With all the talk about it being a sellers’ market, there is at least one type of housing in the Washington Metropolitan Area that is in short supply and high demand – condos of over 2500 square feet. Maybe because condos were originally conceived to be “starter” properties – or maybe because municipalities encourage higher density in urban areas (supposedly to cut down on the number of cars on the road – but that’s a whole other misconception!) – most condos are 1 and 2 bedroom units, usually maxing out at about 1600 square feet. There are some wonderful coops in NW Washington D.C. that offer 2500 sq ft. or more of floor-space, and certainly a few condos (I would venture to say that Bethesda probably has fewer than I can count on my fingers) of similar size, but it is truly limited.
A quick search of the multiple listing system shows, for instance, that two larger units (both over 2800 sq ft) – one at The Edgemoor at Arlington in Bethesda, MD and one at The Somerset in Friendship Heights -- sold very quickly in this market. Both offer what today’s buyer wants….lots of one-story space and a “walkable” location.
I think a developer would do extremely well with a high end, boutique building that only offered larger units…but I doubt that anyone is willing to take that risk in this market.