Luxury condominiums are on the rise in our local metropolitan areas! Whether you are in the market or not for this type of home, it’s interesting to see the cost and styles for new construction in this segment of the luxury market.
First, I want to clarify the difference between a condo and a town home. In a condo, you only own the “air space” — it’s important to look at monthly association fees when considering a purchase. In a town home, you have ‘shared walls’ but you own the property under the home.
For downtown Raleigh, the highest list price (so this is what they are asking, not sold price) is $597 sq/ft, and the average list price is $461 sq/ft.
In downtown Durham, the highest list price is $556 sq/ft and average list price is $447 sq/ft.
New condo construction is also growing in Cary. There the current highest list price is $338 sq/ft and average list price is $300 sq/ft.