $250,800 annually
3. Liquidity Risk: The ultra-luxury market in Raleigh is limited, with fewer potential buyers. If the owner needs to sell quickly, they may face significant price reductions or extended time on market.
4. Overimprovement for Area: While Drewry Hills is upscale, this property may be overimproved compared to neighboring homes, potentially limiting future appreciation and making it harder to sell.
5. Basement Moisture Issues: Raleigh's climate can lead to moisture problems in basements. Given the extensive finished basement, any water intrusion could lead to costly repairs and potential health hazards.
6. Energy Efficiency Concerns: Despite being built in 2010, a home of this size will have substantial energy costs. Without specific information on insulation and HVAC systems, there's potential for inefficiencies leading to even higher utility bills.
7. Future Renovation Needs: While relatively new, high-end finishes and systems (e.g., home theater, sauna) may become dated or require expensive updates within 5-10 years to maintain the home's luxury status.
8. Insurance Challenges: The high-value home and potential for hurricane damage may lead to expensive insurance premiums and potential coverage limitations.
9. Property Tax Increases: Given Raleigh's growth and the home's high value, significant property tax increases are likely in coming years, further increasing carrying costs.
10. Zoning and Land Use Changes: Rapid development in Raleigh could lead to zoning changes or nearby construction that impact the property's value or the quiet enjoyment of the estate.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for:
1. High-Net-Worth Individuals: With a household income of at least $750,000-$1,000,000 annually to comfortably afford the $250,800+ in annual carrying costs.
2. Luxury Home Enthusiasts: Buyers who appreciate high-end finishes, custom details, and luxury amenities like home theaters and wine rooms.
3. Large Families or Multi-Generational Households: The 5 bedrooms, 8 bathrooms, and separate living areas can accommodate extended families or those who frequently host guests.
4. Work-From-Home Executives: The dedicated office space and multiple living areas provide ideal setups for remote work and virtual meetings.
5. Entertainers: Those who frequently host large gatherings will appreciate the spacious layout and luxury amenities.
6. Fitness Enthusiasts: The home gym and sauna cater to health-conscious individuals who prefer private workout spaces.
7. Wine Collectors: The large wine room is perfect for serious wine enthusiasts and collectors.
8. Tech-Savvy Buyers: Features like the EV charger and potential for smart home integration appeal to technologically inclined homeowners.
9. Privacy Seekers: The estate-like property in an established neighborhood offers privacy and exclusivity.
10. Raleigh Area Newcomers: High-level executives or professionals relocating to Raleigh for work in industries like tech or biotech may find this turnkey luxury property appealing.
Not For
This property is not suitable for:
1. First-Time Homebuyers: The price point and maintenance requirements are far beyond what's appropriate for most first-time buyers.
2. Budget-Conscious Buyers: Anyone with an annual income below $750,000 would likely find the carrying costs prohibitive.
3. Low-Maintenance Seekers: The size and numerous amenities require significant upkeep and management.
4. Investors Seeking Immediate Rental Returns: The ultra-luxury rental market in Raleigh is limited, making it challenging to generate positive cash flow as a rental property.
5. Buyers Prioritizing Outdoor Space: Those seeking large yards or extensive outdoor living areas may find the property lacking.
6. Downtown Urban Dwellers: While ITB, it's not in the heart of downtown Raleigh, which may disappoint those seeking a true urban lifestyle.
7. Frequent Travelers: The high-maintenance property requires regular attention and may not be ideal for those often away from home.
8. Minimalists: The expansive space and numerous amenities contrast with minimalist or downsizing lifestyle preferences.
9. Buyers Sensitive to Market Fluctuations: Given the rapid appreciation and high price point, it may not suit those concerned about potential market corrections.
10. Young Professionals or Small Families: The size and cost are likely excessive for smaller households or those early in their careers.
Demographics
Area Median Income
$73,979
Property History
Price History
Ownership Timeline
$2,385,000Financed
Mar 15, 2022Steven M Jones, The Steven M Jones Family TrustStephen Sharkady, Kavitha Sharkady
Warranty Deed
Standard Sale (Purchase/Resales)
$12,500Financed
Jan 9, 2020William G Scoggin, Gail C ScogginSteven M Jones, The Steven M Jones Family Trust
Warranty Deed
Standard Sale (Purchase/Resales)
$490,000Financed
Oct 30, 2008William Lane Warren, Patreacia Smith WarrenWilliam G Scoggin, Gail C Scoggin
Warranty Deed
Standard Sale (Purchase/Resales)
$199,000Cash Purchase
May 31, 2000Doris B UlmerWilliam Lane Warren
Warranty Deed
Standard Sale (Purchase/Resales)
Property Taxes
$18,948
2024 Tax Assessment
39.9%from previous year
Assessed Value$2,179,390
Tax Rate0.87%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
4.1/10
AverageMiddle
4.2/10
AverageHigh
5.5/10
AverageFinancials
Monthly Costs
Market Rent (5 bed)
Get a detailed estimate on Zillow$1,240
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