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 décor that
may not appeal to many
buyers.
241
184
52
218
0
50
100
150
200
250
300
A Model C Model D Model E Model
Average Days on Market
241
184
29
218
0
50
100
150
200
250
300
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.
1 1
5
6
2
1
0
1
2
3
4
5
6
7
A Model B Model C Model D Model E Model H Model
Number of "Real Buyers"
825000 930000
1165181 1256303 1235000
2600000
0
500000
1000000
1500000
2000000
2500000
3000000
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
1500000
2000000
2500000
3000000
AModel
BModel
CModel
DModel
EModel
HModel
825000 930000
1195930 1096401
1235000
2600000
0
500000
1000000
1500000
2000000
2500000
3000000
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
0
200
400
600
800
1000
1200
A Model B Model C Model D Model E Model H Model
Average Price Per Sqft
681 664 590
802
0
100
200
300
400
500
600
700
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.
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