Filed under: Real Estate Developments
The largest condo project ever attempted in Raleigh, North Carolina has closed without ever selling a unit. The multicolored Hue building has closed its sales office without selling any of its 208 units. The Raleigh News & Observer reports that signs posted on the building's doors say Hue will be closed until further notice.
The condo complex was designed to attract young urban buyers but it hit the market last year at the worst possible time. Condo projects have to have a certain percentage of their units presold to qualify for Fannie Mae and Federal Housing Administration approval and this building wasn't able to get enough presales. Without the approval many mortgage brokers won't issues loans. There is a possibility that that the building could end up as rental units for a time.