Do Luxury Condos Work In Smaller Communities?

by Deidre Woollard (RSS feed)
Dec 21st 2005 at 5:10PM

We are used to seeing new condo developments in larger cities but will it fly in smaller communities? In the town of Hillsborough, North Carolina, a new condo building is going on sale with $700,000 units. According to this article in the Chapel Hill News, three-bedroom houses still go for $150,000, and bigger homes can be bought for less than $500,000. So why would someone want one of these condos? The five condos will be in the three-story brick Gateway Center and will offer around 2,000 of space. The developer isn’t even sure that they will sell at that price and is thinking of making some of the units smaller so he can sell them for less.

Tags: condo development, CondoDevelopment, north carolina, real estate