Deaton Investment Real Estate & The Wake County Apartment Association

Thursday, October 21, 2010

Downtown/NCSU Development Approved

A mixed use real estate development between Downtown Raleigh and NC State University has crossed the last approval hurdle. With a final approval vote of 6 to 1 (Crowder being the one who opposed) the Raleigh City Council gave the owner, a Charlotte-based developer, the re-zoning needed to begin the project which will include about 250 apartments. This announcement was made in the News and Observer on 10/20/10. As this article notes, the developer is still trying to finalize financing. You can get more information about the project on the developer's web site.

Tuesday, October 12, 2010

Downtown Raleigh Condo Auction

36 Condo units in the West at North condo development will be auctioned off on Sunday, October 31, 2010. Starting bids will begin at $95,000 for the one bedroom units that have been priced at $220,000+. Two bedroom units will also be available.

The developer says they wanted to take a proactive approach to marketing and selling units. I think that is another way of saying...nothing is selling so we need to drop the bottom out of the price and see where the market is for this product.

They certainly are beautiful units in a great location. One question...if you want to live in Downtown, where do you go grocery shopping? For more details about the auction visit:
Happy bidding.