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 sales@synergyhomesales.com

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 décor that

may not appeal to many

buyers.

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100

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A Model C Model D Model E Model

Average Days on Market

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29

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100

150

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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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5

6

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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

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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.

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500000

1000000

1500000

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AModel

BModel

CModel

DModel

EModel

HModel

825000 930000

1195930 1096401

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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

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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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800

900

Turnberry Gaslight Wooster andMercer

Waterview

Price Per Sqft Comparison (1 year)

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Conclusion

Sales Overview:

Turnberry Tower’s 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 agent’s 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.