Saturday, June 21, 2008

District Sales: March 2008 [preliminary]

The District has finally posted records of sales recorded in March 2008 in its real property sales database. I've just begun scrubbing the data and have identified a few dubious records. However, the table below reflects preliminary sales figures.

I can guarantee this will change, but it's at least a first glance.


Anonymous said...

Any thoughts on 425 Massachsuetts Ave. (The Dumont) being completed "on time"? i.e. August?

Keith said...

I have no insights on that building. Perhaps someone reading this can help.

Anonymous said...

I have been watching the market for a while now. Prices are now starting to come down, albeit slowly. I have seen units at 400 Mass Ave selling for under $400 a square foot, including parking and in a building with a great rooftop deck.

I have been to a few buildings in the past weeks. The realtors marketers still spew the same nonsense about being 50% sold and try to sucker people into buying. Try the Floridian, Logan Park or Yale Steam Lofts, all nowhere near sold out. Remember, however, there is a lag in lowering prices. Prices are not lowered until all the presales are closed or fall through, with money left on the table. Then about six months later, depending on traffic, they are forced to lower prices.

I estimate that prices should be about $400 per square foot at the bottom of this (in the city), back to where it all started for the basic condos. The high end, well located, units with 11 to 18 foot ceilings will command about $500 at that point.

There is still a ways to go on this.

Anonymous said...

The Axis on Cap Hill is desperately trying to make 50%. Their web site claims it, but in reality they only have 6/20 under contract. And now they've closed their sales office through June because of electrical problems.