THE CHASTLETON

Dupont Circle, DC

1701 16th St NW, Washington, DC 20009

Success

  • 300 sold units in worst part of downturn
  • 100% loans approved and buyers financed in tumultuous mortgage market

Strategy

  • Carefully release the correct number and type of units to create scarcity and urgency
  • Offer a large variety of financing programs including developer held seconds and portfolio loans

Challenge

  • Creating sales pace with the large number of units in 2008
  • Having financing options for first time buyers with limited credit and down payment
  • Building had coop ownership structure in a market that is 90+% condo ownership