Greenbridge, the 10-story, ecocentric condo project in downtown Chapel Hill that is facing foreclosure, has been given more time to bring in other investors.

Tim Toben, one of the five developers of Greenbridge, said in an email this morning that Bank of America has agreed to indefinitely postpone the foreclosure sale to allow the partners to find an investor to buy the outstanding debt on the property.

A foreclosure auction had been set for June 27.   

"There's still a long way to go to complete a transaction, but we are grateful to B of A for chosing to allow the necessary time to complete a sale that will be a win for the community, for Greenbridge, and for the bank," Toben said.

Toben said three groups submitted formal offers to buy the debt from Bank of America.

The developers owe $29 million to the bank.

They have been unable to sell units since liens were put on the property last fall.

Greenbridge includes 97 units, 37 of which have been sold.

"Since the bank filed its intent to foreclose, the response from the public and the business community has been overwhelming and supportive," Toben said. 

"We have received calls from all over the country from investors who want to see this model green project saved from the foreclosure heap."

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.

Our story today about the purchase of the penthouse unit at Bloomsbury Estates incorrectly said that the $900,000 sale was the priciest condo purchase in downtown Raleigh in more than a year.

In June, Kenneth Morris paid $1.05 million for a 2,465-square-foot condo at The Residences at Quorum Center on W. Jones Street.

The sale price was $50,000 below the list price of $1.1 million, according to developer Ted Reynolds, who noted that a $50,000 concession is easy to make in today's rough market.

Thus far 27 of Quorum's 37 units have sold, but Reynolds said things are headed in the right direction after a rough stretch.

"The market is getting better," he said. "The phone is ringing."

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.
 

Another batch of Raleigh condominiums are headed to the auction block.

At the end of this month 36 condos at West, a 17-story project in downtown Raleigh's Glenwood South entertainment district, will be auctioned off.

The auction is an attempt by developer Gregg Sandreuter to reduce inventory in the 170-unit building.

Sandreuter said today the project is not being foreclosed upon and that West is in full compliance on its loan.

Starting bids for the units, which are all one- and two-bedrooms, will range from $95,000 to $260,000.

On West's website, one-bedrooms are listed as starting at $224,000 and two-bedrooms at $300,000.

White Oak Properties announced this week that its downtown Raleigh condo project, Palladium Plaza, has received Federal Housing Administration approval.

Such approval has become vital for condo projects as it allows buyers to put less money down and secure better lending terms.

FHA loans are available up to $295,000 in Wake County and require only 3.5 percent down.

Hue, another downtown Raleigh condo project, is offering a lease-to-own option in an attempt to get enough units under contract to get FHA approval.

Palladium, on Blount Street between Davie and Cabarrus, has sold all but 11 of its 66 units.

White Oak is offering several incentives to try and move the remaining units including free additional parking space for buyers who are under contract by April 30.

Highwoods Properties announced today it has sold its 100th condominium in RBC Plaza, its downtown Raleigh tower.

The real estate investment trust has sold nine condos since it announced its third quarter results at the end of October.

RBC Plaza has a total of 139 residential condos in addition to 292,000 square feet of office and retail space.

Highwoods partnered with Dominion Realty to build the condos atop RBC Plaza. Sales stalled when the economy and the housing market went south.

All but two were under contract by the middle of 2007. But when the building opened in 2008 more than one-third of the contracts had been delayed or canceled.

The sluggish market for downtown Raleigh condos has also snared The Hue, which was expected to begin offering a rent-to-own, or deferred ownership structure soon.

Representatives of CityView, one of the developers behind the 208-unit condo building at the corner of Dawson and Hargett streets, have not responded to requests for an update on the project's status.

The condo building's Web site has a media release dated Jan. 4 that says units are available for purchase and buyers can move in in February.

It's not quite a Mini Cooper, but the Mangum 506 condo project in Durham is offering buyers a $2,500 IKEA gift certificate if they put a unit under contract by the end of the month.

Susana Dancy, a co-developer of Mangum along with Andrew Philipps and Scott Harmon, said nine of the development's 21 units are still available.

Mangum 506's units are small, 672 to 1,220 square feet, with big windows and 10-foot ceilings. Remaining units are priced between $159,000 and $299,000, Dancy said.

Mangum's model units are designed by Nicole Baxter using almost all IKEA furniture. Dancy said the popularity of the model units--and IKEA's affordable prices--made the promotion a good fit.

Mangum is also hoping to get potential buyers attention while they still may be eligible for the $8,000 first-time homebuyer tax credit. The tax credit is set to expire Dec. 1.

Mangum 506's two buildings were completed in August. Dancy said one of the building's has received Fannie Mae approval, while the other needs a few more owner-occupied sales to qualify.

As for offering Minis, Dancy admitted "that would be a little decadent for us."

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."