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Prices Keep Dropping at The Erie

  • April 24th 2009

by Mark Wellborn

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Prices Keep Dropping at The Erie: Figure 1

UrbanTurf has learned that the prices at The Erie condominium in Adams Morgan have dropped again.

Carl Becker, the principal broker at the development, said that one-bedrooms initially listed at $554,000 and reduced to $465,000 about a month ago, are now selling for $442,000; two-bedrooms originally listed at $1.023 million then reduced to $845,000 are now at $775,000; and the two-bedroom penthouse that was initially priced at $1.23 million then marked down to $1.05 million is now listed at $975,000.

Becker said the development recently secured a portfolio lender that can do the jumbo loans that many people will require to buy at The Erie. He said that the new loans, combined with the recently lowered prices has resulted in renewed interest in the condos. (The development is currently in negotiations on two units.)

The eight-unit condo development was built in 2008 by DB Lee Development, and it sits just off 18th Street at 2351 Champlain Street NW (map). The penthouse features a hot tub, wet bar, half-bath, outdoor shower and a rooftop patio.

To read our posts on previous price reductions at The Erie, click here and here.

See other articles related to: dclofts

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/prices_keep_dropping_at_the_erie/837.

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