Triangle Business Journal Article by Amanda Jones Hoyle
Brisk business at Bloomsbury Estates and West in downtown Raleigh helped fuel a surge in condo and townhouse sales in downtown Raleigh during the second quarter of 2010.
Condo and townhouse sales increased by 50 percent over the first quarter of the year. According to a Downtown Raleigh Alliance report, 35 downtown residences were sold between April and June compared to 19 units sold during the first three months of the year. By another comparison, only 23 condominiums were sold during the second quarter in 2009.
“We expected an increase because more purchases are typically made during the spring, but we didn’t expect it to increase by that much,” says Paul Reimel, economic development manager for DRA.
Bloomsbury Estates and West, two of downtown Raleigh’s newest condominium projects, sold six condo units each during the second quarter, the report states. Reimel says that demand for downtown living will continue to show positive absorption because the Triangle region continues to experience population growth.
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