Local News

TONIGHT AT 11: Cost Of Downtown Living Rises As Quickly As Demand

Posted January 13, 2004

— Construction soon will begin on a new, upscale condominium complex in downtown Raleigh. The 52 units at the Dawson on Morgan complex will be added to the 500 condominiums already downtown, but some promoters believe they are not nearly enough.

Realtor Ann-Cabell Andersen said there is a huge demand to live in the capital city.

"Right now on the market, there may be a total of 10 condominiums," Andersen said. "Of those, there may be only one or two 1-bedrooms, and if that's your price range, you don't have a whole lot of selection."

However, over the next two years, that should change. Three-hundred new condominiums will be built downtown. Some are years away from being finished, but 25 percent of them are already sold.

One may think downtown promoters would be thrilled with the new construction, but they said there is something lacking. Most of the units are very high end, going for as much as $250 a square foot. The Downtown Raleigh Alliance wants more condominiums built in the $150,000 range.

For the rest of this story, watch Tuesday's WRAL News at 11 p.m.

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