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?

Rare Ritz Calton Georgetown Condo Unit For Sale!

A rarely available unit at The Ritz Carlton’s Georgetown Location is available for sale.  This extraordinary 28 unit boutique adjacent and actually part of the Georgetown hotel, is home to the most expensive condos sale in Washington DC – The two most expensive dc condo sales ever on MLS record.

What’s more interesting (and an issue I won’t be able to get into depth on this post – but will follow up), is that this unit, in arguably the most prestigious, and expensive condo development in the entire DC Metro area, is bank owned.  For those reading this from out of town, the Greater Bethesda Maryland area Northwest DC fine neighborhoods have seen very few luxury foreclosures.  Again, I’ll get back to this issue as it’s an important one to cover.

I also got to preview the unit with some clients so for those interested, I’ll have more commentary, pictures…and maybe some info on another unit in there being “quietly marketed” 🙂 Stay tuned this weekend!

[idx-listing mlsnumber=”DC7505476″ showall=”true”]

– Update, January 17th 2011:  The aforementioned unit at the Residences at The Ritz in Georgetown @ 3150 South St. NW #1F, Washington, DC 20007. Went under contract on January 14th per MRIS MLS records. I’ll follow up this week with my assessment of the unit, a few pictures, and what/if this ultra luxury foreclosure says about the state of the DC market. Doom and Gloom? No, just that no one’s immune.

But before get into further detail this week, any thoughts?

Reports of a New Record Sales Price for a Georgetown Condo: Micro-Market at Its Best or a Sign of an Improving Market?

A few weeks ago, the good people at Urban Turf headlined the recent sale of a Penthouse at the Georgetown / West End area Ritz Carlton. According to their information, this property sold for a record $7.295 million.

We know that large condos are still a highly desirable commodity and we are continuing to see fairly quick sales on the best of these. But this record price is, indeed, very good news for the local real estate market.

Georgetown DC Real Estate & Neighborhood Profile

Georgetown Neighborhood ProfileAlthough this blog is packed fully of Greater Bethesda & NW DC info geared more towards the DC area resident, we’ve been receiving requests for more general neighborhood info.  For those of you who live here, I hope you larn something new about the areas we’ll cover from time to time.  For those of you inquiring…you ask and you shall receive.

Because this is GreaterBethesdaOnline, I thought that gave me the liberty to cover some of the close-in NW Washington DC areas.  And no better to start with than “Georgetown”.

There are many Georgetowns in the US.  There’s a Georgetown Austin, a Georgetown Kentucky, but in my humble (and biased!) opinion, there is non more famouse than Georgetown Washington DC.

All over the world, people recognize Washington D.C.’s historic Georgetown neighborhood for its elegant history and enchanting night life. From the upscale dining and shopping opportunities to the herculean foreign embassies and federal-era estates, Georgetown is a thoroughly amazing site to see.

Georgetown sports many historical features, from the 1765 Old Stone House to Georgetown University. Founded in 1789, Georgetown University is one of the oldest and most pre-eminent universities in the country. Georgetown also features the 19th-century Dumbarton Oaks, the site where the basic ideas behind the U.N. were conceived.

Historic homes, beautifully manicured gardens and breathtaking historical sites mark Georgetown. It’s no wonder Georgetown has been home to dozens of important Washingtonians and many well-known figures in history.

Georgetown is known worldwide, for its stunning architecture and historic appeal. Georgetown real estate is in seriously high demand among high-end buyers, and with good reason. The most expensive available homes top out at the $10 million mark. Three-storied mansions featuring vaulted ceilings, opulent ballrooms, brick and stonework, that are seated on large treed properties characterize Georgetown real estate.