The average price of $370,000 for condominiums in downtown Raleigh limits the number of people who can afford downtown living.

In an effort to expand the market, condos are currently being planned to appeal to more people than just the high-end.  Tom Barker, a Sr. Managing Director of Trammell Crow Residential, said “we wanted to bring that average down and try to appeal to a wider audience.”

To make that happen, the 208 new condominiums at The Hue will be priced about 57% lower than the current average condominiums in downtown Raleigh, with units starting at about $160,000.   The lower price is part of a strategy to appeal to a younger demographic and bring a variety of demographics into the downtown area.

Currently, of the 445 condominiums in downtown Raleigh, only 29 are still available for sale, even though 326 new condos have been built in the last two years, with demand still strong for more.   Thus, 1,594 condos are either planned or under construction between now and 2011.