Neighborhoods
Downtown Bethesda:
Home to the High-Rise Condo
Borders: Wisconsin Avenue, Capital Beltway, Wilson Lane and River Road
ZIP code(s): 20814
Pricing data: Downtown Bethesda real estate (Redfin)
Map: Click here for interactive Google Map
Bethesda Row Cinema by nississima at flickr
(We are breaking Bethesda into two separate profiles. The first part covered the ritzy, suburban, but still inside the beltway neighborhoods encompassed by the zip code 20816. This profile will cover the downtown Bethesda area.)
Downtown Bethesda is largely thought of as a place where you can eat great food and a place that your parents retire to once the kids have left the nest. While both those things may hold true, the rapid pace with which condominium developments are being built (currently seven projects are under construction or in the planning phase) points to the fact that the area is hoping for another influx soon: wealthy young professionals.
Demographics
Approximately 30 percent of the area’s population is between 30-50 years old, the median household income is around $94,000 and approximately 80 percent of the population has at least a bachelor’s degree, according to Internest.
Property Prices
There are a range of price options when it comes to condos and apartments in downtown Bethesda. For upwards of $700 per square foot, you can live in a luxury condo development across from the Metro. For $400 a foot, you can live in a four-level condo development that is about half a mile from the Metro. Below we provide brief profiles of properties on both sides of the spectrum.
Currently on the market in the $400 square-foot range, there is a 1,150 two-bedroom, two-bath unit for $524,500. The unit has been completely renovated and one notices that upon entry with the hardwood floors that bring to mind a cottage in Maine. The renovation is also noticeable in the kitchen which has all new floors and appliances. The unit has a balcony and is generally flooded with natural light throughout. For a listing and virtual tour, click here.
At the Lions Gate, one of the newest luxury developments in the area (right across from the Metro), a 1,298 square-foot two bedroom on the fifth floor is available for $880,000. While photos are not available the very open floor plan of the “Picasso” unit is available here. The unit includes two parking spaces and the building has a doorman, valet parking, indoor gym, and a rooftop terrace.
Outdoor Dining by faceless b at flickr
Market Fundamentals
Downtown Bethesda is an area where the housing inventory largely consists of high-rise apartment buildings and large condo developments. While there are some luxury single-family homes scattered in the area, the downtown area caters to the condo buyer.
Steve Israel of Buyer’s Edge, a buyer’s broker for the Washington Metropolitan area, noted that while property prices in the Bethesda have remained steady over the years, and the area has largely been immune from the housing slump, the issue of supply and demand is now affecting property value.
“They built a lot of these condo developments over the past five years,” Israel told UrbanTurf. “And it is somewhat of a concern because you wonder how many of these condos will be absorbed by the market in the coming year. Inside the beltway and in an area like Bethesda, I think we just overbuilt a little.”
Israel also noted that a number of single-family homes around downtown that were built in the last five years and are in the $1.6 million to $2.6 million range, have sold for less than they otherwise would. Again, Israel attributes this to the supply and demand issue, not a downturn in the market.
Bethesda Row by faceless b at flickr
Insider Tips
“You can live in The Chase, a high-end condo building that is right across the street from the Metro for about $600 a square-foot,” an area broker told UrbanTurf. “But you can also live over on Battery lane in an older three and four level condo where the units are bigger and you pay about for $400 per square foot. You get a bigger place, pay less and you can still walk to the Metro.”
UrbanTurf also learned that there is a lot of new development going up along Bethesda Row, and a few brokers told us that, going forward, they believe people looking around the area for a place will choose to live there if they have the money.
Downtown Bethesda by Taylor Bunnag at flickr
Parking & Transportation
When Federal Realty, a real estate investment trust, developed a central business district in Bethesda they incorporated public parking structures all around the downtown area. “You don’t go into any place in downtown Bethesda and not find a place to park,” Israel said. “Is it fun and crowded? Yes. Is it jammed up with cars looking for spaces? No.”
The Bethesda Red Line Metro station is in the heart of downtown. The travel time to Dupont Circle is about 15 minutes.
Bottom Line
Much like Georgetown, downtown Bethesda has the reputation of being prohibitively expensive. That is not necessarily true, though. While there are certainly luxury condos that can cost you $700 a square foot, there also plenty of entry level condos on the market for $300,000…its just a little longer walk to the Metro.
Quick Answers
Noise Level
Low to moderate. Bethesda is a place that people eat in cafes on the sidewalk, but there is not a big late-night bar scene.
Best Area to Live To Be Close to Downtown
Anywhere near Woodmont Avenue
Great Buildings to Live In
The Chase at Bethesda, Lions Gate, Fairmont Plaza
Neighborhood Picks
Best Place to Eat When Someone Else is Paying — Raku Bethesda, 7240 Woodmont Avenue
Best Bar For Trivia Night — Flanagan’s Harp and Fiddle, 4844 Cordell Avenue
Best Place to Achieve Enlightenment (Yoga) — Unity Woods, 4853 Cordell Avenue
Best Place for Free Wi-Fi — Quartermaine’s Coffee Roasters, 4817 Bethesda Avenue
Best Place to Get Grits or a Milkshake at 3am — Tastee Diner, 7731 Woodmont Avenue
Best Place for Brunch — Café Deluxe, 4910 Elm Street
Photos & Resources
Downtown Bethesda — A guide for everything from restaurants to hotels in downtown Bethesda.
Bethesda Urban Partnership — A non-profit organization that promotes events and activities going on in downtown Bethesda.
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