Monday, August 06, 2007

The Best Laid Plans...

I don't remember when it started, but Monument Realty bought the Watergate Hotel a few years ago with plans to turn it into an exclusive co-operative building. The WaPo reports this AM that the hotel has closed:

After 40 years, the hotel was looking a little tired. So its owner said it was time to shut down for 18 months and launch a $170 million, top-to-bottom renovation of the landmark 13-story building on Virginia Avenue NW on the banks of the Potomac.

But what happened to the plans for a co-op?

For Monument, the hotel renovation was Plan B.

The company bought the hotel with the intention of converting it to upscale cooperative apartments. Some residents in the Watergate complex argued that a hotel was better for the health of the Watergate complex and challenged the conversion in court.

Meanwhile, the condo market softened and the hotel industry thrived.

With all that, Darby [principal of Monument Realty] said, "it was an easy decision."

The WaPo had another article this AM about the softening real estate market in Rehoboth Beach. Incredible deals are being offered:

[The buyer is] considering a property along the canal, Blue Point Villas, where the developer is offering to pay her mortgage for six months, plus six years of condo association fees, $5,000 toward closing and a 15 percent "developer closeout" discount on the sale price.

I might be able to buy that beach Route 1 front retirement home after all!

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