Is the DC Luxury Condo Market on an Upswing?
Posted in the Washington Real Estate Investment Forum
Since: Feb 11
#1 Feb 10, 2011
This article was just released...any gurus with an opinion?
Washington DC area real estate market shows increased demand and shrinking supply of luxury condominium communities. Turnberry Tower posts record sales month in January.
Turnberry Tower, Washington DC Areas Real Estate 2010 Top-Selling Luxury Condominium On Track to Do It Again In 2011
Turnberry Tower, named The Height of Luxury by The Washington Post, was the Washington DC areas top-selling luxury condominium project in 2010, and is poised to break records again in 2011. With 15 signed contracts in January alone, totaling over $20 million in new sales with an average price of over $1.3 million Turnberry Vice President of Sales and Marketing, Dan Riordan, oversees the areas tallest residential condominium project with a spectacular view of Turnberry Towers future.
The 26-story, sapphire-blue ultra-luxury residential tower is a beacon adjacent to the Key Bridge, offering beautiful views across the shimmering Potomac River towards Georgetown, Washington National Cathedral, the Kennedy Center, and the rolling Virginia countryside. Turnberry Tower offers luxury one-, two-, three- and four-bedroom residences that are attracting buyers from all over the world to a market that defies some of the recent national real estate trends, and is considered one of the top-selling markets in the United States.
Our timing couldnt be better, says Mr. Riordan.Theres nowhere wed rather be. Turnberry Tower is the tallest, most architecturally modern luxury high-rise here. Were the only property like this in the market, and will be for the next several years. Also, our purchasers are now telling us that there is increased buyer interest for their existing homes and condominiums, and that is affording them the ability to upgrade to a new way of living. We are finding that approximately seventy percent of our purchasers currently reside within the DC Beltway. Additionally, at least thirty percent are coming from outside the state and even outside the country, and want to have a residence in the DC area.
Given that there really are very few condominiums currently under construction or even in the immediate planning stages, coupled with the fact that construction financing is presently hard to obtain, the reality is that once they do begin construction, theres a two- or three-year timeframe until theyre delivered. The end result is a shortage of luxury condominium products in one of the highest-demand marketplaces in the United States.
Riordan continues,All residences in Turnberry Tower feature floor-to-ceiling glass windows, which is very unique in this market, and each and every residence has its own private covered terrace of at least two hundred fifty square feet, up to almost one thousand square feet. I think that this is one of the best-looking buildings weve built in the United States in our 45-year company history.
Turnberry Tower offers 12 spacious floor plans, with 10 of the 12 having individual, computer-keyed private elevator access opening directly into the residence. Residences range from one-bedroom/one-and-a-half bath at over 1,300 square-feet (the average one-bedroom condo existing in the area is normally 700-800 square-feet); all the way up to four-bedroom/five-and-a-half-b ath Deluxe Tower Suite with family room, dining room, and over 5,300 square-feet of luxury living space.
In addition to improving market conditions and the lack of anything nearing comparable in Washington DC real estate, Turnberry Tower realizes a huge payoff from its recent marketing efforts, including an aggressive marketing campaign, both in print and online, a totally updated "web 2.0" website.
We have seen a tremendous increase in our sales activity over the last twelve months, says Riordan,with $100 million in sales for 2010, and over $20 million already in sales for January 2011 alone."
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