Local News

Luxury condos available at more affordable prices

Posted October 6, 2009 6:54 p.m. EDT
Updated October 7, 2009 12:02 p.m. EDT

Talk about timing.

Hundreds of brand new condominiums hit the Raleigh real estate market in the past year, just in time for the economy to take its swan dive.

Now that credit markets are starting to free up, developers could benefit, and special offers, discounts and incentives are part of the sales pitch.

Bloomsbury Estates in downtown Raleigh, for example, is offering a free Mini Cooper for buyers who have a contract by the end of the month and close by the end of the year.

One bedroom condos are priced starting at $229,000 – down from $329,000 from last month.

The complex opened in June with 56 units. Six are under contract.

"We're through the abyss. The abyss was last year, early this year," said Bloombury Estate's developer, John Bruckel. "We see things picking up at this time due to lenders increasing the amount of financing."

Nearby, the RBC Tower, which opened a year ago, has sold 68 percent of its 139 units – 10 of them were in the past three months, according to its sales department.

And closer to midtown, more deals are in the offing.

The Residence at Meadow Wood Park's original builder could not make the payments, the bank foreclosed and is now auctioning off 36 new units. Bids start at $75,000, nearly four times less than their original asking price. The auction is Sunday, Nov. 15 at 1 p.m. at Marriott Crabtree Valley, 4500 Marriott Drive in Raleigh. For more information, call 877-268-5545.

Developers say the real estate market has clearly changed from when many of the new buildings were in the planning stages.

"We have to deal with reality, and we're moving forward," Bruckel said.