Real Estate Roundup: New Home Closings Lag

Also: Pallas panorama photo contest; Study shows most Millennials want to remain inside the Beltway

November 6, 2015 1:38 p.m.

Fewer Settlements on New Homes in 2014 than in 2015

The Darcy condominium building along Woodmont Avenue. Credit: Aaron Kraut

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According to the bi-monthly Montgomery Newsletter real estate report, 647 total new single-family homes, town homes or condos were sold from January to August of this year. Last year 761 new homes were settled on over the same period of time.

Though fewer new homes have closed, it appears most new homes this year have fetched higher prices than new homes sold last year.

Average prices among new single-family homes, town homes and condos are all up this year, thanks in large part to teardown projects in the Bethesda area and the million-dollar-plus condos that have sold at the new The Darcy building in downtown Bethesda.

One of those new condos, a three-bedroom, 2½-bathroom penthouse unit, sold for $2.58 million in August.

Pallas at Pike & Rose Promotes Penthouse Units with Photo Competition

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Panoramic view looking south from the top of Pallas in Pike & Rose, via Pallas

To celebrate the completion of the building’s 19th-floor penthouse apartments, Pallas at Pike & Rose is letting photographers atop the building to compete to take the best  panoramic photos of the White Flint area.

Most of the apartments at the 319-unit building at Old Georgetown Road opened for move-ins in June. The 24 top-floor penthouse units were recently completed.

The winner of the photo contest will get a free overnight stay at Pallas, including dinner at a Pike & Rose restaurant. The winning photo will be displayed in the building. A second-place winner will get a gift basket with items from Pike & Rose retailers and the third-place winner will get a gift certificate to iPic Theaters, the movie theater at Pike & Rose.

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Pallas is the second apartment building in the first phase of Pike & Rose, the project from Rockville-based developer Federal Realty Investment Trust.

Those interested in scheduling a visit to Pallas to take photos can call 877-896-2493. The photos must be submitted to sbelpedio@chasepr.com by midnight on Nov. 15. The winners will be announced at an event celebrating the penthouse units on Nov. 19.

Study shows most Millennials inside the Beltway want to stay inside the Beltway

A survey of 1,344 Millennials living in Washington, D.C. and inside-the-Beltway Maryland and Virginia ZIP codes found most want to stay inside the Beltway, and many believe they’ll be able to buy a home or condominium there.

The study, conducted by the Urban Land Institute, was the “first ever in-depth survey of Millennials” living in D.C. and close-in areas” done by the nonprofit that researches land use and real estate development issues.

Sixty percent of those surveyed said they want to remain inside the Beltway over the next three years. Sixty seven percent of those surveyed currently rent. Forty-six percent of the renters said they want to buy a house or condo in the next three years and 42 percent of those respondents said they believe they will buy in Washington, D.C. or inside the Beltway in Maryland or Virginia.

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