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Kiraci Alici, Other/Just Looking in Bethesda, MD

I am considering a unit at the Promenade at Pooks Hill Bethesda M and concerned about how coop units maintain their value compared to condos

Asked by Kiraci Alici, Bethesda, MD Wed Jan 27, 2010

Can anyone tell me how to find statistics on how prices have held up in this building, say in the last 10 years in comparsion to condos?

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I have lived in the same unit for 32 years. In 1981 I rented a 981 square foot for
$595 a month. I finally bought in 1989 for $95,000. Prices have gone as high as $289,000 and currently in May 2012, they just skirt $200,000. Best place in Bethesda. You are buying a lifestyle! Country Club lifestyle. Nestled on 22 acres, inside pool and great health club open from 5 a.m. to 10 pm. Spacious closets, halls, lovely balcony views. We currently have too many renters as heirs don't want to sell at a lower price. My apartment would rent for $1600 minimum. I have no mortgage and pay $900 a month which includes, utilities, cable, real estate taxes...you pay nothing more but private phone line and upgraded cable or Verizon services (we have both). Well managed, secure, beautiful grounds and a park-like setting with fantastic tennis courts, great restaurant, doctor offices, and a super Beauty Salon -- the New
Wave. It's a lifestyle and it's in Bethesda. Two buses serve the area for those wanting not to drive. Underground parking is available - free. No pets allowed and preferably no smokers!
2 votes Thank Flag Link Wed May 30, 2012
$900 a month for untilities, cable, and real state taxes? Would you be so kind to provide a breakdown of that number? Thanks,
Flag Sun Apr 21, 2013
The answer is, it depends. The Promenade is a co-op like none other in the suburbs. It is extremely well maintained from the security gate to the lobby, the arcade and common grounds. However, each unit is treated completely different. Some have never been updated from the 70's, others are completely new and updated. I love the Promenade because the owners are so particular about the look of the building. There isnt a condo building like it nearby so with all of its convenience, its a great place to live
0 votes Thank Flag Link Tue Mar 29, 2011
I just looked at The Promenade vs Whitley Park since they are two high rises close to each other. Keep in mind this is a general look to answer your question... I pulled the data you are looking for into a spreadsheet and looked at the averages over the last 10 years.

For two bedrooms over the last ten years the value at The Promenade has gone from an average of $174,890 in 2000 to an average of $325,000 in 2009. This has seen 85.8% appreciation.

For two bedrooms over the last ten years the value at Whitley Park has gone from $278,000 in 2000 to an average of $382,500 in 2009. This has seen 37.6% appreciation.

Both places have had price drops over the last 2-3 years as has been the pattern for housing in general.

Hope that answers your questions. If you are interested in reviewing this or any other data further feel free to contact me through my website.
Web Reference: http://bethesdabuzz.com
0 votes Thank Flag Link Thu Feb 4, 2010
Your main concern if it is applicable is that coops are very difficult to deal with when it comes to renting out your unit. That being said I have shown many and have leased one or two in the buildings there. I believe the old regulations are that you must live in the unit you purcahse for about 1 year before you lease it.
The prices have fallen off in the building with the market. That particular building is not walkable to the metro so the prices fell a bit lower. I think you will find that regardless of whether or not a building is a coop or a condo the prices decline and rise as to walkability to a metro in this area. It is a nice building overall and many love it there! I personally have always wanted to go swiming there!
0 votes Thank Flag Link Thu Jan 28, 2010
Kiraci - that's a great question. Without going analyzing the stats in detail, I believe that the values of these co-ops have gone up and down with the market. Still, it would be interesting to see if the numbers bear that out.

I haven't had a buyer make a purchase here, but several have looked. This development has a lot to offer.
0 votes Thank Flag Link Thu Jan 28, 2010
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