Wednesday, September 30, 2009

Velocity Condos Opens in Southeast DC

The Cohen CompaniesVelocity Condos, near the SE Navy Yard Metro and Nationals Stadium, hopes to entice buyers with their October 3rd and 4th "Grand Opening" event to celebrate completion of construction. Developers worked with ADC builders to create a condominium complex that promises to give on-the-go DC-types a taste of “downtown Manhattan in the middle of DC.” Boasting standard "luxury" features like stainless steel and granite, Velocity hopes to entice very patient buyers to invest in the Capitol Riverfront's only new condo for sale.
The 200-unit, 14-story Velocity features standard amenities like the 24-hour concierge service and underground garage parking. But the sales team hopes other touches like Velocity’s rooftop pool deck, private balconies, full-height granite backsplashes, and built-in lazy Susans will go a long way toward separating these units from the pack. Residents may even have a manicured central courtyard to look forward to next year, if plans coalesce for construction of an identical, 200-unit, Phase 2 condominium next door; but that looks unlikely, and the lot is still vacant. 

  Sales Manager Vicki Johnston explains that some of the condo's finer details like extra walk-in storage space and deeper-than-standard bath tubs can be attributed to a woman’s touch as they were envisioned “by the amazing, completely female design team at GTM Architects.” And according to Johnston, Southeast DC condo shoppers might be "surprised" to learn these are “the only condos in the ballpark area. All the other units around here are co-ops and rental units.” Of course that may be by default - since JPI's three nearby condo projects turned rental thanks to the market (JPI fizzled as well), as did Faison's Onyx, all of which are now substantially leased (ok, thanks to giving away months of free rent). Then there's Velocity. Since beginning sales in 2007, only 58 of the available 200 units have been purchased—so it might be premature to rule out rental units in Velocity's future. Despite these modest sales numbers, Johnston sounds confident that the right potential buyer could rake in big bucks on resale, assuming he or she is “willing to hold out for a little while.” Prices for Velocity units begin at $317,900 ($295 condo fee) for a 644 s.f. studio and run the gamut up to $784,900 ($683 condo fee) for a 1,492 s.f. 2BR/2BA/Den combo. The one bedroom, two bath, den condo has been the most popular among buyers thus far and runs $483,900 ($488 condo fee). If you are willing to take the risk while the units are still plentiful, the rewards include a $1,000 credit towards customizing your own closets and a free parking space worth $35,000 (the garage holds an unusually high ratio of 1.5 spaces for condo). Now, it’s only that small matter of the neighborhood building up around it.

District of Columbia retail and real estate development news


Caeli Andrews on Oct 2, 2009, 10:33:00 AM said...

Sydney, I am sorry to burst your bubble but not every building in DC can be a condo. There is a place in DC and all metropolitan areas so why not at the Front? I would say it is better to have a neighborhood that has a mix of renters and owners to diversify the area. We are in one of the worst financial times for this a country so the fact that JPI and Onyx finished building is an accomplishment. They could have stopped construction and walked away, but they didn't and now have their buildings at 70% of capacity or more. I would have to say thats not bad for a neighborhood in which over 100 buildings have been demolished since 2003. Just another way to think about it!

Anonymous said...

I have been living here for the last year and a half as a tenant. The worst experience ever. The management treats you like they are your business partner, rather than a residential community. They follow you around and do not know how to mind their own business. They charge extraordinary fees for everything. If you have any guests over, be sure to get complaints from the entire building. Even the concierges treat you poorly (although a few of them are very nice) - these guys are ridiculous, we pay you, not the other way around! I don't need to be catered to, but I do need to be left alone. So I finally decided enough was enough and decided to move out - guess what, they are demanding a $250 move out fee. Are you kidding me?

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