Are they condos for sale?
Nope more aaaapartmints. Build enough of these and Raleigh will run out of Bros to rent them to and rent will come down at least on the older apartments. Single family and some large condos and townhomes are what is needed downtown to provide some residents with some roots.
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So what I’m hearing you say is that they’re building something for which there is a clear and obvious market that wants it?
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I live (and own) right down the street from the new building and am excited for the density, additional pedestrian/street traffic and everything else they’ll bring with them. If I have to deal with a couple additional noises throughout the day or some bad dog owner not cleaning up, so be it. The benefits outweigh the negatives for me.
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Here we go. Come on man, I said nothing disrespectful toward renters. Sensitive group on this forum. Simply said need more, larger places for families. Get some kids and a dog and only the most hardcore downtowners will stay. I will wait for your apology…
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Clear and obvious for easier financing. Gots to have a lot more skin in the game for a condo construction loan.
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I agree on this point and will add that we could even use more 2brs! For most of my early adulthood I was sharing 2br apartments with platonic housemates. It helped me live in areas I otherwise wouldn’t be able to afford if I had to rent a 1br. That’s hard to do when the vast majority of apartments being built right now are studios or 1brs.
I know a lot of people who would like to live downtown, but they want ownership opportunities, of which there is a very limited supply. I wonder if any of the new apartments will flip to condos in the future.
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Diversiety does build resilience
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You have my apologies. I think I’m so used to my own neighborhood/HOA and their bias towards anyone renting in the neighborhood that I’m sensitive to it…
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I agree that the city needs more ownership opportunities. 20 years ago I would have said that DT Raleigh was primarily a 2 bedroom condo market, but now I’m not so sure. I’d be interested in how micro units might rent or sell today. 615 Peace offers some smaller units and even has fewer parking spaces than units, but it’s not really pushing the boundaries too much. For instance, could a highly efficient 400 ft2 condo sell in the DT market if well placed and really cool?
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Anything that allows residents to take ownership at a reasonable price and avoid the endless rent increases would be a plus in my book. I agree 615 pushed the boundaries a little but there may be a market for more affordable smaller units.
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For instance, could a highly efficient 400 ft2 condo sell in the DT market if well placed and really cool?
I would imagine so. About a dozen micro-studios have sold in Durham in the last two years, most in the low 400sf range, but a couple as small as 380sf. Most of these were not even in great locations but more on the periphery of downtown. I imagine something like this would go super quickly in Glenwood South or the Warehouse District if the price is right.
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Do you know who the typical buyer was? I seem to remember that there was going to be a micro unit condo offering out by Wake Med because they anticipated selling to doctors who needed a crash pad. In that case, they are little more than a glorified condo hotel in my book. I am more interested in providing a price point that makes ownership possible for more folks.
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No clue, I’ve never met anyone who lived in a unit like this or heard anything about who’s buying them. I wondered/feared these’d be snatched up for rentals/air bnbs, but so far I haven’t seen any pop up. They definitely are more accessible to single high earners, but I do wonder if that’ll continue at these prices… current rate is over 600/sf, which means you’re paying 230k for basically a hotel room. 383sf is tight.
I wouldn’t be surprised if these weren’t snatched up by Duke Doctors for a crash pad.
I wonder the same. I’m all about more options for more people to create a vibrant downtown community. If they’re just pied-à-terres for high earners that live elsewhere, that won’t build a strong community.
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CRANE WATCH. I have it on very good authority that if all continues to progress as planned we will have a new crane on site the last weekend of January. Stay alert for happenings Jan 26, 27, 28. If we don’t get a crane that weekend it will happen the third week of February.
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It was shared earlier but they have a construction camera for this project. These residents will have a nice view of the future signature towers near the Duke Performing Arts Center for sure.
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That’s a really great view of downtown. The higher units are going to really have a nice vantage point.
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Haha I just found that and was gonna share. I got distracted and you beat me to it!
I noticed it doesn’t seem to refresh at the moment when clicking on the Play icon. I wonder if it does static updates on its own schedule, but it seems like it could be a live stream.
Also, the URL goes to all of the projects they have going on. This link below seems to be the link for the specific project webcam, though. Definitely looks better on a desktop than my phone.
https://mds.multivista.com/index.cfm?fuseaction=aPublicWebcam.embed&WebcamPublicEmbedUID=44634C80-F9FB-4475-9C1E-49A2165FA00D
And here’s a rendering for fun.
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