CHANGE MY LOCATION
Business
Examiners
Business Examiner
Most Recent Post
IRAs, 401(k)s, small businesses - candidates talk about their plans
Internet Business Examiner
Most Recent Post
Digression: YouTube video isn't a commercial but could be
California News
Multimedia News
Luxury condo developer reopens D.C. sales office
SEE THE LATEST ON THIS STORY
Related Topics: WASHINGTON
WASHINGTON (Map, News) - 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, said Kathleen 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.
wblake@dcexaminer.com
Comments from Examiner Readers
12:55 PM MST on Mon., Aug. 25, 2008 re: "Baltimore County to postpone rental registration"
Report as inappropriate
11:05 PM MST on Thu., Aug. 21, 2008
re: "Bowleys Quarters condos spark controversy in Baltimore County"
Report as inappropriate
1:15 AM MST on Fri., Aug. 1, 2008
re: "Sunset cracks overpriced list"
Report as inappropriate
2:49 PM MST on Thu., Jul. 31, 2008
re: "Sunset cracks overpriced list"
Report as inappropriate
2:20 PM MST on Thu., Jul. 31, 2008
re: "District government takes on landlords in lawsuit"
Report as inappropriate
10:08 AM MST on Thu., Jul. 31, 2008
re: "Sunset cracks overpriced list"
Report as inappropriate
2:58 PM MST on Wed., Jul. 30, 2008
re: "Rental market surging as home sales, prices fall"
Report as inappropriate
7:58 AM MST on Wed., Jul. 30, 2008
re: "Initial Silo Point condo prices range from $260K to $550K"
Report as inappropriate
5:29 AM MST on Wed., Jul. 23, 2008
re: "Housing pinch hits county"
Report as inappropriate
5:56 AM MST on Wed., Jul. 16, 2008
re: "Baltimore County to postpone rental registration"
Report as inappropriate
7:05 AM MST on Tue., Jul. 15, 2008
re: "Baltimore County to postpone rental registration"
Report as inappropriate
6:59 AM MST on Tue., Jul. 15, 2008
re: "Baltimore County to postpone rental registration"
Report as inappropriate
10:02 AM MST on Mon., Jul. 14, 2008
re: "Baltimore-area office market still sluggish, report says"
Report as inappropriate
6:54 PM MST on Wed., Jun. 11, 2008
re: "Baltimore-area home prices fall for seventh straight month"
Report as inappropriate
12:07 PM MST on Sat., Jun. 7, 2008
re: "County rental owners who don’t obey new inspection laws face fines in July"
Report as inappropriate
7:21 AM MST on Mon., May. 12, 2008
re: "Metro-area housing market shows improvement in April"
Report as inappropriate
11:01 AM MST on Thu., May. 8, 2008
re: "Sales of soaring skyscrapers sag"
Report as inappropriate
1:39 PM MST on Sat., May. 3, 2008
re: "Realtors, builders turn away from gimmicks"
Report as inappropriate
12:48 PM MST on Wed., Apr. 23, 2008
re: "Bowleys Quarters condos spark controversy in Baltimore County"
Report as inappropriate
6:47 AM MST on Tue., Apr. 8, 2008
re: "District government takes on landlords in lawsuit"
Report as inappropriate
4:58 AM MST on Tue., Apr. 8, 2008
re: "District government takes on landlords in lawsuit"
Report as inappropriate
5:53 AM MST on Mon., Apr. 7, 2008
re: "District government takes on landlords in lawsuit"
Report as inappropriate
9:21 PM MST on Mon., Feb. 25, 2008
re: "Fairfax supervisors expect grim news on home values, budget"
Report as inappropriate
12:22 PM MST on Mon., Feb. 25, 2008
re: "Fairfax supervisors expect grim news on home values, budget"
Report as inappropriate
10:22 AM MST on Mon., Feb. 25, 2008
re: "City could face deficit, cuts"
Report as inappropriate
9:40 AM MST on Mon., Feb. 25, 2008
re: "Fairfax supervisors expect grim news on home values, budget"
Report as inappropriate
10:47 AM MST on Wed., Feb. 6, 2008
re: "Developers, brokers, lenders meet to discuss commercial market"
Report as inappropriate
10:17 PM MST on Fri., Feb. 1, 2008
re: "Realtors forecast better housing market in 2008"
Report as inappropriate
3:49 PM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
10:02 AM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
9:19 AM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
9:01 AM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
8:46 AM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
7:58 AM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
7:48 AM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
6:51 AM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
6:26 AM MST on Wed., Jan. 30, 2008
re: "City could face deficit, cuts"
Report as inappropriate
10:15 AM MST on Fri., Jan. 11, 2008
re: "Developers, designers tout benefits of building green"
Report as inappropriate
8:18 AM MST on Fri., Jan. 11, 2008
re: "Housing market in recovery in N.Va., D.C."
Report as inappropriate
12:15 PM MST on Mon., Jan. 7, 2008
re: "Experts detail ’08 housing situation"
Report as inappropriate
9:21 AM MST on Wed., Jan. 2, 2008
re: "Credit crunch is not hurting area’s commercial real estate"
Report as inappropriate
1:43 AM MST on Wed., Jan. 2, 2008
re: "250 foreclosed D.C.-area homes to go up for auction"
Report as inappropriate
1:42 AM MST on Wed., Jan. 2, 2008
re: "250 foreclosed D.C.-area homes to go up for auction"
Report as inappropriate
8:37 AM MST on Thu., Dec. 27, 2007
re: "Blackstone Flats condos attract young, black female professionals"
Report as inappropriate
9:26 PM MST on Wed., Dec. 26, 2007
re: "Housing crash to slow regional economy by $4 billion in 2008"
Report as inappropriate
8:10 PM MST on Tue., Dec. 25, 2007
re: "Cold housing market likely to extend through first half of ’08, maybe 2009"
Report as inappropriate
5:54 AM MST on Mon., Dec. 24, 2007
re: "Factors for tough 2007 in place before year began, experts say"
Report as inappropriate
1:15 AM MST on Mon., Dec. 24, 2007
re: "Housing crash to slow regional economy by $4 billion in 2008"
Report as inappropriate
5:20 PM MST on Sat., Dec. 15, 2007
re: "Realtors take on winter’s cool housing market"
Report as inappropriate
4:18 PM MST on Mon., Dec. 10, 2007
re: "Report paints varied picture of District’s housing market"
Report as inappropriate
Examiner Reader said:
I want to know who my neighbors are! Are those principal homeowners drug dealers, child molesters, noisemakers, don't recycle, etc. Hey, what about all those principal homeowners that are renting their homes? Only in the liquor and landlord business is the business owner responsible for others actions. But try to actually evict someone because they are dealing drugs on your property (or any other reason for that matter) - the feds can likely seize your property before the tenant can be evicted. All those lower income renters in Baltimore County that lost their leases because the properties were sold to be upgraded probably wish the free market had been left in place.
3 agree | 3 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
I think condos are a good idea...the sunsets are beautiful, and there are a lot of crappy houses that need to be torn down in the neighborhood...they say "No Condos" I say "No Crappy Shacks"
5 agree | 6 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
absolutely untrue. A typical sunset home currently generate $4000 in rents (2500 +1500 in law). It has some of the best rent to price ratio in the city.
8 agree | 8 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
we need more rental units, not more pied-a-terre's make it mandatory to start new multi-unit buildings with initial rents at 1200 for a 1 bedroom etc. and only allow increases per rent control, even when people move out, max 10% increase per year, so we have a staple of rental units, and not the mortgage crisis we see and as renter's dont want to be a part of....
6 agree | 8 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
The free-market has brought us a failed ENRON, expensive, MANAGED HEALTH CARE, bankrupting ENERGY CRISES, exhorbitant GAS PRICES, thousands of jobs lost in the AIRLINE INDUSTRY, and the list goes on. Enough already about the wonders of a free market.
6 agree | 7 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
it may be a quiet and breezy neighborhood in the sunset, but there are slum lords in the area who collect rent and leave the premises to dump. there are secrets in one of the wealthiest areas of the city.
9 agree | 8 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
We don't need a nanny state or county. Market forces can take care of rental properties.
6 agree | 6 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Seriously...what is with the Examiner refusing to use pictures with its stories? I know where Baltimore is, I don't need a map.
5 agree | 6 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
tell justine that the hard stuff isn't going to come down for a while.....bill murry Caddyshack.
6 agree | 9 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
I agree with Mr. McIntire. The whole concept of rental inspections is silly. I have been a landlord for 30 years. I know the industry. I know the costs. This program is just one more unnecessary cost that will of course be paid ultimately by the tenants and will offer very little if any benefit. There are enough laws on the books to cover any building violations. If a perspective tenant does not like something about an offered unit, they simply do not have to rent it. Not only is this an unecessary, stupid program, it's concept could not come at a worse time. If left in place, the only real result of this inspection program will be less rental inventory on the market. As usual with these probably well intentioned programs, the business person and the lower income people who have a tendency to be renters of these units will be hurt.
7 agree | 6 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
rental property needs to be enforced! the county council has made good points. whos your neighbor renting to, drug runner, ,hey look residental homes are to be lived in by there home owners and not rented out to any one who can afford it. a home owner takes care of the home and his neighborhood, will a renter? also the county is right why should't the lanlord get a tax id number , its income isnt't it. no i have no problem with it at all
11 agree | 11 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
the rental regesteration is the best thing the county stumbled on. i want to know ,,whom my neighbor is renting to, a drug dealer, a child molster, get the picture. also why should a lanlord , rent bring in income and not be taxed, by the state or federal goverment this issue is way over due.need to change with the times!!!!!
10 agree | 13 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Maryland will go broke because of Baltimore. Crime is up even in the authorities holding office. Cut police protection so more criminals can "get away with it"...does not take a lot of brain effort to see where this is leading....A MAJOR WASTELAND.
10 agree | 11 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
never thought i see the day when buying and living in a car would be the new american dream. the depreciation gap is closing and maybe the homeless have a leg up on us.they are experienced in the land o plenty. at least the new world order will put us on an equl footing with the rest of the third world countries soon.
37 agree | 38 disagree
Vote on this comment: I agree or I disagree
Johnny Apple seed said:
Thw foreclosures and the home value dropped in my neighborhood so that we wil eventially be equals in poverty, so the rental value increases. How about an incentive to put in rentals?
41 agree | 44 disagree
Vote on this comment: I agree or I disagree
impartial observer said:
until Realtors start using the Case-Shiller index for their numbers, then their analysis of median and average prices will be fundamentally flawed. the CS index uses similar-unit sales and is considered by The Economist, et al to be the best measure of a specific metro market's performance. this article is based solely on MRIS data.
46 agree | 43 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Real estate values and property worth can be "funny money" as clearly expressed in the current credit crisis. Owners who "feel" or "believe" their property is worth an amount often don't sell til they come to understand the actual market value on any given day.
45 agree | 46 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
buying a condo,is like buying a boil for your butt.
48 agree | 46 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
its about time someone has finally started to take a stand against these monsterous developments. besides, why build NEW condos when it's becoming apparent theat condo's don't go for crap anymore.
47 agree | 47 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Rent control and government intervention always leads to higher rents or bankruptcy. Everyone knows that but the saps who keep believing they can get a free ride somehow.
55 agree | 52 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
oh, now stop your whining. These guys deserve it. Yes governments have lots of corrupt employees, why make everything more corrupt just because of that one fact? Just do some reading on the properties, and you will see how negligent these landlords are.
54 agree | 47 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
This is a good way to make the public forget that it is the DC governmetn itself which is really greedy and full of corrupt employees. Attack the landlords is a good variation of class envy. If the landlords are smart they will all declare bankruptcy and put their properties in receivership and throw everyone out in the street. Let's see how smart the DC government and Mayor Fenty look at that point.
53 agree | 51 disagree
Vote on this comment: I agree or I disagree
It's a joke said:
Go check your assessment on their website. My house went down almost 200k. Can you guess how much my land went up? 230k!!!!! How can a house in Fairfax county be valued at 135k and the land at 530k? That same address was about 300k house and 300k land last year. Is my home structure of 4 bedrooms, 3 full baths, carport, deck, etc., really only valued at $135k?
213 agree | 195 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
And to make matters worse, it's difficult to find any neighborhood in Fairfax that doesn't have boarding houses occupied by 10-20 people with un-kept lawns filled with bicycles and junker cars. No prospective home buyer would even consider buying a house in these areas, except of course, more boarding house slum lords.
213 agree | 204 disagree
Vote on this comment: I agree or I disagree
Get Real said:
I love the "my house is worth this" and "my house is worth that" crowd. Your house is worth what you can sell it for! Get real - you may have to sell it for far less then you bought it.
168 agree | 182 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
If the Fairfax County Board hadn't spent money like drunken sailors over the last few years as they doubled the collections of Real Estate Tax, then we wouldn't be in this mess.
200 agree | 192 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
just turn all that commercial property into casinos,cell phone stores,tatoo parlors,and adult bookstores. thats all america needs. oh, maybe a coffee shop here and there would be nice too.
204 agree | 199 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
realtors and their hack 'economists' produce opinions like horse-squeeze..
281 agree | 217 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
open up a full casino resort plaza by our sports complex and get rid of property taxes!!!!!
207 agree | 198 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
that's why the drug dealers and gang members are happy there understaff on the police dept.buy hundreds and with a freeze in place and officers leaveing the mayor need's to cut the budget.ok we have a good idea short baltimore police and hire more staff and give them a raise.that is one crack staff.
219 agree | 202 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
The city needs to be rebuilt. We are at a loss for afforable housing and good people, I hate everyone in the city. Thats the truth. Who cares who else post here? Not me. Peanut gallery!!!
205 agree | 204 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
That wouldn't be because of crime, or maybe because they tore down hundreds and hundreds of homes with no plan to rebuild, would it? How can they not budget for police overtime? with crime going berserk (and many not being reported) who would think police don't have to work overtime? The criminals are working overtime, and apparently getting well paid for it.
205 agree | 192 disagree
Vote on this comment: I agree or I disagree
Ev said:
Hey remember when we had a 50 million dollar surplus and decided to build a hotel with it? Yeah.
217 agree | 201 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Cuts? Baltimore city residents already get shorted big time and do without good streets, snow removal, decent cops, honorable representation in government.
218 agree | 191 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
I knew an Assistant State's Attorney in Circuit Court who took "lunch walks" that were over two hours, who drank on the job, and who dropped over half his cases. I agree, cut the State's Attorney's Office budget.
219 agree | 173 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
How about cutting the State's Attorney's Office? How much do they need to pay a person just to say "Stet" all day?
224 agree | 204 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
How about cutting the mayor's overstuffed staff in an effort to save money. This wanna-be big city is a scary, scary place.
201 agree | 188 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Excuse me while I go hug a wet tree.
Seriously, wouldn't you love to have a little house in the model of the Shire from Lord of the Rings? How energy efficient?!?! Keep the soil on top of the roof and around most of the walls and you keep about a 60-65 degree temperature year-round. Little need for AC; limited need for heat (especially since the insulation is good). Problems: need a dehumidifier. Also would have a concern for mold as well as the need to mow and water the roof on occassions.
289 agree | 277 disagreeVote on this comment: I agree or I disagree
Examiner Reader said:
The homes that are selling now in the 450,000 range to 530,000 range in Fairfax County are the same homes that sold for 220,000 in 2001. Is that so bad? I don't think so. I'm sorry if you bought a home in 2005 and paid too much, but for those of us who didn't, our equity is still fantastic! Next time there is a boom, it will go even higher than last time and then when it drops the homes that are selling for 450,000 now will be selling for 550,000 and people will still be complaining. In Northern Virginia the AVERAGE increase in a properties worth is 7% annually. That's not smoke and mirrors, that's a statistical fact. Now really IS a good time to buy and I feel sorry for those that are waiting for it to get even worse. Eventually they will be kicking themselves for having waited too long.
287 agree | 265 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
where did the term "homeowners" come from.as long as you are making payments,paying taxes,maintaining,and depreciating you will never be a "homeowner".the only reason is the mortgage deduction on your monthly payments.and you can bet,that will be the next thing congerss will dump.
255 agree | 219 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Please stop blowing smoke the truth is restaurant business is way off so is retail. This is a pump and dump strategy by banks and Real estate firms who, indicently by the way , are the cause of this economic recession. Hold you money invest smart. The layoffs have yet to begun
271 agree | 261 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Agree
274 agree | 257 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
As someone buying a home this is very good news! I agree
180 agree | 191 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Tell us is the land cheap for some o unknown reason? Is there any crime?
200 agree | 198 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
I'm the 1:15 AM poster. I have to say that I posted it when my emotions were high. I was mad that I got pushed out of the market. Now though, I have the last laugh ha ha ha. Yes, patience pays off. Hard work pays off. Making wise choices pays off. Not going with the crowd pays off (when you know they're wrong). I mostly have disdain for the Realtors and lenders who were strictly motivated by greed. Did they think that this could possibly last? We were seeing housing prices double, triple, and quadruple within a few years. I don't know about anyone else, but I do not know anyone that had their income double, triple, or quadruple in 3 years. How was it that all of a sudden, gobs of people could afford a $400K+ home when making under $40K? Is everybody rich but me? It was totally and completely disconnected from market fundamentals. I am thoroughly enjoying this so-called crash (I call it a correction) because I won't have to live in an apartment forever.
199 agree | 176 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
I am hoping it drops through the floor as someone who is being made to buy as a result of a political, crooked, decision made during BRAC 05, I am hoping to steal something at unheard of prices only to sell it a few years later at a huge profit. No sympathy for the Maryland market
201 agree | 183 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
I agree fully with the 1:15 AM Examiner Reader as I also have no sympathy whatsoever for those who took out those sub-prime interest-only loans; but I also have utter disdain for realtors, bankers, etc., who touted these loans. Frankly, those are people of the same ilk who in the Fifties touted block busting and ruined the cities and their lovely neighborhoods, and we know exactly who and what they are. I wonder what diabolical acts they're planning next.
184 agree | 188 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Quite frankly, I have little sympathy for anyone that took out an ARM and are now in trouble. They can go ahead and lose their home that they had no business getting in the first place. They can rent just like a lot of other people. Fact is is that I was looking to get a home before all of this frenzy started, and I got pushed out of the market where I was seeing prices sky-rocket. Unlike all of these morons, I chose not to do something so moronic and get an interest-only loan or some other type of voodoo loan. The market is simply correcting itself to where prices belong prior to this spike. If someone is so lame-brained, stupid, and moronic to not read the contract for something as big as a house, then they deserve all the pain that they got themselves into. There's no excuse. Are they not fully grown adults here? I'm amazed how stupid people are.
216 agree | 193 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
wow!houses are like cars and jacked up cowboy shortman trucks, depreciating property ! shoulda put your refi money in oil stock instead of that oil guzzeler and the step ladder you need to git in it.happy for a time. but, like my neighbor,contemplating suicide. oh, and the company he worked for moved to vietnam,he didnt
203 agree | 178 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
People keep saying that prices are falling for DC homes. In ward six, I see that prices are still rising at a high rate. I am searching for a home for a friend that moved into the area and is renting. I cannot find anything in around ward 6 SE.
217 agree | 221 disagree
Vote on this comment: I agree or I disagree