20105 Davidson-Concord Road
CORRECTION, Friday, Oct. 24: We originally reported this home had sold at auction. The owner told us Friday the offer had not been accepted. A revised version of the story follows.
Iron Horse Auction Co. was in Davidson again this week to sell another new but unoccupied private home just east of town, at 20105 Davidson-Concord Road in the Westmoreland Farm subdivision. When the bidding ended, the two-story Williamsburg style house, with five bedrooms and 4 1/2 baths, apparently had sold for $635,000 – a steep discount to its original $1.025 million asking price and its tax value of $853,000.
But Jim Loncar, president and CEO of J.D. North Construction, which owned home, told DavidsonNews.net Friday his company did not accept the offer. He and officials at Iron Horse Auction said the home would be re-advertised for sale.
The property was advertised as having more than 5,000 square feet of heated space, on 0.83 acre. With construction finished, it had sat empty for months with no takers.
With so many homes on the market currently in Davidson and money tight, builder/owner J.D. North Construction needed to shed the property.
It was the second auction of its kind here in recent months as builders facing a tight market try to generate cash. In August, Rockingham-based Iron Horse auctioned another upscale home on Concord Road closer to town for $665,000.
The latest auction came Monday at 6 p.m. in a meeting room of the Homewood Suites Hotel at I-77 Exit 30, where a small group had gathered. The professional auctioneer encouraged bidding to start at $800,000 but was forced to lower that to $600,000.
In less than 15 minutes (including calls to the seller), Johnny Sheppard of Pinehurst had the low bid. He told DavidsonNews.net he was buying the home as an investment.
On Friday, Mr. Loncar and officials at Iron Horse Auction said home had not sold.
An interesting side note about Monday’s auction was the enthusiastic real estate broker who rose from her chair to work the crowd the minute the gavel dropped on the sale. She was representing the owner of the home next door to the one just auctioned – an even greater value with a recently renovated home on 1.33 acres for just $570,000. That updated ranch is at 13031 Westmoreland Farm Road.
The era of being able to sell anything in Davidson is clearly over. But, these auctions should not be taken as a sign of a hopeless situation. Just like Britney Spears once sang of being “not a girl, not quite a woman,” these recently auctioned houses are what I would term “tweeners.” Not quite really close enough to downtown to be considered “close-in,” and not far enough out nor on large enough lots to be considered a country estate. Both are nice houses, but neither blended in with their surroundings, especially the Concord Road house which towers over its one-story neighbors. While the housing market in Davidson has slowed considerably, quality houses in good locations should continue to sell. One upside of the downturn is that builders will be forced to make their houses more compelling and more complementary to existing neighborhoods if they are to succeed.
With regards to the recent article of a second builder’s home in Davidson selling at auction: The house located at 20105 Davidson Concord Rd., did not sell and no offer was accepted by the owner/builder.
The writer is president/CEO of J.D. North Construction, which built and owns the home.