Rockville Town Square (Bethesda, North Bethesda, California: apartments, rentals, condominiums) - Washington, DC suburbs in Maryland - Maryland (MD) -Calvert County, Charles County, Montgomery County, and Prince George's County - City-Data Forum

Heebs18 · 07-17-2007, 08:48 AM

Does anybody know about Rockville Town Square. I'm interested in a condo there. I know they have 4 buildings, all were originally going to be condos, but 3 of them are now rentals and one is condos. I know that this is some cause for concern, but I also see it as an opportunity to offer well below asking price.

Do you think this is a reason not to buy, or do you think that since the area is very up-and-coming that in a few years once everything is in place, it may be an area that more people will want to own a place in, and I'd be able to sell for a pretty good amount.

Any thoughts?

Heebs18 · 07-17-2007, 01:36 PM

Hmmmm, nobody wants to answer my post

Any specific reasons?

sundaze · 07-17-2007, 03:11 PM

But I do think the fact that 3 of the proposed condo buildings became apartments indicates that right now there is not a big demand for condos there. There have been attempts to develop downtown Rockville for a long time. The fact that you could by a condo for less than the developer is asking indicates only that the developer is as asking more than the market will justify. If a demand for condos in that area should arise, nothing would stop the conversion of the rentals to condominiums and a big developer could undercut your asking price. If you think you would like to live in Rockville Town Square, I recommend you rent first and see how you like it. I don't think prices will rise in a year. If I had to guess the future, I don't think this purchase would be a good investment. I don't know where you live now, but I would STRONGLY recommend that you rent first and then make a decision when you are familiar with the area. I don't think this was the answer you wanted, but it is my opinion as a 35 year resident of Montgomery County.

Heebs18 · 07-17-2007, 08:11 PM

I'm willing to hear anything. My other choice is in North Bethesda. It's another new building called Midtown Bethesda North. It's right off of Rockville pike and I think it's a little bit more of a steady investment, especially since the building is nearly sold out already.

sundaze · 07-18-2007, 09:20 AM

Hi Heebs -- I don't know where you live now but I was just out in my car listening to WTOP the all news radio station. They did a piece on Rockville Town Square. Actually what was said was that condominiums in Washington metro area all overbuilt and mostly overpriced, the the Rockville Town Square project had only sold 50-60 units since its inception. Very soon 3 of the buildings are going rental. I don't think it would be wise to buy in this project, whatever the price, if you end up with something you can't sell. I guess I am repeating myself but I would be cautious right now about buying any condo in the DC area. A couple of areas -- downtown Bethesda, Friendship Heights, and Dupont circle proper MIGHT hold up in value ok or you MIGHT find a desperate seller but I think this is an area for extreme caution.

Bagira · 07-19-2007, 07:39 AM

Prices in the DC Metro area will be falling even more they are already down @10-15% from last year. Condos they sit forever. Houses in our neighborhood have been sitting since Spring none sold. One we liked when we moved here Rockville started at 450k and was reduced twice and then sold for 399k. Recent Article there is a 50% chance which is extremely high that prices will fall next 2 years.

goldenage1 · 07-31-2007, 01:09 PM

[quote=sundaze;1087629]But I do think the fact that 3 of the proposed condo buildings became apartments indicates that right now there is not a big demand for condos there."

My problem with downtown Rockville is that it is a concrete island surrounded by high-traffic roads. It is not a good place to raise a family. People looking to raise a family will tend to look for single-family homes with grass and trees. This limits the resale value of condos, IMHO.

If you want to buy a condo, consider how long you plan to be there, and be careful.

Tom Lennox 70 · 07-31-2007, 04:01 PM

I live in Rockville not far from there....I need to get out of this town. I loved Rockville when it was a small towns or a suburb, now they want it to be an urban environment. Its overpriced for one thing and the property taxes are ridiculous. I have no idea how the Town Center project got approved when King Farm already took out a lot of open space.

I'm afraid we're going to end up like New Jersey or California where every inch of open space is gone. Our traffic is already a nightmare and Rockville is overcrowded. They've already turned the small town into the large suburb....please don't turn Rockville into a city now!

Tom Lennox 70 · 07-31-2007, 04:02 PM

The quatliy of life in Maryland and DC is not worth the prices here seriously. I can move anywhere else in the country and live so much better. Only LA, New York, San Francisco and Chicago and perhaps Miami are more expensive than here.

Washingtonian · 08-01-2007, 10:54 AM

I called the rental office. She said that they wanted 4K a month. I can rent a house in Chevy Chase or Bethesda for that. Are they out of their freakin' minds? For an apartment. Also, there is an additional fee for parking.

Good luck in renting much less purchasing to resell. That place is going to have a lot of empty apts/condos.