A Galaxy Distressed?
By Silver Springer • Aug 1st, 2006 • Category: Uncategorized
Things don’t look too good at the Galaxy. It looked slow the last time I was in the sales office for the planned Galaxy Condominiums on 13th street (I was actually the only one in there outside the sales agents). But recently a “Temporarily Closed†sign was hanged on the door. Now there is a sign saying that a “reopening†will be taking place. To talk to a sales agent you now have to get on the “Priority Preview List†and schedule a visit through the website.
Below is most recent pricing information just before the sales office closed (click to view a larger image).
For some odd reason units can be found for as low as $232,900 for a 1 bedroom with or a 1 bedroom with den to a 2 bedroom. I highly doubt those units are all priced as such and they must be considerably higher, I doubt the developer would drop the prices almost $100,000. Besides pricing, perhaps it’s the lousy architecture or the fact that it isn’t a true mixed use project that is holding it back?
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Have you noticed the problems with the MICA condominium conversion project? The developer is having a tough time selling units. Sooner or later, the developer will have to entertain the idea of renting those refurbished units.
Here’s the problem with these condo developments: the developers over-estimated the demographic changes in Silver Spring. I don’t see high-income professionals falling over themselves to move to Silver Spring. Yuppie are perfectly happy living in Bethesda, Upper Northwest DC, DuPont, Adams Morgan, Logan Circle, and Arlington, VA. In other words, the yuppie market is tapped out; real estate developers can’t maintain these high market prices because the demand will not be there!
You think because the Discovery Channel headquarters is located in downtown SS that many of those workers would find suitable living within walking distance? Not a chance. I see Discovery employees in their BMWs, Lexuses, and Audis heading to Bethesda or Northern Virginia after a hard day’s work. No way would Discovery employees consider SS as a living option.
Silver Spring is a middle-class, older suburb of Washington, DC. It’s home to federal workers, educators, small business owners: middle-class earners. Silver Spring is also exceptionally diverse with many races and ethnicities living in close proximity. Many people are recent immigrants to the United States. I can tell you that Silver Spring is not fertile ground to become a Bethesda or Arlington clone.
ihateyuppies… I sense a little anger toward yuppies; however I do think to a large extent that you are correct. And the reasons you listed are exactly why I like silver spring so much and hope it never becomes those other areas listed. To be fair though, “yuppies” are part of diversity as well, I just hope they don’t grow to dominate silver spring. I think the slow-down in the real estate market will help to keep that from happening. So we are safe… FOR NOW!
I agree, but don’t forget it was the drive to bring the yuppies into $ilver $pring that led to the revitalized downtown and reduction in crime. Yuppies bring in money and money brings in taxes. Everything is a trade off, if no Yuppies/Developers seeking yuppies wanted to live in Silver Spring it would have stayed the hole that it was in the 90s.
Though i don’t want it becoming Bethesda, I don’t want it going back to the bad old days.
I’ve started a listserv for people that have purchased units at
Mica Condominiums in downtown Silver Spring.
The link is :
http://groups.yahoo.com/group/mica_condo_owners
The objective is for us to get to know each other and share pertinent
information about the development, construction progress, delivery etc.
Please sign up if you have purchased or signed a contract on a unit. Also, please pass along this link to anyone you may know that has done so.
For starters, membership will be restricted to actual buyers only. We can collectively decide if we want to open it up later. Thanks !
So are they going to build the Galaxy condominiums or not? Residents of Gramax Towers with views looking out over the site would like to know…
First off are we forgetting this is $ilver Bling, who wouldn’t want to live here?!? but in all seriousness I think Silver Spring needs to corner the younger, out-of-college/professional market rather than the upscale yuppie. Remember A) degree holding college students want semi-affordable housing B) they also want a cool downtown area, and C) they must be near a metro station… look at Arlington it attracts practically every college kid new to the area, but rental prices there are going through the roof. I think Silver Spring would have a much easier time going after the younger just out-of-school rental market then the luxury condo loving yuppie buyer.
Also, how is it not a “true mixed use project”?
“Also, how is it not a “true mixed use project”? “
This project is 100% residential. The only reason it was allowed the optional method of development was because it will eventually house a public parking garage to replace the one they are building over.
Residents “in the know” pleaded for retail\office on the ground floor, green design elements and better architecture or at least some kind of indoor public space. He did not heed to their calls. The best the developer came up with was some wierd live\work artist units (that they won’t be able to afford) that are not really apparent and honestly I’m not sure if they are in the plans anymore.
The developer missed the boat on this one and now we will have a residential ghetto and I cringe at the thought that they are converted to apartments.
If you hang out in DTSS regularly, and had in the past, you cannot miss the changes in area demographics. Who do you think is buying up all of the new units?
What do you mean by “yuppie”? Is that a blanket term for people who buy condos instead of renting? We’re not yuppies, but we’re fortunate to have a 2-income household. I work for a nonprofit, my fiance works for a small startup. But we bought a condo because we have to be by the metro (no car), we love Silver Spring, and we figure since we’re paying ridiculously high rent already, we might as well buy. Just because we’re young professionals, please don’t call us yuppies!
I definitely don’t want it to become Bethesda, but let’s be honest, I’m pretty sure it never will. It’s a history/culture thing - Takoma Park has it’s own vibe, SS has it’s own vibe, and Bethesda has it’s own vibe. Wheaton and Langley do too. People who want to live in Bethesda would rather move to Columbia or rent than buy in Silver Spring!
Whoops - sorry it’s so long
I have no problem being called a Silver Spring yuppie.
Why?
Because while I may own my own condo and have a good income, I love the diversity that Silver Spring has to offer. I love being in environments with people from all social and economic backgrounds. That includes renters, owners, Americans and foreigners.
“I see Discovery employees in their BMWs, Lexuses, and Audis heading to Bethesda or Northern Virginia after a hard day’s work.”
Hell, I worked at Discovery and I can say they don’t pay as well as you seem to think they do. Its not Google.
To Silver Spring Yuppie:
Hello, I am Silver Spring Middle Class. Nice to meet you. Do you know why greedy developers are charging excessive prices for tiny condos in DT Silver Spring? Do you know why condo developments shirk their responsibility to provide adequate housing for mid-to-low income residents?
I can tell you why. The condo owners want high-income professionals…(i.e. yuppies). Do you what will happen if real estate prices will continue to rise for residents and businesses in Silver Spring?
You will have LESS diversity…not more.
Silver Spring has always been a big draw for U-Md. students. The only reason I grew up in Silver Spring is because my mother and I moved here when she went back to college. The college kids could be a force Downtown if properly harnessed . . . though we might need better transit (Purple Line!) for that to happen.
I would like to see UMD open an extended campus with dormitories in Silver Spring but in an urban form. Sort of like the way Boston University is integrated into the city.
“Do you what will happen if real estate prices will continue to rise for residents and businesses in Silver Spring?
You will have LESS diversity…not more.”
I understand your point. But this is the kind of twisted thinking that continues to keep poor people down. Why do you assume that “diverse” people are the ones not able to afford these insanely priced units?
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