Saturday, December 19, 2015
Shocker: 7770 Norfolk condos switching back to rental apartments in Bethesda
Leasing for the apartments at 7770 will begin in February. It was last April when the project was switched from rentals to condos.
A reader informs me that he had been in the process of buying one, with hopes of moving in next month. But the building returned his deposit yesterday.
Sure, because the building was constructed with rentals in mind, the dimensions were smaller than the ultra-luxury condo competitors. But so was the price, with some units starting at under $500,000, in a building that boasts many of the now-standard luxury amenities like a rooftop deck, and is in a prime location.
Competitors include The Lauren, The Darcy, Stonehall Bethesda, Hampden Row, and Cheval Bethesda. A small 4-unit building was already delivered this year on Montgomery Lane, and appeared to be fully sold on delivery.
It will be very interesting to watch what happens as the other condo projects start to deliver next year. And to see if dropping this many new rental units into the market has any impact on so-far-stubbornly-high rents in Bethesda's newer buildings.