Tuesday, July 31, 2007

Condo Sales: The Grant [Preview]

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.


Anonymous said...

You have to be kidding. No balconies. Crappy room arrangements (look at the "den", which is off the bedroom and only entered from it). No gym. No pool. No parking included. Really unimaginative design.

Same price or higher than the new construction units nearby?! Any of the Mt. Vernon new construction (excepting the awful 555) is better than this, and you cen get all the amenities for the same or less.

Hello? "The Grant" developers? 2005 was two years ago. Idiots aren't getting into bidding wars over a cardboard box anymore.

Anonymous said...

Well said! In Dec 07, we were 3 potential buyers and wanted to buy 3 separate units.

They wouldnt budge on their prices AT ALL!! The "best" they could do was give us the really awful units, like the one that is pretty much underground in the basement with no light.

Very, very cheap design and remarkably distasteful lobby. The first time you enter, it was cute, but after the second, third, fourth... you start to cringe. Oh, and the elevators are like from the 1970s! The main reason we passed on this was because they didnt bother to replace the elevator. We felt claustrophobic in it and there is no way you can move furniture in using that elevator. You'd have to walk everything up.

In the end, theyre stupid for not taking our offers. I agree on the bidding war comment. They got what they deserved in the end - a bunch of unsold condos for trying to make an extra buck.