Well not in reality…yet. And yes, with so man 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”…
Actually we need to take you...
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 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 resort style living.
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, they would most certainly come…
For those who are interested in luxury Bethesda townhomes in the heart of Downtown, The City Homes of Edgemoor stands as one of the few choices. Because of escalating downtown Bethesda land prices in the late 1990s, most newer developments demanded that developers plan for more density – which led to condos — and along with them, the end of the short era of townhome development. Located a stones throw from The Bethesda Metro and the Downtown urban core, The City Homes of Edgemoor was the 2nd of just two luxury downtown Bethesda Townhome developements.
Just a little over a decade ago, the The City Homes of Edgemoor were just homes. Older, relatively run down single family homes lined Montgomery Lane at that point. After a local developer purchased the first couple of homes on Montgomery Lane, however, interest in the development of “City Homes” spread rapidly. In fact, the City Homes sold out before construction even began (circa 1997).
***Please note there’s background music..sorry
Video of the City Homes of Edgemoor Unit
During Phase 1 of the construction of The City Homes of Edgemoor, three rows of 4-level townhomes were completed. Two of the rows contained six townhomes, while the third row had only five units. Each of the townhomes provided approximately 2400 square feet of living space to its residents, with the exception of two that were found in the third row. It was in the third row that the developer and the builder, constructed their own personal units – each of which 3500 square feet (essentially a townhouse and a half). They also featured 3 car garages as well with elevators. These incredibly special units have since turned over — and one is actually currently on the market. There were only two other “normal” units completed during Phase 1 contain elevators.
Two years after Phase 1 was wrapped up in 1998, the second phase of the project began. At this time, the developer acquired a couple more properties and chose one of Bethesda’s most prominent builders, to construct two additional rows of townhomes. Although the units are similar to those that were built during phase 1, they are a bit larger. In fact, each home is approximately 3,000 square feet (via an extra 6 feet of depth). In addition, each unit has its own elevator.
The City Homes of Edgemoor are considered to be such a desirable place to live. Residents of The City Homes of Edgemoor enjoy easy access to nearly 200 restaurants and more than 100 specialty shops, boutiques, movie theatres and more within the area.
How would you like it if Downtown Bethesda were on a beach? Bethesda Magazine posed this question in a humorous and brilliant series of pictures depicting “in a perfect world”. This was one of the coolest and most fun pieces I’ve seen in quite some time. I wish I had the link to my favorite picture, but it was similar to this one of Barnes and Noble at the corner of Woodmont and Bethesda Avenue, which is at the center of the urban village core. But instead of the massive parking lot (not seen), there was a beach!
Downtown Bethesda at the intersection of Woodmont and Bethesda Avenue. What if Downtown Bethesda were on a beach?
Sarasota, FL & Gulf Goast, AL Inspiration Time
One of the best side-benefits of having real estate agent/marketing friends across the country is being able to keep up with different markets, and feel the pulse of the different areas where these professionals work. Of course there’s no substitution for visiting, but I wanted to introduce you to two Beach destinations through the pictures below.
I encourage you to take a look at both of the websites associated with each area. You can almost “feel the life of these areas” through them. I was hoping that a look at these two extraordinary destinations through these two extraordinary web experiences will give you (at least the Greater Bethesda contingent out there) inspiration to answer this question:
If you could Move Downtown Bethesda anywhere, where would you move it?
Gulf Shores Real Estate?
Gulf Shores real estate anyone? Courtesy of Cal Carter and the top producing Gulf Shores Life Real Estate Team at Keller Williams.
Gulf Shore life looks awfully nice — especially through the lens of Cal Carter’s Gulf Shores real estate guide. Appropriately titled GulfShoreLife.com, one look at the vivid slide-shows, images, and custom home listing displays on this triumph of a web guide will explain why I thought Bethesda would fit well on these sandy beaches. For even more pictures, visit Cal’s Alabama Gulf Coast real estate guide…
Sarasota Real Estate
Luxury Sarasota Real Estate? Marc Rasmussen, one of the elite agents in Sarasota, has an equally impressive website -- LuxurySarasotaRealEstate.com is filled with images, videos, and all Greater Sarasota MLS property listings.
Recently touted as the #1 area to buy a home in the US, take a look at Marc Rasmussen’s LuxurySarasotaRealEstate.com – one of the finest and most attractive real estate guides anywhere. Besides perusing properties through a customized Sarasota MLS, don’t miss his Sarasota real estate news section for more Sarasota flavor.
Thoughts on where you’d move Bethesda (or your city, for those not from the area) if you could move it anywhere?
And when’s the last time you saw a sequel better than the original? Well, if the New York Time’s has its facts straight, many more homebuyers’ may be enjoying this second iteration of the Homebuyers’ Tax Credit.
There was a tentative deal a couple days ago, as reported by Jolenta Averill, a prominent Madison, WI real estate agent has been doing a wonderful job keeping tabs on the latests news and notes with the proposed tax credit. You can read many of the proposed details in her tax credit update post from Saturday.
Some of the newest proposed conditions can also be found at this >> Real Estate News network if you’re interested in the details. But before you leave me (or if you’re tired of reading!), three of the most notable changes to the Tax Credit would include:
Extended to April 30, 2010 (slated to end in a few weeks)
No longer limited to only first time buyers and
Applies to people with higher income limits.
Beautiful home on a tree lined in Bethesda's Edgemoor subdivision
Better For Bethesda Real Estate & Beyond?
As many have argued, the “First Time” buyer home credit needed to be more inclusive, both in regards to income and prior home ownership status. $8,000 on an $825,000 Bethesda property wasn’t going as far as an equivalent in most other cities. With fewer new Greater Bethesda property listings coming on the market (seasonal), this “Homebuyer Tax Credit 2.0″ may be a catalyst to help lower the current absorption rate. There are other variables that will weigh heavily into a potential home purchase, of course — but “Credit 2.0″certainly wouldn’t hurt.
Nope, not joking! Hot off the presses, straight from the Dr. Gridlock columns in The washington Post is a reported 3 month program to see if $2 can cajole more people to carpool together. I admitedly don’t read Dr. Gridlock as much as I should, so I don’t know his propoensity to kid around :-), but I’m going to go on the limb and take hime for his word. According to the the good Dr., the program will be sponsored Commuter Connections, and will “reward commuters who currently travel alone along any stretch of the Capital Beltway from Bethesda to Tysons Corner”, among many other congested thoroughfares throughout the DC Metro area. If the 3 month experiment turns out to be a hit, there’s even possibility to further expansion. Less Traffic for Greater Bethesda Beltways. Tysons Area marked by arrow
What do you think? Is $2 enough incentive to grow the kind of “movement” needed to turn this from experiment to every day event?
Greater Bethesda Area’s First Potomac Realty looking A Little Suspicious
Another Matter of Exuberance & Greed
Ehhh…just got picked up this story up on Reuters and they were kinder than I would have been with First Potomac Realty Trust, the “self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping business parks and industrial properties in the Washington, D.C. metropolitan area…”. Well they’ve already declared 3rd quarter growth are getting ready to pay themselves for their fiscal triumph…hmmm…
So “early” proclamations of “Victory” from officials inside a a self-managed company where those who stand to make the profit are those who work for said company — are eligible to pay themselves less than 60 days after third quarter’s close? Yes, I know that the profit and confidence lies from working for government officials and knowledge of the influx in government jobs — which is great for the DC Metro area.
Maybe my reaction lies more in First Potomac’s ability to “draw” money so quickly; the assumption and almost uninhibitedly enthusiasm may be warranted, but at the same time, shouldn’t we all be have a even the vaguest sense that nothing is a given. Haven’t we seen where this kind of greed (maybe hubris is a better word) got us the last time around? Seems like not so desperate times (for some) still calls for what I believe many would call “over-zealous” (?) behavior?
I’ll follow up with more commentary on this one but probably best to let it go for now and get some feedback from you. >> First Potomac Realty Trust Declares Third Quarter DividendAs always, I love the feedback and thank you for your e-mails and/or tweets?
…which brings me to a much lighter side of the news — depending on how big of a Redskins fan you are I guess – Daniel Snyder’s ban on signs at “his field” hasn’t stopped many of DC’s “jaded” to take their frustrations outside the confines of Fedex Field. The Washington Post’s Dan Steinberg (great Blogger/Writer for those who haven’t been acquainted with his work yet) reported this very piece of art was captured outside “a construction site on Wisconsin Avenue heading South” into Bethesda, Maryland. The photo was taken and “syndicated” via Twitter from the reliable @dcborn61. Well done to all on this story, from those who created art, to those who captured it, to those who reported it.
Haunted Houses of Maryland, from Potomac to Annapolis, to Baltimore, and…The Trillium Bethesda Condos?
In a region so filled with history, it should hardly come as a surprise that Maryland is also home to many haunted houses and other structures. From the ghostly principal who roams the halls of George Fox Middle School in Anne Arundel County to unexplainable happenings and ghostly apparitions at the Middleton Tavern in Annapolis, to phantom luxury Bethesda Condos in the Downtown Bethesda area, there are literally dozens of haunted properties throughout the state. Here is a look at just a few of Maryland’s famous hauntings.
The Haunted Marwood Mansion in Potomac Maryland
Since the early 1920s, there have been several sightings of an old man standing in the middle of the Potomac River, but it is the Marwood Mansion that is the creepiest Potomac, Maryland home. Here, there have been numerous reports of strange things happening, such as the toilet flushing on its own, the bathroom window being raised and steam mysteriously emitting from the bathtub. Strange sounds are regularly heard coming from the basement, which cannot be used because every time something is stored in the basement it is ruined the next morning. There are also reports of the cracks in the marble disappearing and then reappearing and a ghostly butler has been spotted walking throughout the property.
Haunted Houses in Potomac?
Baltimore’s Many Hauntings
Baltimore is home to more than two dozen different haunted sites. Todd’s far, which dates back to the early 1800s, is haunted by a woman who sits at the attic window with a candle as she waits for her soldier to return from the war. Slaves can also be seen hanging from the trees late at night and the lights in the home are said to turn on when an intruder enters, despite the fact that there is no electricity in the home.
The Haunted Catonsville Mansion
An old abandoned mansion is said to be found on Asylum Road in Catonsville. Although the mansion is closed to the public, there have been many reports of mysterious banging sounds, tapping noises and whispers coming from the inside. Many have also reporting seeing people walking on the property, but the people disappear when they are approached.
The Trillium, Bethesda – A Ghost Bethesda Luxury condo development
I’ve seen advertisements in The Post, The Washingtonian, The Bethesda Magazine to name just a few — I’ve witnessed the bulldozers level the Old Clarion hotel to prepare for this 173 unit edifice of opulence. I’ve even seen a model unit set fabricated in The Old Clarion for an electric opening night. But as time has passes, I start to wonder whether the ghosts of “Economy’s crash” created these illusions in my mind.
In all seriousness, I kindly ask construction to commence because in my humble opinion, The Trillium should be an extraordinary addition to close-in Bethesda development. But more thoughts are for later. For now, I wish The Trillium and all of Greater Bethesda area safe and happy Halloween….
Is there any downside to any signs of real estate market recovery? — or any other business that relies on financial institutions to operate? Is there a such thing as a “bad economic or real estate recovery”? Unfortunately yes — At least that’s my humble opinion. The concept seems like a paradox or trick question, doesn’t it? But think about interest rates…the fed is basically borrowing money to give us the ability to acquire “cheap money”. But once there are signs the economy is “on the mend”, I propose that the fed will begin to get tighter with their money quickly — because they simply have too much compounding dept from too many other sources to do anything else. I wrote a post over at a premier Austin real estate blog owned by a good friend. There, I elaborated on the concept of of “Bad Financial Recoveries”.
From What I’ve learned from an authority on the subject (in my family no less); to conversations with other economists, it seems Washington already has too much of its plate to delay much longer with interest rate inflation. My one fear (that I didn’t articulate well in my post) was the “taking of cheap money” before enough can be used “to absorb enough area inventory”. And where would that put us? My guess…back to where we started.
Even in the case of a close-in Bethesda homes for sale, I know many potential buyers who are just a couple points (if that) away from renting or looking elsewhere. It’s the volatility and complexity of different real estate markets that makes me a little uneasy about my own speculations — and again, this is just speaking strickly from the real side of the crisis. It’s a quandary that is far more complicated than I pretend to fully grasp.
I go into some details about other variables that will inevitably push interest rates considerably (again, just my humble opinion). Hopefully you’ll draw your own conclusions or engage in conversation with me over there if you wish. I’d love to chat through the issues.
And oh yes, you’ll be happy to know (as the title indicates) that I also give some general advise about how to take advantage of today’s distressed yet “incentivized market” – for better or worse, it may be a fun read!
Bethesda Condos - Just A Bethesda Property Type Profile
It’s no wonder that Bethesda is more and more the place to be in Metro D.C. This community continues to grow, attracting new condominium conversions and new condos. These amenity-rich condos feature everything from sunrooms and oversized windows to business centers and fitness centers. When it comes to condos, Bethesda is the place to look.
Newer Bethesda Condos in downtown Bethesda Bethesda range from the low end at $400/sq ft. all the way up to the high end of $1000/sq. ft. (yes, even in this market depending on the condo developement) — Resales and conversions tend to be on the lower end of the scale. As is the case in other cities, newer condos tend to see an increase in price per square foot as the overall square footage increases. There are few condos larger than 2000 sq. ft. in Bethesda, and these premium-priced units are in high demand.
Known as "new" Bethesda because of the development over the past 10+ years. This is the heart of the downtown corridor at the intersection of Woodmont & Bethesda Avenue
A new stage of condo development will happen in the Woodmont Triangle area of downtown Bethesda. This area was rezoned to allow denser, taller buildings, as well as to allow retail establishments on the first floor. As the condo market in Bethesda improves, you’ll begin to see the foundation of a new urban village akin to what we have seen in “new” Downtown Bethesda.
Well, we all know Green is “in”…and it should be. And not just because everyone in Hollywood drives a Prius either (although that’s part of the allure!). No…Green is cool because people dig the idea of avoiding “inconvenient realities” through relatively painless (?) lifestyle changes.
But what about building a Green home? Could you do it? And would you know how (I still don’t!)?
…And most importantly could you avoid the “allure of the opulent”? — the “seductress” who can take the the green out of many’s American dream?
It Started With Headline in The Washington Post for a Green Luxury Home in Bethesda?
As green increasingly carries into the home building and remodeling world, does it seem to you that the word is being thrown around pretty “liberally”? And is that possibly because:
“Green” has more marketability?
Most people (yours included) really can’t define it?
Whatever the case, this recent open ad for a Bethesda luxury home induced some interesting commentary:
“Energy Saving Luxurious New ‘Green’ House.” - Sounds good, right? Gretchen Koitz writes a great little piece about why this “Green” Bethesda home isn’t really that “Green”. The post certainly got me thinking — Are we really committed to “green” or are many of us seduced by indulgences shrouded in a couple solar panels?
I’ll follow up on this topic and I’m sure there’ll be much more to write about, especially when spec. homes start going up again…
But in the mean time, how would you define a Green home?
