turnberry market analysis mailer

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Turnberry Tower Luxury Real Estate Analysis MRIS Sales Data from 1/1/2014 to 3/1/2015. (Prepared 3/4/15) If you would like to receive a quarterly update via email please contact us at [email protected] Provided by: Steven and Brandy Schantz, Founders Synergy Home Sales Team at Keller Williams Realty, 2101 Wilson Blvd Ste 100, Arlington VA, 22201. Office 703-224-6000 All data was derived from the Metropolitan Regional Information System (MRIS). All information deemed reliable but not guaranteed. Copyright 2014 Keller Williams® Realty, Inc. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal Opportunity Housing Provider. Each office is independently owned and operated. Steven Schantz Licensed VA/DC/MD 571-236-7763 Brandy Schantz, MBA Licensed VA/DC 571-263-0206

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  • Turnberry Tower Luxury

    Real Estate Analysis MRIS Sales Data from 1/1/2014 to 3/1/2015. (Prepared 3/4/15) If you would like to

    receive a quarterly update via email please contact us at [email protected]

    Provided by: Steven and Brandy Schantz, Founders Synergy Home Sales Team at Keller Williams Realty,

    2101 Wilson Blvd Ste 100, Arlington VA, 22201. Office 703-224-6000

    All data was derived from the Metropolitan Regional Information System (MRIS). All information deemed reliable but not

    guaranteed. Copyright 2014 Keller Williams Realty, Inc. If you have a brokerage relationship with another agency, this is

    not intended as a solicitation. Equal Opportunity Housing Provider. Each office is independently owned and operated.

    Steven Schantz

    Licensed VA/DC/MD

    571-236-7763

    Brandy Schantz, MBA

    Licensed VA/DC

    571-263-0206

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    Days on Market The length of time that a

    luxury Turnberry Tower

    Condo stays on the

    market varies from just a

    few days to over 500

    days. The time on

    market depends on a

    multitude of variables.

    Many of the units that

    have been on the market

    for over 180 days have

    been located on lower

    floors, have not been

    finished to the luxury

    standard that Turnberry

    buyers expect, or have

    taste specific dcor that

    may not appeal to many

    buyers.

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    A Model C Model D Model E Model

    Average Days on Market

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    A Model C Model D Model E Model

    Median Days on Market

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    Real Buyers Over the past year, there

    have been 16 recorded

    luxury condo sales in

    Turnberry Tower with

    the preponderance of

    sales being C and D

    models. There are

    currently three pending

    sales, all above the 17th

    floor, and one active

    listing on the 6th floor.

    Our A and B models

    without deeded parking

    can take longer to sell,

    particularly if on a lower

    floor.

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    A Model B Model C Model D Model E Model H Model

    Number of "Real Buyers"

    825000 930000

    1165181 1256303 1235000

    2600000

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    A Model B Model C Model D Model E Model H Model

    Average Sales Price

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    Sales Price Within C models,

    sales prices tend rise

    with the floors;

    however, there was

    one outlier on a higher

    floor that sold well

    below current market

    value mainly due to its

    build out. D

    models also hold with

    the trend of higher

    prices for higher floors.

    The most significant

    development during

    the year was a high

    floor, extremely well

    decorated D model

    selling for a record

    $2.1M ($1231 per sqft).

    Since this is such an

    outlier, it has been left

    off the average price

    per square foot chart

    on the next page.

    0

    500000

    1000000

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    AModel

    BModel

    CModel

    DModel

    EModel

    HModel

    825000 930000

    1195930 1096401

    1235000

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    A Model B Model C Model D Model E Model H Model

    Median Sales Price

    Sales Prices

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    Comparing Price per SQFT C Models faired very

    well with an average of

    $709 per sqft and one

    sale coming in at $824

    per sqft. If the C

    model on the higher

    floor would not have

    sold under market

    value C models

    would have seen an

    average of

    approximately $734

    per sqft. What is

    concerning is that

    Turnberry sales prices

    per sqft are not

    keeping pace with

    Waterview despite our

    amenities and

    proximity to the

    Rossyln Metro Stop.

    Remove the H model

    sale and Turnberry

    average drops to $661.

    624 662 709

    613 680

    958

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    A Model B Model C Model D Model E Model H Model

    Average Price Per Sqft

    681 664 590

    802

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    Turnberry Gaslight Wooster andMercer

    Waterview

    Price Per Sqft Comparison (1 year)

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    Conclusion

    Sales Overview:

    Turnberry Towers sales vary dramatically based upon view, build out, and floor plan. The

    price per square foot commanded in Turnberry Tower is significantly less than its

    competitor building, Waterview. Turnberry Tower should command a higher price per

    square foot than Wooster Mercer and Gaslight Square based upon proximity to metro

    alone. The amenities should push that price even higher. The building is lagging behind

    other new condo buildings in Rosslyn despite the amenities and metro location, likely due

    to varying build outs in condos, lack of view, and volatile condo fees. While Rosslyn was

    identified as a real estate market to watch by Urbanturf, the neighborhood still lacks shops

    and restaurants that attract buyers. Buyers want a neighborhood feel and Rosslyn still

    feels like a 9 to 5 work area.

    Pocket Listings:

    Pocket listings are listings that are kept in the pocket of agents rather than being

    advertised on the multiple listing service or MLS. Agents market the listing to buyers and

    brokers in hopes of finding a buyer off market. Sellers may opt to do a pocket listing for

    privacy reasons, though there are strategies to market listings to maintain privacy on the

    MLS, but often pocket listings are marketed by agents as a way to obtain a dual agency

    deal. This means that the agent works both sides of the transaction representing both the

    seller and the buyer.

    Typically, a 6% fee is charged to the seller of a property and that fee is split between the

    selling brokerage and buyer brokerage, and then further split between the two agents

    representing the seller and buyer. In a dual agency situation, the agents brokerage claims

    the full 6% commission. According to Raymond Brastow, professor of economics at

    Longwood University, in a recent Wall Street Journal article, dual agency often encourages

    agents to accept a lower price for a unit so they may get the full 6% commission. As a

    matter of fact, dual agency deals net an overall lower price than other real estate

    transactions. This practice is against the law in many states; Virginia is not one of them.

    Pocket listings cut out many buyers who may be interested in your home, decreasing

    competition. These homes also are not input in the MLS, skewing real estate statistics that

    real estate agents require to assess the price of your homes true market value.

    Turnberry Tower has an abnormally high number of pocket listings, which has a negative

    impact on property values in the building. Often units are sold for under market value using

    this method. Since some of these sales are not recorded in MLS or in some cases incorrectly

    recorded after the sale, the lack of data or incorrect data makes it difficult for appraisers to

    determine Turnberry resale values.

    Turnberry Tower is still the premiere luxury condo building in the Washington, D.C. metro

    area. Luxury condo buildings have recently increased in D.C. metro with City Center, Water

    Street, the Ritz-Carlton, and the Darcy becoming popular. The amenities are the best in the

    area and the price per square foot is far less than the competitors. As Rosslyn opens new

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    Steven and Brandy Schantz Keller William Luxury Homes International Members

    Luxury Home Designations:

    Brandy and Steve are recognized members of the Institute for Luxury Home Marketing and Keller Williams

    Luxury Homes International

    The Institute for Luxury Home Marketing (ILHM)

    The Institute is the premier independent authority in training and designation for real estate agents

    working in the luxury residential market.

    The Institute offers the Certified Luxury Home Marketing Specialist (CLHMS) designation for luxury home

    marketing, conducts research in the high-end market, and provides its members with the information and

    tools to be more successful. Real estate professionals who demonstrate skill in the million-dollar market

    receive added recognition as members of the Million Dollar Guild.

    An independent organization not tied to any real estate brand, Institute membership is open to luxury

    home and estate agents regardless of firm.

    Keller Williams Luxury Homes International

    KW Luxury Homes International is an exclusive, elite and sophisticated group of real estate consultants who

    absolutely raise the bar for service in the upper-tier home market. And as part of the Keller Williams

    Realty, Inc. family, our consultants have a powerful network of associates to help you sell or find your next

    home. Keller Williams Realty is currently the world's largest real estate franchise by agent count.

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    Turnberry Tower Luxury Real Estate Analysis

    Provided by: Steven and Brandy Schantz, Founders Synergy Home Sales Team at Keller

    Williams Realty, 2101 Wilson Blvd Ste 100, Arlington VA, 22201. Office 703-224-6000

    All data was derived from the Metropolitan Regional Information System (MRIS). All information deemed reliable but not

    guaranteed. Copyright 2014 Keller Williams Realty, Inc. If you have a brokerage relationship with another agency, this is

    not intended as a solicitation. Equal Opportunity Housing Provider. Each office is independently owned and operated.