More DuMont Condominium Rumors (Hotel In The Works?)

Well, this is worrisome since I just purchased a condo there. GP, can you reveal your source for this information? Or the hotel that will be moving in? Thanks.

Anon: Apparently, unnamed real estate agents (not DuMont sales people) are the source. Again, pretty flakey info but we thought to throw it out there in case anyone else has more solid info.

According to DC condo review: As of the end of August, 2006 the Dumont is around 35% sold.

Since that was almost 1 year ago, we’d guess that they’re at least over 50% sold now. So, we’d be surprised if the development was switching to a condo/hotel project at this point.

I know that the Dumont is being sold in 2 phases because there are two buildings. The first building has units for sale now. The second building is being delayed for condo sales, so it could be true that the second building, which hasn’t begun sales, is being switched from condos to another purpose. I was afraid that it would switch to apartments, but it seems that I should have been more afraid that it would switch to a Motel 6.

The Dumont has its sales office in my building, so I’ll try to wander in and ask next time I’m around when it’s open. I forget when it closes.

I have to say they have a very appealing sales office. Every time I have new friends over they’re intrigued by the Dumont office. I always think it looks like the set of a sitcom or play (in a good way)!

I checked out the Dumont and am impressed with their floorplans. They are pitching themselves as a luxury building. Don’t remember if that meant luxury pricing also. I haven’t heard anything about a portion of their project becoming a hotel.

We also have a unit at the Dumont. We bought the day they went on sale.

Converting at this point would be a challenge. The parking structure is already in place as one shared for the 2 buildings.

ALso, we live across the street now. It appears they are building with the original floor plans for both buildings.

When you bought in the first building your book alos had floor plans for the East building.

I checked with the sales office and they said that the building will still be condos and is not being converted into a hotel.

Well, the proof is in the pudding – all I can add is that despite having the means and interest to purchase one of the penthouse units in the second phase the Dumont sales folks have refused to show me as much as a floor plan. I have reasons not to purchase in the first phase building. Some of the comments here sound more like wishful thinking – the parking garage could easily be sectioned in a number of ways and the second phase, being an entirely separate building would not be difficult to convert to suite style hotel use.

Actually – I’ll out myself here… I heard this rumor from a few sales agents in the local area who heard it from the DuMont architect. The rumor is that the Mass Ave. facing side (not the whole complex) has been sold to an unnamed hotel.

Now – clearly this all reads like a middle school rumor however it’s worth putting into the BS-meter. As a prospective DuMont buyer it certainly gave me pause.

But surely they’ve already contracted some of those units. If so there’s no way they could reverse course now without it being very public.

Just remembered this …

The new Rockville Town center was to have 4 separate condo buildings (all done by the same developer). They had started selling units in all 4 buildings when the market turned sour.

The developer decided to switch 3 of the buildings to apartments and move all the existing contracts into the one remaining condo building.

Some people were very pissed by this as they had wanted specific locations and/or floor plans. I’m sure the developer had to make some concessions but my point is this:

The developer friendly contracts that we all sign probably have an escape clause in there allowing the developer to do whatever he wants with the building right up until settlement.

So it is conceivable that Dumont could switch to Hotel even after some units have been contracted. But such a switch certainly would be much more than a 3rd hand rumor.

My understanding is that the DuMont is still under 50% sold and some of those sales are investors. Sounds like another building that is poised to sit with considerable numbers of empty, unsold units. The developer clearly may need to take action to convert to a hotel or apartments.

I just saw this example over at DCMUD: “90 percent of the units had been sold and the project was just about finished (these contracts were cancelled). But now, in an interesting twist, it now appears this stylish building will become an extended-stay corporate housing location operated by PA-based Korman Communities Inc., which bought the property from Peete for $43 million”

90% sold, nearly completed, and then converted to corporate housing!

Korman also bought out the property at 1710 H Street which originally was going to be sold as condos but that was over a year ago. Writing on the wall, perhaps.