Glenwood Condo Development Selling Well, Two Years Before Completion
Posted June 17, 2006 8:37 a.m. EDT
RALEIGH, N.C. — They're in the early stages of construction and won't be completed for another two years, but more than half of the condo units at 222 Glenwood are already sold -- a sign that the real estate bubble in the area is not going to burst anytime soon.
Of the 116 units planned for 222 Glenwood, 65 are already off the market--
"I think it's going to be a very good, appreciating area," said future resident Murray Pool. "Everywhere down here is an appreciating area. I see it as a chance to flip it and make a good buck off of it."
Pool is like many of his future neighbors -- confident in the location of their investment
"I just thought it was a slam dunk," said Pool. "You can walk to places."
Several future neighbors at 222 Glenwood attended a meet-and-greet reception on Saturday afternoon. Norty and Brooks Turner see the new project as a positive for all of downtown Raleigh.
"When you have residents right there, everyone's just coming here," said Norty Turner. "It only adds to it."
With a reputation for hip bars and restaurants, developments like 222 Glenwood and the success of the Paramount and 518 has created an opportunity for more and more to call Glenwood Avenue home.
"To me, it still has a small-town feel," said Norty Turner. "Even though it's been growing every year since I've been here, it's not going to lose its small-town appeal, so to speak."
The 222 Glenwood development will not be complete until 2008. Units still available will cost about $350,000 apiece.