Raleigh’s condo boom from a few years ago has definitely come to a halt
(like many other cities in the US). This project seemed doomed from the
start

but construction continued and now, before even selling any units
(despite this report of strong early sales
), the
building has been closed (until further notice).

It looks like the building’s owners (LA based developers CityView
) have “been trying to qualify for
government-back mortgage insurance programs to help with sales”,
according to the N&O. It all makes sense now considering the Hue sales
office closed down recently

l?ed=2010-05-27&ana=e_du_pap> as well.

The project’s application to be eligible for the Federal Housing
Administration mortgage insurance program is pending. Such approvals
typically require at least half the units in a building be presold, but
Hue was seeking a waiver.

Hue was also offering buyers the option of signing a contract and living
in, and leasing, a unit until the building reaches the pre-sale
requirement for the FHA mortgage insurance program.

Jennifer Pool, Broker

The Mella Pool Team

Fonville Morisey Realtors

5925 Falls of Neuse Road

Raleigh, NC 27609

w: 919 874- 7531

m: 919 381- 8755

jpool@fmrealty.com

www.mellapool.com