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The lobby and patio areas at the new 7001 Arlington Road luxury apartments are adding some of the decorative elements to be on display. How does this stack up to what you've seen of the lobbies in the Gallery Bethesda and the Bainbridge Bethesda?
I'm concerned about Bethesda being able to absorb more units.
Robert broke the story last week about Norfolk 7770 going condo.
Robert reporting that the Gallery is leased up, but I wonder about the Bainbridge and this 7001 project.
We may see more buildings go condo at this point. Anyone remember the condo madness of the 2000s? It was particularly crazy in Arlington and DC. Folks would wait in lines to get into preview parties for the latest condo in Clarendon.
Chase, it seems like JBG is seizing the potential opportunity for luxury, as opposed to "ultra-luxury", condos downtown. I'd expect other apartment-to-condo transitions to go after that price point while the Laurens and Darcys slug it out for the billionaire buyers. There are a lot more who would pay $300-500K for prime downtown locations.
My guess is that the early deliveries will be snapped up. The later deliveries-- unless they have compelling unit sizes, amenities or locations-- will likely need discounting and experience slow lease-up. FWIW, rent forecasts for the DC metro apartment sector are flat to declining for 2015-16 due to the glut of new units coming on line, and Bethesda should be in line with those projections.
Great blog We may see more buildings go condo at this point. Anyone remember the condo madness of the 2000s? It was particularly crazy in Arlington and DC. Folks would wait in lines to get into preview parties.....
I'm concerned about Bethesda being able to absorb more units.
ReplyDeleteRobert broke the story last week about Norfolk 7770 going condo.
Robert reporting that the Gallery is leased up, but I wonder about the Bainbridge and this 7001 project.
We may see more buildings go condo at this point. Anyone remember the condo madness of the 2000s? It was particularly crazy in Arlington and DC. Folks would wait in lines to get into preview parties for the latest condo in Clarendon.
Chase, it seems like JBG is seizing the potential opportunity for luxury, as opposed to "ultra-luxury", condos downtown. I'd expect other apartment-to-condo transitions to go after that price point while the Laurens and Darcys slug it out for the billionaire buyers. There are a lot more who would pay $300-500K for prime downtown locations.
DeleteMy guess is that the early deliveries will be snapped up. The later deliveries-- unless they have compelling unit sizes, amenities or locations-- will likely need discounting and experience slow lease-up. FWIW, rent forecasts for the DC metro apartment sector are flat to declining for 2015-16 due to the glut of new units coming on line, and Bethesda should be in line with those projections.
ReplyDeleteGreat blog We may see more buildings go condo at this point. Anyone remember the condo madness of the 2000s? It was particularly crazy in Arlington and DC. Folks would wait in lines to get into preview parties.....
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