As noted yesterday I visited the site for a new town home development in Bethesda (on Grosvenor lane) called Grosvenor Heights. It is a 33 acre space tucked away close to Grosvenor metro/ 270 access and reasonably close to Wildwood Shopping Center.
The 33 acre space is interesting because it includes a historic property or two + a small office building that seems to be reserved for environmental orgs. It is surrounded by trees and vegetation (and apparently their are efforts to work on increasing native vegetation).
The town home community itself is just being built. The properties will range in price from 1.1 million (approx) to just under 1.4 million (approx) and will have a lot of terrific features including roof terraces and elevators.
I had a very good discussion with the staff there and am happy to set up a private hard hat tour/ viewing if that is of interest to readers of this blog. As ever, you can email me firstname.lastname@example.org or call at 240 486 3921
I took a few snaps to showcase the work so far and also a map of the area:
I am visiting the sales office and new houses being built on Grosvenor Lane by highly regarded EYA Homes later today.
Will write up my impressions tomorrow!
After 7770 Norfolk announced it was going to revert to apartments, one question has been bugging me – what impact will that announcement make to other Bethesda condo projects. I am making some calls and trying to see if thinking has shifted on other projects and will keep you posted.
Of course, one benefit could be to the Bethesda resale condo market – particularly, one would imagine, to nicer units and upscale buildings. We will monitor that trend here at Bethesda Actually in the months ahead.
A local daycare teacher died yesterday after being hit by a bus at the Battery Lane/ Old Georgetown Road intersection.
We knew the lady – she was kind, positive and caring.
If anything constructive can come out of this latest pedestrian tragedy, perhaps our elected officials could finally come up with a serious plan to enhance pedestrian safety.
Lot’s of super food options on a day like today – a curry at Kadhai is certainly an option. Here are a few other thoughts:
1. Satsuma – lovely pipping hot noddle soups
2. Mon Ami Gabi – any number of dishes with those delightfully made, and toasty, fries
3. Cosi – Oatmeal and toppings!
Really big news to start 2016…and not good news from a Bethesda condo market perspective. It seems that 7770 Norfolk will not be delivering as a condo building but will be reverting to a rental building. The pace of sales is apparently to blame according to these comments from JBG’s Matt Blocher:
“The property was well received by the public and achieved the desired sales pricing, but unfortunately, we learned that our condominium sales pace was lower than what is required to sell 200 units in a timely manner…”
I will post some more detailed thoughts later but wanted to make the following points:
1. If the desired pricing was being reached but the pace was off, it suggests that a different mix of price points for the units was possibly required…this also suggests a different mix of unit sizes may have been useful.
2. On a related point – condo developers should consider true three bedroom (non pent house) units for future projects as that provides a genuine alternative for area buyers looking to downsize from large single family homes who need multiple rooms for guests. This could positively impact demand.
3. The quality of these units was very high – the units were built to condo specs…would it have been possible to allow investors in earlier and in greater number to increase sales? Perhaps with a preferred financing partner?
More to follow with thoughts on what this indicates for the broader Bethesda condo market.
As ever, if you have any real estate needs feel free to connect with me at email@example.com or 240 486 3921
Just a brief update on Stone Hall Bethesda – the developers have taken down the office building on the site and are preparing the ground for the foundation process:
As we noted in this earlier post – the project is across the street from the high end apt building and Harris Teeter currently being built.
There is lots more to say about this project but for now I wanted to point out that if you are interested in looking/ possibly buying a condo in the Bethesda area (including new projects like Stone hall Bethesda) feel free to drop me an email at firstname.lastname@example.org or give me a call at (240)486-3921.