Thoughts on The Falls Condominiums off Falls Church Rd/Falls of Neuse? (Raleigh: apartments)

[tarp]

Does anyone have any thoughts on the Falls Condominiums (townhouse style condos) located off Falls of Neuse Rd at Falls Church Road (in between Millbrook and Spring Forest Rd)? They look older (built sometime in the 70's) but seem nice enough. Is the neighborhood safe?

[rnc2mbfl]

Everytime I drive by that location, I think to myself what an amazing location for a young person looking for a first home. Knowing that the townhomes are under 100K, I also think about what an amazing opportunity for someone of modest means to live in such a good location. I just wonder how long it will be before investors start pulling the trigger on major updates to them in order to make a profit?
I imagine that, if this property was currently apartments, it would be purchased and totally razed in order to make way for more expensive multifamily condos and townhouses. But, because it is already condos, it will likely take the slower route to change, thus giving those of more modest means a real opportunity to live in near North Raleigh at an affordable price.
If I had a ton of money, I'd buy them one by one and renovate them. I'd hold them until I was able to get a critical mass of renovated units and then I'd put them on the market at once so that there would be assurance to the buyers that they were moving into a community that was on the move. Alas, I don't have that sort of cash....so it remains a dream.

[hubu]

Did anyone ever buy one of the properties located here? They do seem to be well priced at under 100k, however that bothers me that they are so low also.

[saturnfan]

Look close. The roofs and units indicate very poor maintenance by the association.

[hubu]

Thanks Saturn, I'll steer clear.

[saturnfan]

I thought that condo was nice until taking a close look.

Many units are owned by absentee landlords who apparently don't want to spend much on upkeep.

As said, it's a shame because of the great location on Falls.