The initial set of townhomes released at the Brownstones at Westbard Square development in Bethesda sold out on the first weekend of sales, developer EYA reported today. While not even one of the homes has been constructed yet, potential buyers or their representatives lined up outside the sales center overnight Saturday, despite stormy weather. When sales commenced Sunday morning, there were more than 60 people waiting in line for the $1 million homes. A video posted by the developer features comments from the first buyer to sign a contract.
"All appointments are booked," the Bethesda-based company said in an email. Another set of the townhomes is expected to go on sale soon, however. New rental apartments often stand empty these days in Montgomery County. Condo-mania in downtown Bethesda seemed to cool off several years ago. Is million-dollar-townhome-mania next?
Photo courtesy EYA
Amazing that all of the 32 units in the first phase sold out in one weekend. Quite a demand for $1 to $1.5 condos, but EYA has a reputation for building a nice project. I guess folks really do want to live in dense, urban, and walkable pedestrian focused places. Hopefully the bus stop on Westbard will all frequent and timely access to downtown Bethesda and Chevy Chase/Friendship Heights. Hey maybe that top secret extension of the Purple Line to Westbard and beyond might someday happen!
ReplyDeleteSpeaking of EYA, any word on their project near the Farm Women's Market? I would imagine that condos on that site would sell very quickly, being right in downtown Bethesda, especially those facing the proposed expansion of Elm Street Park to the south in those two county parking lots. I see the Bethesda BOZ Implementation Advisory Committee had a recent meeting to discuss this project, and the parks, but the meeting minutes have not yet been posted.
As a renter in downtown Bethesda at the Edge it seems things are fine? I’ve been looking for a condo. It’s seems they go very quick and our apartment building always is full? I lived at gallery Bethesda previously and it was full minus the management change period. Maybe it’s just because I lived in the Midwest but since I moved here in 2020 this place is crazy busy in reference to rental and condo sales especially downtown Bethesda. I’ll toss in Fallsgrove off shady grove as well
ReplyDeleteAmazing, the speculation around here is always that these developments would fail, and that they are filled now with AirB&B or Vrbo units.
DeleteWhom buys these things?
ReplyDeleteI’m so cynical I assume a good portion of those buyers are EYA “confederates,” the company buying its own places to amplify buzz and excitement.
ReplyDelete“Bertha, the first phase sold out in a weekend. We need to get in on this, fast! The price has gone up $250,000 for stage two, but it must be worth it.”
Couples with one or two kids and senior aging in place empty nesters with kids and grandkids that visit. I can’t imagine many single or childless couples would spring for a three or four bed condo with a private elevator. Also folks that just don’t want the hassle of maintaining a single family home and yard. Given the choice of a $1M suburban home in a distant sprawling area, or a $1M brownstone in a dense walkable area, I think I would choose the latter.
ReplyDeleteWe can't possibly be at a place in society where there are actual conspiracy theories about a couple dozen townhouses being pre-sold. The level of brain rot that requires....
ReplyDeleteAny brain rot is second to the level of humorlessness required to not appreciate my 10:47 comments were written in jest, 8:21. Well done.
ReplyDelete"oh, haha, I was just kidding"
ReplyDelete11:01: I've never said SFHs or townhomes are vacant - it's luxury apartments in the newer buildings in downtown Bethesda that are vacant, and are often filled with Airbnb guests, student or corporate housing. Virtually none of these new buildings are leased up with tenants paying full freight a.k.a. signing standard 12-month leases at the full publicly-advertised rate.
ReplyDelete"Virtually none of these new buildings are leased up with tenants paying full freight a.k.a. signing standard 12-month leases at the full publicly-advertised rate."
ReplyDeleteWell that's one of the crazier claims on here lately. Tell us you've never looked at Airbnb/vrbo without telling us you've never looked at them. Downtown Bethesda is severely lacking in short term accommodations, if anything.
1:58: It's a "claim" I've made for many years, based on facts: Online reviews by short-term guests who've stayed in the buildings, conversations with building residents and real estate sources, and the frequency of luggage on wheels being rolled into the lobbies. Along with corporate housing, student dorm use, etc., the developments remain profitable while the higher-than-demand rents don't fall. There's little demand for these units at the "market" rates advertised. Yet the more units that come on the market, the higher the rents go. It's totally detached from the free market forces.
ReplyDeleteIs anyone looking at the sidewalks being installed in this community? Of course you are because they're white concrete, which causes horrible glare, especially in the sun. This is not upscale construction. Why is it so hard to make communities for people? Are there idiots in charge of this?
ReplyDelete