Hopefully 
is the key word in that sentence. With the price per square foot of the units and lending rates topped off with x percentage of units sold prior to construction and hopeful times 100 is what Iād say the number is.
I want more condos! We need the mix in DTR. I honestly hope that hopeful works out. Come on people with deep pockets and buy up some condos!!
Condos are tough everywhere these days due to high construction costs but I will say the Triangle Raleigh and Durham seems to have more new projects completed or underway than Charlotte does. We have very small boutique buildings with hugh price tags that only work in a few neighborhoods.
So the plans for apartments fell through, but somehow condos are supposed to work? Iām no @raleighdeveloper but that doesnāt make sense to me.
The apartments need to be at $3.50/SF to make financial sense and with projects like the Weld, Maeve, and Creamery - quite a supply of renter-by-choice high rise product. With the condos they can hit a relative sale price per SF by appealing to buyers looking for an offering that a rental building cannot offer. (Very high end finishes, ownership ambiance, boutique size, etc).
I donāt believe they have gotten the traction they need for pre-sales, but I think its partially an education situation. There is proof of $800-$1,200/SF condos being sold in Raleigh, so what is the required ingredients for One Nash to be successful, Iām not entirely sure!
Being somewhere cooler than across from Nash Square, the forever empty N&O block, the underbuilt firehouse block, the vape shop, etc? I do think if done right (signature architecture, unique GFR to start) this building could make the immediate area cooler, but thatās a hard sell for someone wanting to invest millions in a glorified apartment in tiny DTR. Those new mansions that keep popping up downtown adjacent are pretty temptingā¦
Very different buyer profiles. The buyer for a condo values walk-ability, lock-and-leave, and low maintenance. Typically owning a $1.5mil+ house means $1,000+ in monthly operating cost (landscaping/cleaning, HVAC, minor repairs, pest control, pool - if applicable).
Itās pretty common to hear from owners of 4,000āsquareāfoot homes that are ~15 years or older that everything seems to need repair or replacement at once. It becomes not only time consuming, but also expensive to keep up with.
Yeah, tell me about it! 
Itās interesting to look at The Novus in Durham as a comparison. 85% of their condos are sold, most around $1000/sf.
The interiors are pretty bad imo. Already dated, donāt look anywhere near the level of finish Iād expect at this price, and while there are tons of amenities, the common areas look like a budget hotel. One Nashās renderings look much more appropriate for the price point imo.
There are some building code challenges that make ultra luxury high rise condos in North Carolina difficult compared to places like New York, Miami, Nashville, DC. I think the Novus experienced that.
Iād be curious to know the profiles of the buyers at Novus. In particular, Iām curious if the typical buyer is tied to Duke University, and if so does that mean that Novus is a very specific product for very specific circumstances and a micro-economy tied to the university.
I agree that the photos in your linked listing donāt seem to tell a $1000/ft story and that many of the materials and finishes are already outdated by luxury market standards.
Agreed and the furnishings in the community areas is lack luster. They do have some fun amenities tho. Iād love having the Infiniti tub, pickle ball court, & outdoor theater area.
There isnāt another condo with 24 hour front desk coverage and thatās a requirement for some downtown Condo buyers.
Itās not 24 hour, they go home at 11pm.
Thatās not what they told us when we were looking to buy a unit there. That was one of the selling points in fact. Maybe they changed their mind but we know two other potential buyers who were looking for that amĆ©nity in Raleigh.
sadly no floor plan in the listings
I just saw in TBJ that The George condos in Durham across from the old Bulls park are starting up again after 4 years of being on hold (frankly I assumed canceled). They mentioned offhand in the article that the Nash Square Condos are also in progress, but didnāt have any specific updates. I guess getting stuff listed is the first part. I very much want something in this ugly empty space now.
Well those sure are prices. Who the hell is buying a condo in Raleigh for over $4 million?
I get it but itās actually less on a price per square foot basis than the Novus in Durham 
.
In the most recent Raleigh Magazine article the developer of One Nash is quoted saying theyāre breaking ground by the end of the year.