Gridiron’s First Phase 50% Reserved
I visited the Gridiron sales center a few hours after it opened this past weekend and was surprised to see that phase one (26 out of 107 condos), was fifty percent reserved*. In the old days, that wouldn’t be too surprising, the developer’s marketing team would have been whipping everyone into a frenzy ahead of the launch and there would be a line out the door. In Gridiron’s case they launched quickly with little lead up (I found out Wednesday they were launching Friday). While the sales center was busy, there were only three couples there while I was there, so who bought all those condos?? Turns out, friends of the developers. None-the-less, not a bad start but next weekend will be the weekend to see how they’re really doing.
For the curious, here’s a spreadsheet of pricing and availability that I put together.
What stands out the most about pricing at Gridiron is that it is high. Average prices of $994/sf for a one bedroom and $826/sf for a two bedroom are higher than Insignia ($704/sf for south tower, $733/sf for north tower) and Luma ($732/sf). Sales have been strong at Insignia, but sluggish at Luma. It’ll be interesting to see how Gridiron compares.
If you’re thinking of buying at Gridiron, I’d be happy to chat about pricing, financing, the reservation process or about buying a place at an older building that is being turned into condos (the project is pretty similar to Trace Lofts on Capitol Hill where I own a place).
* Reservations require a $10,000 refundable deposit.
Update: they reserved another two units over the weekend making it 15 our of 26 condos.