2016 | Real Estate

Real Estate Roundup: First Residents Move in to High-End Bethesda Condo

Also: Details on townhome project in Chevy Chase; renovated farmhouse on Grosvenor Lane hits the market

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The Lauren condominium building in Bethesda

Aaron Kraut

The first residents have moved into the ultra-luxury The Lauren condominium building in downtown Bethesda, with 14 of the 35 units sold.

Developers 1788 Holdings, the Bethesda-based company also behind the Quarry Springs condos on River Road, and Persimmon Capital Partners announced Thursday the first residents moved into The Lauren this week.

Finishing touches will continue through the end of the month. The off-site sales center in the nearby Shoppes of Bethesda has closed in favor of a new on-site sales gallery. The co-developers say they plan to hold a grand opening celebration at the end of the month.

The seven-story building features 29 market-rate units priced from $1.5 million to $4.5 million, except for the $10.5 million, 7,300-square-foot penthouse. If sold at that price, the penthouse could be the most expensive condominium ever sold in the Washington, D.C., area.

Locally based sales and marketing firm McWilliams Ballard is handling sales at the building, which has frontage on Woodmont Avenue and Hampden and Montgomery lanes near Bethesda Row.

Creekside of Chevy Chase Making Progress

Rendering of Creekside of Chevy Chase townhomes, via Nova-Habitat

Developers of Creekside of Chevy Chase, the 16-townhome project planned for Kensington Parkway just north of the Connecticut Avenue Beltway exit, are looking to start demolition of four existing single-family homes on the site either late this year or early next year.

After the demolition, it should take about 18 months to build the townhomes, according to Ed Novak, president and founding partner of Chevy Chase-based developer Nova-Habitat. Novak said Nova-Habitat is looking for a builder to partner with for the project it shepherded through the county’s rezoning and project approval processes.

The developer received its final major Planning Board approval in March.

Novak said he expects sales to start on the townhomes in spring or summer of 2017. The four-floor units will have three or four bedrooms and range from about 2,800 to 3,000 square feet. Pricing is likely to start around $1.35 million.

The units will feature two-car garages and two parking spaces each on a small private street. Novak said a big part of the project’s appeal is its proximity to Rock Creek Park—10 of the units will be adjacent to the park and amenities will include a bike repair station and some signage for Rock Creek Park users.

“We really want to try to encourage connectivity to Rock Creek Park,” Novak said. “For close-in Montgomery County, it’s a huge asset. We feel that the park being in our backyard is going to be a huge selling point.”

The townhomes will have elevators, high-quality finishes and living space on the ground floor, which will also include the garages. The fourth floors of the units will be a mix of outdoor patio space and indoor living space.

Novak said he expects the project to appeal most to buyers looking to downsize from a single-family home, similar to another new luxury townhome project from developer EYA at Chevy Chase Lake.

Renovated Farmhouse in Bethesda Hits Market for $1.395 Million

5809 Grosvenor Lane, via MRIS

This five-bedroom, four-and-a-half-bedroom house on Grosvenor Lane with wrap-around porches, a two-car garage and a full artist’s studio above the garage went on the market last month.

It has a long history. It was built in 1908 as a farmhouse on a large plot that stretched about a half-mile from what’s now 5809 Grosvenor Lane to where the Wildwood Shopping Center is today, said Erich Cabe, the Compass real estate agent who has listed the property.

Cabe said the former farmhouse has been renovated multiple times and has modern fixtures and amenities to go along with a breakfast nook and butler’s pantry.

It’s also on a long driveway that provides gated access from Grosvenor Lane. The home has 4,495 square feet on an almost 30,000-square-foot lot that’s relatively large when compared to the rest of the neighborhood, despite the fact the old farm has long been subdivided.