Many new condominium projects are feeling the effects of the slow housing market, and even high-end condo projects aren’t immune. An 11-story luxury high-rise project in D.C.’s West End, called 22 West, had to shut down its sales center for a year during construction.
But now EastBanc, the developer of 22 West, is hoping the tide has turned. With a month to go before residents begin to move in, EastBanc has reopened its on-site sales center
The entire building, which is situated across from the Ritz Carlton, is slated for completion by early August, EastBanc President Anthony Lanier said. About a third of the development’s 92 units were sold in 2006 and 2007, and it hopes to sell the remaining 63 units by the end of the year.
Prices range from $783,500 for a 948-square-foot one-bedroom unit to $3,898,500 for a 3,629-square-foot three-bedroom complex that includes a den. The units boast floor-to-ceiling windows, granite countertops, Sub-Zero panel refrigerators and Bosch appliances. Underground parking and storage lockers are included in the price.
“There’s very few buildings that compare” with this one, in terms of its modern design, high-end features and open floor plans, saidKathleen A. Remus, a Long & Foster broker whose clients have expressed interest in the building.
Lanier said he was keenly aware of the gloomy market conditions. “Certainly we are all affected by the market.”
In the premium market, potential buyers are affected “intellectually perhaps more than fiscally,” Lanier told The Examiner. They have access to credit but are wondering whether this is the right time to buy, he added. Some buyers moving in from the suburbs are also having difficulty selling their current houses, Lanier said.
But sales in the District have generally been stronger than in the outer suburbs.
“I think we’re turning a corner; the worst is over” in the downtown market, said Patty Malloy, an agent with Long & Foster.
Remus said demand for the building is indicative of Washington adopting a Manhattan profile, with young professionals wanting to live and work in the same place, and even raise children in downtown D.C.
