High demand for luxury townhomes could signal new trend in Raleigh

Tucked between Cameron Village and Glenwood South sits The Saint, a collection of 17 luxury townhomes that are giving buyers larger spaces closer to downtown than ever before.

Azim Fancy, the developer who started working on the project in 2014, says 10 of the units have already sold.

Construction continues along St. Mary's Street on the units that are priced between $1.1 and $2 million.

"We went for the best," Fancy said. "It's paid off good dividends."

Stretching four floors high with city views, The Saint offers nine different floor plans with amenities that include 10-foot high ceilings, marble countertops imported from Italy, hardwood floors, custom-built closets and floor-to-ceiling windows.

"We wanted to create a statement with the architecture," said Souheil Alawar, architect and designer. "It's really for a discerning buyer that's well-traveled, wanted something more European, more edgy in terms of materials, lifestyle and minimalism."

Alawar says the walls are insulated with a special foam to cut down on electricity. He says an average monthly electric bill for a 2,800 square-foot unit runs about $130.

Chris Newton is the first buyer. He says he was sold on the luxury amenities and location.

"There is no way you can get this much square footage in this location with this quality," said Newton, who was walking from his home to Glenwood South for lunch. "I don't drive my car nearly as much anymore. My power bill is half of what it was in an 1,800-square-foot house before I moved here. The quality is evident and there is no match for it."​

Fancy estimates his investment at around $18 million. He says The Saint brings to Raleigh what is more readily-available in bigger cities like New York and Boston.

"It's a great investment for Raleigh. I hope Raleigh gets many more investments of this nature because all they will do is further enhance the values in this area," said Fancy. "I think you are going to find as the years go by, this is going to become a standard feature here because this is such a growing market."

Stacey Anfindsen, a real estate appraiser, says the pre-sale activity for The Saint is "unprecedented" in terms of seven-figure townhome sales in Raleigh.

"I think it's a good sign," said Anfindsen. "If you look at a healthy economy, you want to have people in the economy that can afford a product like that."

As more people look to downsize and move toward the urban core, Alawar anticipates the remaining units will sell by word of mouth.

"I am hoping that we play a big part in the evolution of the city."