More million-dollar condo units are coming to downtown Bethesda, this time in a 17-story Woodmont Triangle building that only recently switched over from rental apartments.
Developer JBG Cos., the lead developer on the 7770 Norfolk project, will sell two-bedroom and three-bedroom units starting at $1.1 million and $1.4 million, respectively.
Those prices, which are listed on the project’s website, could make the building an attractive option for younger people looking to get in on what has traditionally been a baby boomer-filled condo market in downtown Bethesda.
“It’s going to be important for them to establish a condo market in the Triangle. It’s a lot different than the condo market in [Bethesda] Row,” said Jane Fairweather, a leading Bethesda real estate agent. “The Triangle is a lot more hip and has a lot more renters. I think [7770 Norfolk] has to be priced this way for the younger generation to really get a foothold.”
Previous plans from JBG had units ranging from 450 to 1,900 square feet.
A spokesperson for JBG said specifics about how units might be changed in the apartment-to-condo switchover aren’t available.
Fairweather said a roughly $1.4 million price tag for a 1,900-square-foot unit would put 7770 Norfolk in line with resold units in the nearby Lionsgate Condos.
“That’s going to be their competition,” Fairweather said. “With a younger person, there’s a lot more that has to be considered when it comes to buying and pricing is a big part of it.”
JBG started the project as a 244-unit rental building in the heart of Woodmont Triangle and expects to finish construction by the end of 2015.
Two rental apartment buildings, the 234-unit Gallery Bethesda and the 200-unit Bainbridge Bethesda, opened within the last year in Woodmont Triangle.
7001 Arlington, the new 140-unit apartment building at the former site of a U.S. Post Office, is now accepting its first move-ins and will host an official grand opening celebration starting Thursday.
Other luxury condominiums will be opening soon closer to Bethesda Row. The Darcy, with 88 units at the corner of Woodmont and Bethesda avenues, is scheduled to open shortly; and The Lauren Residences, at the corner of Woodmont Avenue and Montgomery Lane, is scheduled to open late this year with 28 units that start at $1.5 million.
Studios at 7770 Norfolk will start in the high $300,000 range, with one-bedroom units ranging from $500,000 to $600,000.
