loading...

Selling Condos Like It’s 2005

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.

image
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.

See other articles related to: editors choice, dclofts, dc condos

This article originally published at https://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).

Comments are closed.

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

Ballston
Looking to Give People A Reason to Stay Past 6pm
Clarendon
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?
Rosslyn
Hitting Its Growth Spurt
Shirlington
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
Huntington
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
Parkfairfax
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 »

Maryland

Profiles of 14 neighborhoods in suburban Maryland

Annapolis
Small-Town Living in the State Capital
Bethesda
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
Potomac
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
Wheaton
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Hyattsville
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
Bloomingdale
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
Brightwood
DC’s Northern Neighborhood on the Cusp
Burleith
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?
Crestwood
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
Georgetown
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
Kalorama
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
Palisades
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
Petworth
Getting a Vibrancy of Its Own
Shaw
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Takoma
Not To Be Confused With Takoma Park
Tenleytown
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

Brookland
New Development Could Shake Up Pastoral Peace
Deanwood
A Little Bit of Country Just Inside the District’s Borders
Eckington
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
Langdon
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
NoMa
Evolving from a Brand to a Neighborhood
Rosedale
Ripe for Investment Right About Now
Trinidad
The Difference 5 Years Makes
Woodridge
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
Hillcrest
Notable for Its Neighborliness
Historic Anacostia
Future Promise Breeds Cautious Optimism
Eastern Market
A More European Way of Living

See more Southeast DC »

Upcoming Seminars ▾