Monday, March 05, 2007

2006 Condo Sales: Alta at Thomas Circle

As described by DCLofts.com:

A new PN Hoffman building located on Thomas Circle near Massachusetts Ave. and 14th St., NW. The building has 126 open floor plan condo units with rooftop garden, resident lounge, retail, and garage parking. This is one of the first DC condo project to receive an official green building certification. Units originally priced between $250's to $450's.

Of the 126 units, the District recorded 94 sales in 2006. According to the District's real property assessment database, 27 units have not been sold. No condos at the Alta were flipped in 2006. I suspect the fact the units didn't close until late August 2006 caused the "investors" to miss the market.

Four new sales were recorded in January 2007 and one unit (#401) was flipped in January for a profit of $6,000, 118 days after the first sale was recorded; I seriously doubt that was a profitable experience. The owner of #808 is advertising his condo on craigslist for $599,900, having purchased it for $483,900 on October 16, 2006 with hopes of achieving a 24% return on his "investment" in less than five months. Interestingly, the developer of the Alta at Thomas Circle, PN Hoffman, is also selling a unit (#902) on craigslist for $399,000 in an ad with "***PRICE REDUCED***" in the ad's subject line.

Alta at Thomas Circle 1133 14th Street NW, DC, 20005

2006 sales and pricing data are presented in the table below:

Information about sales of individual condos can be found at DCCondoPrices.com.

5 comments:

kob said...

Great work; love the detail and the profit/loss on flip units is very interesting.

Kristina said...

It's good to see the market is recovering some of its former luster. One must wonder what the comparative profit rates are throughout the region.

Anonymous said...

Thank you so much for your very informative website! I really love it and the data is incredible. I have two questions: 1) Do you have any data on The Matrix located at 1529 14th Street, NW 20005? 2) Also, I am moving to the area...I am looking for a primary residence of 2 bedrooms/2 bathrooms and I want to either live in Dupont Circle of Logan Circle...do you have a recommendation which would be the better location (20005 or 20009) to live in if I find two comparable condos with the same condo fees? Does Dupont have a better resale value for a 2 bedroom/2 bathroom vs. Logan? Thanks for any input you can provide!

Keith said...

what I know about The Matrix is this: through April, 10 of 43 units had their sales recorded by the District. At least another 5 (for a total of 15) have been recorded in May so far.

Both 20005 and 20009 have their pluses and minuses; I'd live in either if the circumstances were right. A woman who works for me who lives in Logan has a strong preference for Logan. Her view: it's up and coming, it's near several Metro stops on different lines, it's equidistant to points east/west, it's closer to the more interesting spots on U St.

All other things being equal, the most important aspect for me is ability to park two cars off street. Given the new construction in the Logan area, I suspect the odds for that are higher there.

I can't speak to resale values. Your realtor would probably have a better feel for that than I. The key problem is that the run up of the past 2-3 years has distorted pricing so much that it's hard to gauge whether there is any upside re: resale values. The key issue may be better phrased as value retention.

Anonymous said...

Keith,
Thanks for a fabulous blog. You mention your priority of parking two cars off the street, which is exactly my priority, too. But I find that most developers will only sell one space (at most) and then say they will sell others IF they are available when all of the units sell. Have you found any new condos that will sell two spaces? Thanks.