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Bloomsbury Estates

dwntwnraleigh

By dwntwnraleigh
in The NC Triangle

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urbanesq Hamlet

urbanesq

Posted
Posted

^^^ It's true! Of course, they appear to be making progress on the outside-- the view up Hargett Street to this building is actually quite dramatic. It'll be interesting to see the momentum for additional retail and services in and around the Warehouse District and Glenwood South as these and all the other units start to come online.

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dmccall Burg

dmccall

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I agree. I like the ?fake? chimney in that first picture. The banding on each floor looks good, too. It's suprising that the second-to-the-top (?penultimate?) floor has arched window boxes like the top and bottom do. It's unusual to see only a slight variant like this in a building's second-to-the-top-floor.

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ChiefJoJo Town

ChiefJoJo

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Hagel's got a writeup today on Bloomsbury. Bruckel, the developer, has 20 unsold units out of 56 total in the first phase. Not surprisingly, he will not begin the second phase (mirroring the first) until the 1st is sold out. His design has been criticized by some, but I think it's unique, if not classical. It will no doubt have some great views of the skyline, but I do not like the anti-urban fenced in layout. Not having retail isn't a big deal, as it probably would not work well there anyway. I would have preferred it be more integrated with the street. I do think the next wave of condo projects will reveal more of a willingness for developers to do so on downtown edge projects.
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ncwebguy Burg

ncwebguy

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It depends on where in the building the 20 remaining units are located. If they are on the Boylan side, I could see them selling (relatively) quickly once the certicate of occupnacy is issued. Hargett Street facing units would be second most desireable. I don't know if the units facing south (and eventually phase two) would be more appealing or the west facing units looking at the parking lot and central prison.

Higher gas prices might get more aging boomers looking into trading the yardwork and long drives to everywhere for a unit in Bloomsbury, but units in/near North Hills will be competitive in a year or two.

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Jones_ City

Jones_

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Just curious, but does anyone know what the white one story building across the street from Blookmsbury is being converted into? There seems to be construction going on inside and outside of the building.

Thats Sidetrack Pub. I think its talked about alot in either the downtown retail thread or downtown drinking in the coffeehouse.

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Jones_ City

Jones_

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The landscaping and exterior appears to be complete. I rode by on my bike today, and at least one couple was being shown around by the sales agent. Tjis prompted me to check the website again........the marketing is always..blah....the "colleges and schools" tab brings up a map with Peace, St Mary's, Meredith and NC State. St Augs and Shaw are closer than Meredith but left off......Cameron village has a tab too but it does not highlight Cameron Village shopping but the residential neighborhood north of the famed shopping center. Whoops. Under "parks" you see of course Nash, Moore and Pullen, but also shown are the Farmers Market, Dorthea Dix...I guess thats ok, but Centennial Park? Their new name for Centennial campus....

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DPK Hamlet

DPK

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Luxury condos, in general, are slow to sell downtown. There were just three luxury condos sold inside the Beltline during the first quarter, according to a Triangle Area Residential Realty report that tracks sales of homes listed at $500,000 and above. That's up from none during the same period a year ago. More than half of the unreserved condos at Bloomsbury carry price tags north of $500,000.

With tongue in cheek (because I realize that when some of these projects started the market was different), I really wish a developer would build downtown that "gets" Raleigh. Stop with the luxury condos already. Build a ton of apartments and condos that the average working class, grad students, etc can afford. I don't need luxury space and I don't care about marble imported from some foreign land or bookcases covered with gold leaf. I know a ton of people that would love to rent downtown, but there really isn't (ignoring Hue because it makes my eyes bleed and The Tucker because the rent is a bit high) a good size project that's been build lately to cater to your average young adult renter.

Again I say that with tongue in cheek.

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Jones_ City

Jones_

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$8,000,000 is a steal with 44 units still unsold. Only need to average 181k per unit to break even (not counting overhead). Bad for the original buyers (if they need to move or sell ever) as this will keep their values down for years.

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ctl Hamlet

ctl

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Only need to average 181k per unit to break even (not counting overhead).

The devil is in the details! Those overheads include property taxes and insurance on the 44 units, real estate agent fees when they're ultimately sold, utilities in the meantime to keep the some of the units showable, and a partial make-good of the common expenses that those 44 units would be contributing towards if they were occupied. The investor may have to add some lipstick to the pig to make the units attractive to potential buyers. Also, the investor will want a return higher than a risk-free 5% on the money that's parked in the building. My guess? Depending on how long the units are held, the average selling price will have to be $250K+ before the deal is a winner.

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Jones_ City

Jones_

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^ given that 250 was once the price of the smallest units, I think there will be no problem meeting that. The developer should have been paying dues on anything that had a CO all along. Water and sewer are billed on a different schedule than typical residential and end up cheaper, and lights are cheap. But yes you are right, there is a long list that comprise the details. Insurance would be covered by a master policy though which is currently maintained via the HOA, even if the HOA is funded and under the control of the majority owner still. Common utilities should be paid via the HOA too. I was thinking they might drop to $200 a sqft and still turn a profit

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