20 Sales in 20 Days at The Floridian in the U Street Corridor

• March 19, 2010
• 5 Comments

by Will Smith

Since its grand re-opening late last month, The Floridian is selling units at a rate of about one per day. “We sold 20 units in 20 days,” said Gerard DiRuggiero, president of UrbanLand Company, the firm in charge of selling the building.

The view down Vermont from within The Floridian

The opening event three weeks ago had over 250 attendees, and five contracts were signed that night. DiRuggiero attributes the brisk sales to the quality of the building and new aggressive pricing.

The two-tower project at Florida and Vermont in the U Street Corridor (map) was recently acquired by local real estate investment firm The Goldstar Group, who re-priced the units down from the original pricing and reintroduced the project to the market in February with 86 available units.

The timing for the building is good, as the supply of new condos across the city dwindles.

There had been speculation that The Floridian was going to have to throw in a free parking space with units in order to sell them, even at the new lower prices. That hasn’t been the case, according to DiRuggiero, who said that demand is strong enough that there hasn’t been a lot of negotiation with buyers.

Past coverage of The Floridian:

• Sales at The Floridian Start This Thursday
• The Floridian Announces New Pricing As It Prepares to Re-enter the Market
• We Hear: The Floridian Could Be Sold Soon

This article originally published at http://dc.urbanturf.com/articles/blog/20_sales_in_20_days_at_the_floridian_in_the_u_street_corridor/1892

5 Comments

1. Richko said at 11:14 am on Friday March 19, 2010:

   How much extra is a parking space @ Floridian?

1. Will Smith said at 11:24 am on Friday March 19, 2010:

   Richko,

   Parking is $25,000 for a compact spot, $35,000 for full size.

1. Richko said at 11:32 am on Friday March 19, 2010:

   Thanks, Will.  Pretty standard pricing, then.

1. Shawn said at 2:16 pm on Friday March 19, 2010:

   I can’t afford to buy a condo here, but I will rent someone’s view out of their top floor window for $5 for 5 minutes, haha.

1. Shawn said at 2:23 pm on Friday March 19, 2010:

   Oops, I was thinking of View14’s views, but these are probably nice too.

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