Sunday, March 18, 2007

2006 Condo Sales: Cityline at Tenley

Cityline at Tenley isn't too far from my home; I've been watching it since I moved into the area a few years ago. Architecturally, it's a striking building, warranting an article in the Washington Post in September 2005. I remember when it used to be a Sears store with parking on the roof, so the building's transformation into a condo/retail space was quite amazing to see when we returned to DC in 2004. What's especially interesting to see is the impact of the new retail space on the neighborhood: Best Buy, the Container Store, and the new Ace Hardware store, plus the renovated Whole Foods across the street, have added a lot of 'buzz' to the neighborhood. Or maybe it's the Starbucks and all those earnest, young AU kids hanging out there with their laptops [the stylish iBooks/Powerbooks and the brickish Dells]. Who knows.

Cityline has 204 units, which began closing in June/July 2005. What struck me at the time was that although almost 170 units had closed by December 2005, most of the units facing Wisconsin Ave were dark. It probably has one of the highest flips ratios of the buildings I've been tracking in my database. Of the 204 units, 20 have been flipped since the building was completed.

According to the District's real property assessment database, 16 units have not been sold. Currently, unit #620 is for sale at $689,900 [DC6306994]. Three units are advertised on craigslist for rent, with a 1 bedroom unit offered at $1700/month and two 1 BR/dens [here and here] offered at $2300 each.

Cityline at Tenley 4101 Albemarle NW, DC, 20016

Sales in 2006:

Information on individual sales can be found at DCCondoPrices.com.

Fifteen units were flipped in 2006:

Five units were flipped in 2005, one of which was unit #621 [a $900 loss].

2 comments:

Anonymous said...

You say 170 units sold. I find it hard to believe. The building is dark at night. Do you have sales figures for 2007?

I live close by in Friendship Heights the Maryland side. I have watched it being built. I was not impressed with the quality of the materials used. The builder could have used brick or stone on the outside which is better quality (and matches the rest of the structure). Instead, the builder used cheap vinyl. The building looks like it could be blown away. Now to the inside. The builder spent most of his efforts on fancy kitchens and bathrooms instead on having soundproof walls between units. you can hear your neighbor talk, sneeze, snore ...... I know this cause I stayed with a friend for a week there. One more thing is the vibrations from the metro station below. Buying here is not a smart choice.

Keith said...

Through July 2007, 216 sales transactions have been recorded for that building. My database shows 7 units have sold in 2007: units #304, #415, #431, #528, #601, #625, and #639.

I've not bothered to count, but a cursory scan of the District's sales database leads me to believe a significant percentage of the sales have been to "investors", not residents, hence the dark windows. It's rather incredible that two years after closings began, units are still sitting vacant.