Thursday, January 8, 2015

Downtown Raleigh's Highest 2014 Residential Sales per Square Foot

PNC Plaza Condos
In the last blog post we looked at the most expensive sales in 2014 by price, but another way to evaluate the market is by the most expensive price per square foot.  Of the 187 total sales within 1 mile of downtown, there were 17 sales that sold for more than $300/ft. 

The top 5 sales were condos, and 4 were at PNC Plaza, which based on previous condo analysis continues to command the highest price per square foot. 
  • PNC Unit 2801 - $366/ft
  • PNC Unit 2501 - $360/ft
  • PNC Unit 3101 - $357/ft
  • PNC Unit 2614 - $352/ft
  • Quorum Unit 915 - $347/ft
Residences at Quorum Center
PNC Plaza and the Quorum have historically been the only two condo buildings to consistently sell for more than $300/ft.  The views at PNC and the cache that comes with the fact that it’s the tallest building downtown are two main contributors to the high value.  It’s also one of the only buildings to have 24/7 security at the front desk. The Quorum is a very well built building and the only condo building with gas ranges. It’s a very different scene, though, and a much quieter building. 

Will we hit the $400/ft metric in 2015?  There are a handful of condos listed for that now, but they haven’t sold.  Unit 3306 at PNC is under contract and will close in February and was listed for $470/ft, but we won’t know what it sells for til it closes. I bet they’ll get more than $400/ft.  Another unit at Quorum is listed for $401/ft, but it’s been sitting for a while.  Back in 2010 the F units at Quorum sold for more than $400/ft.  But they haven’t gotten back to that level. 
North view from the PNC Plaza Condos in the fall

How does that compare to the rest of the US?  Check out this article that will give you some perspective if you think $300/ft is high. 

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