Local News

High price luxury condos headed to downtown Durham

Posted April 19, 2016 5:11 p.m. EDT
Updated April 19, 2016 6:51 p.m. EDT

— A condominium in downtown Durham with a high price tag has raised concern among residents, but real estate experts say it’s a positive development.

Renderings of the project reveal a 27-story “mixed use” building, which will boast prices from $700,000 to $1.7 million.

Donny Roberson, who works in downtown Durham, said he was shocked to hear how much the apartments cost.

“Wow; that’s honestly the first thing that pops in my mind … wow,” Roberson said.

The building will also feature luxury apartments and retail space.

“I think it’s a little pricey for Durham,” Phil Cole said. “I don’t really think this is New York or San Francisco.”

Real estate agent Tammi Brooks said she was surprised by the prices at first, but she doesn’t see them as a problem.

“What it has to offer supports the price point,” she said.

Brooks said the demand is there and shows people who can afford luxury are looking to make Durham home.

Half of the units have already been sold, but Brooks said condos that cost millions will be a new trend in the Bull City.

“I certainly don’t think anyone wants to see everyone price out of downtown,” she said. “That would be what happens if everything was at that price.”