Downtown Raleigh condos hit auction block
Posted October 31, 2010 5:41 p.m. EDT
Updated November 1, 2010 4:07 p.m. EDT
Raleigh, N.C. — The developer of the West condominium tower in downtown Raleigh auctioned off 36 units in the development on Sunday.
The auction included one- and two-bedroom condos ranging from 930 to 1,800 square feet. Bids started at $95,000 to $260,000 on units originally priced at $269,000 to $670,000.
The developer has five days after the auction to accept, counter or reject the highest bid on each unit.
Located at the corner of North and West streets, near the trendy Glenwood South district, the 17-story West development is most known for its rooftop swimming pool. It was one of several high-rise condo projects to sprout in downtown Raleigh during the housing boom in the middle of the last decade.
When the bottom fell out of the housing market – both locally and nationwide – three years ago, the West was left with 89 unoccupied units.