With the number of buyers down,inventory up, and median sales prices of condominiums in the DC area staying about the same throughout 2006, developers are looking for new ways to attract condo buyers. Is it a top-of-the-line kitchen or bath, a green roof, or an amenity package that beats all others that’s enough to wow the buyer? Find out what developers, builders, and architects are doing to make the high-end buyer take notice.
The Lacey
For Ali R. Honarkar, partner at Division1 Architects, The Lacey represents all that’s modern about condominium design. Named after Lacey C. Wilson, Sr. and Lacey C. Wilson, Jr., longtime proprietors of the former Florida Avenue Grill where The Lacey will be built, the new condominiums will include 26 units on four levels. Totaling 24,000 square feet, the building will incorporate studio, one-bedroom, and two-bedroom designs featuring high ceilings, fl oor-to-ceiling windows, exotic wood fl oors, high-tech wiring, kitchens by Studio Snaidero, and baths with Hansgrohe fixtures. With prices ranging from $300,000 to $1 million, The Lacey offers luxury in spaces that redefine condo design. Sales opened in September.
2501 Pennsylvania Avenue
“2501 Pennsylvania Avenue is conceived and designed to be the most elegant and luxurious condominium building to be built in Washington,” says John Mason, president of Intrepid Residential, the developer of 2501 Pennsylvania Avenue. The typical unit is 2,750 square feet with two bedrooms, a custom Poliform Washington by SagartStudio kitchen and closet system, a family room, and spectacular windows. “No other project has that kind of equipment standard,” Mason says.
Released for sale in October with starting prices at $1.8 million, 2501 Pennsylvania Avenue will include 18 units total with three per floor, wide plank eco-friendly teak, Brazilian cherry or oak flooring, top-of-the-line appliances, whirlpool tubs, marble floors and counters, and brushed nickel fixtures.
Each unit includes two parking spaces. The penthouses can be custom designed from floor to ceiling. The level of detail in this boutique building is beyond comparison, Mason adds.
“A lot of time and attention went into refining the layout of the 2501 Pennsylvania condominiums,” says Vincent Sagart, principal of Poliform Washington by SagartStudio. “Working closely with BBG-BBGM architects, we were able to develop spectacular open spaces with an excellent flow where built-in cabinetry became seamlessly integrated into the interior architecture of each unit,” Sagart says. Owners will have a chance to utilize the full services of SagartStudio to personalize their kitchen, dressing room, and other cabinetry before it is built at the Poliform Varenna factories in Milan. “This is a building developed with great synergy and extra care,” he adds.
T Street Flats
Stan Voudrie, vice president of Four Points LLC, is excited about 14th and U streets and especially about T Street Flats. Partnering with Ellis Development Group,Voudrie is introducing one-bedroom, one-bedroom with den, two bedroom, and two penthouse units at T Street Flats, which includes historic space that was the former RL Taylor Motor Co. showroom and Ware’s Department Store.
“We’ve got two unique buildings,” Voudrie says, “a real industrial loft type space … then new construction that sits above the historic building. T Street Flats stands out above others.” The units will have a New York fl at feel in both historic and modern settings.
Designed by Sorg and Associates, T Street Flats will offer professional stainless steel appliances, European-style cabinetry by an American manufacturer, and polished concrete flooring with the option to install hardwood. With a few of the 38 condos released for sale soon, prices are estimated to begin in the mid-$600,000s. There will also be ground floor retail.
The Alta at Thomas Circle
Delivery is underway and only a few units remain at PN Hoffman’s The Alta at Thomas Circle at 1133 14th St., NW between Logan Circle and DC’s business district. In anticipation of delivery and sales of the remaining units, PN Hoffman hosted a designer showcase event in October in Unit 602 decorated by Design Works Interiors Inc. and Unit 610 decorated by Artefacto. Potential clients previewed the spaces to see how they might decorate to take advantage of the building’s upscale amenities. Standard features include open loft designs, European-inspired porcelain tiles, stainless steel appliances, and 9’ ceilings with exposed ductwork.
In Unit 602, Amy Ross, principal at Design Works Interiors Inc., looked to the fall for inspiration and incorporated hues of vibrant orange and rich chocolate brown. Using furniture from West Elm, Ross says, “Our furniture style had a clean, sleek, urban line that complemented the loft interiors of the PN Hoffman product.” Carlos Forato, general manager and interior designer at Artefacto, created rooms that were connected but slightly divided in Unit 610 by using decorative elements, such as hanging coconuts between the kitchen and living room. “The design was based on bachelor living…comfortable but cool,” Forato says. “Mirrors also made the spaces seem bigger.” In the bedroom, a sofa bed provided a flexible alternative for the small area by creating a place to lounge and sleep.
See Design Works Interior Inc.’s and Artefacto’s finished designs in Washington Spaces’ Winter 2007 issue.
City Overlook
Working on sustainable designs since 1990, Gail Montplaisir, president and founder of Taurus Enterprise Group Inc., is pleased to see the progress of green building within the city. Two of her current projects, City Overlook and Lofts Eleven, feature not only green roofs that are about 50 percent of the buildings’ footprints, but also bio retention areas and pervious paving that absorb rainfall, creating less runoff. South facing window walls of glass to encourage passive solar heating that lowers heating costs in the winter, brise-soleils that deflect sun in the summer, and building designs that allow cross breezes influence Montplaisir’s projects.
Montplaisir purchased and moved into a unit at City Overlook. “It’s important that I live in my projects to see how they work … especially from a sustainable standpoint,” Montplaisir says. Prices for the remaining three City Overlook units range from the low $400,000s to $1 million. Prices at Lofts Eleven range from $500,000 to more than $1 million with 40 percent sold.
Turnberry Tower Arlington
“When they say luxury, they mean luxury,” says Eric Blazer, a recent purchaser of a two-bedroom, two-bathroom condominium at Turnberry Tower Arlington. Besides the building amenities, such as the fitness center with pool and spa, restaurant, media room, and concierge service, “the location is one of the best,” Blazer says. After reviewing all floor plans, he decided on the D plan, which he felt was the best value.
Jim Cohen, vice president of sales for Turnberry Ltd., says Turnberry Tower Arlington was on the forefront of the revitalization in this area. Located near Key Bridge, Georgetown, and Metro stations, Turnberry Tower will also offer floor-to-ceiling glass, high ceilings, state-of-the-art technology, solid core doors, private elevators, European-style kitchens, and full valet service. Professionally designed spaces, including the lobby, complement the building and condominiums. The ultimate units – tower suites on top of the penthouses – are priced at more than $6 million.
The Eclipse on Center Park
The Eclipse on Center Park condominiums in the heart of Arlington come not only with upgraded finishes, such as granite counters, hardwood floors, and rooftop patios on select units, but also with a 42” flat screen TV in each unit. Developed by Comstock Homes, the 11-story Eclipse has magnificent views of DC including the National Monument, the Capitol, and the Potomac River. With less than 50 of the 465 condos still on the market, the ones remaining offer top floor vistas.
Project amenities include 80,000 square feet of retail including a Harris Teeter, an in-house movie theatre, a fitness center and swimming pool, an Arlington transit stop at the front door, and access to the Metro. Who’s moving in? It’s a mix of young professionals and empty nesters, says William Bensten, senior vice president of Comstock Homes. “My 24-year-old son and my 84-year-old mother both bought units here,” he adds.
“The design is very progressive curvilinear … to take advantage of the views,” Bensten says. The design is by Davis Carter Scott Ltd. and sales by McWilliams Ballard.
The Eighteenth on the Bay
The Eighteenth on The Bay is a great representation of condominium living in the golf course community of The Peninsula on the Indian River Bay in Millsboro, DE. With 14 buildings totaling 210 units, The Eighteenth on The Bay offers two-car garage condos ranging from 1,900 to 2,400 square feet with views of Lingo Creek and the Indian River Bay. Bordering the 17th and 18th holes of the recently opened Jack Nicklaus course, these condos are weekend getaways as well as retirement homes for buyers, says Melissa Firetti, vice president of sales and marketing for Peninsula Realty. “We’re ahead of schedule as far as sales,” she says.
Nestled in a community offering a variety of pools, including an outdoor adult only pool, an indoor pool, and a wave pool, plus a fitness center, a day spa, and a water taxi to Dewey Beach, The Peninsula on the Indian River Bay’s condos include a range of amenity packages, such as kitchen and bath upgrades and an audio package. Outdoor and social events are bonus features of this condo community.
The Ritz-Carlton Residences, Inner Harbor, Baltimore
As the first stand-alone residential Ritz-Carlton in the world, The Ritz-Carlton Residences, Inner Harbor, Baltimore anchors the city, says Jack Cayre, principal of Midtown Equities LLC and developer of The Ritz-Carlton Residences, Inner Harbor, Baltimore. One welcome feature will be the concierge service that will be exclusive to the residents, Cayre says. In other condominium-hotel buildings, this was a shared service.
The finishes are so high end that not many buyers will want to customize, he adds. Heated bathroom floors and state-of-the-art kitchens are available to see and feel in the new sales center that opened in September. And to give buyers what they want in design, the developer sat with buyers, brokers, and architects to shape the floor plans and give the consumers what they requested, such as extra-large baths and gourmet kitchens.
Most buyers of The Ritz-Carlton Residences, Inner Harbor, Baltimore own more than one home but spend at least half of the year in Baltimore, Cayre says, and this location proves to be not only convenient, but also filled with luxury appointments. Prices range from $1.2 million to $5.2 million for the three 5,400-square-foot units. More than 60 percent of the 192 condos are sold.
The Numbers
The inventory of condominiums on the market, which was at 24,813 at the end of the third quarter, is down slightly from mid-year, according to Delta Associates, a real estate research and advisory firm. But 25,714 units are planned to begin marketing in the next 36 months. Close to 4,000 condos were removed from the pipeline with some cancelled and the rest returning to the apartment market. Suburban Maryland continues to see double figures for condo resale price growth, according to Delta Associates.
The condo market is showing the signs of a growing inventory in homes for sale, says National Association of Realtors’ President Thomas Stevens in a recent quarterly report. With more choices, the condo market’s prices in many areas are flat, he says, plus buyers are serious homeowners who want to live in the homes, not speculators looking to buy as short-term investments.
New to the Market
Sheridan Garage
Originally built as an automobile parking garage in 1922 and vacant since the 1980s, the Sheridan Garage will soon become an upscale condominium project developed by Keener-Squire Properties and designed by Shalom Baranes Associates and Eric Colbert & Associates. Three structures will combine to form new condominiums located at 2516 Q St. in Georgetown. A third floor and three rooftop penthouses will be added to the existing two-story building. A three-story structure will also be added to the east side with outside terraces and private rooftop decks for the penthouses planned.
A two-story glass bridge will connect the main building to the Courtyard Building with duplexes on the first and basement levels. The final building, called East Place, will be two stories fronting on East Place with the appearance of two townhouses.
A total of 34 units with 34 parking spaces are planned with a few units released for sale in early 2007. Most will offer two bedrooms but they range from studios to three bedrooms with dens.
The Jamieson
The top six floors of the new luxury Westin Hotel in Old Town Alexandria will offer condominiums ranging from 1,000 to 1,700 square feet. With spectacular views of DC, The Jamieson will feature 79 residences including studios to threebedrooms, each with one parking space with additional spaces also for sale.
Starwood Hotels & Resorts Worldwide Inc. joined with Regent Partners of Atlanta, GA to build the hotel on the first nine floors and the condominiums on the top floors. The hotel will be the brand’s first property in Alexandria. Located next to the US Patent and Trademark Office headquarters, the building designed by Cooper Carry Architecture will feature a brick exterior complementing the traditional structures in the area.
The condominium owners will have access to many of the amenities offered by the Westin Hotel, including room and maid service, valet parking, and a fitness center. Sales will officially begin in February 2007 with the sales center open by appointment since October.
Onyx on First
Partnering with Magic Johnson’s Canyon-Johnson Urban Fund, Faison is developing one of the first for-sale residential properties within the new Southeast Waterfront District, also known as the new Ballpark District. This urban condominium development, Onyx on First, which includes a 14-story, 265-unit building designed by Esocoff & Associates, is located just two blocks from the proposed Nationals Stadium, which is currently under construction. It is also located less than one block from the Metro and is a pioneering piece of the revitalization of the Southeast Waterfront District.
Urban living with many amenities, such as a rooftop pool and terrace area, fitness center, club and media room, and underground parking, defines Onyx on First. The most prevalent unit types will be one bedrooms with dens, but studios to two bedrooms with lofts will also be offered. All units will feature standard floor-to-ceiling windows and fine finishes. The sales center will include a fully furnished model as well as a scale model of the building. It will open in February 2007.
