Moving On Up: Condominium Living

Suddenly, downtown living is fashionable again. Just ask The New York Times; its travel section recently gave accolades to the Glenwood South district, lavishing praise on the area?s unique boutiques, eateries, nightlife and music.  Add to that the makeover of the Fayetteville Street Mall as well as a new 500,000- square-foot Convention Center, construction underway, and it?s easy to see why builders and developers alike are eager to build more downtown condominiums. After all, several condo projects built a few years ago, The Dawson on Morgan and Park Devereaux among others, not only sold quickly but have appreciated greatly.

Location, location, locationAlthough several new condo projects are underway, two developments?The Hudson and Bloomsbury Estates?are receiving much interest from buyers lately, due in part to history, innovation and unique architectural elements. Of course the common denominator is the one constant of real estate no one can deny: location.

Though competitors, the developments are as different as they are similar. While both appeal to the buyer who wants to live downtown, The Hudson is located right on Fayetteville Street, in the old Hudson Belk department store building.  

"We?ve taken something that was there and older and redone the outside and inside to give it an urban feel,? says Jewell Parker, executive sales vice president for York Simpson Underwood and the listing agent for The Hudson, which has 64 units. Currently, The Hudson is the only venue where people can buy housing right in the middle of downtown. That will change once Palladium Plaza, which will be located in the Progress Energy complex, is completed.

A mixed-use development, The Hudson runs from Wilmington to Fayetteville Street and will be directly across the street from the new Convention Center and RBC Centura Bank?s headquarters. The first-floor of the building will house five commercial units, including a studio for ABC, Yancey?s restaurant and UPS. The Hudson is also within walking distance to most of the city?s museums and City Market.

Although The Hudson truly is in the center of a hubbub of activity, construction on Fayetteville Street is

making Parker?s job tougher than usual. Still, Parker has nine contracts signed and four reservations. For $1,000, folks can reserve a specific unit for purchase, but if they change their mind, the deposit is refundable.

Unlike The Hudson, the site of Bloomsbury Estates, overlooking the Boylan Street Bridge at Boylan and Hargett Streets, is just an empty tract of land currently. But, like The Hudson, it encompasses a piece of Raleigh?s history; the land was the site of the former Wake County Courthouse, built in 1771 and later demolished.

Bloomsbury Estates is a respectable distance from the noisy action of downtown and just two blocks from the upscale Glenwood District, a big-selling point according to Ann-Cabell Baum Andersen, owner of The Glenwood Agency, which is marketing and selling Bloomsbury Estates.

"Not everybody wants to be right in the center of the action,? she says. ?Some people like to be a block off and watch the action. You actually get a much more residential feel while still being in the center of all the activity.?

In addition to being close to Glenwood South, Baum Andersen says the

skyline view is one of the development?s best selling points, especially since Bloomsbury sits on one of the highest points in the area. Although construction on the first building is not scheduled to begin until May, and will wrap up in December 2007, Baum Andersen has made 17 reservations

for $2,500 each.

Distinctive interiors and exteriors

Part of the allure of Bloomsbury Estates, says Baum Andersen, is its Second Empire design, complete with elegant turrets and 25-foot four-sided clock at the entry.   "It's not cutting edge or urban. It?s elegant and it really looks like a home," says Baum Andersen. "It's softening that urban edge. It?s the first development downtown that?s done that. It?s more like suburban urban."

Interiors are luxurious, with ten-foot ceilings, high-end appliances, fireplaces and individual balconies on most units. Building amenities will include a foyer and lobby area with fireplace and billiards, as well as elevators, garage parking and storage underneath. A green-space garden area is also planned and the developer is working with the adjacent property owner to try to configure a pool into the design. Bloomsbury Estates will comprise two buildings and 94 units, ranging in size from 900 to more than 2,700 square feet and starting at $240,000.

By contrast, condos at The Hudson are upscale and contemporary, with tall ceilings and architectural beams left behind from the old Belk building, combined with polished concrete floors, stainless steel appliances, solid surface countertops and walk-out patios on some units. Each unit comes with one parking space in

the basement garage; additional spaces are available for purchase for $15,000. Ranging in size from 958

to 1,700 square feet, The Hudson condos start at $219,900. During the last few months, business has really picked up.

?Once the Fayetteville Street Mall is open again, I think the fact that you can walk out onto the street and you?ve got everything that is downtown, it?s just going to be huge I believe,? Parker says. ?Nobody?s ever been able to live there.?

A good buy

Both Parker and Baum Andersen say condo living is attracting all kinds of buyers. From empty-nesters with kids at N.C. State to single professionals and folks wanting a second home here, the interest is high. Investors are also interested, particularly since entry-level prices are still affordable.

"The condo market is really strong and everybody asks me when it's going to bust," says Baum Andersen. ?We, unlike any other place in the nation, have had this steady, methodical, almost boring, appreciation of about 8 to 10 percent a year for the last 10 to 15 years. It's a nice return on your investment, but places like Miami have spiked and doubled and now they?re dropping. Here, the market has really remained extremely strong. We?ve never had an oversupply of product and because all of the developers do the pre-construction sales, they literally pre-sell half, if not 75 percent, before the building is even complete."

So another thing The Hudson and Bloomsbury Estates have in common is probable appreciation. ?Because it?s located right there on the mall, we feel like it will be a great investment for people as soon as the street in front of it is finished and we have (street) parking,? says Parker.  Both real estate professionals are just glad to see downtown perking up again. The influx of condos is a good sign.

"In Raleigh's heyday, everyone would come downtown, but that hasn?t happened in a really long time," says Baum Andersen. ?It?s almost like we?re coming back into our own."

Christa Gala is a freelance writer