Big in Bethesda

The demand for large condos is alive and well in Bethesda. (Shh, don't tell the unstoppable trend that is micro-units. The New Yorker has a few more "Millennials Be Crazy" trend pieces to write about the topic.) TTR Sotheby’s broker David DeSantis is seeing this every day, as he's taking care of sales of the new Quarry Springs complex. In fact, he’s doing it for the second time.

Several years ago, before developer IHP Capital and 1788 Holdings (this is Larry Goodwin of 1788 Holdings pictured here) took the reins, the Rickman family and their partners dreamt of converting their 30-acre property into a gated community with condos that were no smaller than 2,000 square feet. The project did not come together under that team, but DeSantis said that even though interested buyers were given the choice to opt out of their contract once Quarry Spring changed hands, at least 10 decided to stick out the longer wait.

DeSantis points out that many condo buildings in the metro area may be equally luxurious and have similar amenities but that a 1,500 SF condo is an awfully tight squeeze for someone moving out of an 8,000 SF home. The largest of the 50 units in Phase 1 just over 4,500 SF, and there's also a community clubhouse in case visiting children want a place to play. These big spaces carry big price tags between $1.8M and $4M.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

MBK Sells Anaheim Apartments To TA Realty For $147M

Live Local Act Projects Struggle To Get Fannie, Freddie, HUD On Board

Pennsylvania Avenue Office Sells For Repositioning: The D.C. Deal Sheet

EXCLUSIVE: Georgia-Pacific Scraps Conversion Plans For Its Atlanta HQ

Georgetown Waterfront Office-To-Condo Conversion Lands Financing

Mamdani Administration Applauds Transfer Of 3 Distressed Rent-Stabilized Buildings

What New York Can Learn From California's Push To Cut Environmental Red Tape

Greystar Sells Denver Apartment Building For $110M

Westfield Montgomery Pays Off $350M Loan As New Retailers Expand In Mall

Crow Holdings Raising Nearly $3.3B Fund, Its Largest Ever

Developer To Pay Biscayne 21 Holdouts $50M After Lengthy Legal Battle

Tishman Misses Payment Deadline On $450M International Square Loan