Going Once, Going Twice, Going Three Times... Sold to the highest bidder "Subject to Seller Approval" this is how it went today at the Raleigh Marriott City Center in downtown Raleigh this morning as 36 luxury condos at the WEST in Glenwood South area of Raleigh were auctioned off.
This was a successful auction for all. Buyers and Investors alike got great deals on beautiful properties & for those that financed the purchase these loans are at incredible interest rates. In years to come I suspect the Buyers that won bids on units at the West will be bragging about these purchases and how smart and lucky they were to have been there.
The developer successfully wrote 10M+ in business today and that is huge! Now there was some discussion bemoaning the fact that prior or current owners of condos at the West suffered a loss today, but at the end of the day did they?
Here are some points to consider:
- More lights turned on at the development
- The HOA will be fully funded
- The projected population of Wake County is expected to grow by 700,000 by 2020
- This is highly desirable location
The above facts are positive all around for this project. If you consider the short term view then yes it could be a loss for the other owners of units within the development, but if you take a long term view it was an all around success.
If we learn nothing from the prior market we must take a longer view when it comes to investing in real estate. It was the short term, quick buck mentality that got investors and home owners alike in to trouble.
Ironically we now have a market where we will see the best deals in our lifetime and Buyers are sitting on the sidelines. Well not all Buyers but most. Maybe this Spring the Sleeping Giant will wake up!
I am glad that I was there to experience this event and the Buyers and Investors that I met were particularly savvy. They are not waiting for the ground swell but they see the road ahead and these are the Buyers that will really benefit from this market!
THOUGHTS & INFORMATION ON THE RALEIGH, WAKE FOREST, ROLESVILLE & WAKE COUNTY REAL ESTATE MARKET & A LITTLE BIT ABOUT LIFE IN THE TRIANGLE!
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About Me
- Julie Keelan
- Raleigh / Wake Forest, NC, United States
- Julie Keelan is a Broker with the Keelan ~ Page Group at Allen Tate Company in the Triangle Area of North Carolina. The Triangle encompasses: Raleigh, Wake Forest, RTP, Durham, Chapel Hill; her focus is the Raleigh, Wake Forest, Rolesville & surrounding areas. Julie also specializes in Horse Farms and Golf Course homes. Starting in 1996 as a Real Estate Appraiser in Flagstaff, AZ & in 2005 moving to Raleigh, NC getting her Brokers License she has seem many markets. Julie shares her experience and take on what's going on in the Real Estate market in her area and Real Estate in general...there is always something going on! The news is not all bad despite what you hear from the non-stop talking heads on the 24 hour news networks. In today’s market you have to search for professionals that truly know what is going on in your market, always remember REAL ESTATE IS LOCAL! Please contact us if you have any questions or if you would like to talk to us about Buying or Selling we have great tools and marketing plans to get the job done for you. In the mean time I hope to put some light and lite into your day as related to Real Estate. Keep Coming Back!
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