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And speaking of condos, the Washington Business Journalis also reporting that one particularly high profile building—-The Floridian, located near the intersection of Florida Ave. and U St.—-has a new owner, the Goldstar Group, and a new sales strategy. Sales began at The Floridian in 2005, and the building was completed in 2008. But just 30 units sold and foreclosure proceedings began on the project’s owner Kady Development.
Some people will undoubtedly say the building’s garish tropical shades—-a banana tree color combo with yellow, green, and white—-scared off buyers. But Goldstar is thinking a reduction in prices should assist in moving the 86 condos still available. According to the Business Journal “Kady tried to sell units for more than $500 per square foot, Goldstar says that for the deal it cut on the note, it can start prices in the low $400s. The Floridian includes units ranging from 500-square-foot studios to over 1,400-square-foot penthouses.”