Garrett Park Estates -- Prices Should Escalate Even More When White Flint Redevelops

Posted by Mark Fitzpatrick on Wednesday, June 8th, 2016 at 4:02pm.

Walk to the Symphony, Shops, and the METRO in this Hidden Spot in North Bethesda...

Driving down Rockville Pike, just before you get to the waste land that is currently the old White Flint Mall, you pass Flanders Avenue.

In the changing landscape that is becoming North Bethesda, this little section of Kensington (White Flint Mall actually has a Kensington, MD address) has become a hotter and hotter location. The southern edge is Strathmore Avenue with the million dollar townhomes of Symphony Park.

Let's take a look at the bigger view overhead:

Above gives you a good look at this section of what's called Garrett Park Estates. The landscape is generally set for future development. Across Rockville Pike is Georgetown Prep.

The biggest change coming is where the old White Flint Mall lies. You can expect an upscale mixed use development of retail, office space, and condos. If 930 Rose Condos is any indication, I would expect 2 bedroom condos to go for $750,000 - $800,000 and up for around 1450 square feet.

Housing prices in the section of Garrett Park Estates closest to the future Town Center are generally around $600,000 and up. Don't expect cheaper.

The homes tend to sell FAST. Now, I understand for most of my clients, theses homes "as is" wouldn't be dream homes. You have to look at each home for what would be possible from either a renovation stand point (adding space), or a tear down.

If you get a home at $600,000 -- you could tear down and have brand new home of roughly 3,000 square feet of finished space for $950,000 to $1,000,000. It would depend on finishes of course. But this is possible depending on the builder.

What to look for in buying one of these homes to tear down or renovate with adding space in Garrett Park Estates (or anywhere)

1. You have to analyze the lot to make sure it has enough space to add on. Many of the lots here are very small, under 7,000 square feet.

2. Determine whether a renovation with added space would give you what you want compared to a new home. Consider the older electrical, potential issues with the older foundations in the basement, and so on.

3. Understand the neighborhood might not be able to justify an over-the-top expensive, custom home or renovation. This kind of project must be looked at from a marriage of your tastes and what would be good for future resale (unless you don't care about the later)

Certainly a little analysis, which is something I can help you with, will go a long way to finding the best course of action -- be it a home in this area or any area.

I think it's advantageous to be ahead of the curve. One would anticipate an increase in demand in these homes as the new Town Center takes shape. By that time, depending on the overall economy, prices may have escalated out of reach for some people.

To be able to walk to the Strathmore Symphony, the METRO, and the new town center makes for an appealing location.

First and foremost you have to like this area. If you do, it's certainly worth considering.

Second, you have to be happy with a smaller, older home or up for the process of renovating or rebuilding a new home.

If you have any questions, or want to explore this section of North Bethesda, I look forward to taking with you:

Mark Fitzpatrick: 240-687-2650.

 

 

 

Mark Fitzpatrick
RE/MAX Town Center

12505 Park Potomac Avenue
Potomac, Maryland 20854
240-687-2650  call/text

More about North Bethesda Realtor, Mark Fitzpatrick

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