Condominium fever lessened during the recent recession. As the real estate market bounced back in the DC area, and cranes reappeared in the downtown Bethesda skyline, luxury apartments and ultra-luxury condos were in favor.
Of course, Duball has its own 71-unit ultra-luxury condo project in the works at 4990 Fairmont Avenue, at the other end of 7770 Norfolk's block. But it, like The Darcy, The Lauren and 4825 Montgomery Lane, is expected to be at the high-end of the market in condominium pricing (with The Lauren standing alone, with its condos "from the several millions" and $10.5 million penthouse).
JBG, in contrast, is offering a relative bargain (with great emphasis on the word, relative), with 7770's condo units currently being priced from the high $300s for studios, and from the mid $500s for 1 bedrooms. The highest-priced unit, a 3-bedroom, is currently listed starting at $1.4 million. Building amenities are on a par with competitors, it has a prime Woodmont Triangle location near Metro, and the ground floor already has a restaurant tenant, Community.
Is this a brief rethinking of market demand? Or is Condomania starting to catch fire again in downtown Bethesda? Could some of the other stalled, or not yet fleshed-out, projects become predominantly condos? Stay tuned.