The surface lots that can be found are quickly becoming moreexpensive, due to the city's booming housing market. Since 1996,more than 400 homes, condominiums and townhouses have been builtDowntown or just outside its borders.
For example, condominium developer Gregg Sandreuter bought a1.1-acre parking lot about a month ago, but he had to search twoyears to find it. He paid $33.39 per sf, a record for Downtownproperty.
One lot that developers have had an eye on is a 1.74-acre parcelowned by real estate broker Betsy Anne Bradshaw. The asking priceis $4 million, or $53 per sf, more than a vacant lot on the mall,which is the most expensive property in Wake County, according tocommercial appraiser Tom Hester.
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