Buy A Loft, Get a Free Car

• December 4, 2009

by Mark Wellborn

Here is an incentive that will likely be enticing to car-less home buyers in the DC area. To sweeten the deal on its remaining five units, UrbanTurf has learned that Landmark Lofts has not only lowered prices, but if you buy a unit before the end of December, the development will also throw in a free SmartCar.

Landmark Lofts is located at 800 3rd Street NE (map) in the former Capital Children’s Museum. The lofts boast pretty massive living areas (36 feet by 24 feet), 18-foot ceilings and over-sized windows that can measure 12 feet by 15 feet. While a 3,000-square-foot loft at Landmark can cost you over $2 million, one-bedrooms start at $489,900 and two-bedrooms at $679,900.

If a free car is not enough of an incentive, developer financing is also being offered (3.5 percent down payment) and a 3 percent interest rate. Plus, it is right at the entrance to the H Street Corridor!

Update: We just got word that Savoy Court in Southeast (map) is offering a similar promotion. Although, given how much more affordable units are at Savoy Court (1BRs start at $159,900; 2BRs at $229,900) than at Landmark Lofts, you could say the free car at Savory is a much more generous deal.

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8 Comments

1. brenda said at 3:07 pm on Friday December 4, 2009:

   This is very interesting, not only the SmartCar but the incredible financing opportunity. Lofts look beautiful.

1. SimonF said at 3:27 pm on Friday December 4, 2009:

   How are they able to offer 3% interest rates?

1. cm said at 5:15 pm on Friday December 4, 2009:

   It would also be great if the free smartcar came with a free parking spot as well?

1. Lauren said at 6:37 pm on Friday December 4, 2009:

   Wow - I had the same thought as SimonF - wonder how the developers are able to offer that financing. And I’d think unless you’re able to pass on those terms to the next owner, you might be in trouble when you to go sell.

1. Simon Landau said at 6:29 pm on Saturday December 5, 2009:

   Great scoop Mark…it’ll be interesting to see if this begins to become a trend for buildings around the city, it could really attract more and more buyers.

1. Mark S. said at 10:15 am on Sunday December 6, 2009:

   A terrific media marketing “buzz tool” combined with a great financing package from ABDO and his Landmark Lofts remaining stock of high end condos make this a real deal. Somehow, I find the contrast of a SMART CAR compared to the upper bracket, luxury homebuyers they market to unique.  Now, if it was a new energy efficient diesel Mercedes…

1. Craig said at 7:10 pm on Monday December 7, 2009:

   That’s true..your date will be busted when see your smart car, before you can even drive them back to your killer pad.

1. dcguy said at 11:43 am on Friday December 11, 2009:

   am i the only one that thinks this is a moronic thing to do? entice people with a car? in a perfectly walkable and transit oriented neighborhood? how backwards thinking is that? offer a three year membership to zip car, or something else all together.

   
   at the Savoy, it makes more sense… not very walkable and people will need a car.