So I was perusing a listing of condos for sale in the MLS tonight, something I hadn't done in a while, and I noticed a large number of units available at 1314 Massachusetts NW; they've been on the MLS listing for a few weeks. After working Google for a while, I found out that's the address of The Grant, a new apartment-to-condo conversion that must have just finished construction [the conversion project is described here]. As detailed on DCRealEstate.com:
The Grant is a historic building overlooking Mass Ave. on the edge of downtown, currently being converted into condos by local investor-developer Vanguard Realty - Hamilton Group Development. The conversion will turn 85 small apartments into 65 condos with new kitchens, new windows, and w/d in each unit. The building was purchased September 2006 for $5.4m, the conversion process is now underway, completion expected in June. Prices for a studio - falling somewhere between 300 & 400 s.f. - will be mostly $189k, 30 one-bedroom units will start in the 'low $300k's". 4 two-bedroom units will also be available. Sales, first by PN Hoffman, now by Tutt Taylor & Rankin, began in November 2006.
None of the units - sold or not - are listed in the District's real property assessment or real property sales database [today] so I guess the paint's almost finished drying on this one. However, I do note that of the 63 units that were supposed to be built, 32 are listed for sale by the marketing company, which tells me pre-sales, which I assume were attempted, must have been very disappointing.
Three of the 32 listed units are 2 bedroom units, the remainder are 1/1; unit sizes are 630 - 1086 sq ft. The prices for the 1/1 units are in the range of $356,500 - $446,500; price per sq ft is $513 - $566/sq ft. However, don't expect that the price for the least expensive unit, e.g., #804, has the lowest price / sq ft; it doesn't. It is the most expensive / sq ft.
I don't wish these people ill, I'm simply noting that a new building is coming online with less than half the units sold. Its neighbor down the street, TenTenMass ["Move in now!"], should be coming online shortly. It'll be interesting to see if the Grant's situation is a precursor of its success or a reflection of the fact that the Grant was an apartment conversion competing against nearby new construction, e.g., the Whitman and the Sonata.