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.
