Urban Pace Reports Significant Increase In Upper Bracket Condo Sales
WASHINGTON, July 26, 2012 /PRNewswire/ -- Urban Pace, a new home sales and marketing company for urban developers, reports today that the urban condominium market in Washington, DC is experiencing a dramatically improved environment in both the sale of existing homes and the development of ground-up and conversion new construction.
"The first six months of the year represent the strongest start we have seen in more than five years having sold more than 180 homes," said Lynn Hackney, President of Urban Pace. "The market has responded nimbly to the almost 20 new projects that have been delivered or started sales this year. Most noteworthy is that 42 of our sales have been over $700,000 with a strong showing in the $1.3 - $2.0 million price range."
The continued downward trend of inventory coupled with the desire for urban locations with high quality design has created a robust urban real estate market. The most recent example being The Aston, a 33 unit new construction building. Within 30 days of opening "soft pre-sales" (invitation only), eight units were under contract representing a square foot price of over $700 and up to 1.5 million for a penthouse.
Based on this momentum, Urban Pace is anticipating an equally strong finish to 2012 with an additional 15 communities coming on line and more than 300 homes becoming available.
About Urban Pace:
Urban Pace, LLC is a privately owned company that has been in the business of selling and marketing urban real estate for more than 12 years. The Urban Pace portfolio of properties exceeds 2.2M square feet of urban condominiums and townhomes in the urban Washington, DC market area. For more information, please visit www.urbanpace.com or call (202) 296-1203. Follow Urban Pace on Facebook, Twitter, and YouTube.
SOURCE Urban Pace
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