Property Preview: Founders Row, Palladium Plaza, & Oakwood

Background: As an agent, you're expected to be up to date on the inventory of homes. But I'm not sure that most consumers are aware of this practice. Commonly referred to as "tour," typically an office would dedicate a meeting time once a week to see all the new listings. But with the price of gas and the market downturn, many offices have cancelled this activity. Not here! Regardless of the office policy, my colleague Christine Lewis and I regularly get out there and preview property. Pictures just don't always convey the feel of a home.

Today we focused on homes around downtown. Here's a brief recap and our thoughts.

Palladium Plaza
1) Unit 121 - Christine and I know this building well as former listing agents, but hadn't see the 3 bedroom first floor unit that is now for sale. Used as an office space, this unit is spacious and has a floorplan that would accommodate several set ups. The $425k price seems right on the money since there aren't many three bedrooms out there. I've stayed at PP with a friend while my home was undergoing renovations and I can vouch that the place is a fortress. I took the dogs out after 11pm and never had any issues, and even bumped into friends coming out of the Lincoln Theater. I like how Palladium is tucked away but still only blocks to just about everything.

2) Unit 213 - This unit was on the Downtown Home Tour a few years ago, but it was worth seeing again now that it's for sale. The sellers have done an amazing job of customizing the condo. You'd think with the concrete countertops and concrete floors that the condo would feel cold, but the wood bar and other custom features and warm lighting help keep it cozy. Many condos look the same as other units, so kudos to the sellers for making their condo stand out.

Founders Row
With all the new construction lately, Founders Row may get lost in the shuffle a bit. It doesn't have the gloss and shine of a spiffy new condo, but at the same time the building has oodles of charm through its brick walkways and courtyards. If you desire the condo lifestyle but want to feel connected to nature, consider Founders Row.
Unit 284 - This unit is on the first floor and on the corner of Person/Davie. Some folks may have concerns about privacy, but the living area is most private. I don't know about you, but it seems that's where you'd be spending most of your time. The windows there are higher than the street. The bedrooms each have plenty of natural light. The condo seemed very bright -the kitchen had been painted a fresh white, but the cabinets were not new. The master bath had been updated and there seemed to be a decent amount of closet space. The only thing missing was a private patio.

Oakwood
707 N East St - Who doesn't love Oakwood? This house sits high off the street, giving you a nice, private front porch. The yard is small, but most folks looking to move into an urban area like Oakwood prefer smaller yards. Just enough to have a small garden, but not a burden to maintain. As with many older homes, this home had creaks and funny layout issues. But the kitchen was updated nicely. Biggest drawback, as with homes of this age, was the lack of closet space. But to get into Oakwood for under $300k with a home that has already been updated is not bad. Depending on the rest of the condition, of course.


Glenwood/Brooklyn
Took a look at 715 Devereux St and remembered that I had seen it before. Cute, cute bungalow with complete updates. The kitchen/dining/sunroom is one big, open room. Great for entertaining. Totally updated with master suite, new kitchen, and the old fireplaces are still there to keep the charm. Not much yard, but again, most folks looking to live in an urban area don't mind that. Driveway, which is key this close to Glenwood South. Current homeowners don't have much furniture, so it shows really well since it is not cluttered with too much. You can easily see how your furniture could fit. The neighbors on the corner are architects - I toured that house last year. It used to be a grocery store! Neighborhoods like this have tons of stories.

So.. there you have it. Our take on a handful of listings in the downtown area. There's a lot of good stuff out there! If you're interested in taking a look, give us a shout.

Downtown Raleigh Market Report - Q2 2011

We're halfway through the year, and so far the numbers are looking good. Have we hit bottom? Possibly for volume, but It may be too early to tell for pricing. After recently attending the TBJ State of Real Estate event, it seems that a slow and steady recovery is what to expect. And that's what Q2 shows us for the sub-market of Downtown Raleigh residential real estate - stable and steady sales.

Are we done with auctions?

While the Quorum auction contributed to the sales volume in Q2, it was only 20% of sales, proving that demand still exists for condos outside of special promotions. Overall, a total 45 units sold in Q2, more than second quarter last year. While sales seem to be picking up, there is still a bit of inventory.

How does Downtown Compare?

The TARR Report shows that condo sales are down from 2010 both in Wake county and ITB, but Downtown Raleigh condos have fared much better. See the full report for details.

Downtown Raleigh Condo Report - 2010 Summary

Goodbye 2010!
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.

Download the full 2010 Downtown Raleigh Condo Report

A Visit to Bloomsbury Estates

Wow. I have to say that I am impressed with Bloomsbury Estates. I dropped by yesterday because I hadn't seen the inside since it was finished. Last time I was there was for a walk-through when all the floors had been poured and they were starting to frame out the rooms.

Whatever your feelings about the location, the interior more than makes up for it. It feels like one big house with separate rooms. There's an intimacy to the hallways that gives you a cozy feel. Wood doors for each unit's main entry and dark carpet keep the halls from feeling like a hotel. The first floor common area is covered in dark wood and it feels like a library out of your rich uncle's house.

The units aren't exactly alike. I noticed three major design schemes; modern, traditional, and sort of an in-between. My favorite views were definitely to the east and north. Look east and you have downtown (shown above). It's just gorgeous. But the view to the north is all green. All you can see are the treetops between Hargett and Hillsborough street. If you want a residential feel, definitely pick a condo on the north side.

I didn't stay long enough to really critique the place. Some layouts had very long living areas which made me wonder how you would place your furniture, but that's the great thing about condos. People are so creative, I'm sure someone will figure it out. The only thing I really noticed was the bathroom vanities. As someone who has lived with pedestal sinks for the last five years, I am in heaven now with a huge bathroom countertop with tons of storage. But the units at Bloomsbury all have pedestal sinks. I'm sure you could change it. And they definitely contribute to the look of the place. They do make up for it with lots of built-in wall cabinet storage in most units, but not all units had those. The showers were beautiful, too, but very narrow.

Overall, the finishes inside are unique for downtown. It definitely looks and feels more like a house than a condo inside. That's what I love about downtown Raleigh. Each building has something unique to offer, and Bloomsbury has given buyers another great choice.

Sneak Peek at RBC Plaza Condos

On one of the hottest days in Raleigh, a few YSU agents braved the heat to venture up into the tallest building downtown. Still under construction, closed shoes and hard hats were required. So while we all made fun of how each other looked in fancy suits and sneakers, it was certainly worth it to get a sneak peek at some of the best views in town.

Special thanks to Andy Andrews for taking us on the tour, and to Jackie Savage and Neal Hussy for helping arrange it.

The elevator ride took us up the east side of the building and we stopped first on the 23rd floor where the condo living begins. The walls were studded out and you could see the layout of the whole floor, including the individual units and the common areas. The highlight, of course, was going out onto the 23rd floor patio area where the pool will be. The pool is a big round hole right now, but in 95 degree heat, we were all wishing it was finished.

The floor to ceiling windows were amazing. The corner units are going to have spectacular views and tons and tons and tons of light.

After checking out everything on the 23rd floor, we went to the very top - the 33rd floor. The interior walls were not built out yet, so we had sweeping 360 degree views of Raleigh and a great breeze. The north view was my favorite, looking down on the capital, the museum and the green square at the legislature building. Very pretty.

It was exciting to get to see the condos under construction. I can't wait to see the finished product this fall. Check out all the pictures here.

New Seaboard Rendering

It's amazing what a 3D image can do for a project. This angle is the Seaboard Ave and Salisbury Street corner. The big corner windows there are for the 2 bedroom flat, definitely one of the more popular units in the building. The landscaping was minimized for this image so that the building features could be seen. I believe there is a going to be a large tree on the corner there.

Another new element for 111 Seaboard are the views from the second floor. Condo living starts on the second floor and there are a total of 3 levels of residential. The third and fourth floor views will be even better. The view of downtown Raleigh is a favorite, but I think I like the east view with all the trees around Peace College. The power lines immediately on the 111 Seaboard property will be buried as part of the project, but there is one very high line that runs down the middle of the road that will remain.

Fabulous First Friday

Another First Friday and another start to a great weekend. This time we spent the whole evening in the Seaboard Station area. We really didn't plan it that way, but that's how it turned out. The plan was to check out J Betski's restaurant. It's a German place and it's new and I'm always up for going somewhere new.

We kicked off the evening at Seaboard Wine at their wine tasting. I love wine, but I really don't know much about it. The folks at Seaboard Wine really know their stuff. The tasting included Austrian wines, which I never had tasted before. I've had a few German wines here or there on a trip, but nothing memorable. After a flight of reds, we were buzzed enough to buy a case. What a great strategy! Get people drinking so they'll buy more. So as part of the case we wanted to try something new. Seth gave us quite a history on French wines, which neither Scott nor I knew anything about. I can't wait to have a little tasting of my own!

After talking with the wine folks, they recommended getting reservations at J Betski's. Good thing we called, because their only opening was at 9am. The problem was, the tasting ended at 8pm. What to do for an hour?

No problem. Because it was First Friday - everyone had something going on. Capital City Grocery had a band on the front porch playing good ol'fashioned porch music. So we grabbed a rocking chair and hung out for a while.

Finally it was time to eat! The best part. After starting with some Bratwurst, I enjoyed every second of the Schnitzel. Mmmm. Say it with me. Schnitzel. It's just fun to order. Quite tasty. Scott had the duck with a side of kanoodle (it's potatoes, but in Germany we've actually had it fixed for us and they called it kanoodle - a potato dumpling with a sort of stuffing inside).

Overall it was a bit of an extravagant night for us, but we had so much fun. Everything we needed and wanted to do was right there in one place. I love First Friday!

Mordecai Manor - Restored Condos

I hosted an open house this weekend at Mordecai Manor, the apartments that are being coverted to condos. The neighbors are ecstatic. Apparently the space was becoming a bit unsightly, so the renovation construction was welcomed.

You can't ask for a better location. The convenience of a condo in a nice, quiet, established neighborhood like Mordecai. You can walk over to Seaboard for just about anything you need and you're a mile and a half from the center of town. Plus, you're surrounded by historic homes. What more can you ask for?

Ah, you say. They must be expensive. But that's the kicker. They are all under $300,000. All 6 units are roughly 1100 sq ft each and have a HUGE front porch. I mean huge. Very deep. You could put an outdoor sofa and chairs out there and not get wet when it rains.

It's renovated, but not new, so you do have smaller closets. It is an historic building, after all. The kitchens are new and very big by condo standards. And there is no elevator. Other than that, it is a great buy. They should get the certificate of occupancy in November.