The Erie in Adams Morgan Cuts $100K Off Three Remaining Units

• March 18, 2010
• 6 Comments

by Will Smith

The Erie’s courtyard

Remember The Erie, the high-end condo in Adams Morgan that was having a difficult time selling its eight units? We wrote about it a number of times last spring as it reduced prices to meet the market.

While the project is nicely done and offers a modern, Miami-esque style that is unique amid DC’s more traditional housing styles, it was challenged by finding buyers who would spend in the high six figures (or more) to live in Adams Morgan.

Fast forward a year, and the project has three units remaining, all of which just had their prices reduced by $100,000. The remaining options are two two-bedroom lofts at $800K and $820K, respectively, and a two-bedroom loft penthouse at $1 million.

The eight-unit condo development was built in 2008 by DB Lee Development, and it sits just off 18th Street at 2351 Champlain Street NW (map).

This article originally published at http://dc.urbanturf.com/articles/blog/the_erie_in_adams_morgan_cuts_100k_off_three_remaining_units/1891

6 Comments

1. Eeerily said at 3:54 am on Friday March 19, 2010:
   I think these units may finally be perfectly priced.

1. Shawn said at 9:11 pm on Friday March 19, 2010:
   Ouch - how would you feel buying a condo there before they did this and realizing you paid $100,000 too much? O M G

1. Fred said at 10:28 pm on Saturday March 20, 2010:
   I would call it Caveat Emptor. Now, the earlier buyers probably will try to sue the developers for harming their equity, if they had any in the first place. But, it's nice to see market forces at work again for a change.

1. Simon Landau said at 2:29 am on Monday March 22, 2010:
   This property looks to be a unique one to the DC area. Buyers at the Erie will be getting something pretty hard to find in the District.

1. Lauren said at 4:26 pm on Monday March 22, 2010:
   You didn't really pay "100k too much" if it was worth that much to you when you bought it. Yes, other people will pay less but people who bought the iPhone early on paid more too.

1. Will Smith said at 4:32 pm on Monday March 22, 2010:
   Also, one thing to remember when buying a condo in a new project is that not all units are created equal. There are more desirable units and less desirable units, based on characteristics like floor plan, view, floor, etc. Typically the most desirable units are sold first, so you shouldn't assume that buyers of those units necessarily have buyer's remorse -- even if they paid more, they still have the best units in the building.