People camped out overnight last Sunday to reserve a spot for an appointment to buy a condo in Washington D.C., reports Kathy Orton for The Washington Post.
Westlight, a 71-unit luxury building developed by EastBanc and JBG Companies, was accepting appointments starting noon Monday for later in the week when buyers can put down a contract on one of the first 20 units being released. The units start at $625,000 for 631 square feet and run upward of $4.4 million for a 3,051-square-foot three-bedroom residence.
If an appointment was secured, a buyer could write a contract on a unit. Given the intense interest, several of the units are likely to receive multiple offers, meaning some of the people waiting in line may end up with nothing if their contract is not accepted by the developer.
Most of the people who were waiting in line for hours were paid to be there real estate agents representing buyers. Woe the real estate agent who has to explain to his client that the reason he missed out on a coveted condo was because he did not wait in line or pay someone to wait in line for him.