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Old 02-07-2008, 01:20 PM
 
Location: South Beach and DT Raleigh
13,966 posts, read 24,132,872 times
Reputation: 14762

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Having been a downtown condo buyer twice and after seeing the product being offered in the local market recently, I offer one man's opinion and advice to future downtown Raleigh condo developers.

1. Put all the large, expensive condos on the top floor(s) of your building where the added cost of these units yields a "King of the Mountain" experience for the buyer. If a large expensive unit is not high in the building, there better be something really special about its location that would entice a buyer.
2. Conversely, places smaller units on lower floors for the entry level condo buyer.
3. Provide equity in unit amenities. This is especially true for balconies/terraces. When everything else is equal, buyers will avoid units that don't have terraces when their neighbors do.
4. Someone needs to develop a mid priced product that isn't hyper luxurious for buyers who are younger. Forego 10' ceilings, granite counters and extensive amenities in order to bring some more affordable products to the marketplace. That buyer is out there and is dying to live downtown.
5. Concentrate on the majority of units being well planned 2 bedrooms that are between 1000-1200 SF. Conversely, don't plan a building that is majority 1 bedrooms. I think this is what killed the prospect of 712 Tucker being a condo. It's now going to be a rental. Perhaps, sometime in the future, Raleigh will become a "one bedroom" condo city. However, that time is not hear yet. Most buyers are looking for 2 bedrooms.
6. In new buildings, where the design is completely intentional, there's no excuse for not providing Windows in EVERY bedroom. Bedrooms that don't have windows really aren't bedrooms; they are seen as studies/offices to subsequent buyers.
7. If you are marketing your building as a luxury product, for heaven's sake, cover all the parking spaces.
8. In the end, don't let bad decision making kill the burgeoning downtown market. Good products will bring people downtown and increase property values. Bad products will drag the market and dissuade buyers from investing. Put good products out there and the buyer will come.

All of these comments come from having shopped and purchased in the downtown market for 14 years and having seen some mistakes that needn't be made.
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Old 02-07-2008, 01:22 PM
 
Location: ✶✶✶✶
15,216 posts, read 30,536,573 times
Reputation: 10851
Those pricy higher-floor lofts would be awesome if you had more of a skyline to see...
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Old 02-07-2008, 01:31 PM
 
Location: South Beach and DT Raleigh
13,966 posts, read 24,132,872 times
Reputation: 14762
Quote:
Originally Posted by jfre81 View Post
Those pricy higher-floor lofts would be awesome if you had more of a skyline to see...
Agreed. In my building in Miami Beach, the Penthouse level has lofted areas with 20 ft high glass/glass door walls. The views from those spaces are amazing and the vaulted nature of the interior space gives the owners a feeling of truly living in a mansion in the sky.
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Old 02-07-2008, 02:50 PM
 
Location: Wake Forest, NC
1,032 posts, read 3,434,943 times
Reputation: 231
I saw something on WRAL last night, about the condos in Downtown Raleigh... I guess sales are slipping... regardless, I guess one of the developers is putting a pull on the roof. They kept talking about the "beautiful view" and showed a shot of the Raleigh skyline..

All I could think was, "they've GOT to be kidding."

There isn't too much special about Raleigh skyline.. really very ordinary.
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Old 02-07-2008, 04:35 PM
 
Location: South Beach and DT Raleigh
13,966 posts, read 24,132,872 times
Reputation: 14762
Quote:
Originally Posted by weluvwakeforest View Post
I saw something on WRAL last night, about the condos in Downtown Raleigh... I guess sales are slipping... regardless, I guess one of the developers is putting a pull on the roof. They kept talking about the "beautiful view" and showed a shot of the Raleigh skyline..

All I could think was, "they've GOT to be kidding."

There isn't too much special about Raleigh skyline.. really very ordinary.
Almost everytime you get up that high, the view is spectacular, regardless of whether or not you are looking at a skyline. I am really looking forward to getting into the RBC condos to see them when they are completed. I am guessing the NW corner units looking up Fayetteville St. toward the Capitol Building are really going to have some nice views.
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Old 02-07-2008, 04:50 PM
 
9,848 posts, read 30,265,932 times
Reputation: 10516
Quote:
Originally Posted by rnc2mbfl View Post

4. Someone needs to develop a mid priced product that isn't hyper luxurious for buyers who are younger. Forego 10' ceilings, granite counters and extensive amenities in order to bring some more affordable products to the marketplace. That buyer is out there and is dying to live downtown.
Hit the nail on the head with that one. I understand that vertical construction is the most expensive kind, but the there is a huge need for some non-luxury downtown condos.

BTW, here is a pic I took of the skyline from the 6th floor of The Quorum. Once the RBC Plaza is completed it will be a prominent site from this point of view (You can see the faint red lights of the construction crane).

My friends conrner condo in that building has great views looking north. It is kind of cool to see the light from North Hills in the Distance. From that vantage point you can actually see how that are is on a "hill" hence the name!


[/quote]
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Old 02-07-2008, 07:27 PM
 
Location: Prison!
915 posts, read 3,178,964 times
Reputation: 272
Quote:
Originally Posted by North_Raleigh_Guy View Post
Hit the nail on the head with that one. I understand that vertical construction is the most expensive kind, but the there is a huge need for some non-luxury downtown condos.

BTW, here is a pic I took of the skyline from the 6th floor of The Quorum. Once the RBC Plaza is completed it will be a prominent site from this point of view (You can see the faint red lights of the construction crane).

My friends conrner condo in that building has great views looking north. It is kind of cool to see the light from North Hills in the Distance. From that vantage point you can actually see how that are is on a "hill" hence the name!


[/quote]
ok what so special about skyline in Raleigh? So ordinary really. One thing that Raleigh lack off compared to a lot major metro is water ie river, bay


this is more like a nice beauty
Pittsburgh, PA
Baltimore, MD taken from this thread

//www.city-data.com/forum/balti...ne-photos.html

Last edited by ReefAreCoolToo; 02-07-2008 at 07:40 PM..
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Old 02-07-2008, 07:52 PM
 
Location: Wake Forest, NC
1,032 posts, read 3,434,943 times
Reputation: 231
Charlotte looks a whole lot better than Raleigh, IMO.
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Old 02-07-2008, 08:20 PM
 
9,848 posts, read 30,265,932 times
Reputation: 10516
Myselfdotcom,

I am not going to get into a game and try and compare Raleigh to the established skylines of places like Pittsburgh or Baltimore anymore than I am going to try and compare it to Manhattan or Chicago. Raleigh is a great small southern city that is seeing lots of growth in its downtown area while maintaining some really fabulous historic neighborhoods like Oakwood, Boylan Heights and Mordecai. I'm sure Baltimore and Pittsburg are nice places. I have visited them both in recent years. I am also equally as sure that those two cities would love to see the economic growth this area is experiencing. Pound for pound I will take Raleigh and the opportunities it offers any day over those places.

FWIW, I agree cities with waterfront views are great, but I can't really fault Raleigh for that. I mean you either have it there to begin with or you don't. It's kind of like criticizing Raleigh for not having the ocean views Miami enjoys.
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