Bloomsbury Estates Condo Building Sold
Photo by Erin Conigliaro (website)
Condo buildings in Raleigh have had a hard life in the past few years. Downtown Raleigh's condo boom happened at the exact time that the economy hit the floor and therefore a few projects that were under construction took huge hits from the mortgage crisis that caused the economic drop. The Hue couldn't sale units, so it turned into rental units back in June of 2010. The Edison was essentially axed. The West and Quorom have also had auctions in the past few months to sale units at low rates. Now, the latest in this line of economic trouble is Bloomsbury Estates.
Bloomsbury Estates, which apparently didn't get historical status afterall, has been sold to a Florida investor after the initial owner sold the building to Fifth Third Bank. According to the N&O, "Bloomsbury has sold just 12 of its 56 units since opening in 2009." I wonder how many of these units they would have sold back in 19th Century France?
In theory, the building was a great idea, but the execution was just a bit off. We never needed such high-end condos in downtown and this fact shows in this new purchase of the building by an out-of-state investor. Hopefully they can convince some folks to move into this place which is across the street from a brewpub and has amazing views of Downtown Raleigh. Downtown could sure use the residents.
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Condos Bloomsbury Estates The Hue
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John
05/26 06:43 PM
Even when times were good, I was saying that this particular condo product was WAY too high end for that SPECIFIC locattion. My retired parents would have bought one if not for its adjacency and view to Central Prison and the railrood wye.
They should have built an edgy, cheaper loft building with minimal finishes. That’s exactly the sort of product that the location demands. -
UR
05/26 06:45 PM
Who the hell does your copy editing? Do you people even spell check? Good Christ. I know you’re a blog, but if you’re going to sponsor (or “present”, as you so generously put it), then at least proofread.
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arthurb3
05/27 09:38 AM
I guess this means the second building will not be built?
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arthurb3
05/27 09:40 AM
Also, do they know the train comes through at 1am and the prison is right across the tracks?
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150
05/27 09:53 AM
Agree with the above comments. No way this project was ever going to be successful at that location, at this time. The prison (especially with the expansion) is a major eyesore, I’m sure, from the top floors. The train is loud, and it does hitch throughout the night, but anyone choosing to live downtown probably isn’t too put off by that. I still contend that West Hargett street needs more than just the brewpub to create a better pedestrian environment and link it to the Warehouse District. With Cornerstone, the train tracks, and the prison, during quieter hours, there can still be an off vibe about the location. I can’t see anyone spending a half million or more to live there, when other options are available, both downtown and throughout Raleigh.
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BooBury
05/27 10:35 AM
That John Bruckel is a genius. He created a small fortune out of a large fortune.
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gregoryrme
05/27 03:27 PM
The photographer who snapped the story photo deserves high praise for turning a jumble of ugliness (although I do admire the craftmanship of the brick work) into such an nice artsy photo. He/she almost makes the place look like a place I would want to live.
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Melissa
05/28 09:54 AM
Hyperlink much? This blog is getting long in the tooth and sloppy. Hopefully someone can come along and resurrect it.
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Andrew
05/28 04:34 PM
Thematic yes, but who cares. We need density with or without exceptional architecture.
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sycamore
05/29 12:34 AM
I refer to it as the “Count Chocula” building.
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Tracy
06/05 12:37 PM
This McMansion on steroids doesn’t deserve historic status- there’s nothing historic about it! Personally, I think the developers in this town should look to other big cities and imitate- what about beautiful row townhouses, maybe smaller scale instead of these MONSTROSITIES like this building. I think it looks stupid. And, yeah, views of downtown on ONE side. What if you lived on the other side with views of the prison?
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