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Downtown Raleigh Condos


Justin6882

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Interesting article on gas prices and housing. They mentioned Hue got a few more reservations recently. I've got to think gas prices staying high will favor another condo revival once the mortgage situation settles down. I'm not certain about this, but I was told by a financial planner that you can't get the lowest available interest rate without putting down 10% and that's with excellent credit.
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We are in the middle of a real estate mess as well, so there may be many people that want to move, but can't either for various reasons. With the real estate market still in turmoil and gas prices in a freefall right now and financial experts are saying that we will likely see $3.50/gallon in the next couple weeks. The more it drops, the less urgency there is to move closer in.

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  • 5 months later...

...back form the Edison thread.....I spoke with a friend that is shopping for a house. He sits on the fence pricewise....about 300k which will tie into my main point. He said there are very few houses...especially deals on homes in the 200-300 range. However in the 300-500 range, he said, you can get concessions, and have your pick of the lot. This matches what I perceive is the real middle to upper middle class america. Homes 200-300 are what people could and still can afford. The same appears to be and always has been the case with condos. Our downtown's future, as it is tied to residents who want to buy condos, will be dictated by the ability of the market to produce what people can afford. (the market being landowners, developers, raw material prices). Of course apartments, mass transit, and company relocations to downtown all affect downtown too, but those thoughts all belong in Future of Downtown Raleigh thread....

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  • 8 months later...
  • 2 weeks later...

The N&O had a story on the foreclosed condos just north of Atlantic and Six Forks. These aren't "downtown", but have not done as "well" as the downtown condo projects with little media fanfare.

If the proposed commuter line stop near Highwoods was under construction, I think these would have been snapped up quickly. As they are now, only the Bojangles and Fast Fare are within walking distance. Easy(ish) access to downtown, 440 (at Wake Forest Rd.), the Kroger/Costco/Trader Joes area, and North Hills seems to not have been enough of a selling point.

Despite similar/higher per square foot prices, no downtown condo buildings have been foreclosed.

(edited to include link to story)

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  • 3 weeks later...

It was (is) the Metropolitan and it is proposed by the Florian Companies (as opposed to the Preiss Companies). They are self marketing and I think that is why they never had the presales to pull the trigger (as opposed to using White Oak or York). I for one would love to see some 300/sqft projects called off and see more of Hatems conversions start up..assuming they are closer to say 150-200/sqft.

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  • 2 months later...

Tonight I couldn't help but notice that both West and RBC Plaza, are slowly but surely filling up with actual people living in them. Sure sales are not setting any records, but I have watched sales in the paper show a steady 2-4 per month clip and its obvious by the number of lights you see at night now in these towers.

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^That is a good sign.

It looks like the Hue has been stepping up advertising for their units. I dunno...I'm still thinking that one would fill up 100 times faster if it was turned into apartments. Their only competition would be 712 Tucker....which, from looking at the rental rates there, needs some competition.

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The way I see it:

Downtown folks don't usually stay put for more than 4 years

+

High cost and stress of selling a condo

+

No real chance for appreciation in the foreseeable future

=

A stinky time to own a condo and a bad time to be a developer who specs boring overpriced cubes

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Tonight I couldn't help but notice that both West and RBC Plaza, are slowly but surely filling up with actual people living in them. Sure sales are not setting any records, but I have watched sales in the paper show a steady 2-4 per month clip and its obvious by the number of lights you see at night now in these towers.

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