Tomorrow I’m going to tour unit #408 ($495,000 for 776 square feet, 120 square feet of terrace), the unit I reserved, at Trace Lofts. Before going and getting too excited I thought it would be important to run the numbers while I’m still jaded. What I did was have an agent pull past sales from 01/01/2005 to present for a number of buildings in the area. The result is my Trace comp spreadsheet. The results are not promising. At $637/square foot it will be pretty much one of the most expensive units to sell in its peer group and it’s not even concrete and steel construction like 1310 E Union. The only two comparable units in price are much smaller studio units (one at 1310 and one at Monique.)
Let me know what you think. Did I miss a key project on Capitol Hill? Is Trace really that much better?
Also here is the purchase and sale [pdf].