WBJ: Two-Thirds of the Units Sold at Metropole

• October 22nd 2009

by Mark Wellborn

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The Washington Business Journal is reporting that 25 units have sold at the 90-unit Metropole condominium in Logan Circle in the last six months. The project is now two-thirds sold.

It is no secret that Metropole is a project that has faced its fair share of troubles and criticism over the last year and a half. From delayed construction to disgruntled buyers, the luxury condo development was constantly in the limelight and not always because of the upscale finishes and high-end design that it offers.

Things came to a head in April when we learned that the project was taken back by its lenders from the original developer, Metropolis Development. With Metropolis out of the picture, the current ownership group hired the Alexandria-based sales and marketing team of McWilliams Ballard to start anew.

The remaining 30 units range in price from $399,000 for a one-bedroom unit to $2 million for a two-level penthouse.

Metropole is not the only luxury development in the area that is selling units. 2501 Pennsylvania Avenue, a luxury condominium development in the West End had $15 million in sales in the third quarter, and “66% of the contracts written in Washington on condominiums priced over $2 million in the same period,” according to a press release.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/wbj_two-thirds_of_the_units_sold_at_metropole/1436.