Lionsgate Bethesda Condos
A longtime Downtown Bethesda resident, I’ve had mixed feelings about The Lionsgate Condominiums at Old Georgetown and Woodmont. It never had “room to breathe” for one thing. Its tight proximity to commercial/residential buildings on one side and a garage on the other made the The Lionsgate “less urban village”, and more a towering mediocrity.
- Maybe it’s the “miniature” balconies
**note to developers – yes, you can “sell” outside space!
- Maybe it was the lack of 2000 sq ft.+ units — again, a product in downtown Bethesda I know people are crying for…but even writing this, The Lionsgate frustrates the h#ll out of me…
Developers in The Gulf Coast & Madison: They “Get It”
It seems developers in other areas of the countries “get it” – from oceanfront Gulf Shores condos to lakefront Madison condos … and beyond, the developers understand — build them big, and build them with adequate balcony space.
I know Downtown Bethesda isn’t the Gulf Coast or the lakes of Madison Wisconsin (Bethesda with a water view..hmmm!), but what all locations have in common is the concept of product comprehension — how, in this context, large condos will increasingly attract baby boomers who want to move down without sacrificing every amenity of single family home living (that’s square footage and balcony space just to make sure we’re clear!).
So this is my story and I’m sticking to it…in my humble opinion, The Lionsgate, in many ways, stands for what Bethesda condos need to strive to NOT be in the future, even when market conditions improve.
What Inspired My Lionsgate Bashing : – )
I received an e-mail today from The Lionsgate sales department today…last chance to pick up the last penthouse unit in the building. But take a peak at some of the “concessions”
“For those who’ve always dreamed of living in a luxurious penthouse, your time is running out. We now have only one remaining on our top floor—the Rodin. This two bedroom, 1580 square foot customizable floor plan already has high-end finishes throughout and stunning views of the bustling downtown Bethesda streets below, and now Lionsgate is willing to invest in additional floor plan changes and upgrades. Prices on this floor plan have recently been adjusted to under $1.2M….”
Did you see what I saw? Willing to make changes to the floor plan?
Can Bethesda Learn From The Lionsgate & This Challenging Market
I know this is a tough market so it’s really hard to say “I told you so”…but in the same sense, this difficult market teaches us all some valuable lessons. In this specific case, the Lionsgate is willing to change the floor plan because this market doesn’t allow “okay”, it demands something closer to perfection.
More importantly, I hope this market has taught (or will teach) developers, homebuilders, and Realtors (listing agents in this context), to listen, research, and listen some more. If we do this, perhaps we’ll be able to better answer this not so simple question — “what do home buyers want?”.
**Over 2000 sq. ft. & large balconies – just wanted to get that in one more time!
As a resident, I can tell you that the reason they didn’t want larger balconies was people leave stuff sitting out there like lawn chairs, etc and the look isn’t as nice from the outside. There is a nice rooftop terrace if you want to lay out. There are units in the building that are 2000+ sq ft, but not many since there aren’t too many people who are going to drop $2+ million on a condo…I am curious where you ended up buying based on your post…
Hi Mike…many thanks for your comments…
With all respect intended, I’m going to assume you’re just joking. Lawn chairs and other pieces that could make the development look “unsightly” are what condo docs are for. And do you see a mess over at the “Edgemoor on Arlington”? Look at the top units (right across the street from the library).
And I respectfully disagree with you – there are plenty of people willing to spend $2+ million on a condo (All the decent 2000 sq. ft. units — without restricted views) have sold at The Lionsgate. In fact 3 of the units in the LIonsgate were actually two separate units combined (there’s a fourth with plans ready to go too). All these units, when combined, were well over 3,000 sq. ft. To be candid, I’m not sure about the terrace space in the three specific units. But the plans of for the remaining combination “opportunity”, had various and “enough” outside space for most.
I’m a “kid”, like you (well I’d like to be — maybe a decade and change older!). I’ve been working in Bethesda and beyond for that decade studying the market, working with developers, listening to clients and Mother’s clients (yes, I work with my mother and live to tell about it!). And here’s what’s exceedingly clear:
For you and I, we want a cool place to live (if so fortunate to afford it – I didn’t buy at the Lionsgate by the way). For your parents, or at least mine and their peers (Babyboomers), there is a crying need for more…and larger, one story living. And not just in Bethesda. Builders and developers have lived off a fallacy that the 1 and 2 bedrooms are the safe bet…and you “can’t sell outside space”. To that I’ll bring out an extreme but certainly noteworthy example: The Residences at The Ritz in Georgetown (not the larger Foggy Bottom location). A 28 unit development abutting the hotel – with units ranging from approximately 3000 sq. ft. – 6000 sq ft. Since the height of the market (Spring 2005), every time ANY of these units have turned over (one recent foreclosure perhaps excluded)…through the downturns, sub-prime era, market meltdown…every time there’s been a sale, there has been astounding appreciation. Well into the double digits. I need to throw out the figure when I have some time because I mean “well” into the double digits…
To be fair, we’re not comparing apples to apples: these are the most expensive units in the city (with the to highest sales on MLS record for DC condos). But, in my opinion, it’s still emblematic of a demand for one story spaces…and yes, one story spaces where you can enjoy morning coffee with the paper in the morning, or a glass of wine (hopefully not so much in the morning for the latter!).
So Mike, whether I’ve swayed you or not, I hope I’ve given you another point of view. Further, if you agree, and have some seed capital, let’s go build a W Hotel / Residence in downtown Bethesda. I have just the place for it!
Many thanks for the comment, Mike…have a great afternoon…