Boutique Bethesda Condos Coming!

New Bethesda Condos on Montgomery Lane
Downtown Bethesda Doing The True Boutique Condo

The smallest New Bethesda condo boutique in the pipeline may still have one unit available.

Months ago, I wrote about a new Downtown Bethesda Townhomes development  in the works.  Forget what I said? 🙂  The developer has decided to go the with four downtown Bethesda condos instead.

According to one of the reps, there will be  “4 condos”, that  “2 [have already] sold already…maybe 3”, and that “construction [is slated] to start in approx. 1 year.”

Each unit will have it’s own garage door that enters into elevator lobby. It appears the units will be a shade smaller than 2000 sq. ft. though  Kind reminder, I’ve yet to follow up for a few weeks and plans continually change!  From what I could cajole from the developers , units will be hovering in that $2 million dollar area.

Condo fees are a tougher nut to crack, but if I were to guess, even in a very small boutique, one should expect 50-60 cents per square foot (meaning somewhere in that $800-$1000/month area).

I’ve included the few elevations below and I’ll keep you updated  as I learn more!

If you have any interest, would like to set up an appointment, or would like to be kept in the loop.  Contact me, (or simply use the form below) and I’ll be more than happy to do what I can.

 

New Downtown Bethesda Condos BoutiqueNew Bethesda Condo Boutique

More on Downtown Bethesda Condo “Moderno”

Great New Downtown Bethesda Condo – For Sale or Rent

More information and Photos of 4818 Hampden Lane

Located just one block from the Bethesda Metro, a unique two-story condo is now available for either sale or rent. Walk into the living room from your own private courtyard entrance. The kitchen was remodeled just a few years ago with the “best of everything” – from high end stainless appliances, to Poggenpohl cabinets, to Caesar Stone counter tops with glass blackspash. This is truly one of the finest kitchens in Downtown Bethesda.

A powder room is located off of the living/dining area and upstairs there are two bedrooms (the Master has a generous walk-in closet) and a remodeled bath. An in-unit washer/dryer and a skylight over the stairway are two additional outstanding amenities.
This unit is available for sale at $599,000 or for rent at $2250/month.  More information can be found in our Bethesda real estate guide on our sister website, KoitzGroup.com.

The Residences at The Ritz Condos, The W, & More Micro Markets

The W Residences Not In Bethesda

This is another recycled post but since we’ve been diving into micro-markets lately, and it came to mind today I wanted to share the concept on at a luxury level. I was speaking with a friend last night, Incredibly smart guy who just purchased a condo in DC. And having supreme intelligence, he chose to work with me 🙂 We spoke at length about the micro-market during the process, and now, a month removed, we revisited the topic.

“Just Econ 101”, he told me…and that’s precisely the point…

From November 14th, 2009

The Rise of The Hotel Residence in DC & Greater Bethesda

Well not in reality…yet. And yes, with so many Greater Bethesda condos in the pipeline, do we need…can we absorb another? — that always always depends on timing and location. A boutique hotel with a few residential condo units would be a perfect match for Downtown Bethesda. Whatever, whenever is the W’s slogan right? Well now we have the “wherever”…..so whenever you’re ready!

Washington DC isn’t “W Hotel free” — situated at 515 15th Street NW, President Obama could take a few minute stroll to Washington DC’s W. But I’m talking about W Hotel and Residences.

My argument (and I’m right!):  Every area has slightly different housing needs — and if there’s one type of property the Greater Bethesda area is begging for, it’s the 2000 sq. ft.+ luxury condo. In this particular case, I picture a Boutique W, with approximately 40 hotels rooms and 30 residences…all 2000-5000+ square foot units (the residences, that is). The upscale Hotel / Residence is the opitome of the “lock and leave” convenience, with the “resort style” living many are asking for.

Just Look At Residences at The Ritz in Georgetown

The only other comparable Hotel/Residence in the DC Metro area is The Georgetown, DC Residences at Ritz Carlton …and what did we learn from those 28 units?….

When you actually build products that the public is demanding (think baby boomers with money), they sell…regardless of the market. This past March wasn’t a wonderful time for Washinton DC real estate –!but that didn’t stop one of the Penthouse units at the Georgetown Ritz to sell for over $7M…a record for a DC condo.

I know the prices and condo fees that would come with a Residence/Hotel would stretch most Washingtonian’s pocket book. But if you built it in Downtown Bethesda (and many areas in DC, Northern Virginia…) they would most certainly come…

I look at this in retrospect, and now, with developers still pushing  “the density model”.  That is, a “just stuff as many 1 bedrooms as you can into a square box mentality”, I just want to know who’s actually doing some research?

Greater Bethesda / DC Developers — Just Ask Yourselves, “where’s the demand”?…You Figure That Out, and You’ll Sell in ANY Market

I respectfully ask Polinger Development (not picking on you guys, you just happen to be doing a lot of the immediate work in Downtown Bethesda), to give me 10 minutes. Better yet, let me design your next development — I’m not an architects but I’m great with a Pen and a napkin.   You all seem h#ll heck bent on making the same mind numbing mistakes over…and over again.

  • Get your eyes away from that very narrow lens
  • Do some market research…
  • Call me if you’d like (seriously) – 301-254-6576.

I hope you’d learn that it’s not if you build it, they will come” rather if you build what they want, they will come.”

Thoughts?

A Bethesda Condo & Locations Within Locations

Bethesda Condos:  Location, Location, Location WITHIN a Location

I remember when “location within a location” became relevant again. I can even remember the first time I said it.  I was showing several high end Bethesda condos in the same development a over 4  years ago. It was mid 2006, a year removed from the madness of 2nd quarter 2005 (some of you remember that time; when you had to write a contingent free offer, escalate tens of thousands of dollars above asking price, and give away your first born child for a chance at getting that home :- ).

Downtown Bethesda
Just a pic of Downtown Bethesda

So, back to showing the condos: brand new, well laid out, and nice finishes…..all around one of the better developments in the Bethesda area. But the market had slowed a bit, my client knew it (I made sure he did!), and the developer knew it too. So when it was time to decide on two very similar units on different tiers of the building at relatively comparable price-points, my client turned to me and asked:

“Which one do you think?”.

Because it wasn’t an investment property or anything my client was planning on moving out of for the foreseeable future, I suggested he choose the one that felt most like home.

“But which one has more value?”, he insisted.

It was by no means a roll your eyes kind of question. I told him if he was happy with both, he should buy the top floor unit with the western exposure. It was $30K more than a similar unit facing east towards a busy road.  The question of “value” became synonymous with “marketability” and that’s where we discussed the concept of the Bethesda Condo Micro Markets. That is, we were past the point where the market demanded a “take what you can get mentality”. On the contrary, in this new real estate environment, there was a time to analyze values on much smaller scales. It wasn’t just the price per square foot, instead it was a combination of a lot of small things…not the least of which was the location within the building that would make for a more sale-able unit in the future.

There are many downtown Bethesda condo units but very few with un-obstructed, western exposures. There are many other examples of micro-markets and most have to do with demographics, supply, and demand… just a little Econ 101. For example, there’s a crying need in Bethesda for larger condo units or homes designed with one-story living in mind.

Four Seasons Residences Kona
Four Seasons Kona – Niche Luxury Condos in Washington DC

The picture to the left is from The Residences at The Four Seasons (Kona…not Washington DC!).  But looking at this picture reminded me of my client — and reminded me to kindly remind everyone that even in a market of “bargains”, it’s important to continue to analyze the micro-market. It’s not just the building, it’s not just the street and it’s certainly not just the price…instead, it’s combination of all the little pieces that make up value in our daily lives….like a sunset!

**Oh, in case you were wondering, my client ended up going with the unit with the Western exposures.

Bethesda Condos For Sale Over $1 Million

Bethesda Luxury Condos For Sale:

This mini profile highlights all Bethesda Maryland Condos currently on the market with a minimum price of one million dollars.  Enjoy and pelase let me know what real estate lists you’d like to consistently see more of.

I’ve had many  recent “True Modern” requests.  Feel free leave a comment or contact me directly if you’d like to see a neighborhood(s), property type, zip code more commonly see profiled.  I may tell you “that’s not my thing” but at least you tried.  Just kidding — I aim to please and love it when I get feedback.  So if you request it, it will come 🙂

Edgemoor Condos
There are currently no units for sale in the Edgemoor On Arlington, an 8 year old 11 unit Boutique. in Downtown Bethesda...but there will be!

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To view more Bethesda Condos For Sale, visit our sister site at www.koitzgroup.com.