Downtown Raleigh Condo Auction: The Quorum Residences

By
Real Estate Agent with RtownLiving

New Downtown Raleigh condo auction set for March 20th.   Just announced today in the News & Observer, the Residences at Quorum Center are auctioning off their remaining 14 condo units on March 20th at the downtown Marriott hotel.  

It seems like a wave of condo auctions has come to Raleigh, as this is now the second major condo auction in the last 6 months for this market, after the West condos had it own successfull auction last Halloween.  The News & Observer noted that for the West auction, bids were as much as 40 percent lower than earlier list prices, so the opportunities to buy condos in downtown Raleigh are looking much better.

For this particular auction, starting bids will be from $120,000 up to $325,000.  Properties here were previously listed from the $300,000s, according to their main website.

As far as the inventory goes, the condos range from the 764 sq ft, 1 bedroom/1bath all the way up to 2,243 sq ft 3 bedroom/3.5 bath/2 balconies, with 5 different floor plans to choose from, so there is great choice. The building is just gorgeous I think, as I had a chance to tour it last May during the Downtown Raleigh Home Tour

The official site for the action is here, which you can visit for more additional details.  

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Topic:
Real Estate Market Trends
Tags:
downtown raleigh
raleigh condos
condo auction
auctions

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Rainer
33,535
Kriselie Monserrate
RtownLiving

@Katerina and @Vick, thank you! Looking forward to meeting you as many other professionals here! 

February 12, 2011 11:31 AM
Rainer
104,897
Elizabeth Byrne
Arlington Virginia Real Estate
Keller Williams Realty

Kriselie, I am brand new to AR, like you. I hope to keep in touch and learn together. It sounds like the Raleigh market is going through tough times. I hope the crisis will be over soon, and we can move on with our lives.

February 13, 2011 08:02 AM
Rainer
33,535
Kriselie Monserrate
RtownLiving

Hi Elizabeth! Thanks for the comment, and welcome to Active Rain too!

I think the Raleigh market has done really well overall, compared to many others out there.  The condo market, however, is a niche that is still establishing itself.  These newer condos are adjusting, and finding ways to clear inventory, so that's always better than just waiting for anything to happen.

See you around!

February 13, 2011 10:20 AM
Rainmaker
1,194,936
Michelle Gibson
REALTOR
Hansen Real Estate Group Inc.

Kriselie - This could be an excellent opportunity for Raleigh condo buyers.

February 21, 2011 09:36 PM
Rainer
33,535
Kriselie Monserrate
RtownLiving

I agree, Michelle, specially for those buyers who are on the fence waiting for a great opportunity.  Who wouldn't want to be in that situation?

February 21, 2011 10:02 PM
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Rainer
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Kriselie Monserrate

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