Wondering How New Condos Are Selling in Logan/U Street Area?

DSCN2893, originally uploaded by Prince of Petworth.

I got an interesting press release from Bogdan Builders yesterday. They write:

“Bogdan Builders has established itself as a leader in Metro Area condominium sales, according to independent sales figures in the McWilliams Ballard Mid-Year 2009 Washington Metropolitan Area Condominium Report. With its winning position in Metro Area condominium sales, Bogdan Builders dominated the Logan Circle U-Street submarket for new product sales beginning in 2008.

As other projects in the Logan Circle and U-Street submarkets struggled to gain traction in the marketplace, the phenomenal sales pace of Bogdan Builders

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  • The Floridian is having issues selling because there are apparently major problems with the lenders on the project- I believe it’s in foreclosure right now, so don’t expect much movement until that’s sorted out. Interestingly, there’s actually decent demand for the buildings, if only because of its proximity to U St and the its “unique” look.

  • That is indeed encouraging. With so many new buildings going rental, and relatively few big projects in the pipeline for the U Street / CH area, the glut of condos should be basically dried up within a year, which is not something that can be said for many cities. Hopefully when housing prices start to rise again (hopefully in a year or two) DC will return to equilibrium and some dormant projects will see incentive to get off the ground.

  • I bought a condo recently at CityScape. It’s a great development and better, IMO, than the Union Row stuff. Plus, because it received less publicity, I think I was able to get a better deal than I would have at Union Row, which doesn’t seem to be budging much on prices. I’ll also note that when I toured Solea, I thought the quality and finishes were rather cheap…but so was the price. Great views though. Luxury condos in the U St. area seem to be selling well, which probably makes some developers regret their decision to go rental (I’m thinking View14 in particular, with its great hillside location next to CityScape).

  • Yeah, These numbers are surprising good. I had the idea that they’d be lucky to sell 50% of their units (although if you give some of these buildings 2-3 years to sell, then that might mask the true level of demand).

    It would be interesting to see if how strong the correlation is between condo prices in these nieghborhoods and rowhouse demand.

    Btw – what does IMO mean?

  • IMO = in my opinion

  • The units with perks — those with views, balconies, private roof terraces, hot tubs, etc. — are going quick, but the less desirable units — those that would sell quickly in more desirable neighborhoods — aren’t selling at all.

  • Metropolis and Jair Lynch must be taking a beating!

  • Old man Needle would open up an old plumbing supply shop before sun up every morning since the 1950’s with no heat at 807 V Street, NW. He died in 2005 at age 88.

    The Gilbert Needle family had their timing just perfect folding Atlantic Plumbing Supply and selling their parcels, two acres of land assembled and sustained over 50 years for $30 million three Summers ago where the Floridian and other failed and struggling developments now stand:


  • Charles, according to their website the penthouses are actually the only units left – everything else has sold.

    And note that the figures in PoP’s entry lists only five units left unsold.

  • the Floridian is a cheap piece of crap – that’s why it’s not selling. that and the fact that no one answers the phone in their sales office and I am pretty sure no one actually hangs out in the sales office either. a lot of these project that were finished in the last year probably will have cheaper finishes as the developers were wary of losing too much money. I toured CityScape on Belmont – the finishes were nice for the most part, but a lot of the lower units had a pretty crappy view.

  • @Aj The Floridian is not selling because it is under a lien and literally (and legally) cannot do anything with the existing units. The lender on the project foreclosed on the builder. They are not allowed to sign any contracts until this dispute is resolved. If you are not allowed to sell units, what is the purpose of spending good money staffing a sales office or paying someone to answer the phone? That said, I toured those units last summer and while I found the living spaces to be small, I thought overall the units were nice, with some fairly high-end finishes. Should the builder ever sort this financial mess out, I would consider buying there.

  • I work on the Solea project team for JAIR LYNCH, and for the record, we’ve got 56 residential condominiums, 50 of which are under contract. We are really pleased with how the market has responded to our project and to this neighborhood in general.

  • The numbers look good, but a few of these projects have been on the market a pretty long time. I would expect Logan / ‘U’ Street to sell well. What about one neighborhood north (Columbia Heights) or one neighborhood East (LeDroit)? How are condo units moving there (like Kenyon Square, Parker Flats) ?

    I like the Floridian. I do not think it sold well because the building across the street though shorter has a nicer roof deck, lesser finishes but the condos look bigger. Why buy small / new when you can buy bigger (likely one owner) unit across the street and upgrade finishes.

  • Solea – I heard Lynch is just a straw man front of a developer (minor equity partner). Is that true?

  • Interesting numbers. I live in a 2br in the Metropole (best location in the city, IMO) and ~40 units sold sounds right. There are people moving in frequently, though, so it seems the new sales team (McWilliams Ballard) is selling units at a good pace now that the smaller ones, second-floor units are better priced.

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