Comments on: Downtown Still Dropping (Like It’s Hot?)

By: pqresident

pqresident — Thu, 05 Jun 2008 20:45:26 +0000

often the best source for what a developer plans is the developer itself (or the sales agency). if you really want to know, call the developer’s HQ or regional Vice President directly – skip the sales agent. developers can still be very tight lipped which may not be so friendly for purchasers but it is their prerogative. I endured a 7 month delay in 2005 before moving into my new construction building and the developer released almost no information about why the delay took place nor the estimated duration of the delay.

the credit markets now are far different than what they were when these construction projects were financed and started so a change in plans for a building should not surprise. many buildings converted from sales to rentals as the equation that determines which mode is more profitable swung towards rentals. if a developer has the resources to not drop pricing, leave the project unfinished longer and it’s to their benefit, then that’s what they’ll do. if they need to move the merchandise, you’ll see a more “friendly” attitude. the legal boundaries are defined in the sales contract. after months of delay, the developer of my building called one day and wanted to go to closing in ten days! I told them that they could wait two more weeks to make it more convenient for me (technically, they didn’t have to do so).

many got used to real estate prices rising quickly but the rise had much to do with the availability of cheap, unregulated money being available and not so much basic supply and demand.

PQ Living doesn’t advocate one condo over another. if you’re thinking about buying new: ask a lot of detailed questions and hire your own attorney to review the sales contract before you sign it.

By: Pency87

Pency87 — Thu, 05 Jun 2008 19:54:24 +0000

Anon #9: It is an Alison floor plan (raised bedroom, Juliet balcony) facing west overlooking the DuMont. Not really a blocked view in the sense that the DuMont is the same hight as Madrigal (I hope our future DuMont neighbors buy curtains. Or maybe I don’t.). Plus, we have a really nice look both to the northwest and the southwest (squint and you can see the Potomac). And the view from the roof deck is amazing. Sadly, I think you may be correct about the most desirable units already being spoken for.

By: Loofa133

Loofa133 — Thu, 05 Jun 2008 19:03:19 +0000

I’ve been told that the Dumont building right on the 4th and Mass corner (I believe that is correct) will be just a shell. Nothing will be done to the interiors for 2+ years. The developer is holding out for the market to rebound supposedly.

By: anonn

anonn — Thu, 05 Jun 2008 18:06:07 +0000

Pency87…can you provide a little more…which plan on the Madrigal site and whether views are North, South, etc; partially blocked or not. I looked at one studio and it had blocked view of loading dock and church parking lot. My impression was the good units were gone/nearly gone.

By: PQ

PQ — Thu, 05 Jun 2008 14:57:07 +0000

Any word on what the second building in the Dumont will be? I’ve heard rumblings that it may be turned into a hotel instead of condos.

By: jnwilkie

jnwilkie — Thu, 05 Jun 2008 14:54:10 +0000

Under 300K with parking is definitely reasonable. This is a great neighborhood with a good future.

It’s interesting about the Dumont… with less than half sold I’d think they’d be more flexible.

By: Loofa133

Loofa133 — Thu, 05 Jun 2008 11:51:41 +0000

As far as I know Dumont will not negotiate at all. We were interested in buying one, but they wouldn’t budge. But this was last month, so who knows what changed.

In general, around here, particularly near 4th a 5th (Madrigal, 400 mass, yale lofts, etc.) prices seems to be very negotiable. I’ve heard of several people getting 1br unites + parking for under $300 which at my first glance seems reasonable.

By: jnwilkie

jnwilkie — Wed, 04 Jun 2008 21:29:16 +0000

Dumont is about 45% sold and they are starting settlements in August. I’m sure they are willing to negotiate to get deals on the table. Plenty of competition out there with City Vista, Madrigal, Yale Steam, and even some of the Penn Quarter buildings with comprable prices/amenities.

By: Pency87

Pency87 — Wed, 04 Jun 2008 20:29:57 +0000

I closed two weeks ago on a one bedroom loft at Madrigal. It’s on the 11th floor and I paid $385,000 including parking and with some low-level negotiating with the sales team. I am a first-time homebuyer but moved very deliberately and feel very good about the whole process. I love the building and am so happy to be staying in the ‘hood (currently at Mass Court apartments). Just wanted to add my experience, for what it’s worth.

By: MVT Anon

MVT Anon — Wed, 04 Jun 2008 16:42:04 +0000

Typo on #2 – I meant only unit without a “balcony”.

These things happen when surfing internet in an office cube environment =)