A coming flood of condominiums in downtown Raleigh has real estate observers wondering not if, but when, the word “overbuilt” may apply and whether buyers will stomach paying prices that are touching $300 per square foot.
Under construction, or soon to be, are projects that would bring on line 500 new condominium units – many of them priced above $300,000 and some being marketed at $1 million. Waiting in the wings are projects that would deliver even more units – if developers decide to move ahead.