Condo Sales Thriving in RTP’s Davis Park

Sept. 12, 2012 - PRLog -- DURHAM, NC - At a time in which the sales performance of townhomes and condominiums has been less than stellar in the national and local residential real estate market, a solid example of an improving segment has emerged at Davis Park, a community located just off I-40 in Research Triangle Park. Since the community’s inception, all of the Davis Park townhomes have sold (56 of 56), as well as 99% of the community’s condominiums (91 of 92). In fact, Davis Park condominium sales have been so healthy that a new building of 24 condos is currently under construction, a phenomenon all but unheard of in today’s market. Ten of these new condominiums are sold already, with planning for additional buildings underway.

The community is being developed by Beacon Street Development Company on behalf of Davis Park Group, LLC, an ownership group headed by successful local businessman Mike Riley.  “We were blessed to obtain financing,” said Scott Dixon, a partner with Beacon Street.  “Banks are just not financing condos these days.  Other than Fairview Row, our new higher end condominiums at Five Points in Raleigh, Davis Park is the only community I’m aware of in the Triangle area with new condominiums under construction. We’ve been very pleased, needless to say, with our strong sales, as this activity has allowed us to acquire financing to move forward with new condo construction.”

Randy Powell, Executive Vice President/Chief Banking Officer of TrustAtlantic, agreed with Scott’s comments. “With a bank our size, participation in residential development funding is limited,” said Powell. “However, the velocity of sales at Davis Park went extremely well in a challenging financial environment. Having enjoyed a relationship of 20+ years with Mike Riley, we felt that speculative condominium building at Davis Park would go equally well. We also know that Beacon Street has put a tremendous amount of research and planning into the community, so we’re pleased to demonstrate our confidence in them.”

Inspired by historic American urban architecture and metropolitan style, the new one and two bedroom condos at Davis Park are priced from $114,900 to $144,900. The community’s location, in the midst of nationally and internationally acclaimed employers, restaurants, and shopping is a draw, as well as opportunities to walk or bike on nearby trails and swim in the neighborhood salt water pool.

“My wife and I rented an apartment for awhile to determine where we really wanted to live,” said Davis Park condo resident Gary Brunotte. “We had thought we might want to be in a downtown environment, but when we saw Davis Park, we knew it was perfect for us. I have a 25 minute drive to work in Cary, and Carol enjoys volunteer work in Downtown Durham (a 15 minute drive) and Chapel Hill (a 20 minute drive). It’s just a very convenient location. Our home is solid, well-designed, well-built, and in a great location. We’re very happy here.”

Area Realtors® are also impressed with Davis Park. “I recently had a client with a very specific list of desired amenities,” commented veteran real estate broker Becky Davis of Davis Basnight Properties/Fonville Morisey Realty. “He had just been transferred to the Triangle, and he wanted a condo or townhome with an urban feel close to RTP, large enough to accommodate his children when they visit. We looked at properties in Raleigh, Cary, and Morrisville, and saw a lot of nice product, but not exactly what he wanted. We knew we’d found the best of all worlds when we visited Davis Park. The location is ideal, not only with its proximity to RTP, but also to the entire Triangle since it’s right off I-40. Although it’s not actually in the city, it’s definitely like being in the city, and the value is excellent. My client is very happy and excited to be there. I’m happy for him, and I will absolutely share Davis Park with future clients seeking an urban lifestyle convenient to RTP and the airport.”

Davis Park is currently offering $3,000 towards closing costs and/or home upgrades for a limited time. The community is also offering “no money down” financing for both first-time homebuyers and for customers who have previously owned homes. These incentives, along with the central location and neighborhood amenities noted, are working together to ensure the future success of the community. Interested parties may obtain more information at www.davisparkrtp.com. Sales and marketing by Beacon Street Realty; (919) 941-0100.