Saturday, January 20, 2007

Dark windows: 555 Massachusetts

When I moved back to DC in late 2003 and started looking for a place to live, the Sovereign Square Apartments at 555 Massachusetts was one apartment complex I considered. However, my better half nixed the idea. Taking advantage of the real estate boom, the builder, JBG Properties, decided to convert the building to condos, branding it as "5 Fifty Five". Quoting DCLofts.com:

Formerly built in 2004 as Sovereign Square apartments, this is a 14-story building with 246 condominium units originally priced for purchase from the upper $200's for studios. Units feature granite kitchen countertops, choice of black-on-black or stainless steel appliances, ceramic tiled foyers, Berber carpeting or hardwood flooring, and full-sized washer and dryer in every unit. There is a roof-top pool and deck that has city views.

According to my database of 2005/2006 sales, 162 units have been sold through October 31, 2006, excluding three flip sales. Average price: $417K; median price: $406.9K.

More than 80 units, fully 1/3 of the building, remain unsold.

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