New 12-Unit Condo Building Near Rosslyn

Question: You recently offered off-market condos near Rosslyn in your Off-Market Source post. Do you have any additional information about the building and other units that are available?

 

Answer:

Full Disclosure

Before I jump into the details, I want to disclose that my team and I have a direct role in the sales of Pierce Court (1245 N Pierce St), unlike previous condo buildings (Key & Nash, Trafalgar Flats) that I have written about. Now back to your regularly scheduled program…

 

The Basics

I’ve noted in the past that Arlington is starved for new condos, averaging less than one new condo building per year since 2010, but beyond that, Pierce Court will be one of only a few buildings with less than 20 units (12 total units). It has six 2BR/2BA units on the first two floors and six 3BR/2BA units on the top three floors. All with high-end finishes (gas cooking!), upgraded sound-proofing, parking, and a lot of private outdoor space, including some units with multiple balconies and/or large terraces (the model unit alone has 596 square feet of combined outdoor space). The penthouse units each have private rooftop terraces with ~500 sqft and wide open views. 

These smaller boutique 2BR-3BR buildings are wildly popular in DC (zoning plays a big role in their prevalence) and I think it will play well in Arlington for buyers who don’t want to live in a high-rise or pay high monthly fees for amenities they don’t value.

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What I’m Most Interested In

I have no doubt buyers will love the floor plans, finishes, and outdoor space delivered by the builder, The Asset Companies, but what interests me the most about this project is how it will do in an underdeveloped, yet highly desirable, neighborhood.

Most locals will know it as being “around the corner from Quarterdeck,” it’s more easily described as being across rt50 from Rosslyn/Courthouse, and the County calls it Radnor/Fort Myer Heights. It’s a ½ mile walk to the Rosslyn or Courthouse Metro and the Iwo Jima Memorial, one mile to Whole Foods/Clarendon, and truly a quiet, residential neighborhood (was a favorite of mine for dog walks when I lived in Rosslyn).

One would think that every neighborhood this close to Rosslyn-Clarendon would be developed and expensive (Lyon Village/Park), but Pierce Court sits in the middle of a 2-3 block radius of underdeveloped properties and will garner a lot of industry attention to gauge future condo and townhouse development. There is precedent for $1M-$2M+ sales here, but for properties a few blocks east, with unobstructed views of DC, like Monument Place townhouses (in my opinion, the most undervalued properties in the DC area) and condo buildings like Prospect House, Memorial Overlook, and The Westlie. I think the builder did a great job setting prices that will attract buyers to an area they aren’t used to seeing modern condos, which I will detail next…

 

On-Paper vs In-Person

The 2BR/2BA units range from $485k-$575k with monthly fees under $350 and the 3BR/2BA units range from $815k-$995k with monthly fees under $530. All units include parking and the fees cover all utilities except for TV and internet. For details on floor plans, pricing, availability, and more you can visit the Pierce Court website.

When I initially reviewed the project on-paper, the square footage jumped out at me. With the 2BRs at 702-870 sqft and 3BRs at 1127-1261 sqft, I was concerned about how buyers would receive that amount of space -- would it be enough?  Once I had a chance to see the units in-person I was sincerely impressed with the layouts and how the space was used. The way it’s designed for functional space feels like there’s an extra 20-25% more square feet in each unit. When you add in the large, usable outdoor space and low condo fee, I think the builder is delivering incredible value to the market and this building will stimulate more development in the neighborhood.

 

Say Hello at the Launch Party or Private Tour

We are hosting a public launch party at Pierce Court (1245 N Pierce St) on Thursday November 8 from 3-7PM. I’ll be there the entire time and would love a chance to meet readers! We’ll have light snacks, beer, and wine for you to either celebrate or drown away the results of the mid-terms! Please RSVP online if you think you’ll make it.

If you can’t make it to the launch party, the model unit (unit #1, a 2BR with huge private terrace) and on-site sales office opened on Sunday and will keep regular hours Tues-Sun. You can also schedule a private tour online or directly with me by emailing me at Eli@EliResidential.com. I’m happy to share my personal thoughts on which units I think will sell the fastest and offer the best value, just shoot me an email and we can meet or find time for a call.