A health care executive has paid $900,000 for the penthouse unit at Bloomsbury Estates, the 7-story condo project just west of downtown Raleigh.
The buyer was Joe Soto, who recently relocated from Philadelphia to the Triangle and is an executive vice president for MicroMass Communications. The Cary company provides marketing services to the health care industry.
Bloomsbury announced the sale on its blog.
The 2,400-square-foot "Virginia Woolf" unit has three bedrooms and two bathrooms.
It had originally listed for $1.12 million.
Just 8 of Bloomsbury's 56 units have sold, according to Wake County property records. Soto's purchase early last month was the first sale in the building since June.
The project appeared to be in trouble in January when its lender, Fifth-Third Bank, filed a lawsuit in January contending that developer John Bruckel and a partner were in default on a construction loan worth more than $17 million.
But Fifth-Third later voluntarily dismissed the lawsuit, and gave new life to the project.
Bruckel has said the bank agreed to a two-year extension to give him more time to sell the condos.
Bloomsbury's 56 units feature limestone from Israel, slate from Vermont and marble from Italy. They were originally priced from $329,900 to $1.12 million but some of the smallest units have sold for as little as $211,000.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or
Comments
Marketing Healthcare
Wed, 10/06/2010 - 21:26 — tisaacsonIs there something wrong with this picture, that a marketing executive makes a salary that allows him to buy one of the priciest condos in Raleigh. I am not innocent enough to think the business of healthcare in this country isn't making people wealthy. It's just, as a nurse involved in caring for average, middle class North Carolinians, losing their savings they've worked for all their lives because they have gotten sick, reading this article makes me a little ill myself.
Not everyone has to depend on their job for their $$
Sat, 06/18/2011 - 22:20 — YANKEE1960I think you are making an assumption that this person has to depend on his job for his money. Maybe he's married? Maybe his wife has money? Perhaps he has done well on the market? Not everyone who enjoys the ability to have nice things is dependent on their salary. Some people work just to keep busy! Stop thinking about things in your "world." There are many people who work to stay busy, contribute to society and do good, they have means, but they still want to work. THANK GOD for those who can buy our "over-priced" condos...they are saviors for our economy!!