Monument Realty has confirmed they are abandoning their second large condo-conversion project in as many months, citing a strengthening of the rental market and a weakening of condo sales in certain submarkets. Sales at The Prime, a 256-unit building at 1452 N. Taft St. in Arlington, near the Courthouse Metro station, have been halted, and the building will return to its former status as an apartment building to be managed by Monument. The DC-based developer bought the 14-story, 4-year old apartment building last year, and began sales in February of this year, with approximately 50 of the units having received written contracts. The Prime was to have been completed by the end of the Summer. In June Monument canceled sales at the Park Center in Alexandria, a 571-unit conversion, of which only about 60 units ever sold. The developer still has five other projects – mostly conversions - actively selling in the area, including the famed Watergate Hotel, where 13 of the 96 planned coops have sold. Monument added that it sees “very strong condominium demand…in the medium to long term,” and that “buyers who are waiting for condominium prices to drop further may be surprised to see that they do not.”
Tuesday, August 01, 2006
Monument Realty Cancels 2nd Condo
Monument Realty has confirmed they are abandoning their second large condo-conversion project in as many months, citing a strengthening of the rental market and a weakening of condo sales in certain submarkets. Sales at The Prime, a 256-unit building at 1452 N. Taft St. in Arlington, near the Courthouse Metro station, have been halted, and the building will return to its former status as an apartment building to be managed by Monument. The DC-based developer bought the 14-story, 4-year old apartment building last year, and began sales in February of this year, with approximately 50 of the units having received written contracts. The Prime was to have been completed by the end of the Summer. In June Monument canceled sales at the Park Center in Alexandria, a 571-unit conversion, of which only about 60 units ever sold. The developer still has five other projects – mostly conversions - actively selling in the area, including the famed Watergate Hotel, where 13 of the 96 planned coops have sold. Monument added that it sees “very strong condominium demand…in the medium to long term,” and that “buyers who are waiting for condominium prices to drop further may be surprised to see that they do not.”
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1 comments:
So what does this mean for other Monument Properties? Has the condo market officially reached its peak, or are the projects that are being abandoned not in an affluent area? I'm curious to see what happens with The Chase, an Apartment Conversion in Downtown Bethesda. While sales seem to be going well, one is never to know as the sales team strategically inflates the number of sold units to spur activity. Any thoughts on the issue?
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