RMP says: (12/16/15 9:25 AM)
Can someone explain to a first time buyer how condos go on sale for a building that hasn't even broken ground? Do they just take deposits? How much would they expect someone to put down on a unit they won't be able to live in for at least 2 years?

JES says: (12/16/15 10:59 AM)
That's an interesting question. Wasn't an issue for us at Velocity (since the whole building didn't presell, we were able to do a traditional FHA on ours 3 years after the building was completed), but I'd be surprised if this didn't completely sell out before they deliver.

JES says: (12/16/15 11:00 AM)
Can any Velocity pre-buyers out there who maybe reading the site provide any insight?

JD says: (12/16/15 11:02 AM)
I know nothing on this topic, but I imagine it's not that different from buying at Capitol Quarter before the houses were built?

I think you sign scads of papers and put down a deposit.

JHUGrad says: (12/16/15 11:50 AM)
I bought in Capitol Quarter, and we had to put down a deposit to secure the right to purchase the home (There wasn't a sales agreement initially). Once EYA controlled the land (It was DCHA land, which complicated things), we had to sign the Sales Agreement. They then took the deposit we initially gave, and applied it as a downpayment toward the purchase of the home.

JD says: (12/16/15 11:53 AM)
I'm interested in how many folks are interested in condos in general, PN Hoffman's project specifically. Are y'all renters waiting for the chance to buy? Already here in the 'Hood and just wanting to relocate, or elsewhere and wanting a condo option in the neighborhood?

CJBabyDaddy says: (12/16/15 2:10 PM)
At PN Hoffman's SW projects (Vio & 525), they posted an online solicitation for potential buyers to express interest and leave email contact info several months in advance of a sales office open house.

Within a week of the open house, they blasted out an email announcement about the date/time and posted info about the building generally and specific types of units -- finishes, floor plans, etc.

At the open house, interested buyers could register for a sales appointment soon thereafter, at which they could select one of the limited pre-sale units to purchase, choose finishes, present a specified partial down payment and complete the down payment when they returned to sign a sales contract at a later date. At 525, the total required down payment was 5% and the number of sales appointments for which one could register at the open house was capped. I forget what the down payment formula was at Vio, but -- like the unit prices -- it was set high enough to quickly separate the wheat from this chaff, the real buyers from this mere dreamer, etc. After that, I think folks can call the sales office to try to make an appointment to pursue interest. There was talk of a second wave of Vio/525 pre-sales at the respective open houses, but I've not since tracked whether they have occurred or are being scheduled.

I've followed both projects closely to gather intelligence because my bride and I are hell-bent to move to the Navy Yard and have been sniffing out and marking Parcel O as "ours" for going on two years. If the Parcel O 2BR/2BA prices are right, we're prepared to sell our houses (Alexandria & Silver Spring) and do a reverse "Green Acres." Wow, did I just date myself.

Anyway, for your own safety, please stand behind us in line when the Parcel O sales office opens. At this point, if you meet anyone more interested in Parcel O than we are, be afraid of them. Be very afraid.

Section314 says: (12/16/15 2:32 PM)
And don't forget, many people had to camp out for days to purchase at the Capitol Quarter.

JD says: (12/16/15 2:35 PM)
(Beginning the countdown clock until a certain someone arrives to announce what number they were in line....)

202_cyclist says: (12/16/15 3:36 PM)
This is off-topic but DDOT has published an interactive map as part of their 'Vision Zero' campaign to eliminate pedestrian and cyclist fatalities. There are already several potential road hazards identified in the the Capitol Riverfront/Navy Yard area but if you are aware of any hazards (i.e. construction taking up the entire sidewalk forcing pedestrians to walk in the road) please add them to this map.

link

BLT says: (12/16/15 6:34 PM)
@JD: I am an owner at Velocity and am considering selling my unit here and purchasing at the PNHoffman project. I am on the list and the sales associate has already contacted me letting me know they hope to have presales up and running by Spring. They don't currently have any information on floor plans or finishes available.

snakegriffin says: (12/16/15 7:20 PM)
We moved to MD from Navy Yard a few years ago for work, but hate it and we're ready to move back, seeing all the development that happened (all we had was Justin's and Harry's when we left). Would rather not throw money away in rent, so we want to buy. Given the demand I'm sensing, it's going to be a rush, but we're also nervous to commit to something pre-construction so we'll see, I guess.

dude says: (12/16/15 7:24 PM)
I'm happy to hear that some people want to live in condos as I worried these buildings wouldn't get full.

conngs0 says: (12/16/15 8:42 PM)
Dude, I don't think you have to worry about that in this neighborhood. If my recollection is correct, the build-out only just reached fifty percent last summer. We can quibble with / debate about certain aspects of the neighborhood (designs of some buildings, what was the point of dealing the inevitable csx tunnel expansion?, what is the 11th street bridge going to do?), but the area is pretty well conceived overall. I expect quite a few peoples to be interested in condos. And all of that added residential potential, is only going to feed the restaurants and retail that are already in place.

JD says: (12/16/15 8:50 PM)
It's the question I've been asked more than any other in the past five years: When are there going to be condos available?

revpar35 says: (12/17/15 8:03 AM)
I went into contract in October of 2005 for my 1BR unit in Capitol Hill Tower when it was still steel and concrete. Moved in September, 2006 when the building was complete. My GF and I are interested in buying a 2BR/2BA at this new PN Hoffman condo building in the Yards.

JHUGrad says: (12/17/15 9:47 AM)
I think if Van Ness Elementary School becomes a viable option for families in the area to send their children, you'll see more and more families that are interested buying condos in the Capitol Riverfront.

JD says: (12/17/15 10:41 AM)
A post on this to come, well, eventually :-), but I just called and confirmed that the Hampton Inn is open. Sounds like they are still running around a bit, getting the check in/reservation system going, but the very nice man who answered the phone said that they are getting lots and lots of calls, especially he said because they are "pet friendly," which most hotels in DC aren't.

JD says: (12/17/15 10:43 AM)
Link for Hampton Inn web site: link

JHUGrad says: (12/17/15 10:51 AM)
The Capitol Riverfront BID should be working with these new developments to use the term "Capitol Riverfront" when describing the area. Hampton Inn's site says "Hampton Inn - Navy Yard".

CHTexpat says: (12/17/15 11:35 AM)
Sounds like the Hampton Inn groks what the majority prefer...

JES says: (12/17/15 12:02 PM)
Yeah, while Velocity took forever to sell out, that was back when we had zero bars/restaurants, and canal and yards parks weren't even done yet. Future condo developments are going to have no problem at all selling their units around here.

202_cyclist says: (12/17/15 12:07 PM)
Regarding the Hampton Inn, this has been discussed before but their choice of brick looks awful. The building looks like it is from 1970s-era Twin Falls, Idaho.

JD says: (12/17/15 12:08 PM)
Velocity was also trying to sell its units right as the economy collapsed, and easy mortgage loans dissolved.

Ampersand says: (12/17/15 1:36 PM)
I've poked around the DC condo market, but I refuse to live NW and the places along the H St corridor were too pricey for me. (And for others, it sounds like, since for a couple of the buildings I looked at the remaining unit prices keep going down.) If I still have my current job in a couple of years, I'd love to buy into this neighborhoot, but that's kind of a big if...