The Neighborhood Collection, A Year Later
A year ago, after one of the worst real estate summers we’d ever seen, the Neighborhood Collection, a group of three apartment buildings that decided to convert to condos started selling units. Solis, a Capitol Hill condo, also started selling that weekend. That weekend proved to be a bust.
A year later, the Collection has disbanded, switched listing firms, in some cases, several times, and in one case, a building re-branded, but perhaps most importantly, they dropped prices and loosened rental restrictions which finally got sales going:
750 on the Hill (formally Atrium) on Capitol Hill: 67% sold + pending
34 units, 23 sold + pending
Studios and 1 bedrooms starting from $399,950
Edison on Capitol Hill: 47% sold + pending
51 units, 24 sold + pending
Studios and 1 bedrooms starting from $419k
Wallingford 45: 41% sold + pending
48 units, 20 sold + pending
Open 1 bedrooms and 1 bedrooms starting from $399,950
Meanwhile, Solis, which launched that same weekend and arguably had the best success with sales, has been converted from a condo to an apartment.
The success of the Neighborhood Collection seemed to be doomed by a launch with minimal promotion, after a challenging summer, without a proper sales center. Though the real challenge was trying to sell apartment grade finishes in wood framed buildings at high rise condo pricing.
