Monday, June 12, 2006

The Condo Gods Giveth, and Taketh Away



It might be tempting to analyze recent developments in the Rosslyn/Arlington condo market and make broad pronouncements on "The State Of The Market," but we’ll leave such baseless articles to the Washington Post. We’ll just go with, "You win some, you lose some." Early this week, a planned grand opening for 1325 Pierce was canceled by the Dittmar Company, and instead the company has decided to move forward with the building now being apartment rentals. Originally, these 19 units, which feature 2 or 3 bedrooms and balconies, were to start selling in the $600s, but they are now being listed for rent starting from $2350/month. When contacted, a Dittmar representative confirmed the "reverse conversion" to rentals, asserting it was done to take advantage of the "strong rental market for 2 and 3 bedroom units." However, all is not lost, as just around the corner from 1325 Pierce near Ft. Myer is a new upscale condo project named Scene Cityhomes by Centex Homes. These units are expected to include secured parking, gas fireplaces, walk out balconies, stainless steel appliances, etc. - not to mention interior "translucent walls" for those always wishing they had x-ray vision. Units will range in size from 900 sf to 2900 sf, and prices are expected to start from the mid-$400's for 1BR/BA to $1million for the penthouse 2BR/2.5BA. Delivery will be in 2008.

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