Digs in Downtown Raleigh Appealing to Variety of Incomes
Downtown developers in Raleigh are slashing prices to appeal to the masses. The average price of a downtown condo is about $370,000.Posted — Updated
"We wanted to bring that average down and try to appeal to a wider audience," said Tom Barker, senior managing director of Trammell Crow Residential.
"This project is targeting that younger demographic," said Mitchell Silver, Raleigh planning director. "It adds a lot of vitality that a lot of young people have, as well as different demographics in your downtown."
"Initially, in most downtowns, you see the higher end stuff being developed first because the developers are uncertain whether the market is there," said David Diaz, director of Downtown Raleigh Alliance.
"Right now, there are 445 condos downtown. Only 29 are still on the market," said real estate agent Ann-Cabell Baum Andersen. "Buyers are out there looking for everything – one bedroom, two bedroom."
David Salmon bought a condo Wednesday at West, one of Raleigh's newest condo buildings. It is at the intersection of West and North streets.
"I just want a low-maintenance, no-grass, no-lawn-mower lifestyle," Salmon said. "I think this is ideal opportunity for me."
According to the Alliance, 326 condos have gone up downtown since 2005; 1,594 condos are either under construction or in the planning stages. Those condos should be finished by the beginning of 2011.
The ongoing development projects are priced either at The Hue level or higher. Realtors said developers are always adjusting to demand, so prices in some of those units could go down.
"Our goal is to make the downtown a 24-hour downtown, and in order to do that you need a lot of people living downtown," Diaz said.
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