Sunday's auction of 32 condos in West, the 17-story building in downtown Raleigh's Glenwood South, was the latest strategic maneuver in a marketplace where a handful of projects are going after a shrinking number of prospective buyers.

West's developer, Gregg Sandreuter, said after the auction that he likely plans to raise prices after the first of the year once the project commences selling its remaining units.

West essentially made a calculated risk: Instead of continuing to plod along and sell one or two units a month for the foreseeable future, it chose to sell a bulk of units at a discount and take the $8 million in one-day sales.

That money allows West some breathing room. It can now hold off reducing prices with the hope that the market will improve by the spring.

West's competitors are clearly hoping to exploit the auction for their own gain by raising questions about the 170-unit project's financial health.

222 Glenwood ran a full-page ad in the News & Observer on Saturday that said: "After the Auction ... COME SEE WHAT SUCCESS LOOKS LIKE ON GLENWOOD SOUTH."

The ad went on to say that 222 Glenwood has sold 70 percent of its units and has paid off its bank.

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 had originally listed for $1.12 million. Even with the discount, Soto's purchase is still the most paid for a downtown Raleigh condo in more than a year.

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.
 

For all those people in the market for a high-end condo overlooking downtown Raleigh and a Mini Cooper, you're in luck.

Bloomsbury Estates, the 56-unit development at the corner of Boylan Avenue and Hargett Street, is now offering a new Mini to buyers who sign a contract by the end of October and close by the end of the year.

"We just thought that was a cute idea," said John Bruckel, Bloomsbury's developer. "In this economic environment people are looking for value."

The promotion is a partnership between Bloomsbury and Flow Automotive Group of Winston-Salem, which will open the Triangle's first Mini franchise early next year on Capital Boulevard. Several Minis will be at Bloomsbury starting tomorrow, and the devleopment will be offering condo tours and test drives at an open house on Saturday from noon to 5 p.m.

None of Bloomsbury's units, which range from $329,900 to $1.12 million, have sold thus far. Bruckel said six are under contract.

Bloomsbury will cover the cost of the vehicle, but not taxes, tags or any upgrades, Bruckel said. The models being offered by Bloomsbury range from just under $20,000 to about $26,000.

Those buying one-bedroom Bloomsbury units are eligible for the Cooper Hardtop, the least expensive Mini. Buyers of two-bedroom units are eligible for a Cooper S, while buyers of three-bedroom units can get a Cooper S Convertible.  

Bruckel said Bloomsbury and Mini Cooper are a perfect match.  

"We have an English, high-quality no compromise type of building," he said. "It's fun and contemporary but rooted in tradition."