Luxury Condos Go Up For Rent In D.C.

According to the Washington Business Journal, EastBanc Inc., a developer in Washington D.C., is putting some of its unsold luxury condos on the market as rental units. Its Westlight building on the city's West End was finished in 2017 and is currently 80% sold. It's now trying to entice tenants by offering a 12-month lease after paying a nonrefundable conversion fee plus security deposit. If the renter opts to buy, then a portion — the percentage varies depending on when a closure takes place — of the conversion fee and rental amounts are credited to the unit price.

If they don’t convert from lease to buy, per an announcement, “the purchase benefits are forfeited and the purchaser remains in the unit until the expiration of the lease term.” Real estate agents will be paid commissions on the lease at the start of the term and on the sale at settlement. As for leasing prices: a single bedroom plus den will rent for $5,500 per month, and three-bedroom units will range from $9,500 to $11,000 per month.

The option “appeals to buyers who might have delays or hesitancy liquidating assets,” Mei-Mei Venners, Westlight’s director of sales, said in a statement.

“Our developer, Anthony Lanier, believes in marketing his residential properties like Tiffany with no discounts or special sales — nothing that impacts the value of the building,” Venners said. “But you can lock in your price with this new lease-to-purchase product, experience living in this five-star luxury building without committing to the purchase and we believe buyers will get so spoiled they won’t want to leave.”