Skip to content

Hanes’ Pfafftown estate to be converted into 300-350 single-family homes

Winston-Salem Real Estate, Winston-Salem MortgageGreat news for Winston-Salem real estate! The Winston-Salem Journal has recently reported that a 184-acre Pfafftown estate has been sold for $4.5 million. The properties included in the estate are listed as a 23.8-acre site at 2740 Spicewood Drive with a 1,531-square-foot guest/boat house; a 21-acre site at 2750 Spicewood Drive with a 9,487-square-foot Georgian manor house; and an undeveloped tract of 139.5 acres.

The buyer, Clayton Properties Group Inc. of Maryville, Tenn., has plans to build between 300 and 350 single-family homes on the property, which will sell under the Shugart Homes brand. The expected time of completion for the first homes is late 2022 or early 2023. While the developers plan to tear down the manor house, the guest and boat house on the property’s 22-acre lake would undergo a remodel and be part of the development’s amenities.

Mungo chief executive Steven Mungo said there will be multiple price points for the homes, with the bigger lots located near the lake. Though starting prices have not been disclosed yet, Mungo said the median sale price was $279,000 for its Triad properties over the past 12 months.

The Winston-Salem real estate market has been experiencing a surge in sales and median sales prices. Earlier this year, the Winston-Salem Association of Realtors reported that the median sales price in Forsyth County was $248,126 in November 2020 and $242,802 in December 2020, up from $203,281 in November 2019 and $209,022 in December 2019.

Are you interested in purchasing a home in Winston-Salem or the surrounding areas and building equity into your future? The Sharpe Mortgage Team would love to discuss your financing options and refer you to one of our trusted real estate partners. Call us today!