With another year in the books, you can't help but feel optimistic about the future. Before we move forward, it's important to a look back at 2010. The good news is that the Downtown Raleigh condo sales volume was on par with 2009. The disappointing news is that the average sales price dropped. This can be good news for buyers who may be looking to purchase property at the bottom of the market.
What will 2011 bring?
While you can't predict the future, you can recognize trends. Rates are still very attractive, but many young professionals may not want to drop their entire savings on a down payment. With the Hue and Tucker apartment buildings, there is more of a "try before you buy" mentality. Some residents may fall in love with downtown and buy. Others may simply be waiting to sell their existing home. Sales in 2010 were bolstered by incentives and 2011 will remain just as competitive. With the news of the Quorum auction, it looks like 2011 may continue with incentives to unload some of the remaining inventory. This is a good thing! More people downtown means more services, which means more things to do.
Raleigh continues to receive great press as a place to live and work. While these few years may be tough, the long term still looks good for Downtown Raleigh.