Union Row (2125 14th St NW, 20009) is a PN Hoffman project comprised of two complexes: the Flats and the Warehouse. The latter is a renovation of two pre-existing warehouses. The project won the National Association of Home Builders (NAHB) 2008 Pillars of the Industry award in the category of "Best New Loft Condominium Community."
As described by these folks, the Flats at Union Row:
...is new 8-story, 216-unit condo building in the heart of the U St. corridor, starting at $270k for a studio, to $1.2m; one-bedroom condos from the high $300's, two-bedroom condos from the low $500k's, though the project has seen several drastic price cuts since the building was finished, most recently in January '08. Some units will offer floor to ceiling windows and glass bays in a glass-dominated facade, which should offer city views. The sales office reports that the project has sold more than 80% of its units, the first delivery took place in Fall 2007.
Moving to the Warehouses at Union Row, my same friends tell us that:
Now selling, the Warehouses at Union Row features 52 split-level and single level 'townhouse style' condos in a converted and expanded warehouse - 2 parallel buildings separated by a courtyard, with some 3-level condos featuring floor to ceiling windows. Condo prices ranged originally from $495k to over $1m, with the multi-level upper units starting at $864k, but prices dropped in early 2008. Sales began in early 2006, the first deliveries took place in November 2007.
According to these peeps, the estimated project cost for these two buildings was $90MM. If I read the Recorder of Deeds records correctly, the land cost about $12.3MM
Sales, Resales, and Rentals
According to the District, 115 of the Flat's 216 units have sold through April 2008; 16 of the Warehouse's 52 units have sold in that time. Not quite the 80% puffed by the sales office. The table below lists all sales recorded by the District (use the scroll bar on the right to browse the table).
The original owner of unit #703 has met the greater fool. After having purchased the unit, a 1/1 with 700 square feet, for $398,900 in January 2008, someone actually bought it from her for $425,000 in April. Granted, this unit includes one of the fifty parking spaces available in a building with more than 200 units, but does that warrant a $26K bump in less than four months when 100 other units in the same building are still available? I can imagine what many other would be DC condo sellers who are reading this are asking: does he have any friends?
My new BFF tells me that one unit, #304, is listed for sale [MLS #DC6814242]. It's a 1/1, 700 sq feet with a parking space. Originally purchased for $352,634 in September 2007, this Union Row pioneer thinks $425,000, a $72,366 profit after a 10 month holding period in a DECLINING market, is a reasonable price. Too bad the greater fool has already purchased #703.
I've not found any units listed for rent. A parking space is available for $280/month.