While looking at the condo ads in the Wapo real estate section Saturday, I noticed that the Sonata (located at 301 Mass Ave NW, "The View is Priceless") is advertising price reductions of up to $75,000. To recap:
The Sonata is a 12-story, 75-unit condo - the first to go up in rapidly gentrifying Mt. Vernon Triangle, near the entrance to I-395. Developed by Wilkes / Quadrangle (now doing Madrigal Lofts and the Concerto). With a small footprint, the Sonata has only a few condos per floor, with 10' exposed concrete ceilings for an attempted loft effect. The project sold out in mid 2005 after only 2 months on the market at the height of the condo frenzy, building was completed in December 2006, settlements to begin January 2007. Built by Glen Co.
Moreover, the ad touted that only four units are left! And then only listed prices for three. But didn't account for the other 8 that haven't sold per the District. Confused? According to the District, 75 units were built and 63 have sold, leaving 12 that are still available. But only four are left!
Leaving confusing mathematics aside, it's interesting to see how much equity is being destroyed for those who already own units in the Sonata.
Old price: $451,900
New Price: $386,900
Old price: $640,900
New Price: $599,900
Old price: $825,000
New Price: $750,000
If I owned a unit at the Sonata, I think I'd be a tad unhappy that the developer is lowering prices 6.4 - 14.4%, less than a year after I closed on my unit.