|How the finished development will look|
from River Road
Wednesday, December 13, 2017
Condo demand slipping outside of downtown Bethesda?
50% sold before there was even a model unit to tour, according to Toll Brothers. Four hundred people turned out for the first sales event held for Duball, LLC's Cheval Bethesda ultra-luxury condo tower, expected to deliver in February 2018. I'm still waiting for occupancy numbers for The Darcy, The Lauren, and Stonehall Bethesda. One project is already making a switch: The developer of Quarry Springs, which had an approval for another 47 condo units at the former quarry site on River Road just west of Seven Locks Road, is requesting an amendment from Montgomery County to change those to 44 townhomes.
Given the closeness in the number of units, it's not so much a lack of housing demand, but perhaps indicates a market preference for townhomes in that particular area. Unlike the urban buildings above, the perks of condo living are far less when there's nothing in walking distance outside the front door. What the quarry site does offer is excellent access for automobile travel, being only a minute away from the Capital Beltway on-ramps.
Profit margin is an intriguing consideration. The existing condo units at the site start at $1.99 million apiece. Those townhouses will have to be opulent, large and feature-laden to command even that much in a market where large homes closer-in to Metro and D.C. can be had for that price, or slightly more. There will be no MPDUs among the new Quarry townhomes; a payment will be made by the developer to the County's housing initiative fund.
The Montgomery County Planning Board will take up the request at their December 21 meeting. Planning staff is recommending approval of the amendment, with conditions.
Renderings via Montgomery County Planning Department