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Clarendon 3131 Condos Sell Out, Neighborhood Supply Suffers

by Will Smith

Clarendon 3131, a 16-unit condo project on 9th Street just a few blocks from the Clarendon Metro, has sold out of its 14 condo-style units. The project has just two remaining townhouses, priced just over $1 million, that bookend the building.

The 14 units sold out in the first 60 days of sales for the project, evidence of a strong demand for new condos in the Rosslyn-Ballston (RB) Corridor. The sales pace is all the more notable given that the units were not entry-level studios and one-bedrooms, but two-bedrooms that ranged from $579,900 to $699,900, not the type of units that typically fly off the shelves.

Clarendon 3131 Condos Sell Out, Neighborhood Supply Suffers: Figure 1
Clarendon 3131

“We hit it just right, with high-quality product and above-market finishes at good prices,” Brant Snyder of McWilliams|Ballard, which handled sales for the project, told UrbanTurf.

Other factors helped as well, namely the lack of new mid-tier condos throughout the RB Corridor, one of the Metro area’s strongest and densest real estate markets.

“Entry-level townhouses start at about $800,000,” explained Snyder. “So there isn’t a lot choice for a buyer who wants to live in Clarendon, but wants more space than your typical entry-level condo provides.”

As it stands there are no imminent developments planned to meet the strong demand for condominium housing in the RB Corridor. Existing inventory includes a smattering of new condos outside the immediate Clarendon neighborhood, including Rhodes Hill Square on Rolfe Street and the last remaining units in Ballston’s Liberty Center. There is also Waterview, which is about to sell out, and Turnberry Tower, which was reintroduced to the market recently. But both of those projects are in Rosslyn and aimed at the luxury market, not the mainstream buyer.

“There’s a big market for condos in the Corridor priced under $650,000,” Snyder said. “A developer could bring that to market and do very well.”

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This article originally published at http://dc.urbanturf.com/articles/blog/clarendon_3131_condos_sell_out_neighborhood_supply_suffers/2088

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