"Affordable" Condos in Downtown Silver Spring (Bethesda, Laurel: real estate, 2015)

[goldenage1]

Here is an announcement about condos being priced from the mid $200,000 for a 1-bedroom and the mid $300,000 for a 2-bedroom. It is a re-purposed office building, and there is already a waiting list of 670 people. Note that the floor plans for the 1-bedrooms don't have windows in the bedroom, just a glass wall, according to the Octave1320 website. Post Article here:

New condos in downtown Silver Spring designed for first-time buyers - The Washington Post

[adelphi_sky]

Originally Posted by goldenage1

Here is an announcement about condos being priced from $200,000 for a 1-bedroom and $300,000 for a 2-bedroom. It is a re-purposed office building, and there is already a waiting list of 670 people. Details here:

New condos in downtown Silver Spring designed for first-time buyers - The Washington Post

Herbert Casey has watched the transformation of Silver Spring from quiet suburb to a vibrant hub of restaurants and nightlife during his lifetime residency in the Montgomery County suburb.

Vibrant hub of Nightlife? What nightlife? Just last year the county said it wanted to focus on nightlife. I'm not sure that initiative has really taken off just yet.

$200,000 for a 451-sqft 1-br condo in Silver Spring? Are they serious? Sure, the price may be affordable, but they are putting these people in closets. That price doesn't even include condo fee which is $235 to $436 per month.

[goldenage1]

Originally Posted by adelphi_sky

$200,000 for a 451-sqft 1-br condo in Silver Spring? Are they serious? Sure, the price may be affordable, but they are putting these people in closets. That price doesn't even include condo fee which is $235 to $436 per month.

My late edit included the note that the one-bedroom units don't have a window in the bedroom, just a sliding glass wall. Yikes! Is downtown Silver Spring that attractive?

[adelphi_sky]

Originally Posted by goldenage1

My late edit included the note that the one-bedroom units don't have a window in the bedroom, just a sliding glass wall. Yikes! Is downtown Silver Spring that attractive?

Silver Spring is nice, but not Manhattan, NY nice. lol I'm all for efficient use of space, but wow.

[CBMD]

Those prices seem high alright, especially when compared on a per sf basis. They work out at between $400 and $450 per sf. I'd be lucky to get $180 per sf for my 2,500 sf in Laurel. That said, there is a logic to it for young people living alone who only expect to be there for a few, years. Your mileage may vary.

[CBMD]

This thread reminded me of the differences in US and Euro real estate prices, as they pertain to metro areas generally. New York and London being exceptions.

Me, and my siblings are getting ready to sell our parents house, in a metro of 1.8M.

2,000 sf built in 1930, last remodeled in the late eighties. 10 minute walk to the beach, where there's a train that will take you downtown in 20 minutes.

We'll be asking the going rate of 500 Euro per sf. We'll sell at 450, but might get lucky and see a bidding war to 600.

[bufflove]

Originally Posted by adelphi_sky

Vibrant hub of Nightlife? What nightlife? Just last year the county said it wanted to focus on nightlife. I'm not sure that initiative has really taken off just yet.

$200,000 for a 451-sqft 1-br condo in Silver Spring? Are they serious? Sure, the price may be affordable, but they are putting these people in closets. That price doesn't even include condo fee which is $235 to $436 per month.

Certainly more nightlife than anywhere else in MoCo, but I don't think anyone mistakes it for U St. or H St. (nor would anyone want DTSS to turn into those areas).

I've been keeping an eye these units because of how cheap they are. They'll be snapped up very quickly, just like the Orion before it. Ultimately, I don't expect to leave my current condo as that's a sleepy section of SS w/o much retail (beyond the excellent beer selection at Fenwick B&W) so the units being that inexpensive isn't a total anomaly. You'll also have about 5 years of construction going on across the street at some point in the not too distance future, so that's a consideration, as well. Key Approvals Await Silver Spring’s Elizabeth Square Project - Bethesda Beat

[adelphi_sky]

Originally Posted by bufflove

Certainly more nightlife than anywhere else in MoCo, but I don't think anyone mistakes it for U St. or H St. (nor would anyone want DTSS to turn into those areas).

I've been keeping an eye these units because of how cheap they are. They'll be snapped up very quickly, just like the Orion before it. Ultimately, I don't expect to leave my current condo as that's a sleepy section of SS w/o much retail (beyond the excellent beer selection at Fenwick B&W) so the units being that inexpensive isn't a total anomaly. You'll also have about 5 years of construction going on across the street at some point in the not too distance future, so that's a consideration, as well. Key Approvals Await Silver Spring’s Elizabeth Square Project - Bethesda Beat

Yeah, but 451 sqft?

[bufflove]

Originally Posted by adelphi_sky

Yeah, but 451 sqft?

Very true, the price and sqft for the smallest units clearly target a single 20-something (DINKs or young 3-person family for the 2brs). But the mortgage+fees+taxes+insurance will still be less than renting any of the class A Jr. 1br units I'm aware of in the area.

[seanlax]

Originally Posted by adelphi_sky

Yeah, but 451 sqft?

Yea I've looked at renting 2nd floor 1br 1ba carriage houses during college that were larger than 451 sqft...