News

There's no housing slump at The Cypress

Raleigh retirement community has racked up $91M in sales - so far

Triangle Business Journal - by Amanda Jones Hoyle
Friday, January 30, 2009

RALEIGH – Bob and Martha Leak have been waiting since early October to move into their new condominium at The Cypress of Raleigh, the first continuing care retirement community to open in Raleigh in 24 years.

Their fourth floor unit is decorated and the curtains are up, but still they wait. They can’t find a buyer for their 2,600-square-foot house on Landor Road in Raleigh after 10 months on the market.

“I guess you can say I’m president of the bridge loan club,” says Bob Leak, 74.

While the Leaks continue to wait, others are moving in to their homes at The Cypress, where 158 units have been sold since the community opened in mid-September, says Cypress development partner Michael Sandman of Raleigh. That’s nearly $91 million worth of housing, with units averaging $550,000. Another dozen homes are scheduled to close in the coming weeks, Sandman says, as property managers have staggered move-in dates to accommodate residents.