Ten Ten was originally developed by Faison, RCP Development and Carlyle Group; McWilliams|Ballard took over its sales and marketing in early 2006. It is comprised of a variety of units ranging from one bedroom/one-baths to three-bedroom/three-bath plus a den penthouse. Pricing ranged from the low $300s to over $1.5 million.
Another example is Monument Realty's Potomac Place Tower, a 396-unit condominium at 800 4th St. SW., on which the developer is restarting renovations. Contracts are picking up there, with ten signed even when the project was on hold, the developer reports. The "K" building at Lowe Enterprises' mixed-use CityVista development is also posting a high number of sales, it reports.
Such illustrations support Delta Associates and McWilliams|Ballard recent report that condo sales are on the upswing in the area after a two-year trough. New-unit sales volume, defined as net binding contracts written with security deposits, registered 686 units in Q3 in the area--the highest quarterly sales volume in two years. Also, in the past 12 months, there were 2,120 sales, an increase of 45% from the prior 12-month period.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
