Inside the Triangle Home That Just Sold for $6 Million
According to the Triangle MLS database, the Rosemont Drive sale is the single-largest most-expensive home sold in the Triangle.
One of the most expensive homes ever sold in the Triangle doesn’t just have an indoor saltwater swimming pool. It has a waterfall flowing into the pool, and a window on the floor of the pool house terrace that looks down into a fish tank connected to the house’s home theater.
Gregg and Diana Low paid $6.35 million for the behemoth estate, making it one of the most expensive homes ever sold in the Triangle region, according to real estate records and the Triangle Multiple Listing Service. The deal closed last week. Gregg Lowe was named president and chief executive of Cree, Inc. in September, after serving as CEO of Freescale Semiconductor. The Lowes could not immediately be reached for comment.
The house ticks in at just under 14,000 square feet and sits on 12.5 acres along Rosemont Drive, in northern Chatham County. The Lowes' new neighbors include former NBA All-star Jerry Stackhouse according to county records.
According to the Triangle MLS database, the Rosemont Drive sale is the single-largest most-expensive home sold in the Triangle. There have been larger residential land tract purchases in the area, however. Also, some high-dollar private home sales may not go through the Triangle MLS.
The previous record home sale for the Triangle was a $5 million home on Oberlin Road in Raleigh that closed in February 2008, just as the economy was slipping into the Great Recession.
The Lowes’ new mansion has sprawling lawns with a terraced iris garden and a wildflower field. Built in 2006, the house boasts five bedrooms and nine bathrooms.
Mollie Owen, of Hodge & Kittrell Sotheby’s International Realty, represented the seller in the home sale, an entity called Wysteria LLC. “It’s truly one of the most beautiful homes that I’ve seen in 21 years of selling real estate, so it was truly worthy of sale,” Owen says. The people behind Wysteria LLC could not be reached for comment.
While the sale marks a new high point for Triangle homes, it doesn’t necessarily mean that the luxury market is tracking the same as the rest of the market.
Common wisdom on residential real estate in the Triangle — that sales are up and inventory and days on market are down — doesn’t fully translate to luxury homes. Houses priced at more than $700,000 tend to sit much longer with for sale signs, says Katherin Burnette, chief executive of the Triangle Real Estate Group.
It’s the smaller, cheaper homes that are in high demand and sell fast. “People are just not wanting to have the bigger houses anymore,” she says. “They’re wanting convenience and location.”