Duball, LLC's Stonehall officially opened with a ribbon-cutting last October. To note the change in the condo market, consider that Toll Brothers City Living's Hampden Row was 50% sold before construction was even completed. There was not even a model unit available to tour when Hampden Row reached that mark.
Market trends benefit condo shoppers at the moment, however, as Stonehall is now offering VIP pricing through August. Hampden Row was offering incentives of its own last month.
11 comments:
Is this an ad?
I don't think it is the market so much as it is the location. Hampden Row is a much better location. Crazy that they can get $1 million for those basement condos.
Perhaps the sales are slow because, unlike Hampton Row, this building is a bit of a long walk from the Metro. Yes, the Woodmont Triangle is an up and coming area, but still has lots of older un-loved buildings, especially in the immediate area. It really feels a bit isolated too me. Of course the area is getting better, but some folks just prefer to live in an area that already feels active and exciting, and not be pioneers.
I’m not real fond of the tan brick that creates a very bland color palette. Too bad they did not include a retail tenant in the base of the building. Picture a nice destination restaurant like Silver or Passion Fish, with some nice outdoor dining to add some life to the building.
This building is well outside of the 1/2 mile walkshed of both the Bethesda and the Medical Center Metro stations. But don't expect Dyer to tell you that it is "dumb growth" in his sponsored content.
Agreed that the issue is location much moreso than a change in market. That seems quite obvious.
@7:43 - According to Google Maps, Stonehall is exactly half a mile from Medical Center. It is slightly farther from Bethesda Metro, which is a .6 mile walk if you go via Woodmont.
That said, I think @6:42 is right that the location isn't as desirable as Hampden Row's place near Bethesda Avenue. Woodmont Triangle is great, but that stretch of Woodmont is Harris Teeter, a hair salon, a (really good!) deli, and a parking garage. Not exactly a swinging night life scene.
"The ultra-luxury condo market in downtown Bethesda appears to have slowed slightly, but sales remain steady."
Compare this to Dyer's coverage of the renovation of The Collection:
"Once referred to as 'the Rodeo Drive of Montgomery County,' a moribund County economy and the flight of the ultra-wealthy to lower tax jurisdictions in the region have left it a barren row of vacant storefronts."
@7:43: Hans Reimer says the walkshed is about 2 miles. He measured it out while driving around in his county-issued car.
The Stonehall building has nice exterior features, but the buildings nearby are ratty, and those on the north side of Stonehall are about to get a new high-risk neighbor, aren't they?
Open in October and it is currently July (9 months) and only 50% sold? That isn't good absorption Bob the Builder, but that doesn't matter to you as this post is clearly an ad. Wonder if the Construction lender is happy with the sales activity?
9:51: Hence why I noted the market is slowing. This is not an ad, although I encourage Duball, LLC to buy ads here to increase the exposure for their properties through this website, which is regularly read by people shopping for apartments and condos in Bethesda.
"this website, which is regularly read by people shopping for apartments and condos in Bethesda."
[citation needed]
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