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  • As a nearby resident, I care much more about the owner finding a quality tenant for the lower level retail space. Let’s hope for a nice restaurant or a fast-casual place like SweetGreen or Chipotle. Maybe a nice bakery/deli. A family friendly burger place.
    While I would have preferred them to remain as condos, which I think encourages people to stay longer in a neighborhood, I’m just happy to see some development going on. Now if we can only fill those vacant store fronts on Georgia Ave.

    • A bunch of people on here talked about selling their houses in 2 years or less. I lived in my first apartment for 7 years. Obviously these are anecdotal, but I’m really sick of the “renters are worse than owners because x, y, z,” talk, especially when housing costs are so high in this city.

      • I think owners are better than renters when you are talking about houses. But when it’s an apartment then I don’t see why it makes a difference.

  • That’s disappointing — there are already so many rental units in the vicinity (Park Place, the Griffin, the Swift); it would’ve been nice to have had some condo units and with luck, longer-term residents as a result.

  • Admittedly I did a couple of lazy clicks, so pardon if I missed, but any idea of rental prices???

  • The writing is on the wall – the next real estate downturn is not going to end well. This is probably the 3rd or 4th major development to switch to rentals in the last year or so. Developers are basically saying that they don’t think there will be a pool of qualified buyers to purchase these (either due to lack of downpayment, higher interest rates pushing down prices, lack of interest in this location, or a combination of factors).
    Caveat emptor if you’re buying now.

    • Caveat emptor, forever. Upper CH/Petworth were particularly hard-hit during the last dip. With that said, I think that it’s a completely different situation there now than it was ~8 years ago.

    • I respectfully disagree. Erkiletian (buyer) paid over a million more than what PERS expected to make selling the units individually. Plus, the per-unit price on the bulk sale is 100k more than Swift’s bulk sale. Lastly, PERS is working on a 120 unit building in NoMa, and as a medium size developer, they definitely need the cash. This WBJ article lays it out a bit better than Urban Turf:

      • Guillermo, are you talking about the lot PERS owns between P and Florida NW (that’s currently a parking lot) for their NoMa building? Or is this something else?

        • From the WBJ article: “That price was more than Bassam could have brought in selling all of the units individually and will enable the company to move forward with other projects, including a larger 120-unit development in NoMa.”

          I don’t know which one specially they’re referring to. My point was just that I’m sure they can use the cash to roll into another project.

    • FWIW, the Gibson — several blocks down on Georgia Avenue — went in the other direction (rentals to condos).

    • It’s always stressful to buy, and it is always a risk. But I wouldn’t read too much into a building switching from Condos to Rentals. It doesn’t necessarily portend that there is a bubble burst coming. Although I agree there is a lot of “built-in price” to so-so areas such as Petworth, Trinidad, Hill East, and some other transitioning areas. I just say a condo today in Hill East (near Potomac Metro) that was selling for $683 per sqft. That’s Logan Circle price, now that is quite a build-in imo.

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