Wednesday, May 02, 2007

Condo Sales: The Residences at Gallery Place

I have to tell you, I'm not a huge fan of the 700 block of 7th St NW. I think what really sets me off is that blaring TV jumbotron at 7 and G, the lack of street parking, and all that congestion [I'm getting old]. However, I get my hair cut at Bang [Mark's great], the Verizon Center is there, and the Poste Moderne Brasserie in the Hotel Monaco is pretty good. So, what should you expect to find at such an urban nexus? The Residences at Gallery Place, located at 777 7th St NW [profile here]. The Residences began delivery in February 2005; all 192 units were sold. Through January 2007, the District recorded 210 sales transactions.

As detailed by Development Magazine:

...Gallery Place is the quintessential urban mixed-use destination. It sits atop the Gallery Place/Chinatown Metro station, where three rail lines intersect and give direct access to hubs like Union Station and Reagan National Airport. The access and location - equidistant to the White House and the U.S. Capitol - are superb, but the mix of uses has been the reason for its positive community impact. Gallery Place consists of more than one million square feet of office, retail, residential and entertainment space. Combined with neighboring MCI [Verizon] Center, it forms one of the largest retail/entertainment venues on the East Coast.

Being risk takers, I'm sure the developers, Akridge and Western Development, were encouraged in their efforts by a $9MM subsidy from the District and $50MM in tax increment financing (TIF).

The Residences at Gallery Place 777 7th St NW, DC, 20001

Sales through January 2007

The District recorded 210 sales transactions (including 24 flips) through the end of January 2007.

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

Rental / Resale Activity

Twenty-four units have been resold during the past two years:

Three units are for sale at this time:

  • #913: 2/2, $579,900. At this price, the owner achieves a $38,000 profit. "Seller will pay up to 3 year's worth of half of each months condo fees." Or, 1.5 year's worth. Incredibly, it's never been occupied, aka, "lived in."
  • #934: 1/1, $369,000. A $67,100 profit.
  • #1002: studio, $299,000. MLS ID #DC6331999. Profit = $67,100.

Prefer to rent?

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