You heard about condo to rental conversions before as market stay soft for the mid-to-upper condominium segment. Developer of Park Crest Lofts was banking on Dulles metrorail coming to Tysons Corner by building (aggressively) mid-to-high priced condominiums right in the heart of Tysons. Well, the rail is not a sure thing (it will be 2015 before you see them coming?) so they decided to change strategy...while waiting.
This was in 2006. [New Homes Trekker]
The Lofts still have good enough supply of homes available from 1BR to 2BR. What's unique about this loft is some of the homes will have raised bedroom. Living space ranges from 740 SF to 1600 SF. The lofts are priced from upper-$400's for 1BR to low-1M for 2BR (1600 SF). The Lofts at Park Crest scheduled for completion in 2008.
Sales may have been really show, it seems. Because here is what happens next. Convert those lofts to rentals.