condos Apartments are skyrocketing, but it was the growth of condominiums at the turn of the century that spearheaded the growth of downtown Raleigh living. Townhomes are also gaining interest as the supply of condominiums hasn’t increased over the past few years. DRA contracted with Hilary Stokes, a broker with Allen Tate Realtors, to provide a condo assessment for the past year. According to Stokes, “Downtown Raleigh’s condo sale
history has been a story of new buildings coming online at the same time, auctions after the economic downturn, and special promotions and incentives. With 2013 sales, we are starting to see what true demand looks like without big marketing budgets. The future looks promising as the apartment boom brings in more residents and fills the pipeline with buyers who choose to make a permanent home in the downtown area.”
2013 | average price per square foot by building The Hudson Founders Row Blount St. Commons Palladium Plaza Park Devereux 610 Hillsborough 510 Glenwood Martin St 222 Glenwood The Dawson AVERAGE West at North Paramount Quorum Center PNC Plaza $50
$100
$150
$200
$250
$300
Price (per square foot)
SALES | NUMBER OF CONDO UNITS SOLD BY YEAR
100
110
106
105
Number of Units
94
90
80
60
40
20
2009
2010
SOURCE: Hilary Stokes, Broker, Allen Tate Realtors
2011
2012
2013
LIVING | 21