Presented by: Turnberry Turnaround

  • June 26, 2012

by UrbanTurf Sponsor

Presented by: Turnberry Turnaround: Figure 1

For anyone who enjoys a good comeback story, Turnberry Tower—Rosslyn’s uber-luxury high-rise—is one for the DC metro real estate market. Two years ago, the building was struggling, with just 10 percent of its units sold. It opened at an all-time low point in the real estate market and was fraught with mechanical and construction liens.

Fast forward to today and 90 percent of the luxury project has now been sold with less than 20 prime residences remaining. The sales team has done over $200 million in sales during the last 24 months -- with $20 million in sales in April alone -- and they anticipate a complete sellout by the end of 2012. As a result of two successful sales years, the entire construction loan for the project has been paid in full--an uncommon feat for US developers in recent times.

The project owes much of this turnaround to sales and marketing wunderkind Dan Riordan. After coming on board in April 2010, Riordan quickly devised a plan for bringing the property back to life. Once its lingering legal issues were resolved, Riordan set about showing off what Turnberry Tower really is: a standout residential property with top-notch amenities and luxurious in-unit details.

Located blocks from Key Bridge and the Rosslyn Metro stop, Turnberry Tower is the tallest residential building in the DC area. Units start at a spacious 1,322 square feet and all have 9 to 10-foot ceilings, floor-to-ceiling glass windows, and expansive views of DC and Virginia. Everything inside is luxe: Italian cabinetry, Miele appliances, granite countertops, European kitchens and bathrooms, and 300+ square-foot private terraces. Residents have access to private elevators, and there’s a 24-hour doorman, indoor pool and Jacuzzi, sprawling fitness center, and 24-hour free valet parking.

Presented by: Turnberry Turnaround: Figure 2

Over a 25-year career in real estate sales and marketing, Riordan has sold and managed $3 billion in luxury condo sales in Miami, Las Vegas and now the DC area. Again and again, he created value where people saw none. Joining Turnberry Tower was a welcome challenge for Riordan.

“Working on this project has been as exciting as any project I’ve ever worked on," he said. "When trying to turn a stalled property into a performing asset, there’s a lot of pressure and a much shorter timeline. You really have to show results instantly.”

Immediately connecting with DC’s real estate community and then overhauling Turnberry Tower’s creative marketing campaign, Riordan did just that. In many ways, he started from scratch, hiring a new marketing and advertising company (McGuire Marketing) and internet firm (Digital Capital Group). But in the property’s original sales team (The Mayhood Company), which included agents Matt Cummings and Julie Zelaska, he saw talent. Riordan equipped them with the tools they needed to move forward and brought on agent Anne Blakeman-Coleman, creating a powerhouse of top-notch sales people—all of whom have received major industry awards over the past few years.

Presented by: Turnberry Turnaround: Figure 3

What Riordan didn’t do was dramatically reduce prices. While luxury properties all over the country slashed prices by 30 and 40 percent, he dropped the prices at Turnberry Tower by just 3.5 percent and let the quality of the property sell itself. Over the last two years, it has done just that and owners appreciate the fact that prices were not dramatically cut, evidenced by the fact that there is just one resale unit on the market currently.

Interested in seeing one of the last remaining units at Turnberry Tower before they are gone? The property has six professionally decorated model units open for tours. For more information, click here or call the sales office at 703-243-3000. The sales office is open seven days a week from 9am to 6pm.

This article was a sponsored message by Turnberry Associates.

See other articles related to: turnberry tower, sponsored articles

This article originally published at https://dc.urbanturf.com/articles/blog/presented_by_turnberry_turnaround/5685

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

Northern Virginia

Profiles of 14 neighborhoods across Northern Virginia

Looking to Give People A Reason to Stay Past 6pm
Happily Straddling the Line Between City and Suburb
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
Crystal City
Turning Lemons into Lemonade
Lyon Village
Developing An Air of Exclusivity?
Hitting Its Growth Spurt
An Urban Village Hitting Its Stride
Del Ray
Virginia’s Small Town Near the Big City
Eisenhower Avenue
The Vibrancy Might Take a Few Years
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
132 Commerical-Free Acres
Downtown Falls Church
Staying the Same in the Midst of Change
Tysons Corner
Radical Change Could Be On The Way

See more Northern Virginia »


Profiles of 14 neighborhoods in suburban Maryland

Small-Town Living in the State Capital
Bedroom Community Gets Buzzing Cache
Cabin John
In With The New While Maintaining the Old
Chevy Chase
Affluence, Green Lawns and Pricey Homes
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Glass Half Full or Half Empty?
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
National Harbor
A Development Rises Next to the Potomac
Riverdale Park
A Town Looking For Its Identity

See more Maryland »

Northwest DC

30+ neighborhood profiles for the city's biggest quadrant

16th Street Heights
DC's Sleeper Neighborhood
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
DC’s Northern Neighborhood on the Cusp
DC’s 535 House Neighborhood
Cathedral Heights
Do You Know Where That Is?
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
Cleveland Park
Coming Back After A Rough Year
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
An Island of Serenity East of the Park
Dupont Circle
The Best of DC (For a Price)
Foggy Bottom & West End
Where the Institutional Meets the International
Forest Hills
Ambassadors and Adventurous Architecture
Foxhall Village
350 Homes Just West of Georgetown
Friendship Heights
A Shopping Mecca With a Few Places to Live
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
A Posh View From Embassy Row
LeDroit Park
A Quiet Enclave in the Middle of the City
Logan Circle
Trendy Now, But Not By Accident
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
Mount Vernon Triangle
From Seedy to Sought-After
The Long, Skinny Neighborhood at the City’s Northwest Edge
Park View
It’s Not Petworth
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
Getting a Vibrancy of Its Own
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Not To Be Confused With Takoma Park
Not Quite Like Its Neighbors
U Street Corridor
The Difference a Decade Makes
Woodley Park
Deceptively Residential
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents

See more Northwest DC »

Southwest DC

The little quadrant that could

Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come

See more Southwest DC »

Northeast DC

Profiles of 10 neighborhoods in NE

New Development Could Shake Up Pastoral Peace
A Little Bit of Country Just Inside the District’s Borders
Not to Be Confused With Bloomingdale
Fort Totten
Five Years Could Make a Big Difference
H Street
A Place To Party, and To Settle Down
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
Evolving from a Brand to a Neighborhood
Ripe for Investment Right About Now
The Difference 5 Years Makes
Big Houses, A Dusty Commercial Strip and Potential

See more Northeast DC »

Southeast DC

6 neighborhoods from Capitol Hill to East of the River

Capitol Riverfront
Still Growing
Hill East
Capitol Hill’s Lesser Known Neighbor
Congress Heights
Gradually Rising
Notable for Its Neighborliness
Historic Anacostia
Future Promise Breeds Cautious Optimism
Eastern Market
A More European Way of Living

See more Southeast DC »