A few months back, the Washington Post took a look at The Dumont, a 550-unit building on Massachusetts Avenue in Mt. Vernon Triangle that was having some serious problems.
Not enough buyers purchased units to satisfy lenders. So the developer stopped corresponding with contract-holders, and people were left to wonder if they’d ever move in.
“The building’s future ‘is in the hands of the banks,'” stated one development executive back then. Fast forward a few months, and The Dumont is on the market for $170 million, according to DCMetrocentric. “By our calculation, [that] comes out to around $304,000 a unit.” (According to the Post article, a studio cost around $300,000, and a two-bedroom penthouse went for $1.2 million.) Not a bad deal, it seems—-if you can pony up the cash.