This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: Do you know when Pierce condos sales will begin?
Answer: Penzance’s ambitious Pierce condo project, the high-end 104-unit building that is currently under construction in Rosslyn, began setting pre-sale appointments last week and taking their first deposits this week for condos expected to deliver in 2021. Their sales team set over 50 appointments during an invite-only event last week, indicating plenty of interest in the building… but will that interest turn into the 10% deposit needed to secure a unit in Northern Virginia’s most expensive building?
When 2000 Clarendon in Courthouse began sales there was no question the demand would be through the roof given the lack of condo supply and that pricing was within range of other condos in the Rosslyn-Ballston Corridor. However, Pierce is a different product and very different price point with over half of the units priced over $2M and many units going for $1,100-$1,200/sq. ft.
The most comparable building we have to this in Arlington is Turnberry Tower in Rosslyn (the blue glass building) which has had 85 sales in the last five years, 20 of which have been over $2M and only seven at $1,000/sq. ft. or more. Pierce will need to sell 104 units in a lot less than five years with more than 50 units being $2M+.
Is the luxury buyer market in Arlington/Northern Virginia deep enough to support these sales? I’m looking forward to finding out.
What Will You Get?
The amenity package at Pierce includes a 24hr concierge staff, rooftop pool, two-level gym, and a rooftop club room and terrace.
Each unit is being designed with the same finishes and color package; there will not be any options/upgrades for buyers. The package includes Thermador and Bosch appliances, custom Snaidero cabinetry, hand-scrapped hickory floors, quartz countertops and many units with direct-access elevators.
There have been other high-end condo projects in the region that have taken a similar approach of not offering finish options for buyers, so there is some precedent.
Below are some renderings and finish samples courtesy of The Mayhood Company:
I think there are a handful of units that will sell quickly. The ~$1M 1 BR+den and 2 BR units on lower floors, a few units with massive terraces and premier units with unobstructed views of the Potomac River and Georgetown. I included some of those floorplans below courtesy of The Mayhood Company:
This is easily the most ambitious project in the Arlington pipeline and quite possibly all of Northern Virginia so I’ll be keeping a close eye on it and hope to bring you some updates over the next year or two on how sales are going.
For those of you interested in the building, a sales office is located a block away that include a partial model unit to show off what the kitchen and living space will look like. You can email me at [email protected] to schedule a visit or make a pre-sale appointment.
If you’d like a question answered in my weekly column or to set-up an in-person meeting to discuss local real estate, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington D.C., and Maryland with RLAH Real Estate, 4040 N. Fairfax Dr. #10C Arlington, VA 22203, (703) 390-9460.