tag:blogger.com,1999:blog-22305958.post3232662559893971651..comments2024-03-25T18:50:15.135-04:00Comments on DCmud - The Urban Real Estate Digest of Washington DC: Insider Interview: Scott Pannick of Metropolis DevelopmentKenhttp://www.blogger.com/profile/08295461340042242438noreply@blogger.comBlogger20125tag:blogger.com,1999:blog-22305958.post-13183963156499982282008-10-03T15:10:00.000-04:002008-10-03T15:10:00.000-04:00Scott Pannick is full of sh*t. If Metropole is so ...Scott Pannick is full of sh*t. If Metropole is so great why doesn't he live there as originally planned? The buzz I hear is that everyone who purchased a unit wants out of their contract. That place is all hype. It will never sell unless they bring prices down dramatically which would further screw everyone who purchased a place there. But it seems like Metropolis Development has no problem screwing people.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-82526695487536876292008-10-02T11:42:00.000-04:002008-10-02T11:42:00.000-04:00I walked by the building last night after eating a...I walked by the building last night after eating at Sushi Taro a couple of blocks west (yum). You can tell that they did some temporary exterior work to get the building ready for the opening but otherwise it's looking great. Vida was still open at ~10:30pm and there were people coming and going. It was weird to see cars parked on the building sides of 15th and P--the area looks normal again!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-58950094764359581352008-10-01T13:02:00.000-04:002008-10-01T13:02:00.000-04:00The Metropole sucks!! I was one of the original pu...The Metropole sucks!! I was one of the original purchasers of a unit and the place is close to 2 years off schedule! I want out of the contract but Metropolis Development is trying to illegally keep my deposit while they breached the contract. I am suing them and I know other people who have hired lawyers too. The place is such a rip off. I spoke to another buyer who got out of his contract because he complained the square footage was 20% off of what he was told. All Metropolis Development does is lie, lie lie! They are having a hard time selling despite what they are saying and they are not letting people out of contracts because they have no money left. This project is doomed. Mr. Scott Pannick was supposed to live in one of the units himself but when it is completed. He will no longer be doing that. Gee... I wonder why!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-82589267105372896062008-09-30T09:12:00.000-04:002008-09-30T09:12:00.000-04:00DCmud has always been one of the best blogs in the...DCmud has always been one of the best blogs in the biz. Honest, funny and often times spot on the mark. I think the comments made about buyers flight are valid, considering other condo buildings in the area that have changed their focus from sales to rental. <BR/><BR/>What wasn't said in the interview is as enlightening as what was and Scott should be proud of the tone and spin of the interview. I personally don't think any condo should fold, but sales cooling off seem to be the norm.<BR/><BR/>Now about those orange signs that say "October 2008" as a move in date...it's tomorrow already, Annie!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-45896327690163957832008-09-27T15:16:00.000-04:002008-09-27T15:16:00.000-04:00the way you phrased your comment, it just seemed l...the way you phrased your comment, it just seemed like you were saying that they were orange and therefore illegal. it didn't mention size.<BR/><BR/>i get defensive because dcmud never hides the fact that they are associated with a marketing company and i think they do a really good job of providing fair and accurate coverage of the industry despite the fact that they probably don't make money off this blog and still have to focus on their actual marketing.<BR/><BR/>it just seems to me that often times commenters on this blog take advantage of the fact that their comments aren't screened like they are on so many other blogs.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-36210609018211377422008-09-27T10:28:00.000-04:002008-09-27T10:28:00.000-04:00Why do defensive, dcgal? No one said orange signs...Why do defensive, dcgal? No one said orange signs were illegal. However, have you checked the appropriate DC code provisions regarding the permissible size of signage. Perhaps you should drop the know-it-all attitude and consider that others might actually know something that you don't.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-43535980873687039292008-09-26T14:28:00.000-04:002008-09-26T14:28:00.000-04:00Thanks for all the comments. The building is not ...Thanks for all the comments. The building is not yet complete; the lobby is done, the 2nd floor is 99% done, and the 4th floor is close behind. We hope to have completion by the end of this year, but no firm dates yet for total completion.<BR/><BR/>Yes, DCRealEstate.com (which includes me) is doing the marketing and sales, I thought it was obvious but my apologies if it seemed less than full disclosure. Sorry you don't like the colors; some love it. It wasn't really a strategy change, this is just the first opportunity to advertise in the new building, now that construction is near completion.<BR/><BR/>For those interested in seeing the inside, we will be open again tonight from 6-8pm, and again Saturday night 8-10pm during VIDA's grand opening celebration. Please feel free to stop by.Kenhttps://www.blogger.com/profile/08295461340042242438noreply@blogger.comtag:blogger.com,1999:blog-22305958.post-52678799338919290302008-09-26T13:26:00.000-04:002008-09-26T13:26:00.000-04:00Orange, illegal! Ken, you mysterious, self-intere...Orange, illegal! Ken, you mysterious, self-interested, deceptive man, take the signs down! Apparently orange is now both offensive and illegal!!<BR/><BR/>Perhaps a strategy change may have something to do with the fact that units are finally delivering and that it's time for passersby to know that they are in the homestretch. The public knows that they are Drop. Dead. Sexy., now they need to know that they are available. How do you do it? You draw attention to it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-91507979679111874872008-09-26T09:38:00.000-04:002008-09-26T09:38:00.000-04:00Went last night to the open, and it looked cool. ...Went last night to the open, and it looked cool. But this morning on the walk to work I checked out the Church Street side and was amazed to see crumbling concrete and exposed rebar on two of the balconies that haven't yet gotten their metal cladding. That cannot be a good thing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-38024580897204323572008-09-26T09:32:00.000-04:002008-09-26T09:32:00.000-04:00Well, DCGal, I'm still looking for where Ken ident...Well, DCGal, I'm still looking for where Ken identified himself as being with the company doing the marketing. You shouldn't have to do research to realize that a proponent of the building has a financial interest in its success.<BR/><BR/>As for your snide branding comment, the branding for this building was "Drop Dead Sexy" with a sophisticated black and white campaign. The orange in not part of the branding -- it is just an attempt to scream "We're Dying Here, Please Buy!" It is an offense to the neighborhood (and probably not legal, but that's another story).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-6100263296972027152008-09-26T08:34:00.000-04:002008-09-26T08:34:00.000-04:00I saw the bit about the grand opening -- is it fin...I saw the bit about the grand opening -- is it finished? I walked by yesterday around noon and plenty of construction workers were still buzzing around the building.Colinhttps://www.blogger.com/profile/03573575140584770666noreply@blogger.comtag:blogger.com,1999:blog-22305958.post-25590387226557593982008-09-25T23:18:00.000-04:002008-09-25T23:18:00.000-04:00I am sure folks reading this are aware that DCReal...I am sure folks reading this are aware that DCRealEstate.com is doing marketing, since it says right on the blog that DCRealEstate.com is the owner of DCMUD and said ugly Metropole signs say marketing by DCRealEstate.com.<BR/><BR/>In case you didn't put two and two together as I'm sure other readers are capable of - the signs, love em or hate em, will be taken down, but the building itself is stunning. I attended the grand opening tonight and I can honestly say that the finishes are very fitting, the hints of orange in 416 (which match the orange signs - funny, that's called branding - a thing marketing teams do) is, in fact, quite tasteful. <BR/><BR/>Call it over-priced, call the building long overdue - I think in the long run (as a buyer, which I am) it is far more valuable to have an attractive building with quality finishes and tasteful design than it is to have a rental building hastily converted or even a condo project finished by a less-than-sufficient GC.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-9080203507661560032008-09-25T22:48:00.000-04:002008-09-25T22:48:00.000-04:00Just so folks reading this are aware, Ken is with ...Just so folks reading this are aware, Ken is with the company marketing the remaining units at the Metropole. Drop dead sexy? Not with those hideous orange signs all over the place!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-24267052692887364682008-09-25T18:25:00.000-04:002008-09-25T18:25:00.000-04:00I love the Metropole. We wanted to buy a condo the...I love the Metropole. We wanted to buy a condo there for our girls, but we needed two bedrooms and our budget was $500,000/ We ended up finding that right behind the Metropole, at a small but full-of-character building on Church St. LOCATION is the most important factor in real estate, and these buildings definitely have it. We had been searching for a new/fairly new condo near Dupont for over a year, and finally we found it. I'm glad my girls are going to be neighbors with the good people at the Metropole.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-48180056166351178342008-09-25T16:14:00.000-04:002008-09-25T16:14:00.000-04:00The Metropole Grand Opening party is tonight, and ...The Metropole Grand Opening party is tonight, and settlements are now being scheduled for October, so those that hate to see grand-scale condo projects succeed will have to finally concede on this one.<BR/><BR/>As for the Dumont, having the sales team walk off the project without first telling the developer is certainly a debacle of the highest magnitude, no doubt. We'll wait and see how they chose to handle it.<BR/><BR/>As for other high-end condos, there are very few, mainly because it takes so much to pull it off successfully, and you put much more at stake up front.<BR/><BR/>Those that count inventory, like we do, know that the normal chatter has been about excess supply for the past 3 years, but very few projects have started since then, so the supply has continually gone down. These stats are not reflected in housing reports, because reports are compiled through MLS listings, and large projects don't show most of their units there. Whether or not there is 'excess' depends on demand, but it is lower than it has been in over 4 years, and there is nothing come along behind it.<BR/><BR/>As for Colin's comment about construction frustration and delays, the two are of course directly related. Having the GC declare bankruptcy in the middle of a project is an event you cannot make up for, and is directly responsible for the delay. Fortunately most projects (like Metropole) are bonded as an insurance against this, others would simply collapse, but you cannot recover the time you lose in getting a new GC.Kenhttps://www.blogger.com/profile/08295461340042242438noreply@blogger.comtag:blogger.com,1999:blog-22305958.post-73028841724798621682008-09-25T14:41:00.000-04:002008-09-25T14:41:00.000-04:00how many folks with contracts for the metropole ar...how many folks with contracts for the metropole are not going forward once (whenever) the building is finished? <BR/><BR/>how many are now not able to get financing and how many will not be able to sell their current metropolis development condo to buy the new one?<BR/><BR/>the dumont debacle (among others) seems to be some indication of what's to come in the short term. will the metropole go rental?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-69536453876478684992008-09-25T00:51:00.000-04:002008-09-25T00:51:00.000-04:00More than a year overdue, still not finished, and ...More than a year overdue, still not finished, and with some pretty questionable construction now being covered over by the fascade.<BR/><BR/>And, like all Metropolitan projects, there some very nice units, and some with very poor floorplans -- living/dining areas that are simply too small to be useful is a frequent problem. Scott may like his "Wow" factor, but often it is "Wow, how could anyone live in something that poorly laid out."<BR/><BR/>Funny how there is no mention of how he is selling the large unit in the Metropole that was built to his specs as his personal home. Rumor has it that this was required to raise funds to cover the construction overruns.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-67908501309217261382008-09-24T21:46:00.000-04:002008-09-24T21:46:00.000-04:00Funny that he cites the construction aspect as his...Funny that he cites the construction aspect as his biggest frustration. Isn't the Metropole like a year overdue?Colinhttps://www.blogger.com/profile/03573575140584770666noreply@blogger.comtag:blogger.com,1999:blog-22305958.post-32300072746396371522008-09-24T11:19:00.000-04:002008-09-24T11:19:00.000-04:00I agree with Scott that there is very limited comp...I agree with Scott that there is very limited competition with the Metropole. The question: Is that because there is limited supply in DC for very high-end condos? I don't think so, but it remains to be seen.<BR/><BR/>Also, how does Scott's MBA give him insight into market fluctuations? It's not mentioned anywhere except to introduce that he has a Harvard MBA.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-72878023363671828982008-09-24T09:23:00.000-04:002008-09-24T09:23:00.000-04:00Very cool guy!Very cool guy!Justin from ReadysetDChttps://www.blogger.com/profile/16295982382263471688noreply@blogger.com