Selling Condos Like It’s 2005

• November 11, 2009
• 7 Comments

by Will Smith

“Almost one every other day.”

That was the answer Greg Rooney of The Bernstein Companies gave UrbanTurf when asked about the sales pace at Waterfront Tower, the I. M. Pei-designed project in the Southwest Waterfront.

“We officially opened September 1. Since then 26 units have gone under contract,” Rooney said.

Waterfront Tower in Southwest. (map)

The enviable sales pace combined with the 35 presales to existing tenants (the building was a condo conversion) means that it will be half-sold within a couple weeks and Bernstein can begin settling on the contracts.

When asked for his thoughts on why the project was selling so well, Rooney pointed to the combination of price point (units start in the $200s); proximity to Metro (the Waterfront-SEU station on the Green Line is on the same block); quality (the contractor was Abdo Development, known locally for developing high-quality product); and eco-friendliness.

Waterfront Tower has 123 units, of which just over 60 are still on the market. Read our recent profile of the project here.

This article originally published at http://dc.urbanturf.com/articles/blog/selling_condos_like_its_2005/1506

7 Comments

1. upanddown said at 10:32 am on Thursday November 12, 2009:

   Not very surprising. These are well-crafted units at particularly low prices.

1. Finn McCool said at 11:39 am on Thursday November 12, 2009:

   It goes to show you that the old phrase is still a good one…“there is never a bad time to buy a good piece of real estate”.  Cheers

1. MARK SPIKER, ODD said at 12:20 pm on Thursday November 12, 2009:

   I walked these models last month after signing for a unfinished penthouse on the Hill. These are easily the best designed, well merchandised model floorplans in DC targeting a young, vibrant single purchaser or couple. Not suprised to see ABDO Construction involved with this timely, historic renovation among others…everything is well thought out, up to the minute color and styling, and sensitive to today’s “GREEN” buzz products. My only fear is still the projects next door aren’t goin away any time soon and square footage costs are at market level questioning resale potential for any profit. Here’s hoping they attack the second I.M. Pei tower next door before the competition opens.

1. Rob Vetter said at 5:39 pm on Thursday November 12, 2009:

   I toured it and loved it!!!  Great job with a GREAT GREAT team!!  Maybe I will defer grad school and buy

1. Mary said at 11:28 am on Friday November 13, 2009:

   They have very nice finishes and will be right next to all that new development at metro, which should be done in the next few months, although they are small units relative to the average for the neighborhood. I think the living-near-the-projects concern could be rather alleviated by the fact that the first district police station just moved into the former elementary school a block down M street, on the other side of the projects.

1. Paul said at 1:08 pm on Friday November 13, 2009:

   Ah, Marina View Towers.  Lipstick on a pig.  I remember living here a few years ago and seeing a rat’s head peek through the opening for a burner on the top of my stove.  And the walls are paper-thin with bad noise insulation, and the windows aren’t well insulated either.

   There are just a few things you can’t fix with merely new fixtures.

1. SWliving said at 5:27 pm on Friday November 13, 2009:

   I don’t know what inventory sheet has the “particularly low prices” that upanddown has seen, but overall it seems on par, if not expensive for SW area at nearly $460/sq. ft for the 1BR.  And I agree with Paul, there are limits on the upgrades you can do to an aged building, no matter the budget.

   Doesn’t help that they’re one block from the projects that line M Street.  The fit and finish on the units look nice, but there’s no underground or covered parking either.

   I do love SW Waterfront in general, though, the area has HUGE potential (and I do live here).

Join the discussion