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Myerton Again Changes Course on Housing Project

by Katie Pyzyk July 29, 2011 at 1:08 pm 4,133 26 Comments

Just five months after announcing its units at The Myerton would be sold as condominiums instead of rented as apartments, JBG has reversed course on the project.

Realtor Laura Rubinchuk Schwartz tells us that slow sales and a hot rental market prompted JBG to stop selling the units at 108 S. Courthouse Road. The developer had made the decision in February to begin sales instead of renting the units.

All buyers are being offered $1,000 for their time and for agreeing to a contract release.

  • JimPB

    I thought I read months ago that the condo market had collapsed. If so, why was this developer trying to proceed by selling rather than renting? Was there a special feature(s) of the development and units that the developer hoped would make selling them an exception to the general dead market? Whatever, the developer decides and gets the benefits and suffers the losses.

    • AllenB

      I don’t think there’s been any collapse in the condo market locally; it’s just returned to more normal patterns of sales, ie 30 to 60 days to sell, no real overbidding, etc.

      I think people want newer construction and don’t want to buy in a rehabbed property with less amenities.

      • ZoningVictim

        I read that the condo market in Arlington has dropped while the housing market has gone up, and Crystal City was hit particularly hard.

        I haven’t done much research on it, but it seems like they’re still doing fine along the orange line corridor. I’ve personally never understood why people are willing to pay close to $1 million plus $1K per month in maintenance fees for 1,800 sqft.

        • AllenB

          I don’t think the market has dropped but it could vary by parts of the county.

          http://www.sungazette.net/articles/2011/07/29/arlington/real_estate/aareal46k1.txt

          I’m not much of a reader of the Sun Gazette but they do have good real estate stats. For June, the avg price of a condo sold in the county was up 5.2%.

        • AllenB

          Your prices are really for the way top end of the market. I live VERY close to the Courthouse metro in a great building and the 2br/2ba units in my building go for mid to upper 500K’s and the condo fee is about $500 per month.

    • Chad

      They thought there was a market in Arlington for 1 bedroom condos. They claim that there were “slow sales”, but in reality it was because these condos weren’t worth anywhere near what they were asking. Idiots.

    • Stu Pendus

      There’s been a collapse in the market for condos in hideously ugly buildings like this.

  • CrystalMikey

    Well, there goes that ad.

  • (another) Greg

    Dumb@$$e$.

    I live down the street from there and have seen the place go from rented out almost fully (and with decent tenants) dwindle down to less than a dozen owners (based on the number of cars in the parking lot).

    I shudder to think how much income they’ve forgone on this second failed attempt at selling the units.

    • South Arlington

      The 1 BRs are 500 sq. feet. This place used to be an Extended Stay Suites hotel, so you are looking at hotel room size condos. Dropping granite counters and stainless steel appliances into these condos doesn’t make the condo any bigger. Even at under $200K, 500 sq. feet condos aren’t a great deal.

      • Brandon C

        I have friends that used to live in a 2 bedroom – low celings, no dining area at all, and what they were paying was about the same as what I’m paying up the street at Shawnee Apts for about 200 more sq. feet + a dining room

  • chihuahua

    How about a story on the bromtpons of cherrydale condos, aka 3800 lofts? Ed Peete has decided once again to go rental, leaving buyers hanging.

    • TGEoA

      Those would be some pretty pricey rents, considering the maintenance fee and reserve would require.

  • South Arlingtonian

    I actually went to the open house for these condos. The improvements to the kitchens were impressive, but they were still so small and had very little closet space. Even if the prices were low, they needed to be much much lower to entice me to buy.

    Does anyone know what they used to charge for rent for a 1 or 2 bedroom?

    • (another) Greg

      I vaguely recall that it was in the range of $2000/mo, give or take a couple hundred.

      I’m not certain on that, though, and naturally would defer to any former tenants.

  • charlie

    this produce is terribile and the marketing of it was worse.
    these units should be torn down or made into SRO.

  • James

    I strongly suggest that you don’t buy a condo in the Arlington area…the construction on these new buildings is absolutely horrible and the materials and labor used is just below standard.

    Every apartment and condo I have rented in Arlington over the last 9 years (all new buildings) have had massive issues with the buildings…from roof leaks, to plumbing issues, and so on. Even some of the property managers have confirmed that the materials used are the lowest grade, even for the condos.

    These buildings continue to be rushed when they are built, but also put together by labor that doesn’t care about the quality and long term of the building. On top of that, this labor intentionally sabotages the property in various ways.

    I have seen first hand how many plumbing issues are caused by ‘debris’ that was intentionally put down the pipes, drains, etc by the construction crews (they do this to get the repair work). They throw nails, fragments of wood, glass, drywall, etc and over time it clogs the pipes. You know what happens next. Burst. It just happened in the current building Im in near the Clarendon Metro.

    The amount of water damage and leaks in every building were ridiculous and when snow comes, it’s even worse. 1021 was a nightmare and the top 2 floors were hammered with water damage. When the snow hit, the bottom level and ground level got hammered also.

    The condo fees for the owners are going to continually go up and the amount of upkeep for these high rise units will just continue to drain the condo board savings which will increase your fees.

    Save yourself the trouble and buy a small home somewhere outside Arlington (or in it if you can afford it). The condos are over-priced and will continue to be since they went up from the $125k in 2000s to almost 400K for a 1BR over 10 years and have only fallen to around $325K…just not realistic and why nothing is selling.

    Add in what you are going to pay in taxes and condo fees and you are way better off buying a small family home.

    • Alisa

      A lot depends on what kind of condo you buy. I bought into a 1940’s construction garden-style condo complex and couldn’t be happier. I ripped open some walls during a recent kitchen renovation and found some studs were 4×4. Doesn’t get any more solid than that.

      And because we don’t have the bells and whistles of a newer condo (like a pool etc., which I would never use anyway), our condo fees are low ($300 for a two-bedroom).

      There are lots of options f you’re willing to keep an open mind…

      • Take it down a notch

        Yeah, I’m pretty happy with my condo in Fairlington. And I paid a lot less than the prices you’re quoting for a 1BR, so I’d have to go awfully far to find a house for the same amount of money.

    • charlie

      james, thanks for the rant and sorry for the trouble. yeah, the stuff is built like a sieve — air, water, sound,smells.

      but these buildings are 1950’s brick construction. solid. except probably hardwood floors and you can hear everything between units.

      • James

        Yah I know they are built in the 1950s…hence why I was saying don’t buy one of the new ones.

        But even the old ones are way over-priced and over-valued…before the boom, those condos were under $100K easily.

        And $300 for condo fees in a garden style apartment is actually very high. You are getting over-charged unless you have some crazy amenities. They arent even that much in some of the new high-rises.

      • pat b

        i used to live across the street from this place when it was a long stay hotel, and watched the conversion to upscale condos, to condos to lease to condos to lease again.

        from what i saw and heard the remodel was real low brow. the wood flors are paper veneer, the bathrooms are not well insulated or vented and get moldy and the bedrooms are freezing even with the heat blasting.

        frankly, i think they should have left the place alone.

  • SamIam

    Any Real Estate lawyers out there?
    The Myerton has the following two clauses in the sale agreement.
    Do people that had put down a deposit get
    a.) Their deposit +10% and then $1k on top of that if they sign the release?
    or
    b.) Just the original deposit +$1k, if you decide to sign the release?

    Applicable clauses attached as a .jpg file ………sorry!

  • SamIam

    If you don’t know, please click on the clauses above to open it up so you can read it.
    I’d like to hear from people that had a contract.

  • SamIam

    South Arlingtonian…………I am not a former renter nor a potential owner, but i know a one bedroom went for about $1400-$1500 dollars a month.

  • JBGsucks

    I recently moved out of the Myerton. My rent for a tiny 1br was $1400/mo. This just seems so stupid that they continue to waffle about this considering I received cash to vacate so they could sell. The kitchens were nice, but there was no closet space and the walls and floors were thin. Totally not worth what they were asking for our unit ($280k). JBG is so disorganized and miserable.

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