Monday, March 6, 2017

Editors Park Not Faring Very Well.

This blog is all about Riverdale Park Station but I did a check on one of the units I researched a few months ago and what’s going on at Editors Park is NOT pretty right now.

I briefly talked about Editors Park in my Search Process blog post from 2/18/17 here: http://riverdaleparkstation.blogspot.com/2017/02/the-search-process.htm

What I said is that “The issue we had here is we really just did not like the PG Plaza area as we have shopped there many times in the past living not too far away. We also did not like the overall layout of the community.”

I am guessing other folks must be feeling the same way.

Check out this property in Editors Park as a microcosm:

3109 Sentinel Dr  Hyattsville, MD 20782
Price History
DATE
EVENT
PRICE
$/SQFT
SOURCE
02/26/17
Price change
$450,370-5.5%
$240
NVR Services ...
01/30/17
Price change
$476,370-1.0%
$254
NVR Services ...
01/24/17
Price change
$481,370-2.0%
$257
NVR Services ...
12/21/16
Listed for sale
$491,370
$262

They have already dropped the price $40,000+ in just the past 3 months and it still has not sold.   The folks that already have purchased over there cannot like seeing them continue to drop the price like this especially with the overall real estate market still going stronger than ever.

What’s even worse is they also have 10 already completed units listed in the MLS and ready for immediately delivery.  Riverdale only has one unit for immediate delivery and that one is directly next to the model.

I think they are building the units too fast and they started the prices too high.  

If you look at these units (The Clarendon) they are 1873 square feet which is the same size as the Dawson floorplan in Riverdale.   Yet the Dawson started pricing at $415,000  (now at $430,000) and Ryan Homes TRIED to start the Clarendon at $490,000  (now at $450,000).     Even down at $450,000 with the extra bedroom you get in the Clarendon I would still rather have a Dawson in Riverdale for $20,000 less.   (same square footage, better location, better builder, less cost)

They instead should have done what Riverdale Park Station is doing where they start the prices low, build the units slower and move the prices up over time… it is a much better strategy for both buyers and sellers.  Of course I believe the location is better at Riverdale and that has even more to do with it vs. just their poor sales strategy. 

I do hope Ryan Homes is able to sell all these units as I am afraid if they get priced low enough they could eventually draw demand away from Riverdale since they are only a mile down the road..  I am not sure how close to being completed Editors Park is right now and if someone has information please let me know. (Anonymous commenting is enabled from here on out.)

11 comments:

  1. Interesting! To be honest, when we went to Home Depot a couple months back, I was really surprised to see the new development of townhouses. I thought it was kind of random and not a great location. But they seem to be building up that area next to Giant (although I haven't driven by anytime recently ever since Safeway opened). And PG Plaza Mall is going to get renovated soon, so that might be a plus to people living there.

    ReplyDelete
  2. I felt the same way E... Inside the townhomes are actually really nice they were more intelligent about how they used the square footage in their units. 2 car garage instead of flex space, walk in closet and ability to convert loft into a third bedroom. None of these options are available in Riverdale except for the Cassidy floorplan. But the location for Editors is just not very strong. I hope they are able to sell some of them soon before they go full on firesale.

    ReplyDelete
  3. I was almost 100% in on a Dawson but was just too frustrated with the poor use of space. I really like how Ryan designed the Clarendon model. It just makes sense. At at $430K price point I would expect 3BR/2BA at a minimum, that is what EYA did in Hyattsville (and EYA is a premier builder like Stanley Martin)...

    ReplyDelete
    Replies
    1. Agreed as you can see from my most recent post.

      But to be fair EYA in Hyattsville was in 2014…. 2015 and 2016 have been two of the strongest years for real estate ever so I would think if EYA was doing the same thing in Hyattsville today they would be starting them higher.

      Agree that the Clarendon is a better use of 1870 square feet than the Dawson though. But the rooftop deck in the Dawson is amazing and the Clarendon does not have it. I think the rooftop deck facing the woods was one of my favorite things about all of the Stanley Martin units being built now.

      Delete
    2. I stand corrected... apparently there is a 4th floor deck option on the Clarendon. Either way pricing it at 490,000 to start in that location was silly. I hope they start selling soon now that they are down to 450,000

      Delete
    3. I toured the editors park model and had mixed feelings, I liked the exterior design, the open floorplan and the rooftop deck. The first issue for me was the proximity to the home depot. As you pull into the community, the adjacent Home Depot parking was full of loitering contractors. I also was not a fan of the tandem garage setup. They should have went with a 20 ft wide model with a standard 2 car garage at this price point. It does have a better layout than the Dawson, but the surrounding development in riverdale park is much more desirable because of the upscale retail and green space. The mall at prince georges is going to get a major overhaul in the years to come, but most people driving by are not aware of that yet.

      Delete
    4. I heard about the upcoming remodel but that will not change the retail options there and I also don’t know if it will fix the crime problem there…

      http://hyattsvillelife.com/police-urge-caution-after-spate-of-robberies-near-prince-georges-plaza-metro/

      Another issue is they shouldn’t have built this right on top of East West Highway. Some retail options or greenspace as a buffer would have been much more intelligent.

      Agree with you on design but after seeing a Dawson yesterday I feel a little better about it. I will post some pictures later today.

      Delete
  4. I still can't figure out why they're building that one unit at the very front corner of the property. It can't be more than three feet from the edge of East-West Highway. Who wants to live that close to the road? (Maybe it's the building that will have the leasing office and the model unit, but still...)

    I wonder, too, who wants a rooftop terrace with a view of Home Depot, Orem Middle School, Giant Food and PG Plaza? Also, I don't think the people who shop at Giant Food and PG Plaza (including me) are the people who can afford to spend 450k, even if that was a reasonable price.

    ReplyDelete
    Replies
    1. There are actually going to be TWO buildings right on the highway there...

      I agree the whole community location and design there is kind of ill-conceived. The townhouses are nice and it's very close to the metro but the positives end there.

      Delete
  5. I've been wondering about this location as well, since my wife and I recently moved into the Mosaic for a few months while our home in Edmonston is being renovated. That end of the Metro seems pretty safe, but we keep an eye out.

    BTW, I came to this blog to learn more about Riverdale Park Station, which is right up the bike path from our place, and which we're very excited about. Our refi/renovation loan happened without a hitch thanks to this development, so kudos to you for helping us! I also lived in Brookland about 7 years ago and actually find the quality of life in the Hyattsville area just as good, if not better in some respects. The region is a wonderful value - we're on almost half an acre with a 3 car garage and too much landscaping left to be done, but it's like living in the country, with great beer options and transit. Can't wait for Paradiso though....

    ReplyDelete
    Replies
    1. Nice…. I am sure you have seen quite a pop in your home price recently. I think this area is only going to get better.

      Delete